Author: Jason Morrison | August 14, 2023
Edited by: Jason Morrison and Reviewed: Jason Morrison
Depending on your industry, you need tailored coverage to protect your limited liability company (LLC) from financial loss, lawsuits, third-party claims, and myriad other risks. To help you find the right carrier and coverage, we evaluated several companies that provide business insurance for LLCs and came up with a list of the 7 best.
Below are the small business LLC insurance companies that make up our list:
| Insurance Provider | Best For | Quote Process | Call Center Support | Financial Rating |
| The Hartford | Best overall | Online or via agent | 24/7 | A+ |
| State Farm | Customer satisfaction | Via agent | 24/7 | A++ |
| NEXT Insurance | Tailored coverages | Online | M-F – 8 a.m. to 5 p.m. | A- |
| Embroker | Law firms and tech companies | Online | M-F – 6 a.m. to 6 p.m. PT | Works with A-rated insurers |
| Simply Business | Comparing policies | Online | M-F – 8 a.m. – 8 p.m. EST | A++ |
| Chubb | BOPs | Online or via agent | 24/7 | A++ |
| Hiscox | Cybersecurity | Online | M-F 7 a.m. to 10 p.m. EST | A |
Below are the best providers of LLC business insurance based on our survey:
The Hartford is one of the oldest insurance carriers in the US and among the largest providers of workers’ compensation. It covers multiple industries and provides coverage to over a million small businesses. The Hartford’s plans are flexible and can be customized to suit your LLC business insurance needs.
For Hartford, you will be able to get a baseline policy for around $500 annually for many businesses.
The Hartford ranked third in a recent J.D. Power customer satisfaction survey.
The company provides a 24/7 call center. Policyholders get access to an instant COI and can start claims filing online.
State Farm is a well-established insurance carrier with superior financial strength ratings. It ranked first for customer satisfaction in a 2022 J.D. Power study.
State Farm provides multiple coverages to meet the needs of small businesses. Aside from small business LLC insurance, the company also provides employee benefits options, including health, disability, and group life insurance.
State Farm does not provide quotes online. For pricing information, you have to contact a State Farm agent.
State Farm is our pick for the best customer satisfaction. The company has a 24/7 phone line and exclusive agents to answer any queries. You can access an agent in your area by entering your zip code on the company’s website.
NEXT has simplified the process of shopping for the right LLC business insurance by designing packages tailored to various industries. NEXT Insurance is the best choice for business owners who like to manage their policies digitally with minimal agent intervention.
The NEXT website features a built-in premium estimator tool. When you enter your state and industry, the company offers you three package options customized for your industry – Basic, Premier, and Deluxe. You also get a monthly premium estimate.
Monthly costs for LLC business insurance can range from $600 to $2600 on average, depending on your package. You can choose to pay your premiums monthly or annually.
NEXT does not offer 24/7 call center services. However, it offers advanced, user-friendly digital resources which ensure that you rarely need to speak to a customer service executive. NEXT has a feature-rich app for iOS and Android devices that takes care of all your policy and claims management needs.
Embroker is an online brokerage platform that eliminates the need for physical brokers and piles of paperwork while buying insurance. It offers customized policy packages for various industries. Embroker’s packages for law firms and tech companies, which cover professional liability, cybercrimes, data breaches, and malpractice claims, are especially notable.
Product prices vary widely according to the carrier and policies you choose. However, Embroker’s customers can save an average of 20% on their primary insurance costs.
The Embroker platform features a user-friendly dashboard that allows you to obtain quotes, purchase and manage your policy, generate an instant COI, and file claims. If you buy an Embroker package, the company’s in-house team assists you through the claims process and provides updates in real time.
Call center support is available from Monday to Friday, 6 a.m. to 6 p.m. PT.
Simply Business is a business insurance brokerage that enjoys the financial backing of Travelers, one of the country’s oldest and largest insurance providers. It specializes in small business insurance and provides quick online quotes for comparison from a wide range of insurers, allowing customers to make informed choices based on their unique requirements.
Coverage costs differ according to the insurer and the number of coverages. You can compare quotes from various insurance providers and potentially buy the most affordable policy or the one with the most value. You can pay annually or in monthly installments.
Simply Business enjoys mostly positive user reviews. Phone support is available from Monday to Friday, 8 a.m. to 8 p.m. EST. While the call center hours are limited, the company offers efficient self-service options to its customers through an intuitive online dashboard.
Simply Business does not handle claims itself. However, it provides the claim contact information of your insurer to help you with the process.
Chubb offers BOPs and professional liability policies for businesses with up to $30 million in revenue. Chubb’s BOPs combine basic coverages with accounts receivable coverage and extra expense coverage, which are not typically included in other BOPs. It also offers industry-specific professional liability insurance for LLCs and other small businesses.
You have to contact a company representative or an independent agent for pricing information.
Chubb ranked second in J.D. Power’s customer satisfaction survey. It has fewer-than-average complaints registered with the NAIC. It offers a 24/7 call center, and customer service is usually quick to respond.
Hiscox specializes in small business insurance for 180 industries. It is among the most preferred providers of general liability insurance for independent contractors and freelancers. Hiscox’s professional liability insurance enjoys worldwide coverage, although claims filing is restricted to the US and Canada.
Hiscox is an industry authority on cyber-related security risks. Any LLC with a digital location or a range of digital offerings can benefit from Hiscox’s cyber liability and data breach coverage. The company also offers software protection tools, live expert consultations, and training resources to prevent cyber incidents.
Hiscox is transparent about its pricing. The costs of most standard policies are published on the Hiscox website. You can also generate quotes online or consult an agent to work out the exact cost of combined coverages.
Costs vary widely with the industry and the number of coverages. However, you can expect to pay $350 on average annually for general liability, upward of $400 annually for professional liability, and upward of $500 annually for a BOP. These estimates are for LLCs with under $150,000 in annual revenue and with per-occurrence limits of $500,000.
While there is no 24/7 call center, you can manage your policy and file claims online. A downside is that there are more-than-average complaints about Hiscox registered with the NAIC. However, most of the customer reviews on independent websites state a positive experience with the company.
Finding the right business insurance for LLCs is important for you. We evaluated and compared several companies on parameters such as financial strength, coverage options, online resources, and customer experience. Based on these key parameters, we have determined the seven best providers of LLC business insurance.
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