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Do I need business insurance for my LLC?



If you founded a limited liability company (LLC), you chose the type of entity for the protection it provides your personal assets, along with the tax benefits. Unfortunately, even an LLC can not fully protect you from certain risks. While your personal assets are generally protected, in some situations you have almost no protection. For example, without company insurance, an accident with slip and fall damage to your company property can lead to you being held liable and forced to pay for the damage in connection with the damage.

What is the best type of business insurance for an LLC?

The type of insurance that is suitable for your business can be general liability insurance, professional liability insurance or in many cases both. Your personal assets are still at risk in several scenarios. If you have personally guaranteed a business loan, a lawsuit against your LLC can jeopardize your personal assets. If you or an employee is involved in an illegal act, even if you were not aware of their actions, your home or other valuable assets may be involved in a lawsuit. Our local agent can help you choose the best business insurance for your LLC.

Trials ̵
1; A Fact About Life in Business

We live in a disputed society, and during an LLC's life cycle it is not uncommon for a lawsuit to be filed against a company. Even if the legal action against you is unjustified, you will still incur the cost of defending yourself against a legal threat without a business insurance in place.

Professional Liability Insurance for LLCs

Professional Liability Insurance for an LLC protects your business from legal action related to mistakes made when doing business. This coverage is also called E&O (errors and omissions) insurance. This is a critical type of insurance for a large number of professionals.

General Liability Insurance for Companies

Small businesses established as an LLC may need liability insurance, which is very affordable and often the best choice for a start-up or small business. It covers you if you accidentally damage customers' property and a range of other basic risks, including property damage, personal injury, court fees, legal fees, medical payments, damage related to advertisements or allegations of libel, slander or libel.

This type of business insurance is usually very affordable and is the first insurance for a small business. As your business grows, review your insurance policies each year, as you may need to raise your limits or add liability insurance.

LLC Business Insurance – Built for LLCs

Our local agent can evaluate your unique situation and advise you on the business insurance you need to protect your assets and the hard work of establishing your business. Different types of insurance are not only a good idea – the state can give them a mandate. Some of the coverages you may need in addition to professional liability insurance or general liability insurance include:

  • Workers' Compensation Insurance : Depending on the number of employees, you may be required by the state to have compensation insurance, which protects you against illnesses or injuries related to your company.
  • Commercial car insurance: If you or an employee is involved in an accident while performing work-related tasks, you must have a commercial car insurance in place.
  • Business Income Insurance: If your business is shut down due to various types of property damage covered, these insurances can replace the income you lost up to the insurance limits.
  • Commercial Real Estate Insurance: Your business equipment and facility where you appear to be protected by this type of insurance, whether you rent, lease or own. If you rent a facility, the landlord's policy does not cover your LLC's business equipment.

Make an appointment with one of our agents. We can guide you to the right policy for your LLC and always seek the best coverage at the lowest prices.


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