If you own a limited liability company (LLC), small business insurance can help protect you from a variety of liability claims, such as property damage or bodily injury caused by your products, business, or employees. If you encounter any of these problems without the right insurance, you are responsible for the cost of the losses.
Choosing the right coverage for your LLC
Having business insurance for your LLC is critical and is a first step when launching a new LLC. Should your business be hit with a liability claim, you will have to bear the costs of defending against the claim and paying a judgment, which can be a financial disaster if you lack insurance. The type of coverage and policy limits should reflect the actual risks associated with your business.
If your LLC provides professional services for customers or clients, professional indemnity insurance can:
- Help protect your company’s assets and property
- Reduce the risk to your personal assets
- Cover legal fees if your business is subject to a lawsuit
Other insurance coverage you may need includes:
- General liability insurance: If someone sues your business for bodily injury or property damage, general liability insurance can protect your business. Although not required by law, this insurance is considered a basic need.
Workers’ compensation insurance: In most states, businesses with multiple employees must have this insurance.
Commercial Auto Insurance: If you or an employee drive a vehicle to perform work-related tasks, you need this type of insurance to cover medical expenses or property damage in the event of an accident.
Insurance for commercial properties: If you own, lease or work from home, this type of insurance protects against a range of perils, including fire, weather events, vandalism, theft, burst pipes and other problems that can be costly to fix. Please note that earthquakes and floods require separate insurance.
Business income insurance: If your business is shut down due to an unexpected event, such as theft, a weather event, or a fire, these policies provide income to keep the business afloat while repairs are made.
Cyber Insurance: Cyber breaches can be a financial disaster, and you may want to put a policy in place to protect against these risks.
The cost of LLC insurance is as unique as the business it covers, so it’s never one-off. There are many factors that can affect the cost of premiums, including:
- Number of employees
- Where your business is located
- Your earnings
- Claim history
Contact us to find the right coverage for your LLC
If you own an LLC, don’t put off putting the coverage you need in place to protect your business. With the right LLC insurance, you can be sure that your hard work and investment in your business is protected. Contact one of our experienced insurance agents today to get started on finding the right insurance to suit your activity. Our local agents will source the best policies at prices that fit your budget.
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