One step you should never overlook in the business formation process is acquiring the necessary insurance policies to protect your company’s assets. The vast majority of businesses with physical locations — and many home-based and remote companies as well — should have at least one insurance policy.
Finding the right insurance company for your needs is every bit as important as choosing the right type of insurance coverage. And it’s hard to break down a single “best small business insurance company” because different companies have varying needs from insurers. That’s why we put together our guide to the top small business insurers in seven different categories to help your business find the right insurance company.
Liberty Mutual topped our list as the insurer best-known for its business umbrella policies. But is this the best insurer for your small business?
Which Small Business Insurance Policies Does Liberty Mutual Offer?
With Liberty Mutual, small business customers have access to a wide variety of policies, including these popular coverages:
- Business liability: This type of insurance protects your business from third-party bodily injury or property damage claims, as well as matters of libel and slander.
- Commercial property: If you own or rent physical space for your business, or if your company uses equipment in its operations, this policy provides coverage for these assets.
- Business Owners Policy (BOP): Liberty Mutual’s BOP includes both business liability and commercial property coverages into one convenient policy. However, Liberty Mutual does not offer business interruption insurance, which many competitors include in a BOP.
- Commercial package: This is the same set of coverages as the BOP, but with higher liability limits to suit larger businesses.
- Commercial auto: If you own or rent vehicles for your business activities, you should protect them with commercial auto insurance policies.
- Equipment breakdown: With equipment breakdown insurance, you’ll receive coverage to protect your equipment against mechanical breakdowns, power surges, and operator errors.
- Workers’ compensation: If you have employees, your state requires you to have workers’ comp to protect them from injuries and illnesses (unless you’re in Texas, the only state that doesn’t require it).
- Umbrella and excess liability: Liberty Mutual is well-known for its outstanding umbrella and excess liability policies that can extend the limits in your existing liability policies up to $25 million in lead umbrella capacity and $100 million in excess capacity.
In addition, Liberty Mutual offers some more specialized coverages like inland marine insurance, along with industry-specific insurance policies. Overall, it’s a strong collection of policies that includes everything most small businesses need.
Liberty Mutual Small Business Insurance Review
Liberty Mutual is Incorporation Guru’s top overall pick for the company with the best umbrella insurance packages among small business insurance providers. Let’s dig into the details to find out why and determine if this is the right company to provide your small business insurance policies.
Liberty Mutual has more than a century of experience, as it was founded back in 1912. Over the years, Liberty Mutual has grown by leaps and bounds, and it’s now the third-largest property and casualty insurance company in the nation. Ranking 77th on the Fortune 100 list, Liberty Mutual brings in roughly $45 billion in revenue each year.
However, Liberty Mutual is still very much an old-school insurance company. Its embrace of technology has been slow and lags behind many competitors with an outdated website and no online quote functionality.
We’ve already mentioned Liberty Mutual’s umbrella policies a couple of times, so let’s dig a bit further into this coverage to find out why it’s better than the competition. We’re impressed by the crisis management endorsement with Liberty Mutual’s commercial umbrella insurance, which helps your company navigate the media and public relations firms.
In addition, Liberty Mutual has very high liability limits available for its umbrella policies, and the protection for domestic and international expenses is a welcome feature as well.
Liberty Mutual also excels when it comes to the claims process. With Liberty Mutual’s Complex Liability Claims Unit, you can rest assured that you have a team of experts on your case. This dedicated unit has tons of insurance navigating even the trickiest of liability issues, and you can count on them to resolve your case quickly and fairly.
Like many major insurers, Liberty Mutual does not make it easy to get a feel for its pricing. There is no pricing info on its entire website, and because Liberty Mutual lacks an online quote tool, you can’t even get an estimate without contacting an agent.
For the most part, Liberty Mutual’s rates are roughly average for major insurers, but the lack of transparency and difficulty of getting quotes certainly aren’t our favorite attributes of its services.
Our Final Thoughts
Liberty Mutual is our top pick for small business insurance customers seeking a company with outstanding umbrella policies, pairing high liability limits with robust features. The fact that this insurer has so much experience doesn’t hurt either!
With a broad selection of business insurance policies and a huge roster of existing business clients, we wouldn’t hesitate to recommend Liberty Mutual to our family and friends.
Still, if you want to take a look at our recommended insurers for other categories — such as the best options for industry-specific policies, fast claims payment, and more — take a look at our complete guide to the best small business insurance providers.