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:
- The Hartford – Best overall LLC business insurance
- State Farm – Best for customer satisfaction
- NEXT Insurance – Best for tailored coverages
- Embroker – Best for law firms and tech companies
- Simply Business – Best aggregator for comparing policies
- Chubb – Best for BOPs
- Hiscox – Best for cyber security insurance
Comparison Table
| 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 |
7 Best Business Insurance Companies for LLCs
Below are the best providers of LLC business insurance based on our survey:
The Hartford – Best overall LLC business insurance
Overview
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.
pros
- 24/7 call center
- Wide range of policies
- Instant COI
- Liability limits of up to $4 million aggregate for LLCs.
- Pay-as-you-go coverage options
cons
- Agent is often required for quotes
- The company is not BBB accredited
Pricing
For Hartford, you will be able to get a baseline policy for around $500 annually for many businesses.
Customer Satisfaction
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 – Best for customer satisfaction
Overview
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.
pros
- High customer satisfaction
- Highest possible (A++) financial strength rating
- Customizable BOPs with comprehensive coverage options
cons
- You need an agent for quotes, policy purchases, and claims tracking
- Limited online capabilities
Pricing
State Farm does not provide quotes online. For pricing information, you have to contact a State Farm agent.
Customer Satisfaction
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 Insurance – Best for tailored coverages
Overview
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.
pros
- Online quotes
- Multiple policy package options
- Instant COI
- User-friendly app
cons
- Limited call center hours
- Not available in some states
Pricing
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.
Customer Satisfaction
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 – Best for law firms and tech companies
Overview
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.
pros
- Choice of over 50 carriers
- Industry-specific packages
- Specially designed packages for new and high-risk businesses
- Instant COI Employee benefits, including health, dental, and disability insurance
- Data-driven recommendations
cons
- No mobile app
- Need to create an account to get quotes
- The claims process may be fuzzy for policies other than standard Embroker packages
Pricing
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.
Customer Satisfaction
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 – Best aggregator for comparing policies
Overview
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.
pros
- Quick, real-time quotes for comparison
- Financial backing of Travelers
- Same-day cover and policy documents
- Online policy purchase
- You can shop by trade or industry
cons
- Limited call center support
- No in-house claims team
Pricing
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.
Customer Satisfaction
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 – Best for BOPs
Overview
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.
pros
- 24/7 call center
- High liability limits
- Useful enhancements to basic BOPs
cons
- Often need an agent for quotes
- No mobile app
Pricing
You have to contact a company representative or an independent agent for pricing information.
Customer Satisfaction
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 – Best for cyber security insurance
Overview
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.
pros
- Comprehensive cyber liability coverage
- Professional liability policies offer worldwide coverage
- Transparent pricing
- Online quotes process
cons
- Pricing No 24/7 call center
- No mobile app
- Higher than average number of complaints
Pricing
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.
Customer Satisfaction
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.
Methodology
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.
FAQ
What is LLC insurance?
LLC business insurance refers to a combination of small business insurance policies that protect your LLC from various liability claims. It typically includes general liability, professional liability, and additional coverages such as workers’ compensation and commercial property insurance.
You can register your business as a DBA or LLC. Registering as an LLC allows you to separate your business and personal assets and shields you from being personally liable for your business’s debts and obligations.
