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LLC Business Insurance: Best Options for General Liability and More

LLCs may need general liability insurance and other business insurance. You can buy most coverage online.
Written by Rosalie Murphy
Edited by Ryan Lane
Last updated on August 17, 2022

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Even as a limited liability company, or LLC, a lawsuit can still put your business assets at risk. LLCs typically should have general liability insurance to protect themselves.
Depending on what your business does, you may also need professional liability insurance, workers’ comp and other coverages to comply with contracts and safeguard your assets.
The best business insurance providers for LLCs offer convenient packages and great customer service, including the option to buy online. Here are our picks.

What are the best insurance options for LLCs?

Chubb: Best general liability insurance for LLCs

5.0

NerdWallet rating 
Pros:
  • You can buy a business owner’s policy, general liability insurance, professional liability insurance and other common types of coverage online.
  • Above-average score for customer satisfaction in J.D. Power’s 2021 small commercial insurance study.
Cons:
  • You’ll have to request a copy of your certificate of insurance through an online portal.
Why we like it: Chubb received fewer complaints about general liability insurance relative to its market share than any other business insurance company evaluated by NerdWallet. The company offers a straightforward package of insurance options that are easy for a small-business owner to buy online. If you need a business owner’s policy, Chubb’s includes extra expense coverage and accounts receivable coverage, which aren’t always part of BOPs.

Next: Best for buying several policies online

4.5

NerdWallet rating 
Pros:
  • Get a quote and buy a policy online in a matter of minutes.
  • Claims can be filed online and resolved within days.
  • Next offers some pricing information online, so you can get ballpark figures before you get a quote.
Cons:
  • Founded in 2016, Next doesn’t have the long tenure that many of its competitors do.
Why we like it: In general, it’s still difficult to address your business insurance needs online — some insurers don’t even offer online quotes. But if you share information about your LLC with Next, the company says it can identify the policies you need and give you a quote within minutes. What’s more, you can complete the purchase online and call for help if you need it.

Thimble: Best for LLCs that only need temporary coverage

4.0

NerdWallet rating 
Pros:
  • Policies are available by the job, week or month to cover you for specific events.
  • Thimble’s “certificate manager” allows your contractors or subcontractors to buy insurance policies that comply with your requirements.
Cons:
  • Customer service is only available via live chat and email, not phone.
Why we like it: If you need insurance only for a specific event or job — maybe to comply with the requirements of a contract — buying temporary coverage is likely to be your cheapest option. Thimble’s short-term policies can help. Thimble also offers a program called Certificate Manager that you can use to make sure any contractors you hire have the coverage you require.

Hiscox: Best for LLCs with international clients

3.5

NerdWallet rating 
Pros:
  • Professional liability policies cover work done all over the world.
  • Industry-specific packages make it easy for business owners to identify the coverage they need.
  • Can get a quote and purchase a general liability policy online.
Cons:
  • Hiscox business owner's policies aren't available in all states.
Why we like it: Hiscox specializes in business insurance, offering a wide variety of coverage options packaged in different ways for businesses in 180 industries. Notably, its professional liability insurance covers work performed anywhere in the world, though claims must be filed in the U.S. or Canada.

State Farm: Best hands-off shopping experience

4.5

NerdWallet rating 
Pros:
  • Professional liability insurance is available as part of a BOP.
  • Industry-specific packages make it easy for business owners to identify coverage they might need.
  • Above-average score for customer satisfaction in J.D. Power’s 2021 small commercial insurance study.
Cons:
  • Limited online access.
Why we like it: State Farm policies are sold by a nationwide network of State Farm insurance agents. Because online capabilities are limited — you can view a list of your policies, pay your bill and contact your agent — you’ll probably work with your insurance agent not just to get a quote, but also to file and track claims and purchase additional coverage. For that reason, it’s important to find a State Farm agent you like and trust.

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What is LLC business insurance?

LLC business insurance can refer to several individual types of coverage, potentially bundled together. Most businesses, including LLCs, should have some or all of the following:

General liability insurance for LLCs

General liability insurance protects your business against bodily injury and property damage claims filed by customers and other third parties. In general, all businesses should have general liability insurance.

Professional liability insurance for LLCs

Professional liability insurance protects your business against claims that you made a mistake that resulted in a loss to your customer. Businesses that provide services to customers for a fee should have this kind of insurance. In many industries, it’s called errors and omissions insurance or E&O insurance.

Other business insurance policies for LLCs

Depending on what kind of work you do and whether you have employees, you may also need:
There are lots of other types of business insurance that protect against more specific types of risk. If your business manufactures or sells products, handles sensitive data or sells alcohol, for instance, you may need more specialized protections.

How do you get LLC business insurance?

When you’re shopping for LLC business insurance, a business owner's policy is often a good place to start. These packages normally offer general liability insurance, business property insurance and business interruption insurance, which makes up for lost income if your business has to pause operations because of a covered loss.
Purchasing several insurance policies from the same provider can make the shopping experience easier for a busy business owner. Many insurers offer industry-specific packages that come with discounts. And if you have to file claims, you’ll work with a similar system each time.
NerdWallet recommends getting business insurance quotes from several insurance providers to find the best coverage for your business at the best price.
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Do LLCs need business insurance?

An LLC, or limited liability company, is so named because it limits the impact of claims on owners' personal finances if their business is found liable. If the business is sued or faces bankruptcy, your personal assets should be protected — as long as you haven’t been mixing personal and business finances or breaking the law.
But that doesn’t mean the business’s assets are protected. If your LLC is held responsible for damaging someone’s property, injuring someone or making a mistake that resulted in a financial loss, for instance, it might have to pay medical bills, settlement costs and more.
In such instances, business insurance for your LLC is beneficial.

How much does LLC business insurance cost?

The cost of business insurance for your LLC will depend on many factors, including your company’s industry, location and size. Getting quotes from insurers is the best way to estimate how much you’ll pay.
Though you can often get a business insurance quote online, you may need to work with an insurance broker or agent to buy a policy. Working with an agent introduces an additional cost — most brokers and agents are paid on commission, and brokers may collect fees — but they can help you understand the coverage you need.

Methodology

Business insurance ratings methodology

NerdWallet’s business insurance ratings reward companies that offer small-business owners reliability and ease of use. Ratings are based on weighted averages of scores in several categories, including financial strength, customer complaint data, shopping experience and customer service. Learn more about how we rate small-business insurance companies.
These ratings are a guide, but insurance policy details and prices can vary widely from business to business and provider to provider. We encourage you to shop around and compare several insurance quotes.
NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.

Insurer complaints methodology

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2018-2020.
To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period.
Our star ratings consider ratios for both general liability insurance and commercial property insurance. When an insurer sells policies that are underwritten by several different insurance companies, we consider the NAIC complaint ratios of all the underwriters.

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