The best business insurance for limited liability companies (LLCs) helps preserve the business from financial loss, has flexible limits, and offers tailored coverage for your industry. To help you find the best one for your business, we evaluated 19 providers, focusing on financial stability, customer service, convenience, and the policies offered, while also factoring in the level of customization for each industry and the level of liability limits available.
Here are the six best providers for small business insurance for LLCs:
- The Hartford: Best overall for business insurance for LLCs
- Chubb: Best for professional liability options
- Next Insurance: Best for policy package options
- Hiscox: Best for cyber insurance
- Simply Business: Best for comparing providers
- Embroker: Best for management liability package
Top Small Business Insurance for LLCs Compared
Instant Certificate of Insurance (COI)
Overall provider for business insurance for LLCs
Online or with an agent
24/7 call center
Professional liability options
Online or with an agent
24/7 call center
Policy package options
Monday to Friday, 8 a.m. to 5 p.m. Central time or online
Online or with an agent
Monday to Friday, 7 a.m. to 10 p.m. Eastern time or online
Monday to Friday, 8 a.m. to 8 p.m. ET
Management liability package
Monday to Friday, 6 a.m. to 6 p.m. Pacific time
The Hartford: Best Overall Provider for LLC Insurance
LLCs come in all shapes and sizes and, as such, may need only general liability or a BOP and workers’ compensation for its employees. The Hartford offers policies to fit your business needs, whether your LLC is starting out and only needs hourly short-term liability or is expanding locations.
We received a quote for a BOP that cost $2,364 annually. This policy carried general liability with limits of $1 million per occurrence and $2 million aggregate. It also had $20,000 in commercial property coverage with a deductible of $1,000. The Hartford’s BOPs also include coverage for lost business income. This fictitious LLC was a restaurant, so it included food contamination and spoilage insurance.
Professional liability has worldwide coverage, which is good for businesses with international clients, and has coverage for defense in case your business is accused of fraudulent, dishonest, and intentional acts.
Quotes and the option to purchase most of its policies are available online. It has structured its online quoting experience so that 75% of quotes are ready to purchase in just a few clicks without the need for an underwriter review. This translates into being able to purchase insurance quickly for your business.
You can manage your policy, file a claim, and get an instant certificate of insurance online. You can also call its 24/7 customer support team to file a claim.
The Hartford is a global company with hundreds of years of experience. It has a rating from AM Best of A+ (Superior), meaning it has the financial strength to pay claims for its policies.
Chubb: Best for Professional Liability Insurance
Chubb offers many professional liability policies tailored to specific industries. The tailored policies come with different limits, definitions, and coverages to fit the specific industry, making it the best provider for professional liability.
While Chubb offers online quotes, we were unable to do so for this article. You can get a quote by either calling it directly or reaching out to an independent agent.
One example of its extensive customization is the Ace Advantage® Misc Professional liability policy for business professionals in real estate closing. This is for title agents, escrow agents, notaries, and signing agents with $5 million or less in revenue. It is available as a standalone or an endorsement on a BOP. It has a broad definition of “claim” to include written demands, civil proceedings, and regulatory investigations.
Another example is Chubb Advantage™. This is a policy for design professionals like architects, landscapers, construction managers, and interior designers. It features pre-claim assistance and supplemental coverage for Occupational Safety and Health Administration (OSHA) or Americans with Disabilities Act of 1990 (ADA) fines. There is also no lead or asbestos exclusion on this policy, and it has a broad definition of professional service.
Chubb LLC insurance is available in all 50 states and DC.
It rates high in customer satisfaction and has lower-than-average complaints with the National Association of Insurance Commissioners (NAIC). Besides that, it is second in customer satisfaction in J.D. Power’s 2022 Small Commercial Insurance Study.
Chubb does offer online quotes, but if there is any sort of risk concern, it will stop the process and request you to call a representative to finish the quote process. It also has an online account portal, but it is unclear what services are available beyond bill pay.
Chubb is a global insurance company with decades of experience successfully insuring businesses of all sizes. It has a strong financial rating of A++ (Superior) from AM Best.
Next: Best for Policy Package Options
Billing itself as a one-stop shop where LLCs can find insurance, Next Insurance has simplified the process by offering policy packages with different levels of coverage. Each package is customized to the industry of your LLC. By providing these options, it has made it possible to do comparison shopping from the same company for different levels of coverage to fit your business needs, making it the best provider for your LLC for policy package options.
We received three quotes for a restaurant LLC. The first was for basic coverage and cost $623 annually. This carried $1 million in total liability coverage, with food-borne illness coverage. It also had $25,000 in employment practices liability insurance (EPLI).
The next quote was for its premier package, which costs $1,993 annually. It had the same liability coverage as the basic but included $70,000 in commercial property coverage with a $500 deductible. It also had some specific coverages, such as $10,000 for food spoilage.
Finally, the deluxe package costs $2,563 annually. This carried general liability and professional liability, which both carried limits of $1 million per occurrence and $2 million aggregate, along with $50,000 total coverage for EPLI. The property coverage was the same as the premier package.
If you wish to purchase a policy, you simply select which one best fits your business and then choose between annual or monthly.
Founded in 2015, Next Insurance leverages technology to make the experience seamless and quick for policyholders. You can do everything online: manage your policy, file claims, and create and obtain an instant COI.
If you do need to call, Next is available Monday to Friday from 8 a.m. to 5 p.m. CT.
While Next Insurance is a very new insurance company, it has the financial stability you need to have peace of mind about your claims. It has a rating of A- (Excellent) from AM Best.
Hiscox: Best for Cyber Insurance
Through the years, Hiscox has made a name for itself in the cybersecurity field, even regularly publishing an in-depth report on cybersecurity and insurance. It offers several cyber insurance policies to align with your business needs, from cyber liability to data breaches. It also has preventative loss services, free cybersecurity software, and risk prevention services, making it the best provider for your LLC cybersecurity insurance.
We received a quote for cyber insurance, costing $27.53 monthly or an annual payment of $367. The policy had a limit of $250,000 total coverage with a $10,000 deductible. This may sound like a low limit, but the LLC we received a quote for had a yearly revenue of $150,000, so the quote is for almost double the entire revenue of the business. The policy covered data breach response, lost business revenue, and data recovery. It also had defense costs for lawsuits and media liability.
For its cybersecurity insurance, Hiscox offers Paladin Shield. Paladin is a platform that offers security monitoring, warning, and training to its users. It’s free for Hiscox insureds and has proven to be effective—policyholders who have used it have filed less than half the amount of cyber claims than those who don’t take advantage of it.
Hiscox is available in all 50 states and Washington, D.C.
You can get a quote and purchase a policy for nearly all lines of business online. However, many of the limits for online quotes are lower than if you call and review your business needs more in-depth.
It provides online account management, and you can file a claim online. However, it is unavailable 24/7 through a call center, including claims. If you file a claim and it is an emergency, you will be provided with an emergency contact.
Complaints filed against Hiscox with NAIC are higher than expected. However, on the independent website feefo, there are more than 1,000 reviews with an average of 4.7 out of 5.
Hiscox is a global insurer with over a hundred years of experience handling and paying claims. It has a rating of A (Excellent) from AM Best.
Simply Business: Best for Comparing Providers
There are online marketplaces like Simply Business, where you can obtain multiple quotes for different policies in minutes. The quotes are real-time quotes from providers that Simply Business partners with, and you can purchase one of the policies. It is the best marketplace because of the range of industries covered, the policy services it offers, and the speedy turnaround on quotes.
We received two quotes for general liability in minutes for a retail LLC—one was from Harborway, and the other from Hiscox. While both offered the same limits of $1 million per occurrence and $2 million aggregate, Harborway cost $300, whereas Hiscox cost $495 annually. Digging deeper into the coverage, they both offered the same levels of protection: $100,000 for damage to premises rented to our business and $1 million for personal and advertising injury.
You have two options for purchasing: buy the annual plan or buy a monthly plan. The monthly requires you to pay the first and last month’s premium, and then there will be ten monthly payments.
Simply Business is licensed to sell insurance in all 50 states and Washington, D.C.
As a brokerage, it is not subject to complaints through the department of insurance like a provider. However, you can read reviews of Simply Business on Trustpilot, where it has an average of 4.7 out of 5 stars from more than 420 reviews.
Simply Business allows you to shop and purchase LLC insurance online. You can also manage the policy and obtain an instant COI online too.
For significant changes, you will want to call Simply Business, which is open Monday to Friday 8 a.m. to 8 p.m. ET.
The claims filing process is cumbersome. You need to contact the provider directly and not Simply Business. Helpfully, it does provide all of the claim contact information for the providers it works with. If you are having trouble, you can call or email its reps for help.
Travelers insurance purchased Simply Business, so it has the financial backing of a company with a rating of A++ (Superior) from AM Best.
Embroker: Best Management Liability Package
LLCs are designed to separate the owner’s personal assets from the business and limit liability, but if the business faces a claim because of decisions of management, insurance is still needed to protect the business. This is where Embroker can help you. Because of its management liability package, Embroker is the best provider for LLCs with officers or LLCs that want EPLI coverage.
The management liability package from Embroker for our retail LLC cost $4,176. This included directors and officers (D&O) coverage, with a limit of $1 million and a $10,000 retention. It also included the same coverage for EPLI. You could purchase the coverages separately. The D&O cost $3,040, and EPLI cost $938 annually.
The quotes were customizable: you could increase the limits for directors and officers up to $3 million and EPLI up to $1 million. Likewise, the retention could be increased up to $15,000 for D&O and up to $250,000 for EPLI.
Embroker is available in all 50 states and Washington, D.C.
Beyond the ability to obtain an online quote and purchase a policy, you can use its online dashboard to manage your account, including getting a COI or filing and tracking your claim. For the policy packages, Embroker has a team to work with you during the claim process, and you can get updates in real time.
However, this claim service isn’t available if you purchase a policy that Embroker didn’t help create. In that case, you can still file the claim with Embroker, but you will need to work directly with the provider for the claims process.
If you need to speak with someone, Embroker is open Monday to Friday, from 6 a.m. to 6 p.m. PT.
Embroker states that it works with A- (Excellent) to A+ (Superior) rated carriers. For our quote, no information was provided on which carrier was insuring it, and when we reached out to discuss it, we were told the policy was through Clear Blue Insurance, which has a rating of A- (Excellent).
We determined the best LLC insurance companies using our in-house proprietary evaluation system. In evaluating insurance companies, we focused on the customer’s needs. We paid particular interest to convenience, financial ratings (AM Best), customer service, types of policies offered, and the overall experience as a policyholder for a specific provider.
Business insurance for LLCs is a broad category because nearly any business can be an LLC. When shopping for insurance, an LLC wants a provider that can provide industry-specific coverage, with flexible limits and availability when you need it. It is also important to find a business that can offer whatever product you need. The Hartford offers business insurance for LLCs that can fit your industry, has the right limits, and is available 24/7.