Limited Liability Company Insurance

Limited Liability Company Insurance That’s Made Just for You

If you run a limited liability company (LLC), you need business insurance that’s as unique as your business needs. After all, your LLC can help protect you from some liabilities - but is that enough for your peace of mind?

That’s where we come in.

At Simply Business, we build customized policies for LLCs like yours. You’ll get only what you need: a comprehensive insurance policy that’s perfectly tailored to your business.

What Insurance Does A Limited Liability Company Need?

The type of insurance coverage you might need depends on the type of business you have. For example, if you provide customers with services, you may need general liability coverage, professional liability insurance, or even both policies.

General Liability Insurance for Limited Liability Companies

General liability insurance for limited liability companies - also known as commercial general liability (CGL) insurance - is a type of policy that can cover you from financial and legal claims involving accidents, property damage, and even slander (yes really!).

If you organized your business as an LLC, that means you want to limit your personal liability as much as possible. General liability insurance helps fill in those gaps to ensure that your family, finances, and assets remain protected against claims and lawsuits.

Keep in mind that general liability insurance usually doesn’t cover professional services, tool theft, copyright infringement, patents, and employee injuries.

Professional Liability Insurance for Limited Liability Companies

Professional liability insurance - which is also called errors & omissions (E&O) insurance - is a type of policy that provides coverage in the event a customer alleges negligence from your LLC. If your customer decides to sue your business, your professional liability insurance policy may cover damages and legal costs that you might be ordered to pay by a court.

Professional liability insurance usually covers negligence or alleged negligence, legal defense costs, libel and/or slander claims, copyright infringement, and more.

Think of professional liability insurance as the foundation for your LLC. Without it, you’d be personally responsible for paying out any financial damages that a customer experienced as a result of your services.

Workers Compensation Insurance for Limited Liability Companies

If you run an LLC but have employees or subcontractors (or both!) on your payroll, it’s recommended that you get a workers compensation policy. This coverage protects your business in case an employee gets injured or sick on the job. Without workers compensation insurance, you could be personally responsible for an injured employee’s medical expenses.

Workers compensation insurance can protect you if an employee gets sick or injures himself while on the job, and that employee decides to sue you for that injury.

How Much Does Limited Liability Company Insurance Cost?

The cost of your limited liability company insurance can vary, but it usually will be determined by the following factors:

• Your trade or industry
• The number of employees you have
• The services you provide
• Where you’re located
• Your estimated revenue
• And more

Click here to answer a few questions so we can help you learn how much you might expect to pay for your LLC insurance coverage.