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As a small business owner, you may be trying to find the answer for lots of questions, like, “How much does LLC insurance cost?” We can help with answers. Our customers paid an average of $85 a month for a Business Owner’s Policy (BOP), a common type of LLC insurance.1
Costs for LLC insurance, or seguro para pequeñas empresas, can vary. So, small business owners shouldn’t expect to pay the same rate. Rates can depend on the:
- Types of coverage you need
- Industry you operate in
- Location your business is in
We can help different types of businesses get the right coverage. Reciba una cotización for small business insurance today and see how we can help protect your LLC.
Factors That Affect LLC Insurance Costs
Different factors can affect your LLC insurance costs, such as:
- Industry or type of business: Having a business with higher risks can increase costs. For example, a jardines business may have higher costs than an accounting firm.
- Number of employees: The more employees you have, the higher your LLC insurance cost may be. For example, having more employees can increase your business’ risk for causing bodily injury or property damage. This can increase your general liability insurance cost.
- Claims history: A clean history means your business is safe and uses risk management strategies to prevent injuries and property damage claims. This can lower your LLC insurance cost. Requesting an insurance loss run report can help you view past claims.
- Policy details: Choosing higher coverage limits or lower deductibles can result in a higher LLC insurance premium. If you choose a higher deductible, it can lower your insurance cost.
- Revenue: As your LLC grows and brings in more revenue, it’s likely that your LLC insurance cost will also increase.
What Types of Insurance Does an LLC Need?
The types of an insurance that an LLC needs depends on its unique needs. However, there are some types of LLC insurance that business owners commonly get to protect their companies.
Many LLCs get a Business Owner’s Policy (BOP). It combines three types of coverage: business income insurance, general liability insurance and commercial property insurance. A BOP helps protect against claims that can come up during normal operations, while also letting you save money. This includes:
- General liability insurance: Helps protect your business from claims that it caused bodily injury or property damage to others. Our customers paid an average of about $67 a month for general liability insurance coverage.2
- Commercial property insurance: Helps protect your owned or rented building, tools, equipment and business property that you use to operate your LLC.
- Business income insurance: Helps replace your lost income if you can’t operate because of covered property damage.
Depending on your LLCs needs, you may want to get additional insurance for more coverage. This can include:
- Workers’ compensation insurance: This coverage provides benefits to your employees to help them recover from a work-related injury or illness. It can help pay for their medical bills or lost wages. Most of our customers with less than $300,000 in payroll paid an average of $81 a month.3
- Commercial auto insurance: Helps protect you and your employees on the road if you’re driving a company-owned vehicle for business.
- Professional liability insurance: Helps cover claims that your business made a mistake or error in the professional services given to a customer or client.
- Cyber liability insurance: Also known as data breach insurance, this coverage helps your LLC respond to a breach if personally identifiable information gets lost or stolen.
- Commercial umbrella insurance: Extends the limits on certain liability coverages to help pay for expensive claims.
Additionally, in some industries, clients may require surety bonds before they agree to work with your business.
Get an LLC Insurance Quote From The Hartford
Somos una compañía de seguros con más de 200 años de experiencia. Our specialists can do the same for you. Whether you’re looking for LLC insurance or need help with a claim, we’ve got your back. Reciba una cotización today and see how we can help protect your business.
Last Updated: November 20, 2023
1,2,3 Premium amounts presented are based on monthly premium paid by The Hartford’s Small Business customers between 1/1/22 and 9/14/23 for 12-month policies. Premium is derived from a number of factors specific to your business and may vary.
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