Liberty Mutual Business Insurance Review 2024

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We like that Liberty Mutual’s Risk Control Consulting Center provides small business owners with resources to help reduce losses and accidents, such as training webinars, safety programs and access to risk control experts.

What Does Liberty Mutual Business Insurance Cover?

Liberty Mutual’s small business insurance covers a business against a variety of risks like costly lawsuits, property damage and theft. Liberty Mutual offers a range of insurance types that you can customize to fit your needs, from accountants to contractors.

Liberty Mutual’s Business Owners Policy

Liberty Mutual’s business owners policy (BOP) bundles two key coverage types into one policy:

• General Liability: This part of the BOP covers property damage and bodily injuries accidentally caused to others. It pays for your legal costs, judgments and settlements. General liability insurance also covers claims such as reputational harm and copyright infringement.
• Commercial Property Insurance: This portion of your BOP covers the costs if your business property (such as buildings, inventory or furniture) is damaged by a problem covered by your policy (such as a fire or theft). Commercial property insurance is also called “business property insurance.”

Liberty Mutual’s Professional Liability Insurance

Liberty Mutual’s professional liability insurance covers your business if someone accuses you of a professional mistake such as negligence, bad advice or misrepresentation. It pays for legal costs, settlements and judgments. Professional liability insurance is also called errors & omissions insurance.

Other Types of Liberty Mutual Small Business Insurance

• Commercial auto and fleet Insurance: This covers the vehicles you use for business purposes. Commercial auto insurance covers bodily injuries and property accidentally caused to someone else, such as backing your van into a client’s mailbox. You can add other coverage types, such as collision and comprehensive insurance to repair or replace your work vehicle due to problems covered by your policy.
• Commercial umbrella insurance: If a claim exceeds your liability insurance limits, commercial umbrella insurance kicks in. For example, if someone sues you for $800,000 and your general liability policy caps out at $500,000, your umbrella policy can cover the $300,000 shortfall.
• Cyber liability insurance: This covers your small business for problems such as cyberattacks and data breaches. Cyber liability insurance pays for expenses such as notifying customers of a data breach, replacing lost income from network loss and legal fees if someone sues you after a cyber attack.
• Equipment breakdown insurance: If your business relies on machinery or equipment, Liberty Mutual’s equipment breakdown insurance pays to repair or replace equipment that unexpectedly stops working due to problems like electrical shorts and mechanical failures.
• Inland marine insurance: This covers your business property, such as materials and inventory, while it is in transit over land by automobiles, trucks and trains. Inland marine insurance also covers business property when it is stored at an off-site location.
• Surety bonds: You may need to purchase a surety bond to get a business permit or license. Liberty Mutual sells surety bonds such as contractor bonds to cover claims of incomplete or shoddy work.
• Workers’ compensation insurance: This covers expenses such as lost wages and medical bills if your workers become injured or ill due to the job. Workers’ compensation insurance is required in most states, even if you have just one employee.

How Much Does Liberty Mutual Business Insurance Cost

The cost of small business insurance usually depends on several factors, including:

• Business property value
• Business revenue
• Claim history
• Coverage limits
• Industry
• Number of employees
• Types of coverages

How to Get Liberty Mutual Business Insurance

Here’s how to get small business insurance from Liberty Mutual:

• Decide on the types of coverage you need. You can start with a business owners policy and add more coverage types as necessary. For example, if you use a vehicle for work purposes you can add commercial auto insurance.
• Request a quote online. With your coverage needs in mind, you can head over to Liberty Mutual’s website to request a free quote from Tivly—Liberty Mutual’s partner marketplace for insurance. You can also call Tivly’s toll-free number at (888)532-0656 for a quote.

Who Is Liberty Mutual Business Insurance Most Suitable For?

Liberty Mutual’s small business insurance may be most suitable for small business owners who want:

• Surety bonds. You can add surety bonds to your small business insurance policy. Not all insurers offer surety bonds.
• A local business insurance agent. Liberty Mutual works with independent agents across the country.
• To manage their policy online. You can manage your small business insurance policy 24/7 using Liberty Mutual’s policyholder portal, such as reviewing policy documents, filing claims, accessing safety materials and paying your bill.

Alternatives to Liberty Mutual Business Insurance

Given that Liberty Mutual’s business insurance has a high level of complaints, you may want to check out some top-rated small business insurance companies, such as:

Acuity: Acuity provides insurance for many types of small businesses such as restaurants, repair shops and hotels. The company has a low number of complaints and offers on-site loss control consultation and training.

Allianz: Although Allianz usually works with big companies, the company’s expertise and risk advisory services can also work well for small businesses.

CNA: This insurer has a low number of complaints, offers online quotes and you can add coverage types such as builder’s risk, equipment breakdown insurance and more to your BOP.