Coverage Options

One of the biggest strengths that Liberty Mutual offers as a business insurance provider is its ability to offer a large range of specialized coverages. Liberty Mutual offers both general business coverages (for example, errors and omissions coverage and commercial auto insurance) to highly specialized insurance options for specific industries.

Liberty Mutual offers so many insurance options that we can’t list them all here. For example, this is a list of coverages unique to the manufacturing industry. 

The company offers so many corporate insurance options that it’s impossible to list them all here. Let’s take a look at a few of the most common coverages you might want to invest in through Liberty Mutual.  

Commercial Auto and Fleet Insurance

If your employees use corporate-owned vehicles in the course of their work, personal insurance policies won’t cover accidents or injuries caused while on the job. Commercial auto insurance is a special type of car insurance policy that protects vehicles owned by your company and ensures that employees completing trips and tasks for work maintain state minimum insurance. If you have multiple vehicles, you can save on coverage by insuring them under a fleet policy. 

Environmental Liability 

If you work in the construction or manufacturing industry, chances are high that your business has at least 1 environmental liability exposure. Though instances of pollution liability are rare, they can be large and expensive problems to clean up — and general liability policies may specifically exclude environmental hazards. Environmental liability insurance helps business owners whose operations engage in pollution risks protect themselves from accidents and the costs associated with rectifying an accident. 

Equipment Breakdown

Equipment breakdown insurance helps protect your company against costs associated with repairing or replacing damaged tools. It might also cover lost income that you incur due to a crucial tool being damaged, any costs that you spend training new employees to use the replacement tool and the cost of spoiled inventory (for example, if a vaccine refrigerator breaks down and makes the medicine unusable). 

General Liability Insurance 

General liability insurance is a type of catch-all policy that protects you against claims made by customers or clients due to bodily injury on your property. For example, if you rent a commercial space, fail to fix a broken step on the entrance to your business and a client falls and breaks their ankle, they might sue you for the cost of their medical bills. In this case, your commercial property insurance will help you pay for any court-awarded judgements made against you as well as legal representation. It may also help protect you against more abstract claims of harm (for example, libel and slander).     

Inland Marine 

Inland marine insurance is a type of business insurance that protects materials and equipment when they are being transported on land (for example, by truck or train). This protection can be important because most commercial auto insurance policies only include coverage for the body of the vehicle and any state-required liability coverage.   

Professional Liability Coverage

Professional liability insurance (sometimes known as errors and omissions or E&O coverage) protects your business from legal expenses arising from mistakes made by you and your employees. For example, if you’re an accountant and you make a mistake on a client’s tax form, the client might sue you for negligence. In this case, your professional liability coverage would help you pay for the cost of legal representation as well as any court-awarded judgements.  

Merger and Acquisition 

Companies going through a merger or acquiring a new company can be exposed to a range of very unique liabilities. Acquisition and merger insurance can protect businesses during the merging process from breach of representations and warranties by the company selling their assets, tax liabilities associated with challenges from the IRS or other tax bodies and multinational solutions for contingent liabilities. 

Worker’s Compensation 

Worker’s compensation insurance is a type of business insurance that helps your employees pay for things like medical expenses and a portion of the employee’s lost wages after they are injured on the job and must take time off to heal. Depending on your industry and the state your business operates in, you might be legally required to carry worker’s compensation insurance as soon as you hire your first employee.    

These coverages are only examples of the dozens of types of business insurance policies that you can enroll in  through Liberty Mutual. 

We found the process to get in contact with Liberty Mutual to be a bit inconvenient. For example, before you can even connect  with an insurance representative, you’ll need to already decide what type of insurance you’re interested in. This requirement can be a pain for business owners who are looking to combine multiple types of coverage and who aren’t sure exactly which coverages are required in their state.

After deciding which coverage you need, you’ll need to enter your location information to view a list of Liberty Mutual agents operating in your area who offer the coverages that you need and are willing to schedule a consultation. While this local specification is an inevitability for business insurance providers as large as Liberty Mutual (after all, regulations and requirements for specialized insurance coverage vary widely by location), we’d love to see the company provide a convenient way to contact an associate online and chat before calling into a local branch. 

As a major insurance provider, Liberty Mutual has excellent credit ratings. The company received an “A” rating from A.M. Best Co., the 3rd highest of 16 possible credit ratings. Liberty Mutual has also received an “A2” rating from Moody’s, which indicates that the bond credit rating business believes that the company has a stable financial future and will be able to meet its debt obligations. Finally, Liberty Mutual received a rating of “A” from Standard and Poor’s, indicating that the company is only likely to be minorly affected by business and market fluctuations.

Credit ratings are incredibly important when choosing which insurance company you want to work with because a high credit rating indicates that the company is likely to meet its financial obligations to you should you need to use your coverage. With that being said, very large companies like Liberty Mutual tend to charge more for insurance policies because they’re usually one of the first companies that most business owners consider when they think about which insurance provider they want to work with. The company also offers a wide range of highly specialized policies that aren’t available with smaller insurance providers, which allows them to increase prices because there isn’t as much competition for companies’ business. We recommend getting a free quote from multiple insurance providers of varying sizes to ensure that you aren’t overpaying for your coverage. 

Liberty Mutual offers a comprehensive mobile app that you’re not likely to find with smaller insurance providers. Though the app’s design and user experience are nothing to write home about, it does offer many of the basic tasks and policy options that you’ll likely need when using your coverage. Some of the features that you can access through the Liberty Mutual app include the following:

  • Access to your policy documents and information on your benefits
  • The ability to file a claim for some types of insurance
  • Easy access to bill pay features using a credit or debit card
  • The ability to set up and manage automatic payments
  • Access to policy updates (for example, adding a new driver onto your commercial auto insurance policy)

The Liberty Mutual Mobile app is available as a free download for both Android and iOS platforms. Liberty Mutual has also created an optimized version of the app for tablet users. 

Liberty Mutual’s primary strength in the user benefit category is the sheer range of coverages it is able to provide. As a larger insurance provider, it’s possible that you’ll pay more for your coverage through Liberty Mutual when you compare prices with smaller, more local insurance companies. However, if you work in a highly specialized industry, you might have trouble finding all of the coverages that you need from a single local insurance company.

Liberty Mutual has taken the time to create comprehensive policy offerings for a massive range of industries. From general liability insurance to coverage for acts of war and terrorism, you’re almost guaranteed to find the insurance that you need through Liberty Mutual. We consider this attention to industry detail and the competition’s general lack of specialized industry coverage to be the biggest benefits of choosing Liberty Mutual for your business coverage. 

Overall, ratings for business insurance from Liberty Mutual are generally positive. The company has been in business for more than 109 years and has developed a robust selection of policy options and individual offices across the country. Reviews for the company’s app are also overwhelmingly positive, with users praising the responsiveness of its customer service team members and its straightforward design. Liberty Mutual even offers a small business dashboard that can make managing multiple policies easier for first-time enrollees.

Keep in mind that Liberty Mutual is a nationwide insurance provider that relies on a series of local branches. Your unique experience may vary depending on the customer service training and expertise of your local branch. Speaking directly with a local representative near you can help you learn more about the individual service that you’re likely to receive through your Liberty Mutual location. 

Liberty Mutual Business vs. Competitors

Liberty Mutual is far from the only company offering comprehensive business insurance programs. Browse a few of the insurance provider’s top competitors using the chart below.  

1 Minute Review

The Hartford is a leader in casualty and property insurance. It brings more than 200 years of experience in developing and providing insurance products. The company uses a quote-based pricing scheme to offer insurance in 2 main segments: commercial and personal lines. 

Its commercial segment serves over 1 million small businesses. The personal segment offers only nationally-endorsed home and auto insurance through the AARP® Insurance Program. The Hartford sells its products mainly through a network of independent brokers and agents. 

The company is also a 12-time honoree for the world’s most ethical companies according to The Ethisphere Institute. It delivers the name recognition and reputation of an experienced insurance carrier.

Best For

  • Those looking for an experienced insurance provider
  • Multiple coverage options with 1 carrier
Pros

  • More than 200 years of insurance experience
  • Provides online quotes
  • Has a solid financial rating
  • Offers a wide range of commercial insurance products
Cons

  • Pricing is entirely quote-based

Get started

securely through Simply Business’s
website

1 Minute Review

When you’re a small business owner, you have a lot on your plate. Finding the best insurance policies for your business probably isn’t on the top of your list. Simply Business makes it easy to get the coverage you need. It’s a digital small business insurance agency, which means it offers coverage from multiple insurance carriers. 

With Simply Business you can compare quotes and coverage options from multiple companies to determine what’s best for you. Simply Business works with top providers like Hiscox, Travelers and Axis Insurance Company. 

You can get policy options online in less than 10 minutes, and if you need more guidance or have questions, its licensed agents are just a phone call away. 

Simply Business is a great fit for small businesses and sole proprietors. You can look at its recommended insurance options based on the type of work you do, whether it’s landscaping, accounting or photography. 

While Simply Business doesn’t handle your claim directly (the provider you decide to purchase from does), it’s there to help you if you run into any issues. It can get you new copies of your policy documents and help you get in touch with your provider if you need assistance. 

If reviewing or buying business insurance has been on your to-do list, Simply Business is an excellent place to start. You can get a quote while you take a coffee break. 

Best For

  • Small business owners
  • Sole proprietors
Pros

  • Quick quote process
  • Licensed agents to assist you
  • Can choose from top insurance providers

1 Minute Review

Shopping for business insurance can be a tedious process. It takes time to collect and review quotes and coverage unless you visit CoverWallet. CoverWallet, an Aon company, makes it easy to get quotes from multiple insurance providers.

With CoverWallet, you can start by talking with an insurance advisor or start directly with quotes. You can get quotes from multiple reputable insurers, including Hiscox, Chubb and Progressive. Choose from a wide range of coverage options to protect every area of your business, including workers’ compensation, general liability and commercial property insurance.

Once you decide on your insurance coverage, you can manage your policies through MyCoverWallet. This online dashboard allows you to send copies of your insurance certificates when needed, file claims and pay premiums. It keeps your policies organized and allows you to reach out to an expert at any time.

CoverWallet also offers extensive educational resources. You can review its recommended coverage by industry. You can also dig into more specific information based on your industry, location, number of employees and annual revenue.

The one drawback to the CoverWallet is that it doesn’t have a mobile app. You can still access the site through your mobile browser and you can call any time for assistance. Overall, CoverWallet makes it easy to shop for and buy business insurance, and it’s an excellent fit for small businesses and the self-employed.

Best For

  • Self-employed
  • Start ups
  • Small to medium businesses
Pros

  • Can get multiple quotes easily
  • Can learn about recommended insurance for your industry
  • Offers many types of insurance

get started

securely through CommercialInsurance.net’s
website

1 Minute Review

Shopping for commercial insurance can be a daunting task. You need to contact multiple insurance companies, ask each for quotes on the different types of insurance and then finally compare quotes to make the best choice.

Or you could simplify things and visit CommercialInsurance.net. With CommercialInsurance.net, you can easily get quotes on the insurance you need from multiple reputable insurance companies like Progressive, The Hartford and Liberty Mutual Insurance. You can get a quick quote online or give CommercialInsurance.net a call. 

CommercialInsurance.net can connect you with all types of business insurance, including general liability, commercial property and workers’ compensation insurance. It’s best for business owners who want to save time and money by getting insurance quotes from multiple providers with 1 quote request.

Best For

  • Busy business owners
  • Comparing insurance policies
Pros

  • Easy quote process
  • Quotes from multiple insurers at once
Cons

  • No mobile app
  • No tools for managing multiple policies from different providers

With solid credit ratings, a well-reviewed mobile app and one of the most inclusive lists of coverages that we’ve seen, it’s easy to see why Liberty Mutual is one of the country’s top choices for business insurance. While you may have an easier time accessing local insurance providers and finding better rates with smaller companies, you’re very unlikely to find as many options as you will through Liberty Mutual. In particular, business owners who require specific, highly specialized operating insurance may enjoy the comprehensive coverage offered by Liberty Mutual.   

Frequently Asked Questions

Is Liberty Mutual a good insurance company?

1

Is Liberty Mutual a good insurance company?

asked

Sarah Horvath

1

Liberty Mutual mains a solid credit rating and offers a wide selection of business insurance policies. Its breadth of coverage might make it a good option for business owners looking for a type of insurance not offered by all insurance carriers (for example, merger and acquisition insurance).    

Answer Link

answered

Benzinga

What specific types of insurance does Liberty Mutual offer?

1

What specific types of insurance does Liberty Mutual offer?

asked

Sarah Horvath

1

Liberty Mutual is known for its wide range of insurance coverages. Some popular policy offerings you’ll find through Liberty Mutual include homeowner’s insurance, auto insurance, renter’s insurance, business insurance, pet insurance and even tuition insurance.     

Answer Link

answered

Benzinga

Source link