Business Insurance for an LLC

Proper insurance is essential to running a successful business, and LLCs can benefit from the appropriate coverage.

The agents at Crawford-Butz Insurance in St. Louis, Missouri, are ready to help you get the right coverage for your LLC.

Do LLCs Need Business Insurance?

A limited liability corporation (LLC) helps protect a business owner’s personal assets if the business is sued. Even though you can’t lose your home or other personal assets if someone sues your business, your business assets and income could be at risk. It’s essential to have adequate business insurance to protect your company’s finances.

If someone visiting your business falls in the parking lot and is injured, they could sue your business for medical bills, lost wages, and other damages. A judgment against your company could mean bankruptcy. Even if a judge decides your company isn’t liable for damages, the costs of hiring a lawyer, taking time away from work and damage to your company’s reputation could cause financial harm.

What Types of Business Insurance Do LLCs Need?

LLCs need separate insurance policies to help provide financial protection after an accident or incident resulting in injury, property damage or harm to someone else. In general, small- and medium-sized businesses should consider the following basic business insurance policies:

·       General liability insurance helps pay for damages if someone makes a claim against your company. It generally protects from liability lawsuits if someone is injured on your property or claims they were harmed by the products or services provided by your company.

·       Commercial property insurance helps to repair or replace your company’s property after a storm, fire, acts of vandalism or theft or other covered events.

·       Business interruption insurance may help you pay everyday bills if you must shut down your business to allow for repairs after a covered event.

·       Professional liability insurance helps cover claims if someone says they were harmed after you or one of your employees provided inadequate advice or services.

Depending on the nature of your business, your agent may also recommend that you purchase commercial auto insurance, data breach insurance, commercial umbrella insurance or employment practices liability insurance. You may be required to buy workers’ compensation insurance.

Business Owner’s Policy for LLCs

Depending on the type of business you own, you may be eligible to purchase a business owner’s policy (BOP). It provides general liability insurance, commercial property insurance and business interruption insurance in one package with discounted premiums. Talk with your agent about whether a BOP may work for your company.

Get Business Insurance for Your LLC

Contact Crawford-Butz Insurance today to find out how to get the ideal combination of insurance coverages at the best possible rate. We can help you understand your options and provide a quote.