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Liberty Mutual was founded in 1912 as the Massachusetts Employees Insurance Association and has since grown into a force to be reckoned with. It currently serves 45 states, employs 45,000 people, and represents both a true leader and one of the largest insurance companies in the world. We’ve measured Liberty’s offer against the innovators and up-and-comers that have shaken up the market in 2021. Keep reading to find out how it performs.
Being the third-largest insurance company in the US indicates that you are more than financially stable. Holding over $100 billion in assets only reaffirms this fact. Liberty Mutual is an easy choice for business owners who worry about insurers’ ability to pay customer claims, which is exactly why both A.M. Best and Standard & Poor’s give it an excellent “A” rating.
Liberty Mutual offers a wide range of commercial insurance options for businesses of all sizes in several industries.
The company’s general liability policy covers expenses you could incur from out-of-court settlements, litigation and court judgments resulting from someone being injured at your business. It can also protect you from someone whose property is damaged while at your business.
The insurer also sells an excess liability policy for mid-size and large corporations that is designed to protect businesses from a catastrophic liability claim. These are for claims that can’t be covered under an original liability policy or an umbrella policy. Excess liability coverage can cover up to $50 million in damages.
In addition, there is a business owner’s policy (BOP) that combines both property insurance and general liability insurance into one policy.
Other types of insurance Liberty Mutual provides include commercial auto, equipment breakdown, inland marine, surety bonds, reinsurance and third-party administration.
You can purchase workers’ compensation insurance from Liberty Mutual. This coverage provides protection for your company and employees when a worker is injured on the job. Employees can receive medical care (plus the necessary medications) without any out-of-pocket expenses.
Liberty Mutual’s independent agents and brokers are available to answer your insurance questions, give you a rate quote and help you select the coverage you need. Direct insurance companies typically offer online quotes, but Liberty Mutual does not. However, it can be useful to talk to a local agent who knows the company’s product and services. They may understand your risks and needs better as a result of your personal interaction.
Liberty Mutual differs from other competitors in that it doesn’t provide free quotes online. Instead, you’ll need to contact the company’s sales team or get in touch with a licensed local agent. Because there are so many variables in finding the best small business insurance prices and because Liberty Mutual does not provide sample quotes, it’s hard to estimate median premium levels.
That said, data from third-party resources shows that customers can expect monthly premiums as low as $22 or as high as $180. Many businesses pay just $400 annually, which is highly competitive. Others – whether due to their size, location, or nature of work – pay annual premiums of $3,000 or more. While Liberty Mutual won’t be the first cheap business insurance choice for some, its unlimited coverage options make it suitable for many small and medium-sized companies.
Liberty Mutual is moving into the third decade of the century with a clear focus on innovation and dedication to making its customers’ experience much easier. You can now file claims 24/7 via a dedicated mobile app, which is much more convenient than having to make a phone call. On the downside, customer support is not yet available via live chat, although we like the fact that phone support is available on weekends.
Like all the best business insurance providers in the US, Liberty Mutual is an accredited member of the Better Business Bureau (BBB) where it holds a strong “A” rating. This confirms its strong track record of fulfilling its obligations to customers. However, we have some bad news… Liberty Mutual’s customer reviews are among the worst we’ve encountered, with a 1-star rating from 340 reviews and 1,028 customer complaints in the past three months alone. We should note that these are not strictly small business insurance policyholders’ experiences. That said, the low rating is still a red flag.
Regardless of the type of claim you have, they can be filed 24/7 by phone or online.
Once a claim is filed, it is assigned to one of Liberty Mutual’s specialized claims handlers. Each claim representative works in the insurer’s dedicated general liability, auto, property, and workers compensation units. Claims are assigned to one of these units based on type of claim and potential severity. This is designed to help ensure that the best person is always assigned to the case.
All of Liberty Mutual’s claims adjusters have access to regional medical directors, legal personnel, fraud specialists, data analytics and a predictive model, among other tools, to help resolve each claim in a timely and fair manner.
Claims adjusters are located in regional offices throughout the U.S., so they have a clear understanding of the jurisdiction and any state-specific requirements that may apply to your case.
Liberty Mutual has grown into one of the largest insurers in the world for a good reason. This is a solid choice for small businesses from a variety of key industries, especially given that it offers such a high level of customization of insurance coverage. Add to this some clear moves toward improved customer experience and highly competitive prices across the nation, and it seems Liberty Mutual has the right recipe to stay among the top five small business insurance companies for a long time.
Liberty Mutual has a wide variety of general commercial insurance policies as well as more specialized and advanced forms of coverage. They even provide employee benefit packages and other business accoutrements. While this isn’t a comprehensive list of all the business solutions they offer, here are the most popular products and services:
Liberty Mutual has more than 100 years of experience working with businesses of all types and sizes. It puts this extensive experience and its strong financial standing to use in developing commercial property policies with impressive coverage limits. For example, its BOP offers up to $25,000 in coverage for electronic data, employee tools, and employee dishonesty.
| Liberty Mutual Strengths | Liberty Mutual Weaknesses |
|---|---|
Offers BOPs to more than 400 professions | No online claim reporting for small businesses |
1,000-plus downloadable safety resources for policyholders | No online quotes for business insurance |
A (Excellent) rating from A.M. Best | No online assistance for applicants |
According to their website they offer Liberty Mutual business insurance to the following industries:
Get the coverage you need today.
Call For A Free Quote @ 877-907-5267
Most small businesses need this coverage. It guards against things like bodily injury, property damage, completed operations and advertising injury that arise from your business. Sometimes people refer to this coverage as “business insurance”.
You need this coverage if you use your vehicles for business. This can include traveling between job sites, making deliveries or transporting tools and equipment. It provides liability and physical damage protection for your business vehicles and trailers.
Liability protection for businesses who offer professional services or advice. It protects against claims of professional negligence. It’s also known as Errors and Omissions insurance (E&O).
Protects against electronic threats, such as data breaches and cyber-attacks. Businesses that store or process sensitive data like credit card information should consider this coverage.
This coverage packages business liability and property coverage into one policy. It’s a common choice for small businesses with commercial buildings or personal property.
This protects you and your employees. It helps pay for expenses such as medical costs and lost wages related to employees who become injured or ill on the job.
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