How do I compare business liability insurance companies?


Finding a reliable and financially sound business liability insurance company is equally as important as getting the right policy at the most reasonable price. This is why every prospective business liability insurance buyer should compare insurance companies when shopping around for a business liability policy.

Comparing Business Liability Insurance Companies - Step by Step

It may seem impossible, but there are ways to compare companies providing business liability insurance. You don't even need to hire an insurance agent: all that can be done online with a few clicks of the mouse.

Comparison-shopping has been made especially user-friendly by insurance company rating associations such as Standard and Poor's and A.M. Best, which evaluate the solvency, reliability and customer service record of every insurance provider.

But before getting to the stage of comparing insurance companies, there are a few other steps you need to take to get business liability insurance quotes:

  • Determine the exact business liability insurance coverage you need to protect yourself from the risk of commercial liability. You can find this out by researching how much the business owners in your industry lose annually in business liability settlements.
  • Decide on the business liability insurance policy limits and the exact coverages in accordance with the specific insurance needs of your business.
  • If you are a small business owner, you might want to consider a package Business owners policy to cover both the liability risks and the risk of property loss, associated with your business.
  • Find a website offering an online quote tool, and fill in the application form, providing information about yourself, your business, your credit score and your claim history. Once you submit the electronic application form, you will be contacted by a number of insurance companies providing business liability.
  • Compare the premium rates, coverages and exclusions of each business liability insurance policy, but don't forget to also compare the rating of each company. You can do this at the Standard and Poor's or A.M Best websites, or the state insurance department. Company ratings usually range from F to A, with A+ being the highest score.
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