Liberty Mutual Business Insurance Review

Liberty Mutual SBI Tivly Ratings at a Glance

If you run a business, you understand how important it is to protect that business. Business owners use business insurance to protect the business against claims and other things that could negatively affect the bottom line. Depending on what type of business you run, you may need general liability insurance, commercial auto insurance, or even insurance that pays benefits if your equipment breaks down. But finding the right business insurance company is key. Read on to learn about Benzinga's Liberty Mutual business insurance policies.

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. 

Types of Corporate Coverage from Liberty Mutual

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 judgments 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 judgments.  

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 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 3^rd 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.

Liberty Mutual 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’ businesses. 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.  

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