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Registering your business as a limited liability company (LLC) separates your business assets from your personal assets. That separation helps to protect your personal assets if your business is ever sued, but an LLC doesn’t protect your business assets. To do that, you’ll need to purchase Limited Liability Company insurance.
Insurance for an LLC helps protect your business from potential liability claims. If a customer or competitor ever sues for damage caused by your business, employees, or products, your LLC insurance covers related costs, like legal fees and judgment payouts.
Even when you’re careful, there are still risks to running a business, and the cost of a single lawsuit can be enough to leave your business bankrupt. If you don’t have LLC insurance, you would have to pay for expenses, including legal fees, out of pocket. Buying small business LLC insurance can give you peace of mind and help protect the business that you’ve worked so hard to build.
The cost of small business LLC insurance depends on many factors, like your business size, number of employees, revenue, location, claims history, and industry.