Last Updated 22 October 2018 | By:

Liberty Mutual Business Insurance Review

Are They The Best Insurance For Your Company?

Liberty Mutual Business Insurance Review

Whether you’re starting a new business or seeking coverage for an existing company, shopping for commercial insurance can be a real hassle.

Even once you figure out which kinds of insurance coverage your company requires, there’s still the question of where you should purchase these policies. Which insurance provider deserves your business?

Liberty Mutual has a large footprint in the U.S. business insurance marketplace, with high levels of name recognition and brand power. But are they the best insurance provider for your company? In this review, we’ll go over the details of Liberty Mutual’s business insurance policies, including pros and cons, how you can get a pricing quote, how reliable they are as a financial entity, and more.

We hope this will give you a better idea of whether or not Liberty Mutual is the best insurance provider for your company.

Pros and Cons of Liberty Mutual Business Insurance

Pros

  1. Liberty Mutual offers business insurance policies that are specifically tailored to many different industries. They have a number of advanced and specialized commercial insurance solutions that many other providers don’t offer, such as captives, reinsurance, and more.

  2. They offer insurance solutions for businesses of all sizes, whether you operate a small home-based business or a large multinational corporation. While some competitors focus solely on small business, Liberty Mutual can accommodate every stage of the business life cycle.

  3. With strong financial strength ratings from leading services like A.M. Best, Moody’s, and Standard & Poor’s, you can be confident that Liberty Mutual has the financial backing to be able to pay out your claims if you have to file any.

  4. Liberty Mutual has a ton of experience. They’ve been selling commercial insurance policies for well over 100 years, as they started offering business insurance in 1912. You certainly don’t have to worry about some fly-by-night insurance provider going out of business if you have policies with Liberty Mutual.

  5. Liberty Mutual’s Viewpoint blog has a surprisingly robust amount of information available, whether you’re a customer or not. They have interesting entries on topics like risk management, small business, and more.

Cons

  1. While prices obviously vary considerably depending on the size of your company, the nature of your business, and other factors, in general Liberty Mutual’s pricing comes out on the high side of average.

  2. Liberty Mutual does not allow prospective business customers to get online quotes. Instead, you’ll have to contact a local agent or broker via phone and set up an appointment to get a pricing estimate.

    When some competitors offer comprehensive online quote-generator tools, this is a major disadvantage — especially since Liberty Mutual does have an online quote tool for personal insurance.

What Kinds of Business Insurance Does Liberty Mutual Offer?

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:

  • Commercial auto insurance
  • General liability insurance
  • Commercial property insurance
  • Business owner’s policy (BOP)
  • Workers’ compensation insurance
  • Excess liability insurance
  • Equipment breakdown insurance
  • Inland marine insurance
  • Reinsurance
  • Umbrella insurance
  • Third-party administration
  • Surety bonds
  • Specialty programs
  • Absence management
  • Group disability insurance
  • Group life insurance

How Can I Get a Quote From Liberty Mutual?

Unlike many competitors, Liberty Mutual does not offer an online quote-generating tool. If you want to get a quote, you will need to contact a local broker or agent. It is highly convenient to be able to get quotes online, but we do respect Liberty Mutual’s decision to instead place the focus on their representatives.

How Does Liberty Mutual Rank for Financial Strength?

It’s always smart to review an insurance provider’s financial strength ratings. After all, if you need to file a claim, the last thing you want to be concerned about is whether your insurer can afford to pay it! While Liberty Mutual doesn’t have the absolute top possible rating score in any of these systems, they do rate quite highly in each of them.

A.M. Best Financial Strength Rating: A

“An excellent ability to meet their ongoing insurance obligations”

A.M. Best Issuer Credit Rating: a

“An excellent ability to meet their ongoing senior financial obligations”

Moody’s Rating: A2

“Obligations rated A are considered upper-medium-grade and are subject to low credit risk”

Standard & Poor’s Financial Strength Rating: A

“Strong financial security characteristics, but is somewhat more likely to be affected by adverse business conditions than are insurers with higher ratings”

How Much Does Liberty Mutual Business Insurance Cost?

It’s quite difficult to make fair comparisons between Liberty Mutual and their competitors as far as cost, because they all offer so many policies — one might be cheaper than another for one type of coverage but more expensive for other kinds of insurance. There’s just too many variables to be able to make blanket statements about cost.

That said, we can make a few generalizations. Liberty Mutual certainly isn’t known as being one of the cheaper business insurance options. There are quite a few less expensive options. On the other hand, Liberty Mutual’s higher premiums can sometimes balance out with lower deductibles, but that’s obviously something you’d have to look at on a policy-by-policy basis.

Customer Reviews

It’s important to note that there’s no simple way to discern how many ratings on review aggregate sites are from business customers as opposed to personal policyholders, but these sites can still give you an idea for how a company treats its clients.

Liberty Mutual receives mixed-positive reviews from their customers, which is pretty typical for any major insurance provider. Check out their ratings on top review sites:

There’s not much analysis to be done on a relatively even mix of positive and critical reviews. Clearly, Liberty Mutual does have plenty of satisfied customers, but there is also a smaller but still vocal group that has some complaints.

Final Thoughts

Final ThoughtsAt the end of the day, we give Liberty Mutual a score of 4.2 out of 5. Liberty Mutual is a well-established insurance provider with big brand power and name recognition.

They have an impressive array of policies available to businesses of any size or industry, and even though they don’t have the lowest prices around, they still provide strong value to their commercial customers.

We hope this review helped to answer any questions you might have had about Liberty Mutual’s commercial insurance offerings. Regardless of whether you choose to acquire your insurance policies from Liberty Mutual or someone else, we wish you the best of luck!

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