In order to make sure you get the best coverage for your business, AdvisorSmith evaluates the pros and cons of Liberty Mutual Commercial Insurance.
Liberty Mutual Pros and Cons
AdvisorSmith Rating For Liberty Mutual
- Overall rating: 3 / 5 stars
- Coverage options: 4.5 / 5 stars (35% of overall rating)
- Cost: 3 / 5 stars (10% of overall rating)
- Ratings and complaints: 3 / 5 stars (15% of the overall rating)
- Digital experience: 3 / 5 stars (20% of the overall rating)
- Customer service: 2 / 5 stars (20% of the overall rating)
Liberty Mutual Coverage Options
There are a number of commercial lines insurance products offered by Liberty Mutual, making it an excellent choice for businesses of any size. In addition to general liability, Liberty Mutual offers a number of other essential business insurance policies. In addition to worker’s compensation insurance, employment practices liability insurance provides indemnification for employment-related issues.
A number of professional service providers, including architects, engineers, designers, and lawyers, are also covered by Liberty Mutual’s professional liability insurance policies. Also known for their commercial auto insurance, the company is also known for its personal lines of insurance, including auto and home insurance.
Liberty Mutual provides a wide range of coverage. Among Liberty Mutual’s policies are environmental liability, inland marine, equipment breakdown, fiduciary liability, fidelity, and crime, and directors and officers insurance. However, you should be aware of the coverage gaps with the basic policy solutions they offer and the cost of getting adequate coverage.
Additionally, the company offers industry-specific solutions to companies in construction, manufacturing, real estate, energy, healthcare, and wholesale. With its wide range of coverage options and competitive pricing, Liberty Mutual is a good choice for businesses in these industries. It’s important to note that Liberty Mutual has some exclusions in its policies, so be sure to read the fine print before purchasing.
A business owner’s policy from Liberty Mutual Insurance binds general liability, commercial property, and business interruption insurance into one policy.
Liberty Mutual Cost
The commercial lines insurance products offered by Liberty Mutual are competitively priced. Nevertheless, rates will vary depending on the type of coverage, the amount of coverage, and the location and size of the business. There’s no information on Liberty Mutual’s website about the average cost of its business insurance policies, and you can’t get online quotes to compare the company’s rates with others.
It seems that Liberty Mutual’s business insurance policies are a bit more expensive than those offered by other, smaller insurers. Due to the company’s numerous specialized lines of insurance, some industries may find the company’s insurance more expensive.
Liberty Mutual Ratings and Complaints
Business insurance products offered by Liberty Mutual receive mixed reviews. Policyholders praise the company’s competitive prices and wide range of coverage options. Despite this, some have criticized the company’s customer service and claims process. The majority of online customer reviews are negative, but most are related to personal lines insurance.
Liberty Mutual’s Complaint Index from the National Association of Insurance Commissioners (NAIC) indicates that the company has received more complaints about some of its commercial insurance policies. Liberty Mutual has been criticized by policyholders for its customer service, claims delays, and inadequate settlements.
According to the ratings, Liberty Mutual has an A.M. Best rating of “A” (Excellent) and a Standard & Poor rating of “A.” Both ratings reflect the company’s financial strength and ability to pay claims. The Moody’s rating for Liberty Mutual is A2 (Good), and the BBB’s rating is A+. BBB doesn’t consider customer complaints when calculating its rating.
Liberty Mutual Insurance Digital Experience
While Liberty Mutual’s website is modern and easy to navigate, the policy pages don’t provide much information about the named coverages. There are some resources that compensate for this, such as a glossary of business insurance terms, articles on common business risks, and small business insights.
Getting a quote online for personal lines insurance is a much better experience than getting one for commercial lines insurance, which requires contacting an agent in your area.
Additionally, the company offers a mobile app to clients, which can be used to manage policies, pay bills, or file claims.
Liberty Mutual Customer Service
A wide range of customer service options are available from Liberty Mutual to its business insurance policyholders. We must point out, however, that there is no online chat option or the possibility to schedule a consultation about specific insurance needs before deciding what policy(es) to purchase.
Clients have the option of filing claims through various channels, so they can choose the option that suits them best. Customers often complain about customer service, but most of the complaints are related to personal lines insurance. Additionally, your experience may vary depending on the Liberty Mutual affiliate you work with.
Other Services and Features That Liberty Mutual Offers
Liberty Mutual offers more than just business insurance, such as premium audits that let you adjust your insurance rates and risk management services.
What Is the Liberty Mutual Claims Process?
The Liberty Mutual claims hotline is available 24/7 for clients to report claims. A claim can also be filed online or through the Liberty Mutual app.
The company’s website provides detailed information about the claims process, including how to file a claim and what documentation is required. However, some policyholders have complained that the claims process is slow and complicated, mainly because it sometimes takes weeks for the company to review claims.
How to Get Quotes From Liberty Mutual?
It can be difficult to get a quote from Liberty Mutual Insurance for a commercial line policy. Clients can’t obtain an online quote through the company’s website. They should instead contact Liberty Mutual’s brokers and agents in their area.
We advise our clients to contact the broker or underwriter in charge of a particular line of insurance by email or telephone and get their quote from them. Using Commercial Insurance.Net’s website, small businesses can get insurance quotes online.
Is Liberty Mutual a Good Company?
As a whole, Liberty Mutual is a good choice for businesses that need commercial lines insurance. Companies such as the company offer comprehensive coverage and competitive rates for specialized industries, such as construction, manufacturing, and healthcare. A large insurance company with many local branches has many advantages when it comes to availability, but it also has some disadvantages when it comes to customer service.
Alternatives to Liberty Mutual
It is usually easier to find a more personalized experience with a smaller insurance company or broker. Alternatively, AdvisorSmith recommends you check out one of the insurtechs that have been around for a while, like Next Insurance, Insureon, or Embroker, if you prefer a digital shopping experience. Through these companies, you can get insurance quotes online and shop for policies online.
Customer support and claims management may also be more seamless with smaller companies. In order to build a client base, these companies should make sure that their customers are happy with the services they offer.
Liberty Mutual has some exclusions in its policies, as do all insurers. You should be aware of these exclusions before purchasing a policy and potentially shop around for a better solution.