Liberty Mutual is one of the leading providers of commercial lines insurance in the United States. The company offers a wide range of coverage options for businesses of all sizes, making it a good choice for many companies that prefer an insurer with a long tradition and solid financial background. However, Liberty Mutual sells its commercial lines insurance policy through third-party partners, brokers, and agents, and you can’t get an online quote for your policies through the company website.
Liberty Mutual Pros and Cons
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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
Liberty Mutual offers a wide range of commercial lines insurance products, making it a good choice for businesses of all sizes. Starting with the primary policy every business needs, general liability, Liberty Mutual also offers other vital business insurance coverages. Worker’s compensation insurance covers any potential employee workplace injury, and employment practices liability provides indemnity against employment-related issues.
Liberty Mutual also provides professional liability insurance for many professional service providers, including architects, engineers, designers, and lawyers. They are also famous for their commercial auto insurance, which comes as no surprise as the company is famous for personal lines of insurance that include auto and home insurance.
The coverage Liberty Mutual provides is indeed extensive. If you need policies like environmental liability, inland marine, equipment breakdown, fiduciary liability, fidelity, and crime, or directors and officers insurance, you will probably find them with Liberty Mutual. You should, however, be mindful of the coverage gaps with basic policy solutions they provide and at what cost you can get the adequate coverage you need.
The company also offers industry-specific solutions for a variety of businesses, including construction, manufacturing, real estate, energy, healthcare, and wholesale companies. Liberty Mutual is a good choice for businesses in these industries because of the company’s wide range of coverage options and competitive prices. However, it’s important to keep in mind that Liberty Mutual has some exclusions in its policies, so be sure to read the fine print before purchasing a policy.
Liberty Mutual Insurance allows their eligible clients to bundle their policies into one solution, such as a business owner’s policy that binds general liability, commercial property, and business interruption insurance.
Liberty Mutual Cost
Liberty Mutual offers competitive rates for its commercial lines insurance products. However, rates will vary depending on the type of coverage, the amount of coverage, and the business’s location and size. Liberty Mutual doesn’t provide information on the average cost of its business insurance policies on its website, and you can’t get any online quotes to check their premiums and compare them to other insurers.
The overall impression is that the price when getting a policy with Liberty Mutual is somewhat higher than with other, smaller business insurance companies. That is partly because the company offers numerous specialized lines of insurance that could be more pricey for some industries.
Liberty Mutual Ratings and Complaints
Liberty Mutual has mixed reviews when it comes to its business insurance products. Some policyholders praise the company for its wide range of coverage options and competitive prices. However, others have criticized the company for its customer service and claims process. Most customer reviews that can be found online are negative, but the majority refer to personal lines insurance issues.
The National Association of Insurance Commissioners (NAIC) Complaint Index for Liberty Mutual shows that the company has an increased number of complaints on some of its commercial line coverages. Most policyholders have criticized Liberty Mutual for its customer service, delays in the claims process, and inadequate settlements.
When it comes to the ratings, Liberty Mutual has an A.M. Best rating of “A” (Excellent) and a Standard & Poor rating of “A.” These ratings reflect the company’s strong financial strength and ability to pay claims. Moody’s rating for Liberty Mutual is A2 (Good), and the BBB’s A+. However, BBB’s rating doesn’t consider customers’ complaints when calculating their ratings.
Liberty Mutual Insurance Digital Experience
Liberty Mutual’s website is modern and easy to navigate, but the policy pages don’t provide abundant information about the named coverages. This is somewhat compensated with other resources that include a business insurance glossary, articles on common business risks, and small business insights.
The overall digital experience is much better for the personal lines clients, as they can get their quotes online, whereas clients needing commercial lines insurance need to contact an agent in their geographical area to get a quote on their policies.
The company also offers a mobile app to their clients, where they can manage their policies, pay their bills, or file a claim.
Liberty Mutual Customer Service
Liberty Mutual offers a wide range of customer service options for its business insurance policyholders. However, we can’t help but notice the lack of an online chat option or a possibility to schedule a consultation about particular insurance needs before deciding what policy(es) you need for your business.
The company has made it easy for its clients to file claims through various channels so everybody can pick an option they prefer. Policyholders often complain about customer service, but most complaints are related to personal lines insurance. Also, your experience might depend on the local branch or Liberty Mutual affiliate you work with when getting your policies.
Other Services and Features That Liberty Mutual Offers
In addition to business insurance, Liberty Mutual offers a variety of other products and services, including premium audits to adjust your insurance rates and risk control services.
What Is the Liberty Mutual Claims Process?
Liberty Mutual has a 24/7 claims hotline that clients can call to report a claim. Policyholders can also file a claim 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 documents are required. However, some policyholders have criticized the claims process as being slow and complicated, mainly because it sometimes took the company weeks to review the claim.
How to Get Quotes From Liberty Mutual?
Getting a quote from Liberty Mutual Insurance for a commercial line policy can be a bit of a pain. The company doesn’t give their clients the possibility to obtain an online quote on their website. Instead, they need to contact brokers and agents that Liberty Mutual works with within the given area.
Clients are encouraged to contact the broker in charge of a certain line of insurance via email or a phone call and get their quote from the said broker or underwriter. Small businesses can get their insurance quotes online through Commercial Insurance.Net’s website.
Is Liberty Mutual a Good Company?
Overall, Liberty Mutual is a good choice for businesses in need of commercial lines insurance. The company offers a wide range of coverage options and competitive prices for specialized industries, such as construction, manufacturing, or healthcare. It is a large insurance company with many local branches, and that gives it many advantages when it comes to availability, but also some disadvantages when clients work with not-so-well trained local customer service representatives.
Alternatives to Liberty Mutual
If you are looking for a more personalized experience you can usually get it from a smaller insurer or broker. Also, if you prefer a digital shopping experience, AdvisorSmith suggests that you look into one of the insurtechs that have been around for a while now, like Next Insurance, Insureon, or Embroker. With these companies, you can get your insurance quotes online and shop for your policies through digital platforms.
Smaller companies may also offer a more seamless claims and customer support experience. Those companies are looking to build their client base and should do their best to keep their customers satisfied with the provided services.
Like all insurers, Liberty Mutual has some exclusions in its policies. It’s important to be aware of these exclusions before purchasing a policy and potentially shop around for a better solution for your business.