When it comes to commercial auto insurance, there is the 30/60/25 rule where you need at least $30,000 per person $60,000 per accident for bodily liability, and $25,000 for property damage. For other commercial insurance, the minimum coverage will vary based on an individual business's needs.
Many times businesses are concerned that they are paying too much for their insurance coverage, and it is understandable because if you can find the same coverage for less money, you would do that. It is important to work with an independent insurance agency to get multiple quotes for insurance, and this will provide you with a range of costs. There may be other factors that influence your insurance costs, including driving records of employees, the number of claims filed in the past several years, and more.
Yes, definitely! An LLC is merely an organizational structure that a business takes on, just like a corporation is another organizational form that is used by larger firms. Regardless of if you have an LLC or another form of business, you need to have the right business insurance in place to protect the business. The LLC only separates the business from you and helps to protect your assets from being targeted if the business is involved in a lawsuit.
