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6 Best General Liability Insurance in Arkansas for 2022

Over 255,000 small enterprises are located in Arkansas, accounting for over 90% of the state’s firms. 490,680 people are employed by these small businesses in Arkansas with less than 500 workers.

Company owners may not always be aware of liability risks resulting from their business operations. Each individual who owns a property is susceptible to claims or lawsuits for damages. These claims can result from the physical harm or death of others, and damage or destruction of their property.

If you run a small company in Arkansas, the following information will assist you in understanding Arkansas general liability insurance and protecting your business and personal assets against legal claims and settlements that may result in financial stress.

6 best general liability insurance companies in Arkansas

If you are looking to buy general liability insurance in Arkansas, you have hundreds of options to choose from, which is a piece of good news because they will compete for your business by providing you with a better service and price. It also makes it difficult for you to choose the best for your business. Here are our recommendations for the top 6 providers of general liability insurance in Arkansas.

  • CoverWallet: Best for comparing online quotes
  • InsurePro: Best for cheap and flexible plans 
  • Simply Business: Best for finding low-cost coverage 
  • NEXT: Best for all types of contractors in Arkansas
  • The Hartford: Best for comprehensive coverage 
  • Hiscox: Best for customizable plans 

CoverWallet: Best for comparing online quotes 

CoverWallet is an online insurance broker owned by Aon, one of the leading insurance brokerage firms in the world. As an online insurance broker, CoverWallet allows you to compare general liability insurance prices across several companies, making it easy for you to compare several quotes online. Using these evaluations, you can determine the insurance you want for your business. CoverWallet also offers basic liability-related information and reading materials. 

Pros

  • They provide several coverage alternatives.
  • You can obtain free quotations from several insurance providers
  • You can design your practical bundle package.
  • You may use their accessible online facilities to pay premiums, process claims, and get an insurance certificate.

Cons

  • CoverWallet does not have its insurance policies. Therefore, you cannot tell who provides the requested insurance until you complete the application.
  • You may need to finish your application over the phone.

Below is a quote sample from CoverWallet that we obtained for a small business located in Little Rock, Arkansas.

InsurePro: Best for cheap and flexible plans 

Insurepro is an insurance broker recognized for its concentration on small companies. InsurePro does well to provide small company owners with customizable coverage that may be bought daily, monthly, annually, or just for a specific job. This liability coverage is perfect for anyone planning or participating in a special event as a vendor or exhibitor.

Pros 

  • Flexible plans are available 
  • You can obtain quotes in about 10 minutes 
  • You can obtain multiple policies from different companies at once

Cons 

  • They do not offer online quotes all the time. 
  • They are a relatively new company, so there haven’t been many historical data

Simply Business: Best for finding low-cost coverage 

Simply Business, like any other insurance broker, works with various insurance carriers to provide you with multiple insurance quotations. Unlike conventional brokerages, however, Simply Business’s online application allows you to get coverage within minutes

Keep in mind, however, that pricing and processes may rely much on the insurance company you choose. Although it has limited partners, its partners are some of the best in the country and especially those that offer low-cost coverage.

Below is a quote that we received from Simply Business for a small IT consulting firm based in Little Rock, Arkansas.

Pros

  • Good customer reviews on major review platforms 
  • Instant quotes available 
  • It helps you get quotes from multiple companies 
  • Quotes are generated online 

Cons 

  • Its suggestions are limited due to its limited partners 
  • It might not suggest the lowest possible prices 

NEXT: Best for all types of contractors in Arkansas

Next is an insurance company that specializes in offering basic coverage for small businesses. They were the first that offers general liability insurance completely online for contractors. It is super easy and fast to get a quote and buy a policy from NEXT. Next Insurance has since expanded to offer small businesses with a wide range of insurance coverage, from general liability insurance to liquor liability insurance.

If you are new to buying small business insurance and need consultation, you can always discuss your situation with their knowledgeable agents.

Pros:

  • Everything is done online in a fast and easy manner 
  • Competitive rates for contractors
  • The website is easy to navigate 
  • Get a quote and purchase your insurance online within minutes.
  • Claims may be submitted online and handled in a matter of days.
  • Next provides price information online, so you may estimate costs before requesting a quotation.

Cons 

  • Relatively new company
  • They may not offer other coverages that small businesses may also need

The Hartford: Best for comprehensive coverage 

The Hartford provides excellent general liability insurance to most small companies. It has been operating for more than 200 years, so you can stay confident that your coverage will continue for years to come.

The Hartford’s website has a wealth of information regarding general liability insurance and other types of company insurance. With that information, you will understand what your insurance policy will and will not cover before obtaining a quotation.

In addition, the Hartford makes it simple to get coverage. You have the option of working with an agent or going via the website. Either way, you get your coverage the next day.

Pros:

  • Next-day coverage available 
  • Rapid online quotation system
  • Adaptable and modifiable policies 
  • Clarifications of what is covered and what is not covered before purchase.
  • It offers a number of possible discounts
  • Can provide online price quotations to 51 professions throughout 23 sectors

Cons

  • You get your quotes online, but you must speak with an agent to make a purchase.
  • Their rates can be more expensive than other options

Hiscox: Best for customizable plans 

Hiscox is an insurance company that began operations in 1901 as an underwriter. Hiscox now provides general liability alongside other forms of insurance coverage options. You can choose your coverage limits from any amount to $2 million. If you want higher limits, you can also speak with the company to customize your plan. The company offers insurance to a wide range of sectors.

Pros:

  • Offers a variety of policies designed for small and medium-scale enterprises 
  • One of the largest insurers in the United States with years of experience and excellence.
  • Offers reasonable discounts 
  • A direct insurer that won’t refer you to other websites 
  • Quotes are available online in minutes 
  • It has a mobile app

Cons

  • Support is only available on the phone  

What does general liability insurance cover in Arkansas? 

General liability insurance safeguards your Arkansas company against the financial impact of claims made by third parties alleging that they were injured or suffered property damage due to actions taken by either you or your employees. 

In most cases, the insurance policy will cover:

Bodily injury

This refers to any harm done to someone other than an employee. It includes any injury caused by you or an employee at a customer’s residence or your place of business.

Personal injury

Personal Injury includes defamation, slander, violation of copyright, invasion of property or privacy, wrongful eviction, false arrest, and other actions that are similar in nature and cause harm to a person’s rights or reputation.

Property damage

Property damage refers to any harm done to the belongings of a third party as a result of actions taken by you or an employee of your company while doing business.

Advertising damages

These are legal claims against your business for improper advertising.

This covers the expenses of defending against actual and frivolous lawsuits and judgments up to the extent of your policy, even if the suit or judgment is baseless. It is important to note that this does not, as a rule, include punitive damages for deliberate wrongdoing or negligent behavior.

Is general liability insurance required in Arkansas?

In Arkansas, companies are not required to have general liability insurance to do business. 

However, accidents and lawsuits, both legitimate and frivolous, do occur in Arkansas. If you own property or other valuable assets, you would be wise to invest in general liability coverage for your Arkansas business. 

Arkansas is a comparative fault state with several modifications. This indicates that the injured person may only obtain compensation if they were less than 49% responsible for the accident. 

If a court finds you liable for an accident, you might pay for damages up to $ 1 million.  However, a general liability policy will limit your risk exposure and protect you from such potential losses.

How much does general liability insurance cost in Arkansas?

The average cost of commercial general liability insurance policies in Arkansas is $67 per month, or $804 per year. Small businesses in Arkansas generally pay between $30 and $175 per month for a $1 million general liability insurance policy. The amount small businesses pay for the policy varies a lot depending on several factors that we are discussing below.

Keep in in mind that these are just the average. Your rates will be different. Make sure you get several quotes or work with a digital broker like CoverWallet, Simply Business, or InsurePro to compare several quotes in one place to find the cheapest one for your business.

What factors affect the cost of general liability insurance in Arkansas?

The precise cost of your business general liability insurance depends on some variables, including:

The nature of your job

Your insurance will likely be more expensive if your job is dangerous. The cost of general liability insurance for contractors is higher than for many other occupations since they deal with other people’s property, construct buildings, and utilize costly and dangerous equipment daily.

How many workers do you have?

The more workers you have, the more you will pay for general liability insurance. So, for instance, if you run a cleaning business with seven employees, your insurance will be more expensive than if you were a solo cleaner.

Where is your business located in Arkansas?

Your location in Arkansas is another significant factor that affects your premium. Companies in highly populated areas in Little Rock may pay more for their premiums. 

Your claims record

Your loss and claim history influence your insurance premiums.

For instance, if you own a lawn care service and have caused numerous cases of unintentional damage with pebbles propelled by your mower, your premium may rise upon renewal.

Your policy coverage’s limits

If you want more security, you may increase the coverage limits on your insurance policy. Increased coverage limitations, however, will result in a higher premium.

Your work history 

Your insurance premiums are influenced by the number of years you’ve run your company in your field.

For instance, if you have been a hairstylist for 25 years with no claims, you should expect to pay less than another person who has been in business for just two years. This is because you have more significant experience and expertise in that area.

How to find cheap general liability insurance in Arkansas?

You may take the following actions to cut your premium rates and minimize the cost of your business’s general liability insurance:

Keep your risk level low

A safety and training plan may reduce the chance of filing insurance claims. By lowering the number of claims you have,  you can easily reduce the cost of your premiums. 

The following are some suggestions that might work for you:

  • Ensure that you and your workers have received proper training
  • Do not do tasks for which you are not qualified.
  • Maintain a safe workplace, so no one is wounded.
  • Observe the weather if it might cause harm while you are at work.

Learn from past mistakes

Analyze your prior claims and see what you may have done to prevent the risks involved. For instance, your ladder was insufficiently tall, and it collapsed while you were painting at a job. You escaped unharmed, but the ladder crashed through the client’s window. Next time, consider going with a better ladder to reduce your premium. 

Choose the appropriate limits and deductible

You will save money with lower limits, but your exposure to dangers will increase if you do not get enough coverage. And selecting a bigger deductible will result in lower premiums (a deductible is the amount of money you pay before your insurance policy kicks in).

Bundle many policies.

Combining several insurance policies can get discounts up to 10% or 20% depending on the company. For instance, if you add business car coverage to your current general liability policy, your insurer might give you a discount between 10% and 20%.

Always compare several quotes before deciding on your final option

As we see above, different insurance companies will always give you different quotes since their underwriting of risks are different. The only way for you not to leave money on the table is to get several quotes from several insurance companies or work with a digital broker like CoverWallet, Simply Businss, or InsurePro to get and compare several quotes in one place to find the cheapest one for you.

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