Liberty Mutual ends policies for businesses in 2023

Liberty Mutual ends policies for businesses in 2023. Business owner plans from Liberty Mutual are no longer available in California. On July 27, 2023, the firm announced its decision, citing a variety of reasons, including the rising cost of claims and the rise in the number of uninsured drivers in the state.

Liberty Mutual was one of the state’s biggest insurers, thus the judgment is a setback for businesses in California.

Businesses that are now covered by Liberty Mutual will have until December 31, 2023, to renew their policies. They’ll then need to find new insurance.

California’s insurance market will probably feel the effects of Liberty Mutual’s decision. It may be necessary for other insurers to increase premiums or limit coverage in the state.
This can make obtaining insurance for businesses in California more challenging and expensive.

If you operate a business in California, you should look for a new insurer right away. Additionally, be prepared for higher costs or limitations on your coverage.