Liberty Mutual ends policies for businesses in 2023

Liberty Mutual ends policies for businesses in 2023 due to high claim costs and changing market risks. Discover why the insurer pulled out, how it affects small businesses, and what steps owners can take next.

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.

FAQ:

Is Liberty Mutual Insurance leaving California?
No, Liberty Mutual is not fully leaving California, but they have made some changes to certain business policies in the state.

What is Liberty Insurance revenue in 2023?
In 2023, Liberty Mutual’s total revenue was around $50 billion.

Is Liberty Mutual laying off?
Yes, Liberty Mutual has done some layoffs recently to adjust to changing business needs.

What company took over Liberty Mutual Life Insurance?
Lincoln Financial Group took over Liberty Mutual’s life insurance business.