To determine the best general liability insurance in Kentucky, we considered several factors, including affordability for LLCs and sole proprietors, customer satisfaction, financial stability and the online quote process. After thorough analysis, Next came out on top as the best and cheapest overall company in Kentucky. For both LLCs with 20 employees and sole proprietors with no employees, Next has an average monthly cost of $25.
Best General Liability Insurance in Kentucky (2024)
Updated: December 20, 2024
Advertising & Editorial Disclosure
Key Takeaways
For businesses seeking general liability insurance in Kentucky, Next is identified as the best overall provider based on a combination of affordability, customer satisfaction, financial stability, and the ease of obtaining an online quote. According to MoneyGeek, Next has a robust score of 89 out of 100. It offers both sole proprietors and LLCs very competitive rates, with an average monthly cost of $25. This low rate makes Next the most affordable choice across both business types, which was a significant factor in its top ranking.
For sole proprietors specifically seeking the best rates and highest satisfaction, Thimble stands out with an impressive MoneyGeek score of 95 out of 100, offering a slightly lower average rate of $22 per month.
However, for LLCs, especially those with employees, Nationwide emerges as the best choice, achieving a MoneyGeek score of 91 out of 100 with an average rate of $38 per month for LLCs with 20 employees.
While the average costs of general liability insurance in Kentucky generally amount to $44 monthly for LLCs and $29 monthly for sole proprietors, Next defies these averages by providing some of the most cost-effective insurance solutions available. Always consider specific business details, like employee numbers and business risk factors, when determining your precise costs.
For sole proprietors seeking the most affordable general liability insurance in Kentucky, Thimble emerges as the top option. With a monthly rate of just $22, Thimble offers the best value for sole proprietors without employees. This makes Thimble a standout choice for those prioritizing cost-effectiveness in their insurance solution. With a MoneyGeek score of 95 out of 100, Thimble not only provides affordability but also ranks highly in terms of customer satisfaction and overall performance. While Next offers a competitive rate of $25, Thimble's $22 monthly rate solidifies its position as the most budget-friendly option for sole proprietors in Kentucky.
For an LLC in Kentucky, Next is the top provider of general liability insurance, offering a balance of affordability and financial stability. With an average monthly rate of $25, it is the cheapest option available for both LLCs (regardless of employee count) and sole proprietors. Next scores 89 out of 100 on the MoneyGeek scoring system, factoring in both affordability and financial stability.
However, if you are specifically looking for the best provider for an LLC with 20 employees, Nationwide is a great alternative. It offers robust coverage with a higher MoneyGeek score of 91 and an average monthly cost of $38. Nationwide's slightly higher premiums reflect its comprehensive services for businesses with more employees.
Both options cater to the varying needs of LLCs in Kentucky, making it crucial to weigh specific requirements, such as the number of employees and other business particulars, when choosing the right provider.
Why Trust MoneyGeek? We collected 1,229 general liability insurance quotes and analyzed cost information alongside customer satisfaction and financial stability reports to determine the best general liability insurance companies for small businesses in Kentucky.
Coverage costs and company information for general liability insurance providers in Kentucky were last updated in 2023.
1,229Quotes Analyzed
6 Companies Compared
50 Zip Codes
Best Overall General Liability Insurance in Kentucky
The best overall company for general liability insurance in Kentucky is Next, with a MoneyGeek score of 89 out of 100. The table below displays the costs and MoneyGeek scores for all the providers we evaluated in Kentucky to help you choose the best fit for your needs.
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to rank the best general liability insurance in Kentucky:
- Affordability for LLCs: 30%
- Affordability for sole proprietors: 30%
- Customer satisfaction: 20%
- Financial stability: 15%
- Online quote process: 5%
MoneyGeek used two business profiles to gather general liability quotes:
- An LLC with five years in business, 20 employees, $5 million in annual revenue and $1,250,000 in annual payroll costs.
- A sole proprietorship with five years in business, no employees, $500,000 in annual revenue and no payroll costs.
| Next | 89 | $25 | $25 |
| Nationwide | 88 | $34 | $38 |
| Thimble | 87 | $22 | $52 |
| The Hartford | 84 | $33 | $48 |
| Hiscox | 84 | $29 | $57 |
Best OverallScore: 89
5/5LLC Affordability
4/5Sole Proprietor Affordability
0/5Customer Satisfaction
2/5Financial Stability
4/5Online Quote Process
PROS
Most affordable premiums for LLCs and second-cheapest for sole proprietors
Provides quick online quotes
CONS
Low financial strength rating
Receives more customer complaints than competitors
Company Highlights
MoneyGeek found that Next offers the best general liability insurance in Kentucky. It has the most affordable premiums for Kentucky LLCs, with rates as low as $25 per month. Sole proprietor rates are also cheaper than average at $25 per month. Additionally, its online quoting process is relatively quick, providing estimates in just 1 minute and 12 seconds. The company has a good financial strength rating of A- rating from AM Best, indicating that it is likely to be able to meet its financial obligations. However, it has the lowest financial strength score of the companies we evaluated, and it also receives a higher number of customer complaints compared to other insurers in Kentucky.
Cheapest General Liability Insurance in Kentucky
Next is the cheapest provider overall, with an average monthly rate of $25 for both sole proprietors and LLCs. Our ranking methodology uses an affordability score that combines the monthly costs for sole proprietors and LLCs, each weighted 50%. While Next ranked as the cheapest overall, it may not offer the cheapest rates for both entity types.
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to find the cheapest general liability insurance in Kentucky:
- Affordability for LLCs: 50%
- Affordability for sole proprietors: 50%
CheapestScore: 96
5/5LLC Affordability
4/5Sole Proprietor Affordability
0/5Customer Satisfaction
2/5Financial Stability
4/5Online Quote Process
PROS
Has the cheapest monthly rate for LLCs and the second-cheapest for sole proprietors
Provides fast online quotes
CONS
High rate of customer complaints
Company Highlights
Next’s competitive pricing and quick quoting process make it a great choice for businesses in Kentucky that prioritize affordability. Next has affordable rates of $25 per month for both LLCs and sole proprietors — its rates for LLCs are the cheapest in our comparison group.
In addition, it has one of the fastest online quote processes among the insurers we evaluated — it takes only 1 minute and 12 seconds to receive an estimate. However, it has relatively low customer satisfaction ratings compared to competitors.
Best General Liability Insurance for Employers in Kentucky
Nationwide has the best general liability insurance in Kentucky for employers, with a MoneyGeek score of 91 out of 100 and an average monthly cost of $38. These rankings are based on the average monthly cost for LLCs with 20 employees. Insurance costs largely depend on employee count, so businesses with fewer than 20 employees can expect to pay less than the average cost, while businesses with a greater employee count can anticipate higher premiums.
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to find the best general liability insurance for employers in Kentucky:
- Affordability for LLCs: 60%
- Customer satisfaction: 20%
- Financial stability: 15%
- Online quote process: 5%
Best for EmployersScore: 91
3/5LLC Affordability
5/5Customer Satisfaction
4/5Financial Stability
3/5Online Quote Process
PROS
High customer satisfaction score
Financially stable
Second cheapest monthly premiums for LLCs
CONS
Slow online quote process
Company Highlights
Nationwide's impressive customer satisfaction, financial strength and affordability ratings make it an excellent choice for employers. Based on data from the National Association of Insurance Commissioners (NAIC), it has the lowest rate of customer complaints among the insurers we evaluated.
Additionally, Nationwide holds an A+ financial strength rating from AM Best, indicating its ability to pay out claims. The company also offers the second cheapest monthly premiums for LLCs, with an average cost of $38 per month. The company provides online quotes, but the process takes longer than average — around 2 minutes and 16 seconds.
Best General Liability Insurance for Sole Proprietors in Kentucky
Thimble is the top-ranked company for sole proprietors in Kentucky, with a MoneyGeek score of 95 out of 100 and a monthly rate of $22. These rankings are based on the average cost for sole proprietors with no employees. Keep in mind that costs for sole proprietors in riskier industries like construction may be higher due to increased liability.
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to find the best general liability insurance for sole proprietors in Kentucky:
- Affordability for sole proprietors: 60%
- Customer satisfaction: 20%
- Financial stability: 15%
- Online quote process: 5%
Best for Sole ProprietorsScore: 95
5/5Sole Proprietor Affordability
2/5Customer Satisfaction
3/5Financial Stability
5/5Online Quote Process
PROS
Cheapest monthly premiums for sole proprietors
Very fast online quotes
High financial strength rating
CONS
High number of customer complaints
Company Highlights
Thimble offers several key benefits for sole proprietors in Kentucky. Its affordable monthly premiums cost an average of $22, making it possible for sole proprietors on a budget to protect their businesses. In addition, Thimble's online quoting process is very fast, taking only 20 seconds and ensuring a quick and hassle-free experience for potential customers.
With an A+ financial strength rating from AM Best, Thimble is financially stable and has the ability to meet its policyholders' needs. However, Thimble receives more customer complaints than the average insurer.
Do You Need General Liability Insurance in Kentucky?
General liability insurance is not legally required to operate a business in Kentucky. However, it is a highly recommended form of business insurance due to the financial protection it provides against potential lawsuits and liability claims. In addition, it may be required to get business licenses or win contracts in specific industries.
While having general liability insurance is not mandated by law, businesses with one or more employees in Kentucky are legally required to have workers' compensation insurance. The only exemptions are businesses with $20,000 or less in annual payroll expenses and agricultural workers.
In terms of commercial auto insurance, Kentucky’s minimum legal requirements are as follows:
- $25,000 per person
- $50,000 per accident for bodily injury
- $25,000 for property damage
SMALL BUSINESS RESOURCES IN KENTUCKY
The Kentucky Small Business Development Center (SBDC) plays a vital role in supporting entrepreneurs and small businesses. It provides aid in developing comprehensive business plans, calculating financial projections, making loan applications and ensuring that clients are well-prepared for meetings with lenders.
How Much Is General Liability Insurance in Kentucky?
The cost of general liability insurance in Kentucky varies depending on the type of business. For LLCs, the average monthly cost is $44, while for sole proprietors, it is approximately $29.
Our analysis was based on policies with the following limits: $2 million aggregate limit, $1 million occurrence limit and $0 deductible. The aggregate limit refers to the maximum amount the insurance will pay for all claims during the policy period, while the occurrence limit is the maximum amount the insurance will pay for each individual claim. The deductible is the amount that must be paid by the business before the insurance kicks in. A $0 deductible means that the business owner would not have to pay any out-of-pocket expenses before the insurance coverage kicks in to cover a claim.
Factors That Impact General Liability Insurance Costs in Kentucky
There are several factors that can impact the cost of general liability insurance for a business, including:
Policy limits
Higher policy limits — including both aggregate limits and occurrence limits — generally result in higher premiums as they offer greater financial protection for the business.
Number of employees and payroll costs
Generally, businesses with more employees or higher payroll costs are considered to have a higher exposure to risk, leading to higher premiums.
Business location
Businesses located in more densely populated areas may face higher insurance premiums compared to businesses in low-risk areas since they are more likely to file a claim. The statewide average premiums we calculated may vary city by city.
Claims history
If a business has a history of claims, insurance providers will likely view it as a higher risk and charge higher premiums.
Industry
Some industries, such as construction, are more risky and will therefore face higher premiums. The chart below displays the average costs of general liability insurance in Kentucky for different industries.
| Cleaning | $63 | $1,160 |
| General Contractor | $203 | $2,812 |
| Software Development | $29 | $44 |
Frequently Asked Questions About General Liability Insurance in Kentucky
If you’re looking for the best general liability insurance for your needs, here are some answers to the most frequently asked questions to help you.
Which company has the best general liability insurance in Kentucky?
Next offers the best general liability insurance in Kentucky overall for LLCs and sole proprietors. The company has affordable rates and provides fast online quotes. However, your business size, employee count and coverage needs will ultimately determine the best fit for your needs.
Which company has the cheapest general liability insurance in Kentucky?
Next offers the cheapest general liability insurance in Kentucky, with rates as low as $25 per month for both LLCs and sole proprietors. However, we recommend that you consider your unique circumstances and needs when choosing the most cost-effective insurance coverage for your business.
What does general liability insurance cover in Kentucky?
General liability insurance in Kentucky provides financial coverage for third-party bodily injury, property damage and personal injury claims against a business. It does not cover professional errors or negligence, intentional acts or employee injuries.
Does Kentucky require businesses to have general liability insurance?
Kentucky does not legally require that businesses carry general liability insurance, but certain industries may require businesses to have this coverage as a condition for obtaining licenses or winning contracts.
About Melissa Wylie
Melissa Wylie is the Content and SEO Manager at MoneyGeek, with nearly a decade of editorial experience and six years of work in financial content focused on small businesses. She previously held SEO positions at Bankrate and LendingTree, with bylines on ValuePenguin and MagnifyMoney.
Wylie has a journalism degree from the University of North Texas. Her strong foundation in journalism helps her craft content that simplifies complex financial topics to help everyone feel confident when making decisions with their money.
sources
- America's SBDC Kentucky. "Kentucky Small Business Development Center." Accessed December 20, 2024.