Some Californians are facing another insurance change. Liberty Mutual will stop writing business owner’s policies in California for both new and renewal accounts beginning later this year, citing “escalating profitability challenges” in a memo to agents.
Starting October 1st, Liberty Mutual will stop offering a business owner’s policy that bundles all major property and liability risks into a single package.
This covers small office, retail and restaurant spaces. The company blames the state’s adverse market.
Other insurers like State Farm, Allstate and others have stopped offering new home-coverage policies in California.