What does Limited Liability Company mean? Read on to discover the definition & meaning of the term Limited Liability Company - to help you better understand the language used in insurance policies.
Limited Liability Company
A limited liability company (LLC) is a company whose members are not legally responsible for its debts and other liabilities. Although companies opt for LLC status because it reduces risk, many of them still purchase business insurance to cover the remaining risks.
We hope the you have a better understanding of the meaning of Limited Liability Company.