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Best Small Business Insurance Providers

Ivana V. Image
ByIvana V.
October 05,2021

When you run your own business, you need to protect it from potential dangers and threats. After all, your business is not just your passion project; it’s your livelihood, too. If you have employees, then the need for insurance is even greater. Not only is it prudent, but it’s also required by law. But how should you choose the best small business insurance for your company when there are so many insurers on the market?

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Best Small Business Insurance Companies

The Hartford Review
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Basic policy:

EXCELLENT

Additional coverage:

EXCELLENT

Customer support:

EXCELLENT

Claim-filing procedure:

EXCELLENT

Financial stability:

EXCELLENT

  • ⦿ Wealth of experience
  • ⦿ World-class customer support
  • ⦿ Fantastic comprehensive coverage

The Hartford is a commercial business insurance provider that offers first-call coverage for a great number of industries, ranging from agriculture to wholesale. While The Hartford’s business owner’s policy might be enough for some smaller enterprises, bigger businesses can upgrade it with additional coverage options that suit their needs. 

Basic Policy and Additional Coverage

The Hartford’s BOP combines the two types of coverage normally included in a business owner’s policy: commercial property and general liability insurance. Its basic policy protects your company even further with business income insurance that’s included in the bundle. With this comprehensive BOP, your business will be covered in case of a range of the most common unfortunate events.

The best small business insurance providers take into account the fact that each small business has unique needs and that policy customization is a must. That’s why The Hartford business insurance offers a vast array of additional coverage options, including data breach insurance, workers’ compensation insurance, and professional liability insurance. The Hartford’s small business insurance also includes additional coverage designed to meet the needs of specific industries and professions. 

Availability of Important Information

On the company’s website, you’ll find everything about The Hartford small business insurance. You can also consult the Business Owner’s Playbook section of the website for helpful resources on running and growing a business.

Claim-Filing Procedure

When your business suffers a mishap, you’d expect the company offering the best commercial insurance for small business to react quickly and assist you. And this is exactly what The Hartford does by implementing a simple and fast claim-filing procedure. You can file your claim over the phone or on the website. 

According to The Hartford reviews written by insured clients who have been through the process, claims are handled in a professional and timely manner. The adjusters get in touch with clients quickly and keep them updated about the status of their claim. The overwhelming majority of clients rate the general liability claim-filing procedure as swift and efficient.

Financial Stability

Established in 1810, The Hartford currently holds 142nd place on the Fortune 500 list. Its long history and financial stability should put any prospective client at ease. With The Hartford’s best commercial insurance for small business you can rest assured that you’ll get help when your business is in need. Even in the country’s toughest economic times, a business this well-established is unlikely to be affected.

The Hartford Pricing

Business insurance quotes depend on many factors, the most important of them being the industry you’re in and the level of risk associated with it. The number of employees, equipment, and location also play a role. With so many variables, you’ll need to visit The Hartford website and get your small business insurance quotes online.

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Nationwide Review
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Basic policy:

EXCELLENT

Additional coverage:

GOOD

Customer support:

EXCELLENT

Claim-filing procedure:

EXCELLENT

Financial stability:

EXCELLENT

  • ⦿ High BOP coverage limits
  • ⦿ Rich resource center
  • ⦿ Unmatched financial stability

Nationwide offers a solid range of small business policies, from general liability and commercial property insurance to cyber liability. Employee benefits and retirement plans are also part of Nationwide’s broad offer. As one of the leading companies on the market, Nationwide was rated as the best customer service provider in J.D. Power’s 2018 Small Commercial Insurance Survey.

Basic Policy and Additional Coverage

The Nationwide commercial insurance BOP includes general liability insurance for small businesses, commercial property, business income, and equipment breakdown insurance. If you have fewer than 100 employees and make less than $5 million in sales, you qualify for Nationwide’s BOP. Given the fact that most insurers limit eligibility for a BOP to companies that make more than $1 million in revenue, Nationwide’s small business insurance stands out from the competition. The basic policy can be completed with additional coverage options, including employee practices liability, errors and omissions insurance, and more. 

On the other hand, we see room for improvement in the number of industries this company works with. This insurer has tailored only eight BOP packages to suit the needs of industries like auto, retail, and wholesale. In this aspect, Nationwide falls a little short compared to other small business insurance companies on our list.

Availability of Important Information

Nationwide offers an abundance of information about the different types of business insurance it provides on its website. The visitors can easily find the explanations they need, as well as plenty of practical advice about starting and successfully running a small business. In the Education & Solutions section of the website, you can find tips on hiring, doing taxes, and workers’ benefits, among other business-related topics. 

Claim-Filing Procedure

You can file a claim for your small business insurance online via Nationwide’s official website, or you can call the customer support team and explain the damage or injury that occurred.

It’s crucial to start the claiming procedure as soon as you can. On the website, the insurer clearly lists the information you need to provide in the process. However, it emphasizes that you should get in touch with a company representative as soon as possible, even before you’ve gathered all the documentation. 

Financial Stability

Founded in 1925, this insurer is on Fortune’s list of the “100 Best Companies To Work For.” It has over $250 billion in assets, so you can rest assured that it has the funds to pay big claims to its clients. More proof of its stability comes in the form of its A+ financial strength rating from AM Best and S&P Global. 

Nationwide Pricing

To get your small business insurance quote, you’ll need to provide your business information on the company’s site. You can also get in touch with a Nationwide representative over the phone or in person.

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Progressive Commercial Review
Progressive Commercial Review Logo GET A QUOTE
Basic policy:

GOOD

Additional coverage:

EXCELLENT

Customer support:

GOOD

Claim-filing procedure:

GOOD

Financial stability:

EXCELLENT

  • ⦿ Leader in commercial auto policies
  • ⦿ Low monthly premiums
  • ⦿ Variety of discounts

Progressive Commercial offers the best insurance for small business owners who have a fleet of vehicles to protect. Whether you are in the rent-a-car business, have tow trucks, or delivery vans, this insurer has a policy for your needs. 

Basic Policy and Additional Coverage

If you’re looking for progressive small business insurance, a basic policy or BOP combines progressive general liability insurance and business property insurance. This is pretty much the industry standard, but you can opt for additional coverage like professional liability and workers’ compensation coverage. The Progressive Advantage Business Program enables you access to all sorts of policies that most small business owners need. 

The thing worth mentioning is that Progressive Commercial is not the direct insurer, but it uses third-party underwriters for most policies, including general liability for small business, BOP, and workers’ compensation policies. The only field where this provider offers in-house policies is commercial auto insurance. An unmatched variety of customizable auto insurance policies - from delivery vans to tow trucks and trailers - are entirely handled by the company. 

Availability of Important Information

You can find a lot of learning resources about business insurance on the Progressive Commercial website. If you’re not sure what type of coverage to get for your company, you can give the Product Selector tool a go. Just answer a few questions about your business, and the tool will show you what kind of small business insurance coverage businesses like yours usually purchase. 

Claim-Filing Procedure

If you need to file a commercial auto claim, expect a quick and simple procedure. Progressive Commercial handles these claims in-house. Submit an online claim anytime and expect a phone call from a company representative by the end of the workday. 

When it comes to claims concerning other types of insurance, the third-party underwriters and their level of professionalism will dictate whether your experience is positive or negative.

Financial Stability

With an A+ rating from AM Best, Progressive business insurance can undoubtedly afford to pay out the claims it receives. Founded in 1937, this nationwide insurer has earned a spot in the top 100 of the Fortune 500 list. Currently ranking 86th, Progressive is a financially stable insurer you can rely on.

Progressive Pricing

Progressive’s small business insurance cost depends on numerous factors, including your coverage needs, profession, number of employees, and claims history. The average monthly rate ranges from $46 per month for professional coverage to $86 per month for a workers’ compensation policy.

Progressive Commercial rewards customers with good driving and insurance history by offering a range of discounts. Currently, there are nine discount packages available. Bundling up your business auto insurance with a general liability policy or a BOP can save you money. So can paying for a year’s worth of premiums at once, up to 15%.

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Allstate Review
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Basic policy:

GOOD

Additional coverage:

EXCELLENT

Customer support:

EXCELLENT

Claim-filing procedure:

GOOD

Financial stability:

EXCELLENT

  • ⦿ Great source of knowledge
  • ⦿ Huge network of agents
  • ⦿ Knowledgeable support staff

If you’re looking for liability insurance for small businesses, you should definitely consider Allstate. With coverage for more than 30 types of businesses, chances are you’ll find one that fits your needs. From chiropractors to locksmiths, everyone can find an Allstate’s pre-tailored BOP that perfectly fits their business’s unique needs.

Basic Policy and Additional Coverage

This well-known insurer trumps the competition with the diversity of its offer. You can find insurance for companies in six industries and 36 professions. Allstate combines property, general liability coverage, equipment breakdown, and business interruption insurance in its BOP. If you compare this business insurance plan with other business owner’s policies, you’ll see that Allstate offers more than other insurers, for example, The Hartford. In addition to its standard BOP, you can purchase other insurance policies as add-ons, including identity theft protection, cyberattack, employee dishonesty insurance, and many others.

There are also policies that you can purchase a la carte, like auto insurance policy and protection against floods. 

Availability of Important Information

If you’re considering getting Allstate small business insurance but don’t know what some terms mean, head to the Allstate website for clarification. It’s full to the brim of useful, succinctly written articles that explain what each policy covers and who it caters to. After going through this material, you’ll understand perfectly the basic concepts of small business commercial insurance. Allstate even offers a sample policy with pointers on how to read and understand it. 

Claim-Filing Procedure

Allstate meets industry standards and allows you to file a claim any time of day or night, via phone or through the website. This commercial insurance company understands the importance of getting small businesses back on track as quickly as possible after an incident.

The claim-filing procedure involves a claim adjuster checking what your policy covers, a professional evaluation of the damage, and an adjuster explaining settlement to you based on your policy, coverage, and limits. 

The main advantage of doing business with Allstate is that you’ll get personalized support throughout the whole process, not just claim filing. A small business insurance agent helps you with everything - from assessing the cost of small business insurance for your company and buying the policy to claiming the coverage costs.

Financial Stability 

Allstate has an exceptional financial strength rating from AM Best. Since it was founded in 1931, this insurer has made good on its promise to protect businesses and individuals from unforeseen accidents and losses. The company has $119.950 billion in assets, meaning that it’s capable of paying out even the largest insurance claims. 

Allstate Pricing

A number of factors determine how much your Allstate small business insurance will cost you: The scope of your policy, the number of employees you have, the industry you’re in, and your insurance history all play a role. You can get an Allstate insurance quote using the site’s online application form.

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Farmers Review
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Basic policy:

GOOD

Additional coverage:

EXCELLENT

Customer support:

GOOD

Claim-filing procedure:

EXCELLENT

Financial stability:

EXCELLENT

  • ⦿ Highly competitive prices
  • ⦿ 24/7 customer support
  • ⦿ Great general liability policies

Farmers insurance company has over nine decades of experience in providing insurance policies ranging from life to business. When it comes to insurance for small business owners, Farmers offers eight types of insurance policies, including property, liability, crime, and loss control. Those can be fine-tuned to fit the needs of businesses from 13 industries. 

Basic Policy and Additional Coverage

Farmers offers various insurance policies you can combine to fit your needs. To get a Farmers insurance quote, just fill out the online form. Farmers’ BOP combines liability insurance for small business with property coverage into one policy that protects your company from the most common threats. Furthermore, you can choose among various add-ons, like commercial auto insurance, workers’ compensation, business income, equipment breakdowns, and other coverage options, which, of course, will affect the overall small business insurance cost you’ll be charged.

Farmers insurance is available to various professions, including wholesale and manufacturing, which are often overlooked by the competition. On the other hand, this insurer lacks policies customized for medical specialists (dentists, chiropractors, pharmacies) and other common service providers (florists, photographers, barbers) that leading competitors offer. 

Availability of Important Information

Business owners who are getting company insurance for the first time usually don’t know the ins and outs of the insurance industry and need a little help grasping the basics before choosing a policy. Unfortunately, the Farmers website is not the right place to start the search for the best liability insurance for small business because it’s not clearly organized. Farmers’ BOP doesn’t precisely explain what types of coverage can be combined, meaning that you’ll need to reach for the agents’ help. 

Farmers insurance reviews on the internet indicate that this insurer’s customer care has improved over the years. Recently, the company got Kiplinger’s reward for the best customer care in 2021. 

Claim-Filing Procedure

Business insurance companies have to provide constant claim support if they want to maintain their favorable ratings. Farmers is well aware of this, and it allows you to submit your claim online at any time you want. 

After getting your small business insurance online from the Farmers website, you won’t have to worry about accidents and mishaps ruining your business. If your company gets sued by a disgruntled customer or a burst pipe ruins important documents, file a claim with Farmers through the website or over the phone. You’ll get a claim number with which you can track the progress of your case online.

Financial Stability

Farmers is rated A- by AM Best for financial strength. During the 91 years it has been in business, it has served its clients well. 

Farmers Pricing

Since monthly premiums vary from industry to industry, from one unique small business to another, you’ll need to share your company’s information on the website to get a small business insurance quote from Farmers. If you prefer doing things face-to-face, you can get a quote by consulting a local agent.

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Geico Review
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Basic policy:

GOOD

Additional coverage:

GOOD

Customer support:

GOOD

Claim-filing procedure:

GOOD

Financial stability:

EXCELLENT

  • ⦿ Rideshare insurance
  • ⦿ Online quotes
  • ⦿ Financially strong

Best known for its commercial auto insurance, Geico also offers a wide range of other products, including insurance for small business owners. However, Geico’s small business insurance is not the company’s in-house product. Its business policies are underwritten by its partner, Hiscox.

Geico has impeccable business insurance company ratings from AM Best, which means it has the financial stability to pay out even the largest claims. You can count on Geico’s excellent customer support when choosing a policy, as well as when filing a commercial auto insurance claim. 

Basic Policy and Additional Coverage

Geico’s commercial business insurance offer consists of nine policies. Apart from a BOP, which includes small business liability insurance and property insurance, there’s also an array of policies that can cover various adverse situations. If you have employees, we recommend adding workers’ compensation coverage to your BOP. For those looking for full identity theft protection, Geico’s cyber liability coverage is a wise choice. 

In addition to Geico’s commercial insurance, you can opt for 24/7 vehicle coverage. Moreover, Geico is the only insurance company on our list that provides ridesharing coverage. If you drive for Uber, Lyft, Amazon Flex, or another ridesharing/on-demand delivery company, you can benefit from this policy.

Availability of Important Information

Geico’s website is cleverly designed and well organized, so you can quickly find information about insurance policies and coverage types - from general liability insurance for small business to vehicle policies, everything is explained in detail. You can also browse through the glossary of insurance terms in case you don’t understand all the items your policy includes. 

Claim-Filing Procedure

The claiming procedure depends on the policy type you have. For car or rideshare insurance, file your claim directly with Geico. If you have a BOP or general liability coverage, you’ll have to go through a partner, but it should be a smooth and easy process nonetheless.

Financial Stability 

Founded in 1936 as an insurer for government and military employees, Geico has grown into one of the largest business insurance providers in the US. Further proof that it provides top insurances for small business owners is its A++ rating on AM Best. 

Geico Pricing 

Geico doesn’t exactly qualify as the company with the most affordable small business insurance rates. Of course, the price you pay depends on the coverage type you need. If you consider opening an LLC with partners, professional coverage will probably be something that you should add to your BOP. It’s always better to protect yourself from honest mistakes you or your business partner(s) can make.

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Hiscox Review
Hiscox Review Logo GET A QUOTE
Basic policy:

GOOD

Additional coverage:

EXCELLENT

Customer support:

EXCELLENT

Claim-filing procedure:

EXCELLENT

Financial stability:

EXCELLENT

  • ⦿ Preferred choice for home-based business owners
  • ⦿ Extensive coverage options
  • ⦿ Fantastic customer support

Whether you’re the owner of a small marketing agency, a finance consultant with a couple of employees, or an architect running a well-staffed small company, Hiscox is the right place to go for small business general liability insurance. Hiscox insurance is available for various industries, including consulting, marketing, and tech.

Basic Policy and Additional Coverage

Hiscox’s BOP combines commercial general liability insurance and property insurance into one affordable package. With it, you can protect your company from the most common threats a small business faces. Let’s say you just bought modern printing equipment for your small business. With Hiscox’s BOP package, you may rest assured that you are completely covered in case something happens to your assets. It’s probably the best small business property insurance you’ll find on the market. 

Hiscox business insurance offers dozens of coverage options, including commercial auto insurance and non-owned auto, cybersecurity, electronic data loss, and commercial crime coverage. 

Availability of Important Information

If you’re not sure what kind of insurance businesses like yours get, head over to the Hiscox website. It provides a list of popular coverage types for each industry it covers. There are even examples of accidents that could occur and the extent of financial responsibility that would be assumed by the insurer.

Claim-Filing Procedure

Filing a claim with this small-business insurance agency can be done over the phone, via email, or on the Hiscox website. The claims center works around the clock, so you can report an accident as soon as it takes place. Hiscox insurance company urges clients to act quickly so the damage can be repaired as soon as possible, causing minimum disruption to your business operations. Based on numerous Hiscox business insurance reviews, the company is fast and effective in resolving claims. 

Financial Stability

Hiscox provides small business public liability insurance worldwide. Aside from the US, the company has offices in Europe and Asia. This insurer’s financial record is good, with an A rating from AM Best and an A+ rating from Fitch. A testament to its financial stability is the fact that it’s the only company on our list that offers a two-week money-back guarantee. 

Hiscox Pricing

Unlike most competitors, who require their prospective clients to share information in order to provide them with small business insurance quotes, Hiscox discloses approximations of insurance cost on its website. For instance, you can get a general liability insurance policy for $350 per year.

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Featured Snippet Image

Best Small Business Insurance in 2021

  1. The Hartford
  2. Nationwide
  3. Progressive Commercial
  4. Allstate
  5. Farmers
  6. Geico
  7. Hiscox

Our Methodology for Evaluating the Best Small Business Insurance Companies

Basic Policy and Additional Coverage

When weighing insurance providers against each other, we look at each insurer’s business owner’s policy (BOP) and additional insurance products. Intended for small to mid-sized businesses, a BOP normally includes commercial property and general liability insurance for small business. Bundling up these two types of insurance saves you money on premiums.

However, a BOP won’t provide enough coverage for most businesses. To create a policy that matches the needs of various professions, insurers enable clients to combine their basic BOP with other insurance policies, like commercial auto, workers’ compensation, errors and omissions, and many more. We have explored and analyzed the offer of the top small-business insurance companies and included only the ones with the most robust selection on our list.

Availability of Important Information

If you’ve just started a business, organizing workflow, learning the ABCs of bookkeeping, and running payroll for your LLC will initially probably consume a lot of your energy and time. Insurance can be complicated, too, so you can find yourself overwhelmed by all the information you need to take into account before deciding which policy to get. 

Industry-leading insurers try to simplify the process for you. We evaluated companies that offer insurances for small business owners based on how upfront they are with potential clients. We also searched for explanatory articles, fact guides, and glossaries. A clear list of items a policy includes and excludes can be extremely helpful; a sample policy is even better. Any material that enables you to make an informed decision is a sign of an upstanding insurer.

Claim-Filing Procedure

In the unfortunate event of a worker getting injured, a natural disaster, or theft, you’ll need to file a claim to get paid by the insurer. In such a stressful time when your business and employees are under greater strain, you want a straightforward claim-filing procedure. Companies that provide the best general liability insurance for your small business are aware of this and try to alleviate some of that stress by making the claim-filing procedure as quick as possible.

Financial Stability

If an insurer has a long history and high revenue, it’s more likely to make good on larger claims. As a customer, you should definitely take the financial stability of a company into consideration. That’s why we, too, have made this one of our evaluation criteria. On our list of business insurance companies, you’ll find only reputable companies that have high scores from credit rating institutions like AM Best, S&P Global, and Fitch.

Pricing

When looking for a small business insurance policy, many business owners are tempted to save some money on it. However, with a cheap small business insurance, you won’t be able to cover your or your clients’ losses in their entirety. That’s why it’s always better to pay a bit more to protect yourself and your business property. In our review, we looked for the most affordable yet reliable providers.

Generally, insurers don’t share pricing information on their websites. You’ll need to provide your business information by filling out a form on the company’s site to get a quote. This is understandable - after all, there are so many factors that influence the small business liability insurance cost that a one-size-fits-all approach simply doesn’t work.

Customer Support

Building on the previous criteria, we also checked how prompt each company’s customer support departments are in response to inquiries. When you trust an insurance company to protect your business and make regular monthly payments, you deserve quick and straightforward service.

The more channels of communication an insurer offers, the better. Nowadays, it’s customary that top-rated business insurance companies offer 24/7 client care. Apart from availability, we also evaluated the timeliness and helpfulness of the answers.

FAQ
How to find a business’s insurance carrier?

If you’d like to know what insurance for business your potential partner is using, just ask them. When entering into a business agreement with a new associate, it’s better to be safe than sorry. Inquire about the type of coverage they have and ask to see their certificate of liability insurance. After reviewing the certificate, you’ll know what they are insured against and whether it would be risky to collaborate.

What is the best insurance for a small business?

If you are just opening your first company, the abundance of options may confuse you. But keep in mind that every small business needs at least a business owner’s policy (BOP, for short). It combines general liability insurance for business and commercial property insurance into one policy. Additional coverage is also recommended and will depend on the type of business you run.

What is the average cost of small business insurance?

It’s impossible to give a one-size-fits-all kind of answer to this question. The number of employees, the industry you work in, the size of your business, and your previous claim history are all factors in determining the price of your policy. Though you might be tempted to buy cheap general liability insurance for small business from a local insurance company, we’d advise you against it. Getting insurance from a financially stable carrier moves the price north, but at least you’ll be sure you get paid out in case of a mishap.

Do I need liability insurance for my small business?

Yes, you do. You most certainly need general liability because accidents happen. Even if you work in what most would consider a “safe” environment, someone could slip and fall in your office and sue you. Business insurance cost is nothing compared to medical and legal bills, which can add up in no time and potentially even run your business into the ground. Luckily, the best small business insurance companies include this type of coverage in a BOP.