Best Small Business Insurance Providers

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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1.

The Hartford Small Business Insurance
  • Wealth of experience
  • World-class customer support
  • Fantastic comprehensive coverage
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The Hartford is an insurer with over 200 years of experience and excellent financial rating of A+ from AM Best and S&P Global. Apart from great customer service, this insurer offers free business resources on its website. 

The Hartford BOP provides above-average basic coverage that combines commercial property, general liability, and business income insurance in one comprehensive policy. Business owners from a variety of professions can adjust their coverage to suit their companies, or choose one of The Hartford’s pre-tailored packages for entrepreneurs from 51 professions. This insurer also boasts some of the best general liability insurance for small business policies, which will protect you in case of bodily injury, property damage, reputational harm, advertising injuries, and damage to a rented property.

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The Hartford is an insurer with over 200 years of experience and excellent financial rating of A+ from AM Best and S&P Global. Apart from great customer service, this insurer offers free business resources on its website. 

The Hartford BOP provides above-average basic coverage that combines commercial property, general liability, and business income insurance in one comprehensive policy. Business owners from a variety of professions can adjust their coverage to suit their companies, or choose one of The Hartford’s pre-tailored packages for entrepreneurs from 51 professions. This insurer also boasts some of the best general liability insurance for small business policies, which will protect you in case of bodily injury, property damage, reputational harm, advertising injuries, and damage to a rented property.

Read full review VISIT WEBSITE
  • Basic Policy - Excellent
  • Additional Coverage - Excellent
  • Customer Support - Excellent
  • Claim-Filing Procedure - Excellent
  • Financial Stability - Excellent

2.

Nationwide Small Business Insurance
  • High BOP coverage limits
  • Rich resource center
  • Unmatched financial stability
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Nationwide has an impressive list of insurance products. Apart from the widely available worker’s comp and commercial auto insurance, it also provides inland marine, cyber liability, business income, and crime insurance, among many other policy options. Small business owners from 22 industries can create a policy for their company combining these types of coverage with a business owner policy (BOP).

If customer service is a high priority, then consider Nationwide. It was the best-rated insurance company for customer service by J.D. Power in 2018. True to its name, this renowned company sells fairly low cost business insurance across all 50 states through its network of local agents.

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Nationwide has an impressive list of insurance products. Apart from the widely available worker’s comp and commercial auto insurance, it also provides inland marine, cyber liability, business income, and crime insurance, among many other policy options. Small business owners from 22 industries can create a policy for their company combining these types of coverage with a business owner policy (BOP).

If customer service is a high priority, then consider Nationwide. It was the best-rated insurance company for customer service by J.D. Power in 2018. True to its name, this renowned company sells fairly low cost business insurance across all 50 states through its network of local agents.

Read full review VISIT WEBSITE
  • Basic Policy - Excellent
  • Additional Coverage - Good
  • Customer Support - Excellent
  • Claim-Filing Procedure - Excellent
  • Financial Stability - Excellent

3.

Progressive Small Business Insurance
  • Leader in commercial auto policies
  • Low monthly premiums
  • Variety of discounts
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Whether you are a yoga instructor, a contractor, or a pet groomer, you can get Progressive Commercial small business insurance across the country. The BOP bundles commercial property and general liability insurance into one standard package. But it’s not the variety of professions covered, nor the BOP, that makes Progressive Commercial stand out as an insurer.

The company is most famous for being the best commercial auto insurance provider, and it really lives up to that reputation. From vans used for transporting equipment to tow-trucks and almost every type of vehicle in between, Progressive has an auto insurance policy to protect your business. This financially stable insurance company is a great choice for anyone who drives a lot for work.

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Whether you are a yoga instructor, a contractor, or a pet groomer, you can get Progressive Commercial small business insurance across the country. The BOP bundles commercial property and general liability insurance into one standard package. But it’s not the variety of professions covered, nor the BOP, that makes Progressive Commercial stand out as an insurer.

The company is most famous for being the best commercial auto insurance provider, and it really lives up to that reputation. From vans used for transporting equipment to tow-trucks and almost every type of vehicle in between, Progressive has an auto insurance policy to protect your business. This financially stable insurance company is a great choice for anyone who drives a lot for work.

Read full review VISIT WEBSITE
  • Basic Policy - Good
  • Additional Coverage - Excellent
  • Customer Support - Good
  • Claim-Filing Procedure - Good
  • Financial Stability - Excellent

4.

Allstate Small Business Insurance
  • Great source of knowledge
  • Huge network of agents
  • Knowledgeable support staff
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Allstate is a nationwide insurance provider that caters to small business owners from 36 different professions. The best thing about this insurer is that it sells its policies through locally owned insurance agencies. This means that you can purchase reliable insurance from a big national carrier while enjoying the level of personalized care you’d expect from small insurance companies.

Another reason why we consider Allstate to be one of the best small business insurance companies is the fact that it offers invaluable business resources. Apart from short and to-the-point articles that explain the different types of insurance available, it boasts a separate website dedicated to sharing business knowledge and connecting small business owners.

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Allstate is a nationwide insurance provider that caters to small business owners from 36 different professions. The best thing about this insurer is that it sells its policies through locally owned insurance agencies. This means that you can purchase reliable insurance from a big national carrier while enjoying the level of personalized care you’d expect from small insurance companies.

Another reason why we consider Allstate to be one of the best small business insurance companies is the fact that it offers invaluable business resources. Apart from short and to-the-point articles that explain the different types of insurance available, it boasts a separate website dedicated to sharing business knowledge and connecting small business owners.

Read full review VISIT WEBSITE
  • Basic Policy - Good
  • Additional Coverage - Excellent
  • Customer Support - Excellent
  • Claim-Filing Procedure - Good
  • Financial Stability - Excellent

5.

Farmers Small Business Insurance
  • Highly competitive prices
  • 24/7 customer support
  • Great general liability policies
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Farmers’ offer of business insurance products consists of eight types of coverage that can be tailored to fit the needs of 13 different professions. The company is known for providing some of the best general liability insurance for small business. With a Farmers general liability policy, you’ll be protected in case someone falls in your office, if you lose confidential customer data when your computer system is hacked, or if a dissatisfied former employee sues you.

The insurer justifies its boast of “90 years of putting customers first” with its around-the-clock claim support team. When the unexpected happens, you can report a claim right away while counting on the support of local agents.

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Farmers’ offer of business insurance products consists of eight types of coverage that can be tailored to fit the needs of 13 different professions. The company is known for providing some of the best general liability insurance for small business. With a Farmers general liability policy, you’ll be protected in case someone falls in your office, if you lose confidential customer data when your computer system is hacked, or if a dissatisfied former employee sues you.

The insurer justifies its boast of “90 years of putting customers first” with its around-the-clock claim support team. When the unexpected happens, you can report a claim right away while counting on the support of local agents.

Read full review VISIT WEBSITE
  • Basic Policy - Good
  • Additional Coverage - Excellent
  • Customer Support - Good
  • Claim-Filing Procedure - Excellent
  • Financial Stability - Excellent

6.

Geico Small Business Insurance
  • Rideshare insurance
  • Online quotes
  • Financially strong
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Geico’s small business insurance offer is strong. In addition to a BOP, you can also get worker’s compensation, medical malpractice, or professional liability coverage for your business. This company isn’t known for providing cheap business insurance, but it does have an A++ financial stability rating from AM Best. With that in mind, you know that your slightly higher premiums ensure your insurer will be able to pay out larger claims should the need arise.

If you drive a car for a ride-sharing company like Uber or Lyft, you’ll be interested in Geico’s rideshare policy. It protects your vehicle whenever you drive it, whether that be for work or personal use.

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Geico’s small business insurance offer is strong. In addition to a BOP, you can also get worker’s compensation, medical malpractice, or professional liability coverage for your business. This company isn’t known for providing cheap business insurance, but it does have an A++ financial stability rating from AM Best. With that in mind, you know that your slightly higher premiums ensure your insurer will be able to pay out larger claims should the need arise.

If you drive a car for a ride-sharing company like Uber or Lyft, you’ll be interested in Geico’s rideshare policy. It protects your vehicle whenever you drive it, whether that be for work or personal use.

Read full review VISIT WEBSITE
  • Basic Policy - Good
  • Additional Coverage - Good
  • Customer Support - Poor
  • Claim-Filing Procedure - Good
  • Financial Stability - Excellent

7.

Hiscox Small Business Insurance
  • Preferred choice for home-based business owners
  • Extensive coverage options
  • Fantastic customer support
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Hiscox’s BOP covers businesses from a dozen professions. Its policies can be purchased in 49 states (all except Alaska) at a branch or online. Hiscox made our list of best business insurance companies for the quality coverage it provides, as well as for the functionality of its website. You can get an online quote, then purchase and manage your policy, all on the Hiscox website.

If you don’t like dealing with customer support agents, this insurer offers all the information you could need on its site. If, however, you do enjoy the personal touch you get from interacting with customer support agents, you can reach out via phone or email. The Hiscox website is available in both English and Spanish.

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Hiscox’s BOP covers businesses from a dozen professions. Its policies can be purchased in 49 states (all except Alaska) at a branch or online. Hiscox made our list of best business insurance companies for the quality coverage it provides, as well as for the functionality of its website. You can get an online quote, then purchase and manage your policy, all on the Hiscox website.

If you don’t like dealing with customer support agents, this insurer offers all the information you could need on its site. If, however, you do enjoy the personal touch you get from interacting with customer support agents, you can reach out via phone or email. The Hiscox website is available in both English and Spanish.

Read full review VISIT WEBSITE
  • Basic Policy - Good
  • Additional Coverage - Excellent
  • Customer Support - Excellent
  • Claim-Filing Procedure - Excellent
  • Financial Stability - Excellent

Our Methodology for Evaluating Small Business Insurance Providers

Basic Policy and Additional Coverage

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

However, a BOP won’t provide enough coverage for most businesses. In order to create a policy that matches the needs of various professions, insurers provide the option of combining their basic BOP with other insurance policies, like commercial auto, worker’s comp, errors and omissions, and many more. We explored and analyzed the offer of numerous commercial insurance providers, and included only the ones with the most robust selection on our list.

Availability of Important Information

Insurance can be complicated. If you are running a business for the first time, you are most likely unfamiliar with the jargon. You can find yourself overwhelmed by all the information you need to take into account before deciding which policy to get.

The best business insurance companies try to simplify the process for you. We evaluated companies 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.

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 you 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.

Claim-Filing Procedure

In the unfortunate event of a worker getting injured, a natural disaster, or theft, you’ll need to file a claim in order 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. The best insurance companies are aware of this and try to alleviate some of that stress by making the claim-filing procedure as quick as possible.

States Covered

Ideally, a top-notch insurance provider is so well-established that it insures small businesses across the entire nation. In reality, this is not always the case. Some companies cover clients in certain states and not others. And that’s perfectly understandable.

You should note that national business insurance carriers typically offer lower premiums. Because they ensure a larger number of clients, they can offer better coverage at lower prices. Larger insurers also have greater financial stability than local insurance companies. In times of economic turmoil, you can count on larger providers to be there for you.

Financial Stability

If an insurer has a long history and high revenue, it is 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 the best small business insurance providers, you’ll find only reputable companies that have high scores from credit rating institutions like AM Best, S&P Global, Moody’s, and Fitch.

Pricing

Most insurers don’t share pricing information on their websites. This is because there are so many factors that influence the cost of small business coverage that insurers require potential customers to provide more detail about their business on the insurer’s website. Only then do they offer a quote specifically tailored to that company’s needs.

Best Small Business Insurance in 2020

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

Key Features
  • Basic Policy - Excellent
  • Additional Coverage - Excellent
  • Customer Support - Excellent
  • Claim-Filing Procedure - Excellent
  • Financial Stability - Excellent
Additional Features
  • Wealth of experience
  • World-class customer support
  • Fantastic comprehensive coverage

This well-established insurer provides first-class coverage for small business owners. While The Hartford’s BOP might be enough for some smaller enterprises, bigger businesses can upgrade it with additional coverage options that suit their needs.  The Hartford offers packages for a great number of industries, ranging from agriculture to wholesale. Pair this with a simple claim procedure and excellent customer care, and you will understand why this commercial business insurance provider made the cut.

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 companies take into account the fact that each small business has unique needs and that policy customization is a must. That’s why The Hartford offers a vast array of additional coverage that you can combine with your basic policy. The most commonly chosen ones are data breach insurance, worker’s compensation insurance, and professional liability insurance.

In addition to these, business owners can add industry-specific coverage that will meet their specific needs. The Hartford’s small business insurance provides online quotes for 51 professions in 24 industries, including retail, restaurants, and healthcare. As impressive as this list is, if your business belongs to an industry that’s not mentioned, you can still get a quote over the phone.

Availability of Important Information

The Hartford has been in the insurance business for more than 200 years. During that time, it’s earned the prestigious status as one of the best insurance companies. Being upfront and clear about the services it offers has played an important role in that process. 

On The Hartford’s website, you can get informed about the different types of coverage the company provides. There are numerous explanatory articles you can read before making a decision about the right policy for you and your company. You can also consult the Business Owner’s Playbook section of the website for helpful resources on running and growing a business.

Customer Support

The Hartford is a business insurance company that provides great customer care. Agents are available 24/7 and are very responsive. Clients who choose this company as their business insurer invariably say The Hartford’s customer service agents provide prompt and helpful answers. 

Claim-Filing Procedure

When your business suffers a mishap, you’d expect business insurance providers to react quickly and assist you. The first step in getting your company back on track is filing a claim. The Hartford enables you to do this over the phone or on the website. Once the claim is filed, an adjuster gets in touch with you. 

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. Clients can also track their claim online. The overwhelming majority of insured rate the general liability claim-filing procedure as swift and efficient.

States Covered and Financial Stability

The Hartford is one of the top insurance companies for small businesses even though its policies are unavailable in Alaska, Hawaii, Montana, New Jersey, Rhode Island, and South Dakota.

Established in 1810, The Hartford holds a place on the Fortune 500 list. In 2019, it sat at 161st place. It also boasts excellent ratings from AM Best and S&P Global (both A+).

Its long history and financial stability should put you at ease. With an insurance policy from The Hartford, 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 these 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 a quote for your small business.

Key Features
  • Basic Policy - Excellent
  • Additional Coverage - Good
  • Customer Support - Excellent
  • Customer Support - Excellent
  • Financial Stability - Excellent
Additional Features
  • High BOP coverage limits
  • Rich resource center
  • Unmatched financial stability

Nationwide has a longstanding history of securing businesses. It 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.

The insurer goes above and beyond to provide not only the best insurance for small business owners, but also useful advice to help them throughout their entrepreneurial journey. On top of all this, 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 commercial property, general liability, and business income. If your business operations depend on pricey equipment, you’ll be happy to learn that equipment breakdown insurance also comes included in the business owner’s policy. 

If you have fewer than 100 employees and make less than $5 million in sales, then you qualify for Nationwide’s BOP insurance for small business. Given the fact that most insurers limit eligibility for a BOP to companies that make more than $1 million in revenue, Nationwide stands out from the competition.

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 business insurance companies on our list.

You can complement the basic small business policy with a range of additional coverage options. Errors and omissions insurance, employee practices liability, and worker’s compensation are common choices for small business owners who have employees. The former will protect your company from employees’ mistakes and the latter will protect your staff in the event they get injured in the workplace.

Availability of Important Information

Nationwide offers an abundance of information about the different insurance policies it provides. Website visitors can easily find the explanations they need, since information is clearly and logically organized on the site. Like other commercial insurance providers, Nationwide offers 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. 

Customer Support

The last thing you want when your business has taken a hit is to deal with unprofessional customer service agents. Nationwide’s representatives are well aware of this fact. Clients rave about the quality and speed of answers provided by this commercial insurance company. Most customers are highly satisfied with the level of customer care Nationwide provides. 

Claim-Filing Procedure

When you need to file a claim, you can do it on Nationwide’s official website, or you can call the customer support team and explain the damage or injury that occurred. On the website, the insurer clearly lists the information you need to provide in the process. However, it emphasizes the fact that you should get in touch with a company representative as soon as possible, even before you’ve gathered all the information.

States Covered and Financial Stability

As its name implies, Nationwide operates in all 50 states. Its proven track record of financial stability earns it a spot among the top small business insurance companies. Founded in 1925, this insurer has held a place on the Forbes 500 list for 25 years. Currently, the company sits in 73rd position, 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 ratings from AM Best and S&P Global.

Nationwide Pricing

As with most insurance providers, you’ll need to reveal your business information in order to get a bespoke quote online. You can also get in touch with a Nationwide representative over the phone or in person. Insurance agents selling Nationwide policies are distributed throughout the country, except Alaska and Hawaii.

Key Features
  • Basic Policy - Good
  • Additional Coverage - Excellent
  • Customer Support - Good
  • Claim-Filing Procedure - Good
  • Financial Stability - Excellent
Additional Features
  • 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 a tow-truck, or operate a food delivery van, this insurer has a policy for your needs. Rated as a superior insurance provider by AM Best for its financial strength and credit rating, Progressive Commercial has earned its trustworthy reputation.

Basic Policy and Additional Coverage

If you’re looking for Progressive small business insurance, a basic policy or BOP combines general liability and business property insurance. This is pretty much the industry standard and will protect your business from common liabilities like customer injury and property damage, as well as advertising injury and product-related claims. 

But it’s the field of commercial auto insurance where this provider really excels. If your business requires you or your employees to drive a lot, Progressive Commercial is the right choice for you. It offers an unmatched variety of customizable policies; from delivery vans to tow-trucks and trailers, you can secure your vehicle with one of the 24 policies on offer. 

You can also customize these to get all the protection you need without having to pay extra for coverage you don’t need. Commercial car policies from Progressive normally include liability, physical damage, medical payments, and coverage for uninsured motorists, hired cars, and non-owned claims. 

You can also complement your BOP with common small company insurance policies like professional liability and worker’s compensation coverage. Progressive general liability insurance is often purchased by bigger companies that don’t qualify for a BOP.

Availability of Important Information

You can find a lot of learning resources about business insurance on the Progressive Commercial website. If you’re unfamiliar with the insurance lingo, there is a detailed glossary you can consult. There’s also an extremely practical section with articles on the prevention of accidents at the workplace. 

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 insurance businesses like yours normally purchase. 

Customer Support

Corporate insurance companies normally underwrite their own insurance policies. This means their agents estimate the risks involved in insuring people and assets and establish a price for that risk. Progressive, however, uses third-party underwriters for all policies except its commercial auto insurance. This means the level of customer support you get varies significantly depending on who underwrites your policy. 

Claim-Filing Procedure

If you need to file a commercial auto claim, you can expect a quick and simple procedure. Progressive Commercial handles these claims in-house and the process is clearly explained on the website. You can submit an online claim anytime and expect a phone call from a company representative by the end of the workday. 

Like other leading commercial business insurance companies, Progressive lets you track your claim progress online. When it comes to claims about other types of insurance, the third-party underwriters and their level of professionalism will dictate whether your experience is positive or negative.

States Covered and Financial Stability

You can get Progressive business insurance in all 50 states, but coverage options vary according to your location. You can learn what is available in your area by contacting a local agent.

With an A+ rating from AM Best, you can rest assured that Progressive can afford to pay out the claims it receives. Founded in 1937, this nationwide insurance provider has earned a spot in the top 100 of the Fortune 500 list. Currently ranking 99th, Progressive is a financially stable insurer you can rely on.

Progressive Pricing

Procuring insurance for business requires you to get an online quote. Since your monthly premium price depends on your coverage needs, profession, number of employees, and claims history, it makes sense that an online quote is mandatory.

Progressive Commercial rewards customers with good driving and insurance history by offering a range of discounts. Currently, there are eight 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%.

Key Features
  • Basic Policy - Good
  • Additional Coverage - Excellent
  • Customer Support - Excellent
  • Claim-Filing Procedure - Good
  • Financial Stability - Excellent
Additional Features
  • Great source of knowledge
  • Huge network of agents
  • Knowledgeable support staff

If you’re looking for the best business insurance for small business, 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, Allstate has a pre-tailored BOP that you can adjust to cover everything your unique business needs.

When getting an Allstate policy, you’ll have the pleasure of working with local insurance agents. This nationwide insurer has personalized the purchase process by selling insurance through local, independently owned agencies. This gives you both the peace of mind that comes from working with a large, financially stable insurance company and the close co-operation you’d have with a local insurance company.

Basic Policy and Additional Coverage

Allstate combines commercial property and general liability coverage in its BOP. This renowned insurer trumps the competition with the diversity of its offer. You can find insurance for companies in six different industries and 36 professions. 

Its basic policies take into consideration the most common risks business owners encounter in their day-to-day operations. However, if your business is exposed to additional dangers due to your location or the type of service you deliver, you always have the option to upgrade your BOP. There’s also additional auto insurance on the table.

Availability of Important Information

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

Empowering small business owners further, this insurer boasts a separate website full of business resources. Called Small Business Connection, it’s an information hub that covers topics like banking and finance, technology, employee benefits, and web marketing. If you’d like to broaden your professional network, Allstate will welcome you into its LinkedIn group.

Customer Support

When purchasing a policy, you’ll feel like you’re dealing with one of the local business insurance companies, since insurance agents sell Allstate insurance throughout the nation. You will get the attention and care of an agent from your area who will be there to answer your questions and clear your doubts. And while you enjoy personalized customer care, you’ll in fact be doing business with a financially stable, nationwide insurance provider. You can, indeed, have the best of both worlds. Customer support via phone, chat, and email is also at your disposal.

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. The best commercial insurance companies understand the importance of getting small businesses back on track as quickly as possible after an incident. Allstate is no exception. 

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

States Covered and Financial Stability 

You can get an Allstate small business insurance policy in all 50 states. Regardless of your physical location, you’ll have the chance to work with your point-of-contact local business insurance agent. 

Allstate has exceptional financial strength ratings: A+ from AM Best, A+ from Best Insurance, AA- from S&P Global, and Aa3 from Moody’s. 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 holds 82nd position on the Fortune 500 list, which is further proof of its economic stability. 

Allstate Pricing

A number of factors determine how affordable your business insurance will be. As with major competitors, the scope of your policy, the number of employees you have, the industry you’re in, and your insurance history play a role. You can get an Allstate insurance quote using the online quote calculator.

Key Features
  • Basic Policy - Good
  • Additional Coverage - Excellent
  • Customer Support - Good
  • Claim-Filing Procedure - Excellent
  • Financial Stability - Excellent
Additional Features
  • 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 provides 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. 

Shopping for an insurance policy is made easy with local agents. You can get a  Farmers insurance quote by consulting an agent near you. Or, if you like to get things done online, you can obtain a quote through the Farmers website. If an accident happens and you need to file a claim, Farmers offers 24/7 support. If a large natural disaster hits your area, you can expect to see Farmers’ mobile claims center buses on the scene, giving out hot meals and toiletries.

Basic Policy and Additional Coverage

Farmers’ BOP combines liability insurance for small business with business property coverage into one policy that protects your company from the most common threats. However, if you run a real estate business, options like commercial auto insurance, workers’ compensation, business income, tenant move-back, and building ordinance coverage would best complement your BOP. 

Farmers caters to business owners from over a dozen professions, including wholesale and manufacturing, which are often not covered 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 don’t know the ins-and-outs of the insurance industry and they need a little help grasping the basics before choosing a policy. On the Farmers website, they can find examples of common accidents across industries and see which policies would protect a business from such mishaps.

One drawback is that the information isn’t clearly organized; it’s rather scattered around the website. We believe a centralized, easy-to-find portion of the website would be more user-friendly. Making up for this downside is the fact you can consult local agents. That means you’ll get answers from someone who is familiar with your unique business needs.

Customer Support

According to Farmers insurance reviews published by J.D. Power, this insurer provides average customer care. Earning three out of five stars, this insurer has some catching up to do if it wants to be on the same level as industry leaders Nationwide and Allstate. 

Even though local agents provide customer care with a personal touch at the beginning, things can slow down later in the customer care process. When in need of help, you can reach out to your local agent, send a message through the company website ,or call.

But there is one area where Farmers customer support gives the competition something to think about. This company boasts a fleet of mobile claims center buses that respond on-site when a natural disaster hits, distributing hot meals and toiletries.   

Claim-Filing Procedure

Insurance companies for businesses have to provide constant claim support if they want to be there for clients in their moment of need. In its marketing campaigns, Farmers stresses that it has “90 years of putting customers first.” As such, it’s only logical that this company offers 24/7 claim reports.

If your business gets sued by a disgruntled customer, a burst pipe ruins important documents, or a burglar steals your equipment, you can file a claim with Farmers through the website or over the phone. You’ll then get a claim number that will help you track the progress of your case online.

States Covered and Financial Stability

You can purchase Farmers’ insurance for business owners throughout the country via locally owned Farmers agencies. You can find an agent in your vicinity or get a quote online.

This insurer has earned a spot on our list thanks to its strong financial track record; it 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, there are no standard prices available on the website. You need to share your business information on the website or go to a local agency to get a small business insurance quote from Farmers.

Key Features
  • Basic Policy - Good
  • Additional Coverage - Good
  • Customer Support - Poor
  • Claim-Filing Procedure - Good
  • Financial Stability - Excellent
Additional Features
  • Rideshare insurance
  • Online quotes
  • Financially strong

Geico business insurance consists of seven different types of policies that can be adjusted to the needs of various industries. It should be noted the company is best known for its commercial auto insurance, which includes bodily injury and property damage liability coverage, collision coverage, comprehensive damage coverage, and medical payments and personal injury coverage.

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 round-the-clock support from Geico when choosing a policy, as well as when filing a commercial auto insurance claim. 

Basic Policy and Additional Coverage

Apart from a BOP, which includes commercial general liability insurance and business property insurance, there are six more Geico policies available to small business owners. If you have employees, it would be smart to add worker’s compensation coverage to your BOP. It will protect your small business from financial strain in case an employee gets injured at work. Professional liability coverage is also commonly included in the BOP by IT specialists, accountants, and lawyers. 

But it’s commercial car insurance where Geico runs laps around other insurance companies for small business. This insurer provides 24/7 coverage for vehicles used for business. That means you’ll be covered even if the damage to your commercial auto happens outside of working hours. What’s more, 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 will benefit from this policy. It replaces your personal car insurance because it protects your vehicle both when you’re working and when you’re off the clock.

Availability of Important Information

Providers of the best commercial insurance for companies are upfront with their potential customers. They aim to bring clarity and aid the decision-making process of small business owners. Geico is an insurer that definitely lives up to this criterion. 

In the information center on the company’s website, you can find loads of information about small business insurance. There are easy-to-understand explanations of each coverage type, a glossary of insurance terms, and instructions on making monthly payments. Given Geico’s focus on vehicle insurance, it’s not surprising that many of the resources deal with road safety. More useful information is available in the blog section.

Customer Support

Customer service is available 24/7 via multiple communication channels. You can reach out via a mobile app, over the phone, or online. Even though you can contact Geico anytime, apparently the company’s customer service could be better. According to small business insurance reviews, a lot of customers feel dissatisfied with the response time and the quality of answers.

The fact Geico writes policies, deals with claims, and provides customer support only for its rideshare and commercial auto policies could explain this low level of support. All other products are sold by other insurance companies that Geico has forged partnerships with. Your individual customer care experience will depend on the insurance company that sells Geico policies in your area. 

Claim-Filing Procedure

If you get auto insurance for small business owners or rideshare insurance, you’ll file your claim directly with Geico. You can do it any time, over the phone or via email. However, Geico doesn’t offer the industry-standard option of filing a claim online via the insurer’s website. If you have a BOP or liability insurance coverage, you’ll have to go through a partner, which means customer satisfaction levels vary from case to case. 

States Covered and Financial Stability 

Unless your business is located in Hawaii, you can get Geico business insurance. Founded in 1936 as an insurance provider for government and military employees, Geico has grown into one of the largest insurance companies on the market. With excellent ratings from AM Best (A++) and S&P (A++), you can expect to be reimbursed for everything your policy covers.

Geico Pricing

Geico doesn’t exactly qualify as the cheapest business insurance for small business. In fact, its steep prices put it firmly at the other end of the spectrum. However, its outstanding financial stability justifies the price. You can get a Geico commercial insurance quote for your business on its website.

Key Features
  • Basic Policy - Good
  • Additional Coverage - Excellent
  • Customer Support - Excellent
  • Claim-Filing Procedure - Excellent
  • Financial Stability - Excellent
Additional Features
  • Preferred choice for home-based business owners
  • Extensive coverage options
  • Fantastic customer support

Whether you’re the only marketing specialist in your company, a finance consultant with a couple of employees, or an architect running a well-staffed small company, Hiscox insurance has a policy for your business. Even though it specializes in insuring consulting, marketing, and tech companies, it offers coverage for eight more industries.

Like other small business insurance companies on our list, Hiscox boasts a great financial rating from AM Best (A). What sets it apart is how open this insurer is about its pricing model. On the Hiscox website, you can see the starting premiums for every industry it covers.  

Basic Policy and Additional Coverage

Hiscox offers a standard BOP that combines general liability and commercial property insurance into one affordable package. With it, you can protect your company from the most common threats a small business faces. 

In Hiscox’s array of products you’ll find almost a dozen types of coverage, including commercial auto insurance and non-owned auto, cyber security, electronic data loss, and commercial crime coverage. Combining the BOP with the type of insurance your business needs, you can create a policy that meets your unique requirements.

With this insurer, you can also get one of the best workers comp insurance for small business. If one of your employees gets injured at work, Hiscox will pick up the medical bills and pay a portion of missed wages.

Availability of Important Information

If you’re not sure what kind of insurance businesses like yours get, you can consult 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.

The Hiscox blog is a great source of valuable information for small business owners. This portion of the website is full of great advice, not only about insurance but also about financing, technology, social media, and other entrepreneurial topics. This insurer even shares podcasts with inspirational small business success stories.

Another reason why we included Hiscox on our list of best business insurance companies is the fact you can manage your policy online. You can add an authorized person, get a certificate of liability insurance, or change your business address. 

 

Customer Support

Even though Hiscox has such a modern, functional website that it almost eliminates the need for interacting with customer support agents, the company still provides customer service via phone and email. You can speak to a representative Monday through Friday, from 7 a.m. to 10 p.m. ET. 

According to testimonials from the Hiscox website, customer care is excellent. Insured clients report receiving quick and courteous replies that help them resolve issues efficiently. 

Claim-Filing Procedure

When filing a claim with this small business insurance agency, you have the option to do it over the phone, via email, or on the Hiscox website. The claims center works non-stop so you can report an accident as soon as it takes place. The company urges clients to act quickly so the damage can be repaired as soon as possible, causing minimum disruption to your business operations. According to the website, you should get your claim resolved within a month of filing it.

States Covered and Financial Stability

At the moment, Hiscox offers its business insurance in 49 states, Alaska being the only state that’s missing from the list.

Founded in 1901, Hiscox has become one of the top commercial insurance companies worldwide. It has offices in 34 locations in 14 countries across America, Europe and Asia. This insurer’s financial record is good, with an excellent rating (A) from AM Best and a strong rating (A+) 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 prospects to share information in order to get 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. To get a quote for your company, fill out this form.

Frequently Asked Questions

How to find a business's insurance carrier?

If you would 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 are they insured against and whether it would be risky to collaborate.

What is liability insurance?

Liability insurance is designed to protect your business in case of a third-party lawsuit. You should know that there are two kinds of liability insurance you might need as a business owner: general liability and professional liability insurance.

What does general liability insurance cover?

This is the type of coverage you purchase from a corporate insurance company in order to protect your business in case someone sues you for causing bodily injury, property damage, or personal injury. It’s important that the injuries and damage occur in your company, or as a consequence of your business operations or of using your products. According to Investopedia’s general liability definition, this type of insurance is fairly comprehensive, but not sufficient for most businesses.

What does professional liability insurance cover?

While general liability normally forms part of a BOP, professional liability is a coverage that you may choose to add. Often referred to as errors and omissions, business liability insurance covers negligence related to professional services or advice. This type of insurance protects your business from claims of negligence related to a professional service. Consultants, lawyers, and architects are some of the professionals who normally buy this coverage.

What kind of insurance do you need for a small business?

Insurance companies for business offer a wide range of policies. If you are just opening your first company, the abundance of options may confuse you. But you should keep in mind that every small business needs at least a business owner’s policy (BOP for short). It combines general liability and commercial property insurance into one policy. Additional coverage is recommended and highly dependant on your day-to-day business operations.

How much is insurance for a small business?

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 small business insurance 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.

Who has the cheapest business insurance?

We understand that the cost of insurance can add up and be burdensome, especially for entrepreneurs who are just starting out. That being said, you still need to find a policy that covers all aspects of your operations while being within your price range. As such, you should look for affordable insurance, rather than cheap insurance. Websites that compare insurance prices, like Insureon, are a great place to begin your search.

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. General liability 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. However, the best small business insurance companies include this type of coverage in a BOP.

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