A small business is an enterprise that employs fewer than 500 people. The U.S. Small Business Administration estimates that there are over 31 million small businesses in America, which makes up 99.7% of all the businesses in the nation. It is difficult to run a small business. One of the biggest challenges for owners is finding affordable, comprehensive insurance coverage. There are many insurance companies that offer small business insurance.
This article will discuss the types of insurance that small businesses need and list 10 top-rated small business insurance companies. A few common questions regarding insurance for small businesses will be answered.
This article will help you understand the various types of small business insurance available and the best small business insurance companies to offer you the best coverage.
What type of insurance does a small business need?
This question is not easy to answer because the type of insurance a small business requires depends on its industry and the risks it faces. There are types of commercial insurance that you might need, such as:
- General liability insurance
- Professional liability insurance
- BOP is a business property insurance
- Commercial auto insurance
- Cyber liability insurance
- Workers’ compensation insurance
- Insurance for business interruption
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10 Best Insurance Companies for Small Business
There are many insurance companies that offer small business insurance. These are the top 10 insurance companies for small businesses. They were chosen based on factors like coverage options and benefits such as lower prices and customer service. Before you choose a policy, it is important to carefully review the company’s coverage options, limits, and deductibles.
1. State Farm
State Farm is the most famous and well-respected insurance company in the United States. The company offers a variety of insurance products to business owners including general liability insurance, employment practices liability insurance, and workers’ comp. They also allow you to add professional liability coverage on top of their BOP coverage.
Good for: businesses that value a personal touch.
- Offers a policy for business owners
- All 50 States Available
- Offers a retirement savings program
- Are there industry-specific packages?
- Discounts are not available in all states
- Each policy has a limited online access
- Refusal of claims complaints
The little gecko mascot is an insurance provider that offers a variety of commercial insurance products. These include business owners’ policies, workers’ compensation, and business interruption insurance. As far as getting small-business insurance online with no hassle, Geico is well-known for its affordable rates and user-friendly online platform.
Good for: Companies that are looking to save money.
- Bundling your services can get you discounts
- Customers have few complaints
- Customer satisfaction is above-average
- To back business claims, use a third-party insurer
- Geico is not the best way to file a claim.
Because they provide the coverage you won’t find in your BOPs, Chubb is a great option for commercial insurance. They offer extra expense coverage, business interruption insurance, and coverage for accounts receivable. Cyber insurance can also be purchased, along with policies for difficult-to-place industries.
Good for: Companies that are having difficulty finding insurance.
- Insurance coverage for businesses in a variety of industries
- A home-based business can offer a discount for small companies
- In-house claims
- Startup friendly
- You cannot get an estimate if you don’t provide enough information
4. The Hartford
The Hartford provides business insurance to more than 60 industries. Liability insurance can be purchased for up to $2,000,000. You can also purchase liability insurance that includes liquor liability, which covers everything from workers’ compensation policies to data breach insurance.
Good for: Coverage for small businesses that require less than $2 million
- You can customize policies
- Small businesses have many insurance options.
- BOP offers business interruption insurance
- To finalize your policy, you will need to speak to an agent
- You will need to find insurance that covers more than $2,000,000 if you have a high-value client.
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Nationwide is the biggest insurance provider in the nation. You have the option to call an agent or get your own online quote in under 30 minutes. Nationwide offers coverage for a variety of businesses including wholesale, as well as service, retail, office, and food. A policy can be purchased that includes cyber liability, inland maritime insurance, and builder’s insurance.
Good for: businesses that require multiple types of insurance.
- Use their online coverage assistant to determine which policies you require
- Receiving fewer complaints than anticipated for an insurer of their size
- This site is a great resource for employee benefits
- To obtain a policy, you will need to speak to an agent
If you only need insurance for your company’s cars, Progressive is the best choice. Progressive provides these plans through third-party insurance companies once you have expanded into other business policies. If you are looking for commercial car insurance, Progressive includes cars, SUVs and dump trucks, box trucks as well as tow trucks, pickup trucks trucks, tractor-trailers trucks, limousines, buses, motorhomes, and RVs.
Good for: Companies that require commercial auto insurance.
- Roadside assistance is included in commercial automobile insurance
- The largest percentage of commercial auto insurance policies was held in 2021
- Specialized insurance for truckers
- Other business insurance offered by third-party vendors
- Instead of Progressive, you’ll file all non-auto claims through a Third Party.
Hiscox was founded in 1901 and has been around since then. They offer commercial insurance, which includes professional liability, in 14 countries as well as 49 states. They can provide customized solutions for over 180 industries, including acupuncturists and janitors as well as therapists, consultants, trainers, fitness instructors, salon owners, and therapists. Geico offers a variety of business policies. It is interesting to note that Hiscox wrote all of them.
Good for: businesses in niche industries.
- Hiscox is an international insurance company.
- A business policy can be obtained in 49 states (except Alaska).
- Micro-businesses offered policies
- Only nine U.S.-based office locations are available
Travelers have been selling Insurance since 1864. There are currently over 40 types of businesses that offer insurance policies, including public entities, manufacturing, construction, and transportation. Each policy’s price varies depending on the industry. You can also get workers’ compensation, surety bonds, and cyber liability, as well as commercial auto insurance.
Good for: Businesses that operate internationally
- Awarded the second-highest amount of commercial property coverage
- AM Best gives A++ rating
- Insurance available to over 40 industries
- Pricing and features depend on which industry you work in.
9. Liberty Mutual Insurance
Liberty Mutual can assist a wide range of industries. They are a great choice for most companies. These were divided into 12 categories: wholesale, real estate and healthcare, financial institutions, public entities, and construction. Their business policies include workers’ compensation, umbrella, inland maritime, equipment breakdown, and auto coverage.
Good For: Business owners who need policies.
- Assistance 24 hours a day with claims
- To file a claim, you can use the app or go online.
- The best insurance for business owners
- Liberty Mutual policies are serviced by independent agents
Are you an entrepreneur? If so, Before you decide on an insurance provider, you should definitely check.CNA is different from other insurance companies due to the three options it offers in cyber insurance. They include more than 180 types of business and are divided into the following industries, technology, real estate and construction, manufacturing, life sciences and law firms, healthcare, financial institutions, and construction.
Good for: operating online businesses
- CNA specializes in offering business policies
- CNA is the 8th largest US insurance platform
- They offer coverage for small, medium, and large businesses
- CNA’s quote generator does not always work
It’s not easy to choose the right business insurance policy. Particularly if you are a small business owner who works in an uncommon field. There are some great tips that can help you narrow down your options.