Let’s talk about insurance. You probably have some personal insurance, like car insurance or home insurance, maybe even life insurance. It’s comforting to know that if things go wrong, you’ve got some financial backup. But what about your business? Small businesses face all sorts of risks, from accidents to storms to product issues. Without the right financial protection, these risks could spell the end for your business.
Small-business insurance can be a lifesaver, but it’s not always straightforward. That’s why it’s crucial to pick the right insurer for your needs. Here are some of the best small-business insurance companies out there right now. Each one stands out for doing something really well, whether that’s offering a wide range of coverage options or creating tailored solutions for specific industries.
Next Insurance is our top pick overall. They offer custom insurance coverage for over 900 professions. You can get a quote online in just a few minutes, and once you’re covered, you can access your insurance certificate 24/7. They offer seven major types of business insurance, flexible add-on coverages, competitive premiums, and a powerful mobile app.
Nationwide is great for cyber crime and liability insurance. They offer a unique combination of cyber insurance coverages to protect businesses from hacking, data theft, and other digital incidents. They also offer a wide array of specialty insurance options and customized solutions for farm and ranch operators.
Hiscox is the best choice for freelancers and independent contractors. They offer policies with lower coverage limits ideal for businesses with lower revenues and fewer assets. They also provide customizable solutions for dozens of industries popular with sole proprietors and microbusinesses.
CoverWallet is the best online insurance broker. They work with many different small-business insurers to help match users with the right coverage at the right price. They offer standard business insurance products as well as less common types of business insurance.
Progressive is the top pick for commercial auto insurance. They offer solutions for all sorts of commercial vehicles and have a handy online tool to help determine which type of insurance makes the most sense for you.
The Hartford is the best for workers compensation. They offer a pay-as-you-go option, in-depth educational guides, and a straightforward online quote wizard.
Travelers is the best for commercial property coverage. They offer cost-effective solutions for smaller businesses and specialty property policies.
Chubb is the best for international businesses. They provide coverage for business locations in more than a dozen countries worldwide.
State Farm is the best for personalized coverage and service. They have the largest agent network of any U.S. insurer and offer simple general liability policies.
When choosing an insurance company, consider the types of coverage available, the types of businesses covered, the application process, premium range, availability of agents and advisors, customer satisfaction ratings, and financial strength ratings.
Remember, small-business insurance isn’t one-size-fits-all. Depending on your business’s size, number of employees, and what you do, you might need more than a dozen different types of coverage. It’s easier and often less expensive to use the same insurer for all your insurance needs.
If you’re a sole proprietor or have a side hustle, you might still need business insurance. It depends on your business and how much risk you’re willing to take on. If your business is complex or involves a lot of financial or legal risk, personal umbrella insurance likely isn’t enough.
In the end, the best small-business insurance provider for you will depend on your specific needs and circumstances.
