Most of us have personal insurance policies, like car insurance or life insurance, that give us peace of mind. But what about your business? Small businesses face a lot of risks, from accidents to product defects. Without proper financial protection, these risks could spell the end for your business. That’s where small-business insurance comes in. It’s a bit complex, but choosing the right insurer for your needs is crucial.
Here are some of the best small-business insurance companies out there. Each one stands out for doing something really well, whether it’s offering a variety of coverage options or creating custom solutions for specific industries. Our top pick offers the best value overall.
Next Insurance is our top choice. They offer tailored insurance coverage for over 900 professions. You can get a quote online in just a few minutes and have 24/7 access to your insurance certificate. They offer seven major types of business insurance, flexible add-on coverages, competitive premiums, and a powerful mobile app. They’re rated A- (Excellent) by A.M. Best, a leading independent rating agency for the insurance industry.
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 an easy workflow for new business owners, a wide array of specialty insurance options, and customized insurance 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 our 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 small-business insurer for workers compensation coverage. They offer a pay-as-you-go option, in-depth educational guides, state-specific guides to workers compensation coverage, and a straightforward online quote wizard.
Travelers is the best for commercial property coverage. They have extensive in-house commercial property insurance expertise and offer cost-effective solutions for smaller businesses.
Chubb is the best choice 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 starting at $1 million in coverage.
When choosing an insurance company, consider the types of coverage available, the types of businesses covered, the application process, the premium range, the availability of agents and advisors, customer satisfaction ratings, and financial strength ratings. 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.
