Overview
As a small business owner, you face some risks. Your business bank account, office equipment, and employees depend on your business’s continued operation. But whether it’s a legal action or a natural disaster, unexpected events can put all of that at risk. Small business insurance companies exist to protect your assets.
How much is insurance for small businesses? That depends on the insurer you choose and the policy you build. Let’s take a look at some of the best small business insurers to help you narrow your options and start getting price quotes.
List of Small Business Insurance Companies:
- Best Overall: The Hartford
- Best for Quick Claims Processing: State Farm
- Best for Licensed Service Providers: Gallagher
- Best for Businesses with Employees: Travelers
- Best for Solopreneurs: CNA
- Best for Online Policy Management: Hiscox
- Best for Beginners: Next Insurance
- Best for Bonded Service Providers: Nationwide
- Best for Business Auto Policies: Progressive Commercial
- Best for Customizing Your Coverage: Liberty Mutual
| Insurer | Policies offered | Quote process | Bundle and Save? |
| The Hartford | BOP, liability, errors and omissions, cyber, worker’s compensation, business auto, surety, and fidelity bonds | Online or agent | Quotes are based on the coverage chosen |
| State Farm | BOP, liability, errors and omissions, worker’s compensation, business auto, surety, and fidelity bonds | Agent only | Quotes are based on the coverage chosen |
| Gallagher | BOP, liability, cyber, worker’s compensation, surety, and fidelity bonds | Online or agent | Business pack policies help you bundle and save |
| Travelers | BOP, liability, errors and omissions, cyber, worker’s compensation, business auto | Agent only | Quotes are based on the coverage chosen |
| CNA | BOP, liability, errors and omissions, cyber, worker’s compensation, business auto, surety, and fidelity bonds | Agent only | Quotes are based on the coverage chosen |
| Hiscox | BOP (in some states), liability, errors and omissions, cyber, worker’s compensation, business auto | Online | Discounts for multiple policies |
| Next Insurance | BOP, liability, errors and omissions, cyber, worker’s compensation, business auto | Online | 10 percent |
| Nationwide | BOP, liability, errors and omissions, cyber, worker’s compensation, business auto, surety and fidelity bonds | Online or agent | Quotes are based on the coverage chosen |
| Progressive | BOP, liability, errors and omissions, cyber, worker’s compensation, business auto | Online or agent | Bundle auto and business and save |
The 10 Best Small Business Insurance Companies of 2023
The Hartford: Best Overall
The Hartford gets top marks for its comprehensive coverage, superior credit ratings, and higher-than-average customer ratings. It’s also a financially stable company with over 200 years in the business.
From liability insurance to home-based business insurance, The Hartford can build a policy that includes what you need. They also get points for offering both online and phone-based quotes. It is truly one of the best small business insurance companies in US.
Pros
- Wide variety of coverage options
- Online claim-filing available
- Established, stable company
Cons
- Agent contact required to finalize quote
- Not available in all U.S. states
How to Get Coverage
The Hartford offers quotes both online and by phone. However, you’ll need to speak with an agent to finalize your online quote.
State Farm: Best for Quick Claims Processing
With superior credit ratings and plenty of positive reviews, State Farm is another reliable option. Customers report an easy claims process and quick payouts, although there are some complaints about being pressured to use certain repair shops.
State Farm is a great option for business owners who want to work directly with an agent. Even better, agents are located nationwide, so you can likely find someone local for one-on-one attention.
Pros
- Wide variety of coverage options
- Agents available nationwide
- Well-established insurance provider
Cons
- No online quotes
- Rates can be higher than competitors
How to Get Coverage
To get started with State Farm, you’ll simply visit the website and input your zip code. The site will present a list of agents. You can then choose one and send an email or request a call.
Gallagher: Best for Licensed Service Providers
As one of the top global insurance brokers and risk management firms, Gallagher’s a great fit for licensed professionals like attorneys and real estate agents. They’re BBB accredited with mixed reviews, but customers rave about the quote process.
Although Gallagher offers online quotes, you can also connect with a coverage expert to customize or build your policy. It’s a great option for busy professionals who also like that human touch.
Pros
- Global insurance provider
- Specializes in risk management
- Experts available for phone consultations
Cons
- Limited policy types
- Lower-than-average customer service ratings
How to Get Coverage
There are two ways to find the best small business insurance policy for you. You can price a policy online or request a call from an expert who can put one together for you.
Travelers: Best for Businesses with Employees
If you have one or more employees, Travelers might be the best small business insurance company for you. Plans scale with your business as it grows, covering everything from worker’s compensation to company-issued vehicles.
Travelers gets an A++ from AM Best, as well as high ratings from Fitch, Moody’s, and Standard & Poor’s. Reviews are mixed, with some customers reporting a stellar customer service experience while others express dissatisfaction with claims processing.
Pros
- Wide variety of coverage options
- Worker’s compensation portal
- Risk management learning resources available
Cons
- No online quotes
- Limited online claim-filing options
How to Get Coverage
To get coverage from Travelers, you’ll need to input your zip code on Travelers’ business insurance page and contact a nearby agent or request a quote.
CNA: Best for Solopreneurs
This Chicago-based company has some of the best liability insurance for small businesses. Offerings like business interruption insurance and umbrella policies make this a great insurer for solo business owners and growing startups.
CNA’s stable outlook and high credit rating make it a safe choice for startups and freelancers. Customers praise the insurer’s reasonable prices, friendly customer service, and an easy application process.
Pros
- Wide variety of coverage options
- Customizable insurance bundles
- Umbrella policies for extra coverage
Cons
- Agent contact required for quote
- Somewhat average customer service ratings
How to Get Coverage
You’ll need to work with an agent to get a quote, but you can start the process by entering some preliminary information on the CNA website.
Hiscox: Best for Online Policy Management
Sometimes you don’t want to speak to an agent. What makes Hiscox one of the best insurance companies for small businesses is the online quote and policy management experience.
With over a century in business and a stable outlook, Hiscox can be a great alternative to more expensive insurance policies. They do have more than their fair share of online complaints about customer service, though, so proceed with caution.
Pros
- Online quotes and policy management
- Phone and email communication
- Discounts for bundling products
- Mobile app
Cons
- Limited coverage options
- Business owner’s policy is not available in all states
How to Get Coverage
You can get a quote for Hiscox by going through the online process here or calling to speak with an agent.
Next Insurance: Best for Beginners
Next Insurance is newer to the insurance scene, having been established in 2015. For that reason, you won’t see thousands of customer reviews as you do with companies that have been around for decades. That said, it’s a stable company with an A- from AM Best.
Where Next really excels, though, is in its pricing. You can save up to 10 percent by bundling one or more policies. Combine general liability with errors and omissions insurance and save.
Pros
- Quick online quote process
- Easy online application
- Save 10 percent by bundling
- Online claim filing
Cons
- Can only chat with agents during business hours
- Limited coverage options
How to Get Coverage
To get an instant quote, visit Next’s quote page and input your information.
Nationwide: Best for Bonded Service Providers
Nationwide started as Farm Bureau Mutual Automobile Insurance Company in 1926, and it continues to help protect small business owners today. AM Best gives nationwide an A+ rating, and online reviews are largely favorable. Reviewers praise their customer service, although some negative reviews cite claim denials.
For businesses that need to provide proof of bonding, like cleaning services and construction companies, Nationwide is a great choice. They offer both surety and fidelity bonds.
Pros
- Online or phone quotes
- Wide variety of coverage options
- Established brand
- Nationwide network of local agents
Cons
- Some aspects of securing insurance require a phone call
- Negative reviews for claims handling
How to Get Coverage
You can start the online quote process or call to get coverage from Nationwide.
Progressive Commercial: Best for Business Auto Policies
Auto insurance is Progressive Commercial’s strength, but the company works with other providers to handle your other business policies. However, if you plan to bundle, and auto insurance is a large part of your coverage needs, you could save money by doing it all through Progressive.
AM Best issued Progressive a superior rating, giving it a stable outlook. Customers praise the service they received, although some do report premiums going up frequently over the lifetime of their policies.
Pros
- Great rates on auto insurance
- Online quotes available
- Wide variety of coverage options
- Bundling discounts available
Cons
- Specializes in auto insurance
- May raise premiums frequently
How to Get Coverage
Progressive provides an easy online quote process. Simply choose your product from the drop-down box and input your zip code to get started. You can also get help from a representative by calling 1-888-240-9837.
Liberty Mutual: Best for Customizing Your Coverage
Liberty Mutual got its start in workers’ compensation insurance more than a century ago. The company handles its own insurance processing and claims in-house, but its agents are independent.
With a solid credit rating and good customer reviews, it’s definitely worth considering. Customers report policies being canceled due to too many claims, as well as denied claims, so keep that in mind when comparing insurers.
Pros
- Customizable insurance policies
- Variety of policy types
- Coverage for niche industries
- Online quotes available
- Some claims can be processed online
Cons
- Higher-than-average premiums
- Too many claims might get you canceled
How to Get Coverage
At one time, online quotes weren’t available for businesses. Thanks to a partnership with Tivly, though, you can now input some information and get a customized rate quote. You can also call 888-532-0661 if you prefer to work with a representative.
Methodology Section
To come up with our comprehensive list of small business insurance companies, we looked at a variety of features. In addition to the ease of getting a quote and the coverage offerings, we also browsed each insurer’s online ratings. We placed a high priority on stability, researching history in the marketplace as well as their AM Best rating.
FAQs on Small Business Insurance Companies
Do I need small-business insurance?
Small business owners face a variety of risks, from legal actions by employees or competitors to emergencies that disrupt cashflow. Insurance not only protects your business, but it may also safeguard your personal assets if you’re found liable in a lawsuit.
