Business insurance may shield your organization’s assets from a range of hazards, such as costs associated with property damage, worker accidents, third-party liability claims, and even litigation.
While general liability insurance is recommended for all business types, the choice to get supplemental coverage should be based on your industry, where your company is located, how many workers you have, and the value of your company’s commercial assets.
Take a look at our top selections for the finest small & large business insurance providers to get the coverage that’s suitable for you.
- Chubb –Best Small Business Insurance Companies
- State Farm – Best for customer satisfaction
- Travelers – Best for workers’ compensation
- Nationwide –Best for general liability insurance
- Progressive – Best for commercial auto insurance
- Progressive – The best for business insurance marketplace
- Thimble – Best for small & Micro enterprises
- Liberty Mutual –The Best for Umbrella insurance
Your company is your most important and precious asset; safeguard it with a business insurance coverage.
A Simply company Insurance coverage may shield you against a variety of risks, including losing your company partner and dangerous legal actions. By selecting your state, you may obtain a free quotation.
Small, mid-size, and big businesses can choose from a variety of business insurance options offered by:
Excellent scores for customer satisfaction
comparatively few NAIC complaints for a business of its size
Not all types of policies are accessible for online quotations.
Companies with annual sales of more over $2 million are required to engage with a local agent.
Why Chubb? Chubb routinely performs better than the industry average in J.D Power’s Small Commercial Insurance Study, which is why it is our choice for the top small business insurance provider overall. For a business of its scale, it also has an extraordinarily low amount of complaints filed with state regulators.
The State Farm:
- Extremely flexible insurance options
- Live chat assistance
- Some insurance brokers cannot work in several states.
- Claims must be made by phone, not online.
The reason we decided on State Farm is due of its high ranking in the most recent J.D Power’s Small Commercial Insurance Study. State Farm is our runner-up for customer satisfaction. Even though it has a higher NAIC complaint index than our top option, Chubb, the firm has continuously scored among the top three insurers for customer satisfaction over the previous three years.
- A++ rating from A.M. Best; largest workers’ compensation insurer in the U.S. the highest level of financial stability
- Nationwide network of independent local insurance agents
- Ocean maritime plans, cyber insurance, and commercial vehicle and transportation
- Each state’s level of coverage availability
- Only via phone are quotations obtained and claims submitted.
- Neither substantial medical insurance nor disability insurance
- No online chat assistance
- Its subsidiaries almost all have high NAIC complaint indices.
The reason we choose Nationwide is that it enables clients to increase this coverage with a range of endorsements, from liquor liability to personal and advertising harm coverage. Nationwide is our choice as the finest small business insurance provider for general liability plans. Because of this, small company owners may customize the coverage to fit their particular sector.
- United States’ second-largest commercial auto insurance.
- Discount for purchasing a number of business insurance plans together
- A wide range of hazards and vehicle types are covered by policies.
- Lack of live chat assistance online
- Discounts are not offered in every state.
Because it is accessible in all 50 states and insures nearly every type of commercial vehicle, Progressive is our pick for the top small business insurance provider for commercial car policy. In most areas, policyholders also receive an unlimited travel radius and free, unlimited coverage adjustments at any time.
- Bundling plans with the same carrier or several carriers might earn you discounts.
Obtain estimates for plans beginning at $10/month from various providers.
online applications and claims submissions; coverage starts in 24 hours
- Available everywhere, although state policies differ
- Each carrier’s claims department must receive claims directly.
Why CyberPolicy was the best small company insurance marketplace: CyberPolicy has partnerships with a number of top providers, some of which are included on our list, making it easier to compare business insurance rates. Even if they are purchased through other carriers, customers might still receive discounts for bundling numerous plans.
- Flexible policy periods with coverage available weekly, daily, or even hourly
- 60 second Certificate of Insurance
- 100+ different kinds of small enterprises are covered
- No call or chat options
- Not accessible in New York or Washington
Thimble is our top pick for the finest small business insurance provider for tiny businesses due to its adaptable policy terms and reasonable coverage costs. Small company owners may also get coverage by the hour, which is perfect for independent contractors or those who work as-needed.
- Online or using the mobile app, submit claims
- 24-hour claim support
- crisis management assistance
- Policies defended by unaffiliated parties
- High NAIC complaint index across the board
Why we choose Liberty Mutual: Liberty Mutual’s standard umbrella policy gives up to $25 million in coverage and can be upgraded to $100 million, making it the finest small business insurance provider for umbrella insurance. For businesses wanting for total liability protection, this is an excellent choice.
other businesses that we looked:
- A seasoned commercial insurer with almost 120 years of expertise
- several measures designed specifically for small businesses
- Very few NAIC complaints
- Not all insurance products are accessible for online quotes and purchases.
- There is no coverage in Alaska
- In AK, DE, FL, KS, RI, WA, and WV, BOP is not accessible.
- Offers workers’ compensation insurance across the country.
- Discount when policies are combined
- J.D. Power’s Small Commercial Insurance Study gave it a below-average rating.
How does commercial insurance operate?
The operation of business insurance is identical to that of other insurance. Customers pay an insurance company a monthly payment in exchange for the insurer agreeing to share some of the business’s risks. The business owner can then submit a claim for compensation with the insurance provider in the case of a covered loss, such as a fire or flood that damages the company’s buildings.
The insurance provider pays out the proper sum as loss compensation after processing a claim and determining the losses. The size of the claim and the kind of coverage will determine how a claim is handled precisely.
BOP, or business owners’ policy
A business owner’s insurance for small and medium-sized firms combines many coverage choices into a single policy.
Liability, property, and business interruption coverage are frequently included in BOPs. This kind of coverage can shield your company from lost revenue or unforeseen costs brought on by a covered loss. Cybersecurity is also covered under several BOP policies.
Cyber liability protection
Data breaches, hacks, and other cyber disasters are covered by cyber liability insurance, including direct financial losses, customer damages, and legal fees. Businesses that are frequent targets of cyberattacks, such as online merchants, service providers, fintech firms, and insurance organizations, must have this coverage.
Compensation for workers
If an employee is hurt at work, workers’ compensation will pay for the medical bills, lost income, and disability benefits. The insurance will pay for funeral costs and other benefits for the family if the employee passes away as a consequence of the injury.
Businesses with more than three to five employees are legally required to acquire workers’ compensation insurance in all states except Texas. The required bare minimum of employees varies from state to state.
Contrary to what the name implies, disability insurance is a feature of company health insurance that pays for an employee’s out-of-pocket medical costs.
Business auto insurance
Commercial auto insurance often includes coverage for the vehicle’s damage as well as responsibility for bodily injury and property damage brought on by an accident involving a company vehicle. Additionally, non-owned automobiles used by workers for work, including rented cars, may also be covered.
Insurance for professional liability
Typical business insurance exclusions
Basic business insurance plans are modified by insurance riders, floaters, add-ons, or endorsements to provide benefits that match the needs of the firm. The most typical riders are:
Commercial property floater: A form of insurance that covers moveable property owned by a company, such as inventory, tools, equipment, and supplies, whether they are kept on-site or off.
An add-on that extends coverage for extremely expensive objects that are outside the scope of a typical personal property policy is known as a personal property rider.
Business interruption insurance: Offers financial security to companies in the event that their regular activities are unintentionally disrupted or stopped, as may happen in the case of fires, natural disasters, or other catastrophic occurrences.
Protects the company from the financial effects of losing a key owner or employee in the case of their passing or incapacity.