Having insurance coverage for your small business as a business owner cannot be overemphasized. There are several risks businesses face regardless of their sizes. So it’s always a wise move to ensure that you are insured. On the other hand, finding the best insurance for the kind of small business you run can be a hassle. But with the right information it can also be a breeze and we’re about to make it so. In this article, we will cover some of the best small business insurance picks for LLC.
Small Business Insurance for LLC 2022
According to research, 45% of small businesses are not insured. Also, 25% of the small businesses that get affected by a business risk are unable to reopen as a result. Even though insurance is much talked about, it is still surprising to know that many small business owners have not taken this step to cover their businesses. Choosing the best small business insurance for an LLC depends on one too many factors. They include the specialty of the business, the industry it belongs to, the assets owned by the business, the premium costs of the insurance package and other things. There are many great insurance companies in the country but the best choice to make for your business would be largely dependent on considering these factors carefully.
Best Small Business Insurance Picks for LLC 2022
Here are some of the best small business insurance for LLC in the country:
1. Nationwide
Nationwide Mutual Insurance Company is one of the largest insurance companies in the United States. Founded in 1925, they provide various customized insurance policies particularly for small businesses. They have been around for many years and have built a reputation as one of the best small business insurance companies. Some of the policies they provide include auto insurance, annuities, mutual insurance, home owners, mortgages, commercial insurance, etc. Nationwide is quite famous for their car insurance policies. They are also very suitable for small businesses as they offer multiple commercial insurance policies for businesses. To get a quote, you would have to call an agent.
2. Liberty Mutual
Liberty Mutual is one of the best small business insurance that is much talked about. Their insurance coverages include auto insurance, workers’ compensation, equipment breakdown, Business Owners’ Policy (BOP), etc. Liberty Mutual has a very extensive Business Owners’ Policy and offer one of the best in the country. They cater to a wide range of businesses in different industries such as real estate, healthcare, finance, construction, wholesale, etc. Unlike other insurance companies, they do not have online quotes. But with the help of a broker or an agent, you would be able to get the necessary information.
3. Chubb
Chubb comes highly recommended as one of the best small business insurance companies because they offer a wide range of services designed to meet the needs of small businesses. They supply a variety of insurance policies ranging from general liability insurance to accident insurance. Chubb has been around for over a hundred years since they were founded in the year 1882. Some other insurance services they provide include: workers’ compensation, professional liability, property insurance, management liability insurance, event insurance, and so on. They also offer discounts for home businesses. To get a quote from Chubb, you would have to reach out to them directly depending on the package you decide to go for.
4. State Farm
State Farm Insurance was founded in 1922. They have an extended network all over the country. This means they have various agents that can be easily accessed. They were ranked as number 42 on the Fortune list of 500 largest companies. State Farm is one of the best options for food businesses seeking to get coverage for their small businesses. They have well tailored plans that suit each small business’ peculiar needs. Some of the insurance policies provided by State Farm include, general liability insurance, workers’ compensation, employment practices liability insurance, commercial auto insurance, etc.There is no online quote available and you would have to get in touch with an agent to get a quote for your business.
5. Hartford
Founded in 1810, the Hartford is another option for the best small business insurance. They have been around for more than two centuries and have built a very reliable reputation by providing some of the best specialized insurance policies in the country. The most common policy offered by Hartford is the Business Owner’s Policy (BOP) which serves as a large umbrella of insurance policies that can cover nearly all business liabilities. Having one company covering all of your needs can be quite helpful, especially from the price perspective. Some other insurance policies they also offer include: marine insurance, employment practices liability insurance, workers’ compensation insurance, home-based business insurance, management liability insurance, etc.Their quotes are not available to view online however. You would have to visit their website online and fill an application form.
6. CNA
Founded in 1897, CNA is one of the best insurance providers for small business insurance in the country. At CNA, they offer coverage for general liability insurance, workers’ compensation, commercial property and casualty insurance, warranty and alternative risks, commercial auto insurance, ocean marine insurance, etc. CNA offers insurance covering for a wide range of businesses in different industries. They are especially reliable because they have been around for a long time and have built a good reputation. To get a quote from CNA, simply visit their website, and fill in information about your business. If approved, then you will be directed to a form where you can get an online quote.
7. Next Insurance
Next Insurance definitely makes it to our list of best small business insurance. Also known as Next, they offer different, customized insurance policies that are also very affordable. You can save up on money by subscribing to an annual subscription rather than monthly, or by choosing to opt for the Basic, Pro or Pro Plus options for each package. They provide small business owners with a seamless digital experience and their website is easy to navigate. Some of the policies they offer include, general liability, commercial auto, professional liability, workers’ compensation, commercial property, and so on. You can easily get a quote by filling an application form from their website which takes 7 minutes or less.
8. Hiscox
Hiscox was founded in 1901. They provide commercial insurance coverage for small, midsize and large companies. It is particularly suitable for micro business. Their goal is to protect your business from any casualties by getting you on affordable plans. Some of the services offered by Hiscox include: Business Owners’ Policy (BOP), general liability insurance, short term liability insurance, workers’ compensation insurance, professional liability insurance, cyber security insurance, etc. You can visit their website to get a quote via their online quote generator in just a few minutes.
9. Travelers
A good small business insurance plan is one that is uniquely tailored to meet the needs of the business and that is what Travelers does. Founded in 1864, Travelers is another one of the best small business insurances in the United States. They have been around for well over a century and, according to their official website, “have earned a reputation as one of the best property casualty insurers in the industry.” They offer insurance coverage to different small businesses in different industries including, service based businesses, healthcare, construction, non-profits, etc. Travelers offers insurance policies such as Business Owner’s Policy (BOP), professional liability, workers’ compensation, commercial general liability insurance, cyber insurance, etc. Their quotes are not available online.
10. Progressive Commercial Insurance
Progressive Commercial Insurance is a very reliable and affordable insurance company for business owners. This is why it features on this list of best small business insurance for LLC. They offer customized auto insurance and home insurance coverage for businesses. Progressive Commercial Insurance also offers different discounts for services you hire them to do, including when you combine two or more insurance policies together. Other services they offer include: workers’ compensation, property insurance, general liability insurance, auto insurance, etc. Another advantage of considering Progressive Commercial Insurance is that you can easily get a quote from them online, depending on the type of insurance you opt for.
11. Thimble
Thimble is a suitable small business insurance for businesses with few employees or for self-employed persons as well. Many small businesses will find thimble’s flexibility quite advantageous for their business as it also offers on demand plans. If you only need coverage for as much as a year or a few months or even as little as a week or an hour, you can get it on Thimble. They provide general liability and professional liability insurance policies for small businesses. One thing that marks Thimble differently from all others is how easily accessible it is to all and their flexibility as well. They allow you to make changes to your policy either by extending it or canceling it altogether from the thimble app.
Frequently Asked Questions on Small Business Insurance
Why do I need smal business insurance?
No business owner prays for loss in their businesses, but they kind of come with the package. They cannot be avoided sometimes, so the best thing to do is to prepare for them. You need a small business insurance package to ensure that your business is insured properly in the event that you experience some losses.
How much does small business insurance cost?
The cost of a small business insurance package is entirely dependent on the type of insurance package you choose to go for. The insurance service provider you go with also determines the cost of the insurance package as the rate varies with each company.
What type of business insurance do I need?
There is often the temptation to only get the minimum insurance you are legally required to have for your small business. But you must be careful to consider other risks that your business could face and get insurance for them. The type of business you run would also largely determine the insurance package you go for.
What does business insurance cover?
Depending on the package you go for, your small business insurance package could cover many things. They include lost income, property damage, car damage, lawsuits and other things.
What is the most important small business insurance to have?
General liability insurance is the most important small business insurance package. It covers a wide range of risks such as property damage, body injury, medical payment and other damages.
Conclusion
It is all good to be optimistic and to expect the best of your small business. However, if you are just starting your business, it is important that you get insurance for your small business. Take the right step right now and get your small business properly insured.
