Having insurance for your small business protects you from circumstances that may lead to losses in your business. It safeguards both your assets and other liabilities. In this article, we will go over the top 10 best small business insurance companies that you should consider in your search for the best insurance provider for your business.
Small Business Insurance
No business, small or large, is immune to its own risks and challenges. So, having your small business properly insured is one of the best moves you can make.
The type of insurance you need for your business depends on the type of business you are running. For small businesses, there are a number of insurance options you can get. They include and are not restricted to business owners’ policies; general liability insurance; auto insurance; workers’ compensation; errors and omission; management and liability; cyber insurance; etc.
Best Small Business Insurance Companies
As a business owner, simply purchasing a random insurance policy with a random insurance company just for the sake of it is not enough. A lot more goes into selecting a suitable insurance company for your small business.
Here are a few factors to consider when choosing from the best small business insurance companies to sign up with.
1. Know what small business insurance is best for you: First, find out the different types of small business insurance and which one is best for you. Some of them include general liability insurance, building, and contents insurance, commercial auto insurance, workers’ compensation insurance, product liability insurance, etc.
2. The history of the insurance company you are considering: You are unlikely to get into problems with a company that has been around for many years, as a strong social media presence, as well as positive reviews for the most part. So you want to be sure to do your digging before settling for your choice.
3. Pricing: You want to consider the quotes from different suitable options first before selecting one. It helps that you have a budget and also know how far you are willing to bend it for the right option and reasons.
Top Small Business Insurance Companies
Here is a list of some of the best small business insurance companies in the country. You can check through and decide on which is suitable for your business.
1. Hartford
Hartford is a well-known insurance company that provides multiple coverages. They cover both large businesses and small businesses. Hartford covers different small businesses ranging from construction companies to art galleries, salons, and others. They have proven to be one of the best small business insurance companies in the company. Hartford primarily offers property and casualty insurance.
Benefits
- They provide insurance in about 50 states.
- They provide customized insurance plans that suit each individual’s needs.
- They have years of experience, which has made them reliable.
- They provide multi-coverage insurance.
Drawbacks
- Their policies are only made available to organization members
Pricing
Hartford’s pricing varies depending on the insurance policy you’re going for. Your insurance cost can only be determined when you apply for a quote.
2. State Farm
State Farm was founded in 1922. They are famous for their auto and life insurance policies. State Farm is suitable for small business owners because they help cover risks that can occur day-to-day. They are quite helpful in sustaining small businesses with their cheap and affordable insurance policies. They also offer insurance depending on the business stage and have been dependable.
Benefits
- They have agents around the country.
- Easy to access with mobile apps.
- They make use of local agents.
Drawbacks
- Discount offers are not available to all states.
- Online quoting form is not available for all.
Pricing
The price varies due to some factors like employees, policy limits claims history, and so on. But the price is around $22 to $179 monthly.
3. Hiscox
Hiscox is one of the biggest insurance companies in the US. Their insurance policies are very suitable for small businesses. Hiscox is a popular, large, and cheap insurance company that has been tested and trusted over time. Hiscox not only offers insurance for small businesses in the US but also globally in various sectors ranging from health, engineering, fashion, retail, and many more. It is one of the leading insurance companies in the US, and it is suitable for small businesses.
Benefits
- Policies suitable for small business
- Covers different business insurance products
- It is international
Drawbacks
- It is not for big business
- They do not have a local office
Pricing
Hiscox pricing also varies. Your insurance cost will be determined when you apply for a quote online.
4. Chubb
Chubb is one of the best small business companies in the United States. They have been around for many years, providing coverage for many businesses and companies. They also have a foreign package that offers insurance outside the USA. Chubb provides the following insurance packages: cyber enterprise risk management, workers’ compensation, BOP, management and professional liability, etc.
Benefits
- They have strong finances
- They have agents to help clients out with their insurance policies
Drawbacks
Their customer service is not available 24/7
Pricing
The pricing of Chubb also depends on the insurance policy you want to purchase.
5. Insureon
Insureon makes it easy for you to decide the type of insurance that fits your business needs by offering various insurance policies. Some of the services they offer include Business Owners’ Policy, general liability insurance, cyber liability insurance, and many more.
Benefits
- Offers multiple insurance coverage
- Regular communication between their agents and clients
Drawbacks
They don’t offer enough online quotes for insurance products.
Pricing
The price of Insureon varies. For instance, the cost of general liability insurance starts at $42 per month and $500 annually.
6. Nationwide
Nationwide offers simple insurance coverage for small businesses with high risk. It is a famous insurance company that is recognized globally with a good reputation that they have built over time, especially in general liability insurance. Asides this, they also provide the following insurance policies; auto insurance, cyber liability, property, and many more.
Benefits
- It is simple to sign up for Nationwide
- The quote is easily available
- They offer several insurance coverages
Drawbacks
They do not provide medical insurance
Pricing
The cost of insurance at Nationwide depends on some factors like gross sales, claims history, employees, and many more. You can get a quote from them online for accurate pricing.
7. Next Insurance
Next Insurance is another one of the best insurance companies in the country. They have a proven record and reputation for providing insurance packages for small businesses adequately. Next Insurance is well known for its swift online services, which enable easy access to getting a quote. They provide general liability insurance, auto insurance, and many more.
Benefits
- There is easy access to evidence of insurance online
- They have swift online services and quick generation of online quote
- They have good customer care services
Drawbacks
- They provide just a few insurance services.
- They do not have BOP.
Pricing
Their insurance rates are quite affordable. To get an accurate quote, you can apply for one online through their website.
8. Liberty Mutual Insurance
Liberty Mutual Insurance is one of the largest and best small business insurance companies in the country. If you need a suitable insurance provider for your small business, Liberty Mutual is definitely worth considering. They have a wide breadth of insurance coverage that is designed to suit their clients’ needs. They also offer attractive discount rates.
Benefits
- They have attractive discount offers
- They offer several insurance coverages
- They have a cool online service
Drawbacks
Their auto insurance rating is low
Pricing
To get an accurate cost of their insurance rates, it is better to get a quote for the plan you decide to go with.
9. Trusted Choice
Just like their name implies, they can be trusted. Trusted Choice is unique and effective with a broad network of independent agents. Their broad network of agents makes their local services quite effective. The independent agents help the customers identify their needs and the type of insurance policy that will suit them. They have insured several small businesses with great reviews.
Some of the insurance services that they provide are auto insurance, general liability insurance, and inland marine, among others.
Benefits
- They have independent agents in all cities.
- Their agents always prove helpful to the clients
- Insurance coverage can be worked to meet your specific needs
Drawbacks
- There is no access to an online quote.
- The options are in the hands of agents, not customers.
Pricing
The price of insurance coverage varies, for accuracy a quote should be requested.
10. Travelers
Travelers insurance is well known for its excellent support services in workers’ compensation insurance. They offer cheap and affordable insurance for small businesses.
Benefits
- Their customer service is available 24/7
- They make use of independent agents
Drawbacks
There is no online quote
Pricing
For accuracy, you will need a quote from an independent agent since an online quote is not possible.
Small Business Insurance Companies Near Me
To find the nearest small business insurance company to you, you can search the appropriate database of the state where the company is registered. Also, you can search for the nearest small business insurance company around your location on Google Maps, this is much easier than searching for the appropriate database.
Another way to go about it is by finding out if one of the best small business insurance companies discussed above has a branch close to you and contact them.
Frequently Asked Questions on Small Business Insurance Companies
How do I know that I need small business insurance?
You need a small business insurance if you are running a small business and you know that you have absolutely no way of avoiding risks. Having a small business insurance helps you to avoid paying the cost of a lawsuit or any other damages that your business may encounter.
What liability insurance can I get for my small business?
There are different types of business liability insurance you can get for your small business. Some of them include Business Owners’ policies (BOP), business property insurance, business income insurance, business flood insurance, etc.
What are the types of small business insurance?
There are different types of small business insurance including general liability insurance, property insurance, commercial auto insurance, workers’ compensation insurance, errors and omission insurance, business owners’ policy, product liability insurance, cyber liability insurance, etc.
Conclusion
Insurance is very important in any business especially for businesses with little investments. Insurance shields a business from all unforeseen circumstances and unexpected loss.
