Table of Contents
Our picks for the best insurance for small businesses are :
- The Hartford: Overall best small business insurance company
- Hiscox: Best for microbusinesses and independent contractors
- CNA: Best for professional liability insurance
- Coverwallet: Best for business owners who want instant quotes
- Progressive Commercial: Best for commercial auto insurance
- Liberty Mutual: Best for commercial property insurance*
- Embroker: Best for tech startups with venture capital funding
- State Farm: Best for businesses that need agent access
*Liberty Mutual quotation provided by our partner Commercialinsurance.net .
The Hartford: Overall Best Small Business Insurance Company
The Hartford is our top clean because of its ability to offer little business indemnity policies and industry-specific packages with more coverage inclusions than its competitors. Its team of small commercial lines specialists earns high ratings from customers for servicing and claims subscribe .
| The Hartford Strengths | The Hartford Weaknesses |
|---|---|
| Comprehensive business owner ’ second policy ( BOP ) with industry-specific coverage options | price data alone available after contacting insurance agents |
| top workers ’ compensation supplier | No on-line old world chat in application |
| Can offer on-line quotes to 51 professions in 23 industries | No coverage in Alaska or Hawaii |
| Online claim report available | Has under average customer atonement scores from the 2021 U.S. Small Commercial Insurance Study by J.D. Power |
| A+ ( Superior ) Financial Strength rat from A.M. Best |
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Coverage for Small Businesses
The Hartford offers Spectrum® Business Owner ’ second policy, where it provides customize coverage recommendations based on your commercial enterprise ’ south diligence and risk characteristics, a across-the-board range of coverage and increased limits, an enhance Stretch® package including a range of blanket limits and coverages, and a bright quoting platform .
There are optional coverages that The Harford under Spectrum® Business Owner ’ s Policy, including :
- Green upgrade coverage: Covering additional costs to repair or replace damaged covered property using eco-friendly alternatives
- Perishable goods in transit: Can cover loss or damage to perishable goods while in transit
- Liability worldwide coverage: Expanding the coverage territory by removing the provision where the insured’s responsibility in paying damages must only be determined in the United States, Puerto Rico, or Canada
- Data breach―fines and penalties: Protecting the policy owners’ businesses should a government agency issue a fine for data breach due to their noncompliance with laws or regulations on data privacy
- Data breach―Payment Card Industry (PCI) loss: Protecting the policyholder’s business if the bank issues a penalty fee for a data breach that occurred due to the insured’s noncompliance with PCI rules.
other indemnity coverages that The Hartford offers include :
- Workers’ compensation
- Business income
- Commercial auto
- Professional liability
- Multinational insurance
- Cyber insurance
Costs
Like most policy providers, The Hartford entirely provides specific pricing information after customers apply for a quote. however, the company recently updated its BOP endorsements to offer four levels of coverage options : stretch, Stretch Plus, Super Stretch, and Premier Stretch. The lowest floor, Stretch, covers the most coarse risks humble business owners face and normally costs about $ 100 to add to a BOP .
The Hartford is one of the few policy carriers that have plenty of on-line reviews found on its web site. While the majority of the reviews found on its web site are positivist reviews, there are third-party review websites, such as yelp, where policyowners have shared their negative know with The Hartford ’ s customer defend and their inability to use their insurance benefits, which could be due to its policy or coverage selections .
Hiscox: Best for Microbusinesses
Hiscox specializes in indemnity for businesses with five or fewer employees, offering several coverage types for a diverse laid of industries and more than 180 professions. It particularly stands out for businesses run out of the home by offering up to 5 % discounts on BOPs and general liability insurance for these businesses .
| Hiscox Strengths | Hiscox Weaknesses |
|---|---|
| Discounts for multiple policies and home-based businesses | only offers commercial car, workers ’ compensation, and employment practices liability through partnerships |
| particularly strong option for microbusinesses | No on-line chat in application |
| easy on-line application for accurate quotes for 180-plus professions | coverage not available in Alaska |
| Online claims processing 24/7 | not all indemnity coverages are offered on their on-line quotes chopine |
| A ( Excellent ) Financial Strength evaluation from A.M. Best |
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Coverage for Small Businesses
Hiscox specializes in liability coverage. It offers general liability and professional liability policies to nine industries and more than 180 professions. The party besides offers BOP that can be customized through endorsements for hired and nonowned autos, employee crime, and electronic data personnel casualty. additionally, Hiscox sells :
- Cyber insurance
- Management liability insurance
- Media liability insurance
- Commercial property insurance
Except for commercial property policy, most of the policies on that list are purchased in specific industries or by businesses with certain operations. Hiscox does sell more fundamental policy, like workers ’ compensation and commercial car, but it doesn ’ deoxythymidine monophosphate write those policies. rather, it partners with on-line insurance broke CyberPolicy to get clients these policies .
commercial enterprise owners should note that BOP isn ’ metric ton offered in 42 states, namely : Alabama, Alaska, Arkansas, Delaware, Florida, Hawaii, Idaho, Iowa, Kansas, Kentucky, Louisiana, Maine, Mississippi, Montana, Nebraska, North Dakota, North Hampshire, New Mexico, Nevada, Oklahoma, Oregon, Rhode Island, South Carolina, South Dakota, Tennessee, Utah, Virginia, Vermont, Washington, West Virginia, and Wyoming .
Costs
Hiscox charges a minimal premium of $ 350 per year for its general liability policy. Bundling that with property coverage into a BOP raises the annual minimal premium to $ 500. Its professional indebtedness starts at $ 270 per year .
Hiscox besides offers :
- Discounts of up to 5% for at-home businesses
- Discounts of up to 5% for buying multiple policies
- Monthly payment plans for no extra charge
- A 14-day full money-back guarantee.
Hiscox besides offers general indebtedness and professional indebtedness aggregate limits of up to $ 5 million each, depending on the industry and hazard associated with it. interim, it besides offers up to $ 4 million aggregate limits for BOP .
Coverwallet: Best in Providing Instant Quotes
As a noteworthy on-line broker, Coverwallet can help you be connected to its across-the-board list of providers, such as Liberty Mutual, CNA, Chubb, Hiscox, among others. It provides instant quotes after filling out relevant information about your business, giving it an estimate idea of the kind of indemnity you may need. Its wide-eyed list of insurance policies being offered in the US makes it a viable option for business owners to consider. It ’ second no surprise then that this is our exceed nibble for the best business indemnity brokers .
| Coverwallet Strengths | Coverwallet Weaknesses |
|---|---|
| Offers an easy-to-use chopine to get quotes from multiple providers for more than 80 occupations in 11 industries | Quotes may not be generated instantaneously |
| Has a policy management system to manage active agent policies and do claims processing | Slow-acting customer overhaul |
| With wide-eyed variety of coverage types available | As a agent, it can not provide policy itself and will be subject on their partners for the coverages your business will need |
| Charges a brokers fee and extra fees |
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Coverage for Small Businesses
As a broker, Coverwallet can link you to well-known indemnity providers, such as Hiscox, Liberty Mutual, and CNA, where it can provide indemnity policies like general liability, workers ’ compensation, employers liability, among others. Depending on the placement of your business and the consort risks it entails, Coverwallet can list all the possible coverages that can best protect your business from possible risks .
Coverwallet can besides help you manage your insurance policies through its MyCoverwallet, where you can manage your payments, create and download certificates of indemnity, access all policy documents in one platform, and process claims online .
Costs
Coverwallet has an on-line quote system where users can complete the data requested, such as the location of the business, and the annual tax income, among others, to get estimated quotes. Depending on the diligence, location, gross, and risks associated with it, Coverwallet can provide you with a summation of the possible indemnity providers who can give the best coverage for you .
CNA: Best for Professional Liability Insurance
As one of the largest property and fatal accident insurers in the US, CNA offers small clientele owners a broad range of policies and is a top supplier of professional indebtedness policy. business owners who are exposed to negligence claims should look at its BOP, called CNA Connect®, where it combines general liability and place coverage with a singular second for professional indebtedness .
| CNA Strengths | CNA Weaknesses |
|---|---|
| $ 2 million per occurrence/ $ 4 million aggregate limits available on general liability | No on-line claims reporting for professional, cyber, or management liability |
| Easy, one-page application that returns quote in minutes | No on-line quotes |
| A ( Excellent ) Financial Strength rate from A.M. Best | coverage may not be available in all states |
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Coverage for Small Businesses
CNA focuses entirely on commercial indemnity and is the market leader for professional liability indemnity, besides called errors and omissions ( E & O ). One of its raw insurance policies would be Epack 3, where cyber, media, engineering, and professional indebtedness are all rolled into one insurance policy. This insurance policy can help clientele owners know their parameters in sexual intercourse to new and increasingly complex exposures .
additionally, CNA lists 12 policies for small businesses, including less common coverages like :
- Fidelity and commercial crime
- Employment practices liability insurance (EPLI)
- Ocean marine
- Management liability
few insurers can offer these coverages to little business owners, but CNA can. Its BOP includes EPLI limits of $ 10,000 and damages to premises rented to you at $ 1 million mechanically.
Costs
CNA doesn ’ thyroxine contribution agio information or discount opportunities on its web site. however, CNA Connect, its BOP, does allow policyholders to drop unnecessary coverages or increase deductibles to reduce overall costs .
Progressive Commercial: Best for Commercial Auto
progressive Commercial is best known for providing comprehensive examination commercial car insurance. Whether you ’ re cover clientele car, trucks, limos, buses, or trailers, Progressive Commercial has coverage to suit your needs. Plus, the ship’s company has the widest range of commercial car endorsements for customizing your policy .
| liberal Commercial Strengths | progressive Commercial Weaknesses |
|---|---|
| multiple discounts available for commercial vehicle policy | Offers most small clientele indemnity through partnerships |
| easy on-line application that returns instant quotes | No on-line chat aid |
| A+ ( Superior ) Financial Strength fink from A.M. Best |
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Coverage for Small Businesses
progressive Commercial is the leading provider of car policy products, covering everything from cars to semis, but it besides offers extra policies through the Progressive Advantage Business Program. Third-party insurers write these policies that include most of the basic commercial enterprise indemnity policies like BOPs and professional liability policy .
Costs
liberal Commercial besides adjusts your rates by the season, which can provide huge savings for seasonal businesses like contractors .
annual average premiums through Progressive Commercial include :
- Commercial Auto―Business Auto: $2,256
- Commercial Auto―Contractors: $2,232
liberal Commercial offers nine discounts for qualify customers, including :
- Maintaining insurance in the past 12 months
- Having a commercial driver’s license
- Being in business for more than three years
- Bundling auto insurance with general liability or BOP
- Paying through electronic fund transfer
- Paying your entire bill up front and save up to 15%
- Insuring your personal vehicles with Progressive
- Using the company’s electronic logging device
- Enrolling in Snapshot ProView® for fleet management tools
note that some of the discounts listed above are lower in Washington and Virginia and excludes six-month policies in Florida. In accession, these discounts offered by Progressive Commercial may vary and may not be available in all states and situations .
Liberty Mutual: Best for Commercial Property Insurance
Liberty Mutual has more than 100 years of experience working with businesses of all types and sizes. It puts this extensive experience and its firm fiscal resist to use in developing commercial property policies with impressive coverage limits. For model, its BOP offers up to $ 25,000 in coverage for electronic data, employee tools, and employee dishonesty .
| Liberty Mutual Strengths | Liberty Mutual Weaknesses |
|---|---|
| Offers BOPs to more than 400 professions | No on-line quotes for commercial enterprise insurance |
| 1,000-plus downloadable base hit resources for policyholders | Can not process claims online |
| A ( Excellent ) rate from A.M. Best | No on-line aid for applicants |
| With 24/7 claims reporting via call |
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*Liberty Mutual quote provided by our partner Commercialinsurance.net .
Coverage for Small Businesses
Liberty Mutual has the basic coverage types that small business owners need, including a BOP that caps eligibility at $ 8.5 million in tax income and 1,000 employees and includes equipment breakdown coverage. More building complex, midsized businesses can choose a commercial package policy with more options, allowing the supplier to tailor its coverage better .
Liberty Mutual besides has two singular platform options :
- Specialty program: Insurance designed for hard-to-cover risks, including equine and livestock, captives, fine art and specie, and those that self-fund their health insurance plans against large or catastrophic claims.
- Northwest Group program: Insurance designed for those businesses and associations located in Montana and Oregon
Costs
The cost of coverage with Liberty Mutual varies depending on several factors. however, most businesses can expect to pay premiums between $ 200 and $ 3,000 per annum. Combining multiple coverage types in a BOP reduces costs compared to buying separate policies .
The alone way to get cost information from Liberty Mutual is to work with an agent to get a quote .
Embroker: Best for Startups
Embroker started as an on-line broker—it ’ mho on our list of best business indemnity brokers. Since then, it ’ randomness developed a pair of proprietary products to address the policy needs of startup. Working with both top-rated carriers and inner development gives Embroker the boundary with fast applications. Tech companies can gain instantaneous access to management liability indemnity that normally takes weeks to place with early carriers .
| Embroker Strengths | Embroker Weaknesses |
|---|---|
| premium credits available for startups funded by top venture capitalists | coverage available in only eight industries |
| Easy-to-use lotion returns quotes immediately | have with claims and service may vary depending on carrier |
| Online chat available 24/7 | No fiscal ratings available for proprietorship products |
| extra fees may apply |
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Coverage for Small Businesses
Embroker has a full line of commercial indemnity products but finds its niche in startups, specially those in highly regulate industries, such as engineering and cannabis. technical school companies, in particular, can get Embrokers ’ proprietorship management indebtedness coverage, and venture capital-backed businesses can take share in its digital Startup software that includes essential management indebtedness coverages like :
- Directors and officers (D&O) insurance
- Employment practices liability insurance
- Fiduciary liability insurance
- Tech E&O, including cyber liability
Unlike many commercial policy brokers, Embroker besides offers key person indemnity, health and employee benefits, and contractor-controlled insurance programs ( CCIPs ) .
Costs
Because it ’ s a agent, Embroker may charge extra fees for the services it provides. however, the caller besides offers a risk follow-up that helps business owners identify places where they can save on premiums. Startups backed by venture capital firms besides can earn a premium credit of up to 25 % by joining Embroker ’ mho Venture Capital Program .
State Farm: Best for Businesses That Need Agent Access
state farm is an policy supplier best known to have a countrywide network of policy agents available on-line. On top of offering a assortment of business indemnity policies, State Farm is known to offer industry-specific packages with speciate coverages .
| submit Farm Strengths | State Farm Weaknesses |
|---|---|
| Nationwide network of insurance agents available in all 50 states | limited on-line capabilities in managing business insurance |
| professional liability can be added to BOP | Would need to have a coherent communication with your agent to manage your occupation insurance policies |
| Can provide retirement savings vehicles for you and your employees | No on-line quotes |
| With on-line chat aid | Online claims march is alone for vehicular-related incidents |
| With high customer satisfaction scores based on J.D. Power ’ south 2021 U.S. Small Commercial Insurance Study |
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Coverage for Small Businesses
State Farm provides indemnity policies to more than 300 professions, including specify professions, such as psychologists and veterinarians who have particular risks in their line of make. aside from offering the standard indemnity policies, such as workers ’ compensation, commercial car, and commercial property, State Farm besides offers the follow :
- Surety and fidelity bonds
- Retirement plans for your business
Costs
state Farm doesn ’ thymine provide a platform where business owners can get their estimated costs instantaneously. The only thing they can do is to visit their web site, type in their ZIP code, and call the nearest ramify for a quotation .
How We Evaluated the Best Insurance for Small Businesses
Our evaluation started with the two things most little business owners are in short issue of— time and money. Can the company get you all the coverage you need promptly and for a reasonable cost ? however, we besides wanted to consider value, so we besides looked for other features like great customer serve or on-line claims report .
One important consideration when shopping for small business indemnity is the carrier ’ s fiscal military capability. This is how you know that the company can cover your call if you ever have to file one. The carriers on our list all have ratings of A ( Excellent ) or better from A.M. Best, a recognition evaluation representation focused on the indemnity industry.
Bottom Line
In our search for the best minor commercial indemnity companies, we looked for key qualities, including countrywide handiness, customizable coverage, competitive price, and favorable reviews. When choosing a supplier for your small business, be sure that it knows your industry to offer the best security against your elementary risks .
The Hartford makes finding an low-cost and comprehensive policy easy. Its team of experts provides customize coverage options to meet your needs. Complete a inadequate on-line questionnaire and receive a quotation mark in minutes .
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