Even if your business is small, you cannot expect things to go as planned.
It is a fact that businesses and individuals sometimes have to take risks in order to reach their goals. If things go wrong or accidents occur and cause significant loss of value, profits or even people within the company, you will need a back up plan or something like business insurance to protect the business and all employees.
Small businesses often choose to insure themselves against many kinds of losses and accidents. We know that finding the right insurance company can be difficult. To help small businesses choose the best, we have compared several insurance companies. To protect themselves, choose insurance like auto and general liability.
Continue reading to find the best insurance company for your business.
Let’s now get to the details.
1. Hiscox – Big coverage for small businesses
Hiscox offers small business owners affordable, quick and affordable coverage. Hiscox, a USA-based specialist insurer, has a long history of protecting businesses.
The company has clients worldwide in many industries including architecture, engineering, beauty and commercial maintenance. Hiscox can provide a quick and free quote within minutes for your company’s expertise.
Hiscox can help you with many types of business insurance. This includes professional liability, errors, omissions and workers compensation. Business owner’s insurance, cybersecurity and short-term liability.
| Pros | Cons |
| International insurance offers great scalability | No local office |
| Small business policies are specialized | Large companies are not eligible |
| Offering a variety of business insurance products | |
| Offer 14-day money-back guarantee |
Pricing
Hiscox pricing plans can be customized and depend on many factors such as industry, location and business size. Hiscox charges a minimum of $350 annually for general liability insurance. Hiscox offers three types of insurance:
- Coverage starting at $22.50 for professionals
- General Liability: Coverage starting at $29.17
- Coverage starting at $41.67
Coverage for many industries is available at $22.50 per month, which is affordable for small and independent contractors.
2. The Hartford – Home, Business, and Car Insurance Quotes
The Hartford can be said to be one of the best-value companies due to its ability to offer insurance policies as well as industry-specific packages that provide multiple coverages.
Hartford’s small business insurance covers you for expensive damages and lawsuits resulting from natural disasters, accidents, worker’s compensation, and other factors. Hartford can give you the confidence that your business is in good hands. The company has been helping small businesses for more than 30 years and employs highly-rated specialists.
The Hartford’s Business Owner’s Policy, (BOP), provides three important coverages.
- General Liability Insurance: Protects your business against financial losses due to property damage, personal injury or claims arising from advertising injuries.
- Business Property Insurance: Protects your company’s physical locations, tools and equipment.
- Business Income Insurance: This covers the loss of earnings if your business is closed due to fire, theft, or other unfortunate events.
Your business grows over time and you will need to be more protected for what you have worked so hard to build. Now, Hartford can scale with you. Based on your risk, the company will provide you with a new quote for small business insurance.
There are several types of coverage that you might need for your business’ growth:
- Workers’ compensation
- Commercial auto
- Professional liability
- Cyber insurance
| Pros | Cons |
| There are many types of industry-specific coverages | Online quote forms are not always accurate. You should switch to direct calling with an agent. |
| It is easy to tailor coverages according to specific needs | Hartford is connected to AARP (American Association of Retired Persons). Policies are only available for members of the organization |
| Experts who are passionate and professional | |
| Worker’s Compensation Insurance with many high-quality and convenient services | |
| Excellent customer service | |
| All 50 States are eligible for insurance |
Pricing
Pricing at Hartford can vary and be affected by many factors such as business location, exposure to risk, experience in business or industry, type of business and deductible.
Only when you request a quote can the exact insurance cost be provided. The latest update to its BOP offers four levels in coverage: Stretch, Stretch Plus, Super Stretch, Super Stretch and Premier Stretch. The Stretch level, which covers the most common risks small business owners might face, costs around $100.
You should also consider lawsuits when estimating insurance costs. If a claim is filed that leads to a lawsuit, insurance costs will rise.
3. State Farm – Auto, Life Insurance, Banking, & More Insurance
State Farm was founded in 1922 by G.J Mecherle, a retired farmer. It is best known for its home and auto insurance. The company’s history dates back to G.J Mecherle selling his first auto insurance.
State Farm’s mission helps people manage their daily risks, deal with the unexpected, and achieve their dreams. The founder’s words, “Honesty doesn’t make a good policy; it’s the only policy,” inspired the company to adhere to the highest standards of integrity.
State Farm provides nationwide insurance coverage making it one the most trusted overall insurance companies. State Farm offers the best auto insurance in America, but you can also rely on their small business insurance to protect and grow your business.
State Farm can offer different insurance products depending on the stage of your business, such as starting up, growing, maturing, or changing ownership. Let’s say your company is just starting out. Some essential insurance coverages in this case include business owners policy, personal health, business & commercial auto, individual and professional liability umbrellas, workers’ compensation, small business life, and professional liability.
| Pros | Cons |
| An extensive nationwide network of agents | There are fewer deductibles than other insurers |
| Are there any local agents? | Sometimes, the online quoting system for manufactured or mobile homes is not available |
| Different types of coverage can be combined with endorsements or add-ons (e.g., home-based business endorsements). | Discounts may not be available in all states |
| With a user-friendly app for mobile, we are committed to customer convenience | |
| Policyholders get many discounts |
Pricing
State Farm’s average cost for commercial insurance policies depends on many factors such as the location of your business, industry, gross sales, employees and payroll. Policy limits, endorsements, deductibles, claims history, and experience can all affect the cost. The average monthly cost is between $22 and $179.
4. Insureon – No-hassle Business Insurance
Insureon offers a wide range of insurance options with several top providers. It allows you to compare multiple quotes from A-rated carriers to make it easier for you to find the right type of insurance for your business.
You can quickly choose the right carrier by comparing their prices, coverage, exclusions, or deductibles.
Insureon provides essential, cost-effective insurance coverage through its partners carriers. This will keep your business protected and minimize loss. All essential coverage is available, including general liability insurance and business owner’s insurance (BOP), professional insurance, commercial property insurance as well as workers’ compensation insurance and cyber liability insurance.
Insureon partners with other carriers to offer specialized coverage, such as liquor liability insurance in restaurants and builder’s insurance for construction firms. If you are in these areas, Insureon can provide a quote.
| Pros | Cons |
| Multiple quality carriers can be found on a single market | Only eight insurance products are available for online quotes. To get quotes on other types of coverage, you will need to contact Insureon |
| There are many coverage options available | Insurance doesn’t address policy issues, but any questions or claims regarding policy will be directed to the carrier |
| You can have hundreds of licensed agents to talk with you about your insurance options |
Pricing
An analysis of 28,000 small-business owners who bought commercial insurance from Insureon has revealed that Insureon’s insurance costs are approximately $2,800.
The average cost of general insurance, which is the most affordable option for small businesses, was $42 per month and $500 per year. A business owner’s policy that bundles general liability and property insurance at a discounted rate was $53 per month or $636 annually.
Cyber liability insurance is affordable for many business owners. Others pay $1000 to $2000 per annum.
5. Next Insurance – Small business insurance is now easier than ever
Next Insurance provides fast insurance coverage. In certain situations, small business owners may need instant insurance. To be approved for a loan for your business, you will need to provide proof of insurance. The lender trusts you more if you can prove that you are able to repay the loan.
Next Insurance offers online insurance that is quick and easy. You can request an online quote, and the coverage is tailored to your industry. All steps are completed in a matter of minutes.
Next Insurance provides the following four essential products for business insurance: general liability insurance; professional liability insurance; commercial auto insurance; and workers’ compensation insurance.
| Pros | Cons |
| It takes less than 10 minutes to receive a quote | Property and BOP insurance are not offered |
| Online claim submission: Get proof of insurance | Only six types of insurance are available |
| Each industry has its own custom policies | |
| Monthly premium payments are free of charge | |
| Customers get quick responses |
Pricing
Next Insurance has some of the best premiums in the industry. Apply online for a quote to find out the exact cost. Sometimes, you will need to answer additional questions.
Below are the rates of Next Insurance’s business insurance:
- General liability: Fitness trainers start at $150 per year and handypersons at $450 annually. General liability policies do not include a deductible. The annual premium starts at $750
- Professional liability: There are several options for premiums and a $2000 deductible.
- Commercial auto: There are many premium options available. The deductible is either $0, $500 or $1000 depending on the state and policy.
6. TrustedChoice is an independent insurance agent
TrustedChoice brings convenience to insurance service to a whole new level through its extensive network of independent agents. Local service is excellent as there is an independent agent for every city. This makes it easy to get the advice you need. Agents in your area will also be able to help you find the right insurance company and products that suit your needs.
An independent agent can help you adjust your insurance to meet the needs of your company, employees, and other factors. They will walk you through the options and assist you in getting the best quotes. They will help you find the right policy for your needs. Independent agents can be your partner to protect your business against sudden and catastrophic costs so you can concentrate on growing it.
TrustedChoice offers business insurance that includes liability insurance, commercial property and commercial vehicle insurance. It also covers workers’ compensation and directors & officers (D&O).
These essential coverages are vital for small businesses. Start small and increase your coverage as your business grows.
| Pros | Cons |
| Agents in every city | A different local agent might deliver a different customers experience |
| You can customize your coverages to meet your needs | Agents have all the options; customers do not get involved |
| Independent agents are more focused on customers | No online quotes |
| Agents compare several insurers to help you find the best match. | |
| Get quotes from 55 insurance companies |
Pricing
Small businesses can get business insurance at a cost that is as low as $600 per year. You should note that insurance premiums will go up if your business is more risky.
Premiums can be affected by these factors:
- Employees
- Data breaches are possible
- Probability of an accident
- Probability of a lawsuit
- Probability of damage
7. Suracy – Business insurance
Suracy is committed to protecting your business and helping you manage risks and encouraging growth.
Suracy offers national insurance programs to support a wide range of franchises, larger and smaller businesses, as well as organizations. This is a great choice for small and medium-sized companies. Suracy offers small businesses the necessary coverages at a cost-effective price that can be tailored to meet their specific needs.
Suracy can help you find the right insurance solution to grow your business. They offer transparent and safe policies. Suracy offers a wide range of insurance options including:
- Professional liability insurance
- Workers’ Compensation Insurance
- General liability insurance
- Policy for business owners
- Insurance for commercial property
- Cyber liability insurance and disability insurance
- Insurance for employees
- Commercial auto insurance
- Insurance for medical malpractice
- Paid Family Leave
| Pros | Cons |
| Streamlined distribution to all locations | Third-party affiliates provide insurance |
| Insurance policies that are tailored to the needs of businesses can be customized | |
| Provide useful tips and resources to businesses |
Pricing
Suracy offers a variety of insurance products for small business owners. Each insurance product’s cost will vary depending on the industry and business size as well as the risks taken by your business.
You will need to obtain a quote as pricing information is not available on the Suracy website.
8. TechInsurance – Technology Business Insurance
TechInsurance can help you find the best rates and coverage for your small business. There are many types of small business insurance that cover different kinds of accidents, lawsuits, or damages your business might sustain.
TechInsurance policies protect software and tech companies from the most common risks. TechInsurance’s available insurance coverage includes:
- Insurance for errors and omissions
- Cyber liability insurance
- Fidelity bonds
- Policy for business owners
- General liability insurance
- Workers’ compensation
Expanding coverage may be necessary for businesses with high-end equipment, directors or additional liability. TechInsurance offers specialized coverage to address these unique risks in order to better serve customers. These special offers include umbrella/excess insurance, commercial property insurance and business interruption insurance. They also offer directors and officers insurance.
| Pros | Cons |
| Easy, fast insurance purchase | Sometimes contact is bad |
| Competitive pricing | |
| Prompt, professional assistance | |
| Different insurance options available to suit different risks | |
| Small business resources that can be helpful |
Pricing
TechInsurance policies have the ability to directly impact your median costs.
- General liability: $28/month, $340/year
- Errors and omissions $61/month or $728/year
TechInsurance also offers a free application that allows you to see the cost of insurance for your company before you buy. Small business liability insurance can be expensive due to policy limits and deductibles. Higher limits mean greater coverage and higher costs.
The graph below shows the median insurance cost for tech companies.
9. Nationwide – Insurance Services Company
Nationwide provides simple, straightforward insurance solutions to small businesses that have high risk and special requirements for general liability. Nationwide was founded in 1995 as a small mutual insurance company. It has since grown to be one of the most important insurance and financial services companies worldwide and has a strong reputation for providing the best general liability insurance.
Nationwide also offers general liability insurance. Nationwide also offers a variety of business insurance including commercial auto, business property, business owners policy and business liability.
Nationwide offers its services and products to companies in all countries. The company serves a variety of industry specialties, including contractors, retail shops & services and professional services.
| Pros | Cons |
| It’s easy to create an account and request a quote | There is no major or disability insurance |
| There are many types of insurance coverage | |
| Get some special insurance products | |
| A bundle of analyzers and tools to assist customers in making investment decisions | |
| Financial stability is guaranteed for Nationwide | |
| Vanishing deductible |
Pricing
The average cost of Nationwide’s business insurance policies is similar to other competitors. It depends on the industry, location, gross sale, employees, payroll and experience. The monthly cost ranges between $22 and $179.
10. Travelers – Personal and Business Insurance Solutions
Travelers is dedicated to helping you turn risks into opportunities for your business. Travelers understand that every company is exposed to risks, regardless of industry. We offer a variety of business insurance options.
The company does more than help you deal with the unexpected. It helps you plan for, identify, and recover quicker from the risks. As much as possible, you can reduce the chance that unexpected events could cause havoc in your business.
Travelers receive three essential coverages for Business Owners: commercial liability insurance, property coverage, business income and additional expense coverage. These are the industries that Travelers supports:
- Construction
- Energy & Renewable
- Financial Institutions
- Healthcare
- Manufacturing
- Real Estate
- Technology
- Transport
- More
Travelers can be criticized in a variety of ways, so make sure to do your research before you purchase insurance from an independent Travelers agent.
| Pros | Cons |
| To help investors make the right decisions, you should have expertise in every industry | Prices and features are dependent on the industry and operation. |
| Fair, fast & effective services | Customers are often unhappy with the quality of auto and home services. |
| Solid financial strength | |
| A++ rating by A.M. Best | |
| Over 20 specializations supported |
Pricing
The cost of travel insurance depends on several factors such as the age of the person, their plan type, number and destination of travelers, pre-existing conditions, coverage limits, deductible and length of trip.
Your travel insurance will generally cover 4% to 10% of your total non-refundable trip expenses. Some premium plans may have a higher cost than the price range.
Bottom line
For small businesses, insurance is essential. An insurance company is an umbrella that protects your business from unanticipated events and loss. It’s best to contact the company directly to clarify your questions about the company, its services and your benefits.
So that you can choose easily, we select companies that provide a broad range of insurance coverage across all industries and countries. Keep checking this list for updates. You can also leave reviews if you are able; they will make our list more useful.
