Opening a business takes a lot of effort, especially when it comes to abiding by all the rules and regulations that come with such an endeavor. There are licenses to register for, tax forms to prepare, and plenty of paperwork to fill out. Knowing who to trust for business insurance, and even what kind of coverage you should have can require a lot of effort in and of itself.
If you’re struggling to find business insurance, you’re not alone. Many business owners get tripped up by all the conflicting information out there, which is why we’ve put together this guide on the best business insurance companies. With any one of the companies below, you’ll be covered for the worst-case scenarios.
When you have the right business insurance coverage, you can enjoy peace of mind. Your source of income and livelihood is protected, allowing you to focus on what’s ahead of you. With your safety net in place, you can focus your attention on what matters most: your customers.
If you're in a hurry you can get a quick quote from multiple lenders from the following:
- NEXT: Next Insurance allows small-business owners to shop online for most important types of insurance coverage.
- BizInsure: BizInsure is a leading online insurance service for small businesses. Compare and buy insurance online in minutes from leading carriers and no paperwork. Get professional liability, general liability, BoP, and workers comp from leading insurers.
- Simply Business: Get quotes from top insurers and buy instantly with low monthly payments.
Are you ready to learn more about business insurance and which companies can help cover one of your biggest assets? Let’s get started!
Why Should You Carry Business Insurance
Like most insurance policies, business insurance helps protect you, your employees, and your company from liability in almost every direction. Legally, your business must have disability, worker’s compensation, and unemployment insurance if you have employees. Further insurance policy requirements vary from one state to the next, so it’s best to consult with your local authorities to see what types of insurance you’re legally required to maintain.
It’s common for businesses in distress to rely on business insurance policies to help them recover. Protecting your company’s assets can go a long way in shortening the road to recovery if something were to happen.
If you're a small business owner looking for insurance coverage, consider using NEXT Insurance's online platform. You can easily shop for and apply for the most important types of coverage in just a few minutes. Plus, if you bundle policies, you can receive up to a 10% discount. Once you're signed up, you can access your certificate of insurance online for free and share it digitally with others. Take advantage of these benefits to get the coverage you need for your business.
What to Look for in Business Insurance Companies/Policies
When you’re considering insurance companies to partner with for your policy, you should consider the following:
- Coverage type
- Claims process
- Monthly premiums
- Customer service and support
- Company reputation
- Additional services
The more you can find out about an insurance company, the better. You may even want to check reviews on Google and other review sites to see what current and past customers are saying. You’ll also want to find out what types of business insurance they offer so you can create the best policy for your needs.
Types of Business Insurance
There are many types of business insurance. Coverage typically includes:
- General liability
- Worker’s compensation
- Commercial property
- Professional liability (errors and omissions)
- Product liability
- Cyber liability
- Commercial property/hazard insurance
- Business owner’s policy (BOP)
You may also find companies that offer businesses umbrella insurance, which covers events that go beyond the normal scope of your standard policy. This type of insurance can be well worth the cost if it’s the difference between your company recovering and declaring bankruptcy.
Best Business Insurance Companies
Here’s our list of the best business insurance companies. Contact a few of your favorites to compare rates and get the best coverage possible for your situation.
1. NEXT
NEXT is an online business insurance provider that offers policies for purchase on an individual basis or in customized packages for various industries, such as child care, fitness, and construction.
Users of NEXT can handle their claims digitally and access and share their certificates of insurance electronically.
For small-business owners who need swift coverage and digital policy management, NEXT is a great option.
NEXT insures a variety of businesses, both small and large. However, it’s often the best choice for smaller businesses that want an individual policy or a group policy.
Plus, you can get a quote online and even see your updated coverage online as well. You can also access NEXT via their mobile app.
NEXT provides coverage for basic insurance needs such as general liability and worker’s compensation. Additional types of business insurance coverage include commercial auto and commercial property, product liability, business owner’s policy, errors and omissions, liquor liability, and tools and equipment.
Although NEXT manages its own claims and is independently rated by AM Best, it may not provide all the specialized coverage a business requires. If you're interested, you can get an instant quote from NEXT here.
If you're a small business owner looking for insurance coverage, consider using NEXT Insurance's online platform. You can easily shop for and apply for the most important types of coverage in just a few minutes. Plus, if you bundle policies, you can receive up to a 10% discount. Once you're signed up, you can access your certificate of insurance online for free and share it digitally with others. Take advantage of these benefits to get the coverage you need for your business.
2. Chubb
Businesses that serve clients overseas will find Chubb helpful in extending coverage across borders. This insurance carrier is known for offering unique coverage that other insurance companies may not, though you may pay more for the privilege. Even still, Chubb is known for its excellent service.
Coverage options from Chubb include cyber, product recall, surety, marine, environmental, management liability, railroad liability, global casualty, excess and surplus, and medical liability. They even offer international solutions for growing companies as well.
If you’re looking for that extra touch, Chubb does provide a “white glove” service that ensures your business is covered exactly how you want it to be. Plus, it’s reported that Chubb pays out on claims quickly, so you can get back to business without a hitch.
3. Allstate
You know Allstate for their “in good hands” commercials, but did you also know they offer business insurance? Yes, your business may be eligible for insurance coverage through Allstate. In fact, it’s one of the best carriers for real estate agents and those who provide rental services.
Allstate’s business insurance wing is known for their high level of customer service. They offer both business property and liability coverage, in addition to customized coverage to fit your needs. As with their car insurance premiums, they also work with your budget to maximize your coverage.
4. The Hartford
If you’re not sure you can qualify for coverage with other insurance carriers, check out The Hartford. This carrier covers the majority of business types. However, you should note that residents of Alaska and Hawaii are not eligible for coverage.
Policies from The Hartford may include commercial auto, commercial umbrella, business income, data breaches, commercial property, general liability, and professional liability. Plus, you can also bundle different types of insurance to get the best rates. The Hartford allows you to apply online and get your quote within minutes.
This industry-leading insurance company does have a mobile app, but you can’t file business claims on it directly. Though there is no live chat feature, they do provide some of the best customer service during the claims process. All the same, there’s a lot to love about The Hartford when it comes to business insurance.
5. Travelers
Like The Hartford, Travelers provides business insurance for several companies in a wide variety of industries. In fact, Travelers even covers Canada, Ireland, and the UK. However, it shines brightest when it comes to worker’s compensation coverage.
Many people report a positive experience when working with Travelers for their worker’s compensation coverage. Travelers also offers management and professional liability, boiler and machinery, general liability, surety bonds, environmental liability, and excess casualty and umbrella. Currently, there are over 500,000 businesses that use Travelers to cover their workers in case anything happens.
6. AmTrust Financial
We typically don’t think of insurance when we visit a restaurant, but they’re a business that needs coverage as well. In fact, if you’re looking for insurance for your restaurant, you should check out AmTrust Financial. It’s one of the few insurance carriers that serves hundreds of businesses in over 70 countries, all since 1998.
Typical coverage from AmTrust Financial may include peak season, liquor liability, foodborne contamination, spoilage, stock sales price, and umbrella limits. It’s not as well-known a company as some of the others on our list, and some restaurants may not qualify. At the same time, AmTrust Financial also serves many nonprofits, in addition to transportation and financial businesses.
7. State Farm
Arguably, small businesses need business insurance more than larger businesses do, at least until they’re established. When it comes to small businesses, State Farm stands out, and not just for their neighborly service.
In fact, State Farm can provide individual health, small business life, commercial liability umbrella, professional liability, business owners policy, and business and commercial auto coverage. As your company grows, you can easily work with State Farm to adjust your coverage accordingly, giving you a policy that will grow with you as you gain more clients.
In addition, State Farm also offers a business insurance directory that includes a list of businesses they insure. This can help with networking and even getting to know your neighbors. State Farm does require that you file your claims over the phone, but they do have live chat support as well if you run into any issues.
8. Progressive
Bundling with Flo might be great for personal insurance needs, but it’s also great if you need to insure a commercial automobile. All the same things you love about Progressive transfer over to your business insurance policy, including affordables rates and potential discounts.
In addition to automotive coverage, Progressive also provides general liability insurance, cyber insurance, worker’s compensation, professional liability, and business owner’s policy. They can cover practically anything on two to four wheels, including commercial trailers. You’ll get a 15% off discount if you pay in advance and have access to 24/7 commercial auto service if/when you need it.
9. Liberty Mutual
Business insurance from Liberty Mutual covers quite a variety of circumstances, including general liability, umbrella, property, inland and ocean marine, worker’s compensation, third-party administration, excess liability insurance, product recalls, and equipment breakdown insurance. Plus, you’ll have access to up to $250,000 in consulting expenses to address media coverage and public relations to manage any potential crisis.
10. Farmers Insurance
Most retail businesses rely on Farmers Insurance to cover their businesses when it comes to theft, loss of income, and/or injuries. Coverage may also include worker’s compensation, umbrella, life, loss control, crime, auto, and property insurance. Check with your local Farmers Insurance agent to see what coverage your retail location qualifies for.
11. Founder Shield
If you’re looking for more traditional business insurance, check out Founder Shield. This insurance carrier offers general liability, worker’s compensation, umbrella insurance, and crime insurance. Additional coverage such as cyber insurance, fiduciary liability insurance, product liability, and pollution insurance is available as well.
Founder Shield is less than 10 years old. It’s often named the best business insurance carrier for tech startups. In addition, it’s also 100% digital, so you can manage your coverage and claims online.
12. Nationwide
If cybersecurity is near the top of your list when it comes to business insurance, you should check out Nationwide. This insurance carrier also covers cyber liability, worker’s compensation, business liability, commercial auto, general liability, equipment breakdown, accounts receivable, and commercial property.
Nationwide also offers business owner protection insurance for businesses that bring in up to $5 million in revenue. The business solution center also provides advice and guides on cybersecurity and social media. However, you won’t be able to get disability or major medical insurance coverage through Nationwide. They also do not provide online chat options when it comes to contacting customer support.
FAQs
When applying for business insurance, you’ll need to provide details such as the business name, location, any partners or co-owners, when the business began, how many employees you have, an estimation of your business’ revenue for the upcoming year, and basic contact information. Insurance companies may request additional information at their discretion.
Your business will need at least disability, worker’s compensation, and unemployment insurance to remain in compliance with federal law. In addition, you’ll need to abide by local and/or state regulations as well.
Yes, even LLC owners will need business insurance. While LLC structures protect your personal assets from being tied in with the business’ assets, there is no insurance coverage provided within this structure. That’s where business insurance comes into play.
Insure Today for a Secured Tomorrow
We hope you’ve found this article helpful in finding the best business insurance companies that can protect your source of income. Insuring a business can be tedious but it’s part of the process to protect your most valuable assets and prepare for the future. With the right business insurance company, coverage can provide the safety net you need to go about your daily business with a sense of peace. There are many unforeseen circumstances that plague even the best of businesses, but it’s all about how you react that makes the biggest difference.
