Rebecca Michael

Every state except for Texas and South Dakota requires businesses to carry workers’ compensation insurance. Workers’ compensation insurance covers medical bills, rehabilitation costs, and lost wages for employees injured on the job or who experience a work-related illness. The price can vary depending on your business’s location, industry, and payroll. Typically, it costs $500 to $600 in annual premiums. Having a provider who you can trust with your business is essential. The Hartford, through its agents, will work with you to get the right policy for your individual business needs. Get a free, no-obligation quote online in minutes. Average Workers’ Compensation Insurance Costs The workers’ classification risk influences workers’ compensation insurance costs. As the risk of an employee being injured increases, the rates go up, exceeding thousands of dollars annually. What Coverage Does Workers’ Compensation Provide? Because workers’ compensation isn’t federally mandated, there are some differences in coverage for each state. However, there are overlapping benefit categories that workers’ compensation insurance provides: Lost wages: Workers’ compensation helps employees by giving them a percentage of their wage when they aren’t working during their recovery Medical expenses: Workers' compensation insurance pays the cost of medical care, including occupational and physical therapy Death benefit: Surviving family members can receive a financial benefit from an employee's income loss Legal costs: Covering the employers' legal costs and fees if an employer sues them for negligence Most states cover employees who travel to another state for business purposes, but you may find that the extent of the coverage changes by state. Business owners with traveling employees should discuss their situations with their agents. While state laws may differ related to a work-related injury, workers’ compensation insurance covers the injury as long as the employee is doing something related to their job, on-site or at a client’s location. What Workers’ Compensation Insurance Doesn’t Cover Due to the state-by-state nature of workers’ compensation, there’s some difference in what’s covered. For example, some states limit coverage to injuries directly related to an employee’s job duties. Some common claim denials are: Self-inflicted injuries Injuries due to employee roughhousing Injuries sustained while commuting to/from work Injuries sustained during voluntary recreational activities Injuries sustained while committing a crime Injuries sustained when an employee violates company policies Drug or alcohol-related injuries Common Workers’ Compensation Insurance Exemptions In addition to specific scenario-based coverage exclusions, there are also exemptions for certain types of jobs, meaning they aren’t eligible for workers’ compensation insurance benefits: Independent contractors: Independent contractors aren’t business employees, so they aren’t eligible for workers’ comp benefits Family members: Immediate family members are often exempt from coverage because they might be helping out from time to time with the business and not count as actual employees Limited liability company (LLC) members & corporate officers: LLC members and corporate officers often aren’t viewed as actual business employees but many states allow them to opt into coverage How Is Workers’ Compensation Insurance Calculated? There’s a simple formula that insurance carriers use to determine how much premium a business will pay. The formula considers the business class code (think: job type), claims history (referred to as experience modification rate or EMR), and the total payroll: Class code rate: A job is assigned a class code to determine the level of risk. Because of the importance of this number, every small business owner should review how their company classifies workers. The National Council on Compensation Insurance (NCCI) manages the class codes for 38 states. The remaining states use either their rating bureau or operate as a monopoly for workers’ compensation. Experience modifier: An EMR is a multiplier that starts at 1.0 and is used to determine whether an employer should pay more or less based on the number and types of workers’ comp claims they’ve had. If the number is below 1.0, their rate will go down, and the rate will go up if it’s above 1.0. Payroll: The third part of the equation is the payroll. The gross payroll of the company is calculated and then divided by 100. How Does Workers’ Compensation Insurance Work? Workers’ compensation insurance provides coverage to employers when their employees suffer workplace injuries or occupational diseases. Workers’ compensation coverage limits the employer's risk of lawsuits or fines. At the same time, employees have the support they need to recover from an injury, including surgery, rehabilitation, and disability pay. Workers’ compensation insurance is a no-fault coverage meaning it will pay regardless of whether an employee or employer contributed to the loss. Employees usually cannot sue their employers while collecting workers’ compensation benefits. Should an employee claim their injury results from employer negligence and file a lawsuit, many workers’ compensation policies carry employee liability coverage providing coverage for those scenarios. Whether your business offers health insurance benefits to its employees, nearly every state requires a business to have workers’ compensation insurance. Companies that don’t comply with providing workers’ compensation can be subject to hefty fines. Because each state is different, check in with your agency or insurance carrier on your state's specific requirements. Business owners without employees may want to consider self-employed workers’ compensation. Which Workers’ Compensation Insurance Company Is Right for You? Ways to Get Workers’ Compensation Insurance As with other business insurance policies, workers’ compensation is available on the open market. There are four main categories of workers’ compensation providers. Private carrier: Commercial insurance providers can offer workers’ compensation policies. This option is best if you need to buy multiple policies, such as a business owner's policy (BOP) or general liability, and your workers’ compensation. The best workers’ compensation companies seek to train employers on safety and make buying and paying for workers’ compensation insurance easy. State fund: If your business is in a high-risk industry or has existing workers’ compensation claims, obtaining insurance from your state fund might be the right choice. Not all states have a fund. However, Ohio, North Dakota, Washington, and Wyoming require businesses to purchase workers’ comp from the state fund. Self-insurance: This may be an option for your business, depending upon the state. If the state allows self-insurance, they require businesses to meet specific financial requirements or have a bond and hire an administrator. Typically, you also need to demonstrate a commitment to loss control and conduct a feasibility study. Professional employer organization (PEO): If your EMR isn’t great and your existing premiums are too high, it may be best to consider a PEO. Instead of an individual quote that factors your claims history, you’ll benefit from your employees being pooled with other employees. That results in a group rate that can be lower than what your business might qualify for on its own. Bottom Line Workers’ compensation insurance is an important policy that helps protect your business from liability and, at the same time, takes care of your employees should they get hurt on the job. As a coverage mandated for businesses in nearly every state, workers’ compensation is something that you don’t want to overlook workers' compensation as a small business owner. By working with a workers’ comp insurance specialist, business owners can manage costs while having the proper coverage. The Hartford can help with a fast, no-obligation quote.

Swim instructor insurance is a policy providing liability coverage for someone who directly oversees the teaching and training of swimming. Swim instructor insurance costs as little as $150 per year with a $1 million general liability policy. Some insurers offer unique industry-specific policies that cover both general and professional liability. The term “sports instructor” covers a range of athletic activities, with some carriers lumping swim instructors into sports instructors, so insurance options vary widely. CoverWallet makes the quote process easy with a couple of quick questions determining eligibility. You can get a free quote online in minutes. Swim Instructor Insurance Providers CoverWallet is a top national insurance broker that shops your exact coverage needs with dozens of insurance carriers. It allows you to work with licensed agents and compare multiple sports and swim instructor insurance quotes from industry-leading providers that offer both standalone liability policies and comprehensive BOP. CoverWallet is the right choice for sports and swim instructors who want to find the right mix of coverage for the absolute best price. Shopping for more than one insurance carrier allows CoverWallet to give sports instructors multiple options that protect all types of liability and business property. Sports Fitness Insurance Corporation is a specialty insurance company with a streamlined application process and easy-to-understand policy choices, including business equipment. The company specializes in sports and fitness companies exclusively and offers a range of liability policies, including professional liability and limited cybersecurity liability coverage. Swim instructors with no employees and who teach in small facilities less than 1,000 square feet are ideal customers for Sports and Fitness Insurance Corporation. Instructors can also obtain their certificates of insurance (COI) quickly and place additional insureds on policies for proper coverage. Sadler Sports & Recreation Insurance focuses on sports and fitness instructor programs for sports and swim instructor insurance. With policies starting at $500,000 and going up to $5 million for liability coverage, Sadler Sports and Recreation makes it easy to customize policies. They work with large and small sports instructor businesses. Sadler Insurance is the right choice for a sport or swim instructor working at multiple, larger locations where each requires a certificate of insurance. These include public pools, fitness facilities, and even private homes and venues. K&K Insurance specializes in commercial insurance for companies considered higher risk than others. As their tagline “We Take Fun Seriously” suggests, the company offers a wide variety of sports and swim instructors’ insurance. K&K Insurance has a streamlined process for swim instructors operating as sole proprietors. K&K Insurance provides coverage for the specific risks swim instructors face at a reasonable price. In our Post-Covid world, this includes coverage for incidental claims related to virtual training. The Hartford is one of the largest business insurers in the nation and covers a wide range of industries with a multitude of policies. Policies often include additional coverages for no extra cost compared to other companies, where each coverage has a different premium. The Hartford offers policies to both small and large organizations. Sports instructors who have business equipment and property should consider The Hartford. The carrier can write standalone business property policies to cover equipment owned by the sports or swim instructor. However, its general liability policies for sports and swim instructors are somewhat limited. Swim Instructor Insurance Costs, Coverage, & Deductibles An individual sports and swim instructor insurance policy can cost as little as $150 annually. There’s typically no additional cost when including professional liability. Sports and swim instructors seeking to protect business property as well may want a business owner's policy (BOP), which usually starts at $250 annually. Although costs increases are nominal, swim instructor insurance costs will increase as you add coverage. For example, the difference between $1 million in coverage with a $2 million annual aggregate through Sports & Fitness Insurance Corporation is $150. Doubling the limit only adds $15 to the annual premium. Swim Instructor Insurance Coverage Types Sport and swim instructor insurance policies commonly include general liability, professional liability, and medical payments. Swim instructor insurance costs change with the level of coverage and type of coverage you choose. Business property coverage can be added to general liability when instructors have a small amount of business-owned equipment. Instructors with more expensive equipment or who own a physical location often need standalone commercial property insurance. What Swim Instructor Insurance Doesn’t Cover The various swim instructor insurance policies have many exclusions. Ask your insurance agent and read through the policy to understand what’s covered and what isn’t covered. Most policies don’t cover coaching professional athletes or organized teams, including an organized nonprofit team. Swim instructor policies are only for individual instructors and coaches. Some typical exclusions for a swim instructor policy are: Accusations of criminal behavior Instruction in open water such as lakes, rivers, and oceans Physical therapy sessions Amusement devices such as bungees, climbing walls, and dunk tanks Professional athletes and organized team sports Insurance policies don’t cover illegal actions and intentional acts. Swim instructors need to be aware of how language and physical contact can be interpreted or misinterpreted as abuse or molestation. There may be riders a swim instructor can purchase to help defend against false accusations. Individual swim instructors have a legal duty to properly plan activities to mitigate the risk of injury and property damage. Proactive steps that you can take to avoid gross negligence include providing the proper equipment, disclosing risks and dangers, and the instructor supervising the activity. Instructors aren’t allowed to be grossly negligent. Bottom Line Swim instructors wanting to be prepared for potential injuries or accidents when teaching students need to consider purchasing swim instructor insurance. These policies are critical for protecting your business. Even if you’re a private swim instructor at someone’s residence, you should consider purchasing swim instructor insurance. When it comes to running a small business, it’s a sink or swim world. By protecting your business from liability claims, swim instructor insurance helps keep your business afloat.

A contractor controlled insurance program (CCIP) is a specific insurance policy purchased by general contractors to coordinate general liability for construction projects. Also called wrap-up insurance, CCIP insurance is controlled by contractors rather than project development owners. The cost for a CCIP starts at 1% of the construction costs with policy durations extending past construction completion. Finding the best provider for CCIP policies requires selecting one with the appropriate coverage for the specific project risks. CCIP Providers Alliant is a national leader in major industry insurance programs including agriculture, aviation, and petroleum companies. It offers individually underwritten programs as well as cobrokered policies to diversify risk and protect major projects effectively. Alliant also has a Risk Control Consulting division helping to customize policies and mitigate lesser-known risks. is a good choice for its streamlined underwriting system, 123OCP. This is the only online quote and bind system for large contractor’s projects. This program must be written on Admitted “A” Rated Paper meeting the highest credit standards. Chubb is the largest publicly traded property and casualty insurer in the world providing and leading the United States in commercial lines insurance. Chubb products are sold through brokers and independent agents, bringing a local touch and internationally recognized practices for risk expertise and underwriting discipline. Chubb is the right choice for a general contractor with a smaller construction project. Chubb’s CCIP insurance policies are available for projects starting at $10 million. Its lower construction cost threshold for purchasing a policy combined with its industry experience and risk management services makes Chubb a carrier to consider for smaller projects. Travelers is rated consistently in the top two as a commercial insurance company by premiums. When it comes to CCIP insurance, Traveler’s has more than 30 years of experience in offering coverage to contractors. It also has more than 100 risk control consultants who will offer on-site consultations. Travelers offer a wide variety of CCIP insurance policies, such as bridge construction, and bring an in-house claims team to the experience. Traveler’s is the right choice for a general contractor looking for a carrier that will work closely with them throughout the project. USI is an international brokerage using proprietary analytics to define risks while bringing local service of more than 8,000 nationwide experts to bring innovation to major projects. USI offers insurance, financial services, and employee benefits for business owners, making it an easy choice to get everything covered under one roof. USI is the right choice for contractors who value the combination of data analytics and in-person advice. By using local resources at the project location, USI underwriters are best able to tailor risk mitigation solutions that ultimately reduce the overall cost of insurance and risk management. Contractor Controlled Insurance Program Costs CCIP insurance costs often range from 1% to 2% of the overall construction project budget. Costs will vary depending on the size of the project, additional coverages added to the extended tail period duration, and the number of subcontractors on the project. Premium credits can help offset the cost for the general contractor. Premium credits are credits the contractor gets for maintaining the master insurance policy. The general contractor determines the cost, deductible, and any penalties for insurance and who is responsible for them. The goal of maintaining the CCIP master policy is to reduce the overhead costs to subcontractors, thus reducing the price bid on the project. These credits may in turn help reduce the premium. CCIP costs are affected by: Budget: Premiums are directly tied to the overall construction cost of the project. Deductible: Higher deductibles mean the project has higher self-insured retention reducing the potential payout of a claim. Duration of coverage: The period of indemnity is a tail coverage that protects contractors and owners after the project is completed; the longer the period of indemnity, the costlier the coverage. Loss history: Companies and contractors with a history of claims will pay more for coverage and protection. Who CCIP Insurance Is Right For Historically, a CCIP policy is for major developments exceeding $50 million in construction budgets. While this program is now available for a wider variety of construction projects, it isn’t always a cost-effective solution. An owner concerned with extended project liability should have a CCIP in place to protect his interests in keeping the project on schedule and budget. According to risk management experts, IRMI, common questions to consider when purchasing a CCIP: Are there excluded vendors or contractors? What are the exact locations covered? Is the subcontractor's existing insurance agreeing to not subrogate? What time periods are included and excluded? What’s the relationship between general contractors' and subcontractors’ regular insurance? Are there premium deductions and, if so, how are they calculated? It’s important to address these questions at the policy inception with existing subcontractors already having contingent contract awards in place. The Purpose of CCIP and How It Works The purpose of CCIP insurance is to provide one total package of liability protection for all contractors working on the project. CCIP will usually include excess liability and workers’ compensation. This is why it’s commonly referred to as wrap-up insurance because the coverage wraps around all of the involved parties. A general contractor purchases one policy. This brings the company, and all subcontractors under one general liability policy for the specified work. This protection for all involved parties, from the top down, helps streamline any liability disputes that may arise during the construction job. For example, a strip mall is being built by NewMalls USA, which owns and finances the project. All Jobs General Contractor is hired to do the physical construction by hiring and overseeing various subcontractors. The subcontracted plumber’s work leads to a pipe bursting that floods not just the project, but the neighboring art studio. The CCIP insurance policy would cover the damages caused by the subcontractor. Having a CCIP also brings down the cost of the overall project. Because the CCIP provides coverage for all subcontractors, the insurance is typically less than if each subcontractor had to purchase their own policy. This, in turn, helps lower the overall cost of the project which then helps the general contractor be competitive. Pros & Cons of a CCIP Coverage & What CCIP Doesn’t Cover CCIP insurance protects against general liability at the job site. However, it doesn’t offer builders risk protection regarding business assets, supplies, and materials used in the construction project; nor does it extend to business office liabilities or compensation. Note that not every subcontractor is covered under CCIP. Certain subcontractors and providers aren’t covered by the CCIP insurance: Suppliers Material vendors Haulers Truckers Hazardous operations (blasting and demolition) Subcontractors must be specifically identified with a budget itemized for their duties on the overall project. General contractors need to obtain a Certificate of Insurance from excluded subcontractors for the work being performed on behalf of the project. What To Keep In Mind When Purchasing CCIP Major construction developments have many moving parts and a lot of stakeholders providing input. Getting CCIP insurance is imperative to the financial success of the project. As such, it’s important that small business owners take the time to prepare. 1. Solidify Subcontractors’ Contingent Contracts Changing the coverage terms and inclusions on a CCIP isn’t as simple as calling your agent and asking for a change in deductible or extra inclusion. Inform subcontractors that bids must be firm and obtain contingent contracts upon the project greenlight. The insurance is one of the last components set in place before you break ground. 2. Confirm the Period of Indemnity for CCIP Policies The period of indemnity protects all stakeholders and contractors for a timeframe past the project completion. Confirm how long the CCIP protects for liabilities beyond the project’s construction completion date. The period of indemnity should coincide with the state statute of repose (similar to a statute of limitations) for claims to be filed. 3. Review All Insurance Coverage Needs Major construction developments need more than just general liability coverage. Look at the overall need to determine if builder's risk, workers’ compensation, and umbrella insurance policies should also be considered. Bottom Line Because CCIP programs are very complex, understanding what is CCIP requires an insurance partner that a general contractor can trust to truly evaluate the project risk, overall company risk, and ways to save. Every development needs insurance to get permits and fulfill contract terms with developers. CCIP covers more than builder's risk insurance, so be sure to see the pros and cons of both for your next real estate development project.

Although not required by law, commercial property insurance is essential coverage that protects a business’s physical assets from damages or theft. While there are numerous commercial property insurance companies, each provider varies in its premium rates, covered perils, supplemental services, and industry specialties. We reviewed more than 20 of the best commercial property insurance companies and narrowed it down to the nine best based on their ability to serve small businesses. : Best for cost-conscious business owners seeking customizable property coverage : Best for midsized businesses that want coverage flexibility to meet their changing needs : Best for small businesses seeking to bundle commercial property in a business owner's policy (BOP) : Best for owners who want to compare quotes from multiple top-rated carriers using a broker : Best for manufacturers who need added protection for equipment breakdown : Best for commercial real estate owners who need coverage for multiple properties : Best for contractors who want specialized equipment protection for their tools : Best for solopreneurs who need commercial property coverage in their BOP : Best for Small business owners who want an easy-to-use policy management system Chubb: Best Overall Commercial Property Insurance As one of the world’s largest publicly traded property and casualty insurers, can provide a comprehensive range of products for companies of all sizes and a multitude of industries. In particular, Chubb offers a strong BOP for small business owners that includes coverage for business personal property and business income that even allows coverage for international operations. Coverage Highlights Ranging from $500 to $3,000 premiums for small businesses, the commercial property component of Chubb’s BOP includes protection for business personal property, business income, electronic data, off-premises property, valuable papers and records, property of others, property of employees, and dependent business premises. While Chubb doesn’t currently offer building coverage with its BOP, the business personal property lets you do replacement cost and value based on the selling price of finished stock. Features Chubb offers other service benefits and resources, such as: 24/7 claims support: Chubb claims representatives are available to assist you at any time. You can also file a claim and estimate damage online from any device. Broad, customizable coverage: For each of its business insurance products, you can also customize your coverage to only pay for what you need. International coverage: Chubb can help businesses located in, or with operations in, more than 170 countries. Online services: Includes business income consultation to determine required limits and risk management resources to help prevent commercial property losses. In addition to offering solid coverage to a plethora of small businesses and providing supplemental service features, Chubb can also assist extremely hard-to-place risks through its Westchester subsidiary. This surplus lines insurance option is great if a business has seen a ton of commercial property insurance claims and struggles to find coverage in the standard market. Travelers: Best Commercial Property Insurance for Midsized Businesses is one of the largest business insurance carriers in the world and can write commercial property insurance standalone, within a BOP, or packaged in a commercial package policy. The company stands out particularly well for its integrated coverage and risk assessment approach for midsized companies through the Travelers Deluxe Property insurance. This coverage provides lots of flexibility for commercial buildings, personal property, and income. Coverage Highlights offers basic commercial property policies along with the Travelers Deluxe Property package for midsized businesses. This solution comes with broad coverage that includes customization and flexibility for the continuous change in business customer needs. Standout features of the Deluxe Property coverage include: Green building alternatives: Covers the additional costs incurred to repair or replace buildings using green alternative products and materials EDP equipment: Embedded in business personal property for data and media coverage Leasehold interest undamaged tenants improvements and betterments coverage: Coverage for loss of property associated with cancellation of a lease by a commercial landlord after property loss at that location Personal property in transit: Provides coverage for property being transported and outside of the coverage territory Business income extended period: A coverage extension of 180 days, with options to increase even further. Travelers also offers a great BOP with comprehensive property coverage for very small businesses that may not need the Deluxe Property package. For example, if you work in financial services, you can add on coverage for accounts receivable and valuable papers. Features Travelers has additional online services including a claims center and risk management resources that let insured’s learn new ways to prevent losses for commercial property based on their unique industry. The Hartford: Best Commercial Property Insurance Company for BOP Coverage has a wide appetite for business risk in that it covers many industries and business sizes. While all providers on this list can include commercial property insurance in a BOP, The Hartford offers one of the more robust BOP options available. Furthermore, this carrier has solid premium rates, lots of policy options, and tailorable small business coverage, making it the top-ranked insurer for the best small business insurance companies. Call for Quote: 888-219-3051 Coverage Highlights The Hartford offers a BOP with commercial property coverage completely tailored to the industry and risk factors of each insured. This policy includes building coverage, business personal property, inventory, and business interruption for lost income during a shutdown and extra expense to get an operation back and running. Hartford's BOP policy also can give insureds general liability, professional liability, and data breach coverage. Features The Hartford offers additional helpful features including: Business insurance checkup: Interactive tool to determine if you have the right amount of coverage protection for your business. Risk exposure education: Risk is best mitigated with education, and The Hartford provides several resources to help commercial property owners reduce potential claims. Added protection: The Hartford includes more endorsements without additional costs in its BOP coverage. Online claims filing: Ability to report commercial property claims online anytime anywhere and track the pending status of claims easily. Not only does The Hartford underwrite most types of risk, but its policies also cover more with fewer added costs than its competitors. When it comes to a BOP, few can bundle coverage better than The Hartford. You can get a quote online but will need to use an agent to bind coverage depending on the policy and industry. CoverWallet: Best Commercial Property Insurance Broker Option is an alternative to directly using a carrier as it’s the best commercial property insurance broker. With this platform, you can quickly obtain multiple commercial property quotes from numerous carriers simultaneously. This online brokerage service gives insured’s free quotes from nearly a dozen carriers sorted by best value. The range of coverages, carriers, and simplicity of the online system also makes it the best overall insurance broker. Coverage Highlights Since this provider is a broker that represents a handful of carriers, its coverage limits, covered perils, deductibles, exclusions, and packaging options will vary by carrier. Regardless, you’ll still be able to obtain standard coverages found in a commercial property policy for: Buildings Business personal property Equipment breakdown Business income Construction costs Features Additional features of CoverWallet include: Insurance needs assessment: Use CoverWallet’s Insurance Checklist for help determining your commercial property and other coverage needs based on your location, revenue, and number of employees. Online policy management: CoverWallet offers a slick online portal to manage policies, make payments, get a certificate of insurance, and obtain additional coverage easily—even if you already have business insurance elsewhere. Business insurance glossary: Resource for understanding common and uncommon commercial insurance terms and definitions. Coverage obtained through CoverWallet depends on the carriers that offer coverage for your unique needs. Applications often return multiple quotes so you compare each carrier’s coverage and costs easily. This does mean, however, that you need to work with that carrier and not CoverWallet if you need to file a claim down the road. Liberty Mutual: Best Commercial Property Insurance for Manufacturers is a top business insurance provider with a national stronghold that serves individuals and smaller businesses for both property and liability coverages. The carrier offers broad options for commercial property, including strong equipment breakdown options which make it ideal for small business manufacturers. Coverage Highlights Small businesses with unusual risks can go to Liberty Mutual for a commercial package policy with more options—allowing the provider to tailor its coverage better. Manufacturers in particular can add on protection for professional liability, equipment breakdown, environmental liability, and product recalls. Liberty Mutual even offers replacement at guaranteed costs, global coverage for property overseas, and plenty of deductible options to control premiums. Features Liberty Mutual has these additional services to help business owners with other challenges: Risk control on-demand: Customizable services depending on your policies to help prevent or mitigate losses through virtual consultations and education materials. Insights: Online web page with articles and other written resources sortable by industry, topic, type of resource, and specific insurance coverage. Liberty Mutual strives to enhance relationships with customer service and policy add-ons that alleviate the frustration often experienced when filing claims. Some small business owners appreciate personalized relationships with local agents to address new needs efficiently. Farmers: Best Option for Commercial Real Estate Businesses While mostly known for its homeowners’ coverage and not necessarily business insurance, does write commercial property insurance as well as other standard coverages like general liability, crime, commercial auto, work comp, and umbrella. Its coverage features for real estate businesses that own offices, retail centers, industrial parks, warehouses, or self-storage facilities particularly stand out compared to others on this list. Coverage Highlights Farmers offers basic commercial property insurance as well as add-on coverage options that are appealing for commercial real estate businesses as well as apartments, and homeowners associations. Some of these highlights include: Generous business interruption coverage: Lost income resulting from damage to owned building for up to 36 months (18 for apartments) Extended replacement coverage: For unanticipated costs if repairs of older building exceed policy limit Location-based policies: Homeowners association (and) apartment policies can share single location coverage limit rather than based on individual structures Building ordinance coverage: Included with every policy, this accounts for unanticipated costs when repairs of an older building must comply with new laws or building codes. Features Although limited in the types of business coverages available relative to other carriers on this list, Farmers is touted for its excellent customer service, underwriting process, and personal service for its insureds. There are also plenty of online resources for claims reporting and educating yourself on how to prevent and mitigate against potential property claims. Nationwide: Best Commercial Property Insurance for Contractors is a leader in property and casualty insurance across the country—offering coverage options for tons of industries and businesses large and small. Small business contractors, such as carpenters; plumbers; electricians; heating, ventilation, and air conditioning (HVAC) specialists; painters; landscapers; and others can get a lot of value from Nationwide’s commercial property to protect equipment and tools in transit and at client locations. Coverage Highlights In addition to other coverage needs a contractor should have like general liability, commercial auto, surety bonds, and workers compensation, Nationwide provides robust property and inland marine policies for equipment, supplies, and tools on the go as well as business income coverage. There are also plenty of endorsements, floaters, and add-ons insureds can get, such as: Builders risk endorsement Contractor’s combination policy Equipment broadening endorsement for additional perils Equipment sales and rental coverage form Installation floaters Features Nationwide also stands apart from other carriers with these additional features: Real estate development: There are special risks involved with insuring property not yet completed. Nationwide deals with development risks of all sizes, from a small strip mall to a major complex. Prevention and loss-control resources: Nationwide offers small business owners tools to prevent claims from happening in the first place, such as resources by industry and employee management tools. Exceptional national coverage: Customer service representatives are available 24/7 to answer questions about policies and potential claim issues. Nationwide can be a one-stop shop for a business’s insurance needs for liability, property, bonding, and work comp coverages. Furthermore, it has terrific online resources and solid personal services through a direct agent of the carrier as well as independent agencies that represent the carrier. Hiscox: Best Commercial Property Insurance for Solo-operated Businesses is a specialty small business insurance company that focuses mostly on micro and solo-operated businesses, such as freelancers or independent contractors. One standout attribute of its commercial property policies is that personal effects are covered on the commercial policy—something typically excluded from other companies. This is especially useful for home-based businesses or owners who store personal items with business ones. Coverage Highlights Whether standalone or included in the BOP, Hiscox will cover numerous business property elements, some of which aren’t usually included in other property policies, such as: Equipment Tenant improvements Property in or away from the office Accidental damage Personal effects Lost income plus extra expenses Electronic data Interruption of computer operations Valuable papers and records Forgery and alternation Accounts receivable Features Additional benefits of insuring with Hiscox include: Online management: The online platform is designed to get businesses covered quickly through one simplified process, including same-day certificates of insurance. Bundling at competitive pricing: Even though Hiscox partners with top carriers, it’s able to keep premium costs down through discounts, such as up to 10% off for home-based businesses and for buying multiple policies. Solopreneur focus: The small businesses, including those that are home-based, receive tailored coverage for their needs plus online resources for managing a small business and controlling risk. Hiscox is exclusively a business insurance carrier, offering no personal lines of insurance. It covers all lines of commercial insurance but mostly focuses on small and micro-sized firms like freelancers, home-based businesses, and mom-and-pop shops. Various risks can ibe covered through Hiscox policy offerings including general liability, directors & officers, commercial auto, umbrella, and management liability insurance. biBERK: Best Commercial Property Insurance Policy Management Capabilities As Berkshire Hathaway mostly only insures midsized to large enterprises, is a division that helps small businesses procure insurance solutions. The biggest standout traits of this company are its easy-to-use online capabilities. For instance, insureds can acquire self-served quotes and purchase policies from the website. Additionally, they can obtain certificates, file claims, make payments, and handle work comp audits all in one place easily. Coverage Highlights While biBERK only offers commercial property with its BOP option, the online quoting is very intuitive and lets users generate highly customized policies. When completing the online application, you can adjust various policy attributes, such as deductibles, limits, industry-specific endorsements, and risk-specific endorsements depending on your operation and location. The property component of the BOP includes coverages for: Building or leased space Inventory Equipment Tools Other people’s property Business income and extra expense Damage to premises rented to you Since the property is bundled into a BOP, insureds will get a packaged policy with other coverages normally found in a BOP like general liability. There are also optional endorsements for cyber liability, hired & non-owned auto, employment practices liability, employee benefits liability, equipment breakdown, and liquor liability. Features biBERK strives to make buying and managing commercial insurance easy for business owners with: Three-step coverage: Most business policies, including commercial property, can be obtained in three simple steps through the carrier’s easy online app. Comprehensive online policy management: Billing management, claims filing, certificate retrieval, and even work comp audits can be fully done through the online system. Loss control services: Policyholders enjoy access to Training Network NOW, an online safety training library with 350-plus training modules, videos, and instructional materials. biBERK offers instant quotes and readily available coverage for many industries. Due to the nature of its simplified approach, however, biBERK is currently unable to handle writing every type of commercial insurance for every state. On the flip side, since much of the work can be completed online, BiBERK offers up to 20% discounts on certain commercial insurance policies. How We Evaluated Commercial Property Insurance Companies To determine the best commercial property insurance companies, we evaluated the carriers and brokers based on many factors including financial strength, premium rates, customer satisfaction, key policy features, and additional resources and services. We also evaluated providers based on their appetite and ability to insure specific industries to determine which providers can help the most small business owners. The criteria we used to evaluate the best business property insurance carriers include: Financial strength: All insurance companies are rated based on financial strength and claims-paying ability. All companies on the list have an A rating or higher, meeting the highest standards for solvency. Underwriting process: Every insurance company has its own standards and procedures for underwriting. A simplified, quick process helps commercial property owners get coverage quickly. Key coverage features: Generally, companies will cover business personal property and business income for fire, theft, and some other standard perils. We looked at a company's ability to expand coverage to other types of property for various causes of loss and offer different valuation options for the insured. Premium rates: While each company will use a similar underwriting process to determine premiums, some may offer lower overall prices for coverage due to decreased actuary rates as well as offering discounts for bundling or for being in a certain industry. Additional resources: Supplemental risk services and information, such as claims management, risk control assistance, and education resources help insureds manage their policy and prevent potential commercial property claims. Risk appetite: Some carriers will either specialize in certain types of industries and risks or have the ability to write coverage for a wide range of businesses. Customer reviews: Users’ experience can only be evaluated by looking at what real customers have to say about the process of getting insurance, general service, and claims processing. Bottom Line Commercial property insurance offers financial coverage if your business’s building, personal property, or business income is compromised as a result of theft or damage. While many providers offer this type of coverage, the best commercial property insurance companies that we ranked can do so with better coverage features and optimal premium rates while providing additional services like online claims reporting or risk management tools.

Professional liability insurance protects businesses from claims of negligence or malpractice related to a service that resulted in a loss to the customer or client. Sometimes called errors & omissions (E&O) coverage, these policies are customized to the specific industry that the business operates in. We reviewed the best professional liability insurance companies on the market and narrowed our list down to our top eight picks: : Best overall professional liability insurance company : Best for technology businesses : Best for financial businesses : Best for businesses needing E&O policy customization : Best for media businesses : Best for medical malpractice coverage for healthcare businesses : Best for miscellaneous and hard to classify businesses : Best broker option for comparing multiple professional liability companies CNA: Best Overall Professional Liability Insurance Company is a strong all-around carrier that provides tremendous feature options for professional liability, both as a standalone policy or packaged with other coverages. Much of what makes it our pick for the top professional liability insurance company is its range of industry capabilities that include accountants, architects, dentists, lawyers, consultants, real estate agents, and nurses and nursing agencies which tend to be considered higher risk for professional liability. Coverage Highlights In terms of the specific attributes of CNA’s professional liability coverage, there are a few key highlights to note: Worldwide coverage Insured person includes current and former directors, officers, partners, employees—full-time, part-time, temporary, and seasonal—and independent contractors Broad definition of professional and technology services for more than 50 areas of practice No “hammer” clause—insurers must respect the insured’s decision and defend them if they don’t wish to settle a claim Coverage for proprietary claims like trademark or copyright infringement and media-related claims like defamation and misappropriation Preclaim assistance—paying for investigations into reported potential claims Options for defense costs inside and outside the limits Coverage for accusations of intentional wrongdoing until final adjudication Additionally, for those who plan to purchase a business owners policy (BOP) through CNA, certain industries have the option to add professional liability coverage as an endorsement. Additional Commercial Insurance Policies Because of the scale in which CNA operates and its current market position in the insurance industry, it can provide businesses with many other coverage options in addition to professional liability insurance. Some of these lines of coverage include: Commercial property General liability and product liability BOP Commercial auto Cyber liability Equipment breakdown Inland marine Surety bonds Umbrella and excess liability Management liability Workers’ compensation Warranty and alternative risk coverage The Hartford: Best for Technology Businesses is a terrific carrier for small businesses that can write a large range of coverages, including monoline workers’ compensation—a relatively rare type of insurance that’s offered as a standalone policy. While this company can do professional liability for plenty of professional service firms, the supplemental coverages, limits, and policy features specific to information technology (IT) businesses make it our top technology E&O insurance provider. Call for Quote: 888-219-3051 Coverage Highlights While The Hartford offers professional liability coverage for a range of specialized professions, including accountants, engineers, and lawyers, it’s best for professionals and businesses in the technology industry, such as software and website developers, tech consultants, IT management firms, hardware manufacturers, and communications service firms. The main coverage highlights for standalone or packaged policies include: Coverage limits of up to $10 million and deductibles up to $25,000 Extended reporting periods to minimize coverage gaps Prior acts coverage for events occurring before the policy start date and at a retroactive date Broad coverage includes malicious acts by employees Supplemental cyber liability, data breach, and media liability coverage Coverage for disciplinary proceedings and subpoena assistance Reimbursements to clients for lost income and nonlegal expenses that they incur in defense of a claim No exclusions for contractual liability, breach of warranties, or failure to perform claims Additional Commercial Insurance Policies As one of the largest commercial insurance providers of small to enterprise businesses, The Hartford can also help companies with other insurance needs, including: Commercial property General liability BOPs Commercial auto Commercial flood Home-based business insurance Cyber insurance Inland marine Surety and fidelity bonds Commercial umbrella Management liability Workers’ compensation Travelers: Best for Financial Businesses , though well-known for its home and auto coverages for individuals, is a strong player in the commercial insurance market. Its sweet spot is financial businesses, such as banks, mutual funds, financial advisers and, coincidentally, other insurance companies offering specialty packages and dedicated risk management resources. It’s well-known for its low-cost crime coverages and capability to write nearly all types of commercial policies, including professional liability. Coverage Highlights While Travelers can write professional liability coverage for plenty of industries, it has dedicated packages for asset management, insurance, and financial institution businesses. The most notable coverage highlights for these include: Defense costs outside of coverage limits Broad or extended definitions of covered claims within financial, trust, and lending services Worldwide coverage available Extended coverage for the firm, directors, officers, and employees Security breach expenses covered Nonmonetary relief claims Crisis event costs like public relations (PR) expenses Preclaim investigation costs Travelers also provides a lot of risk-management resources in the industry of financial services, such as an Employee Retirement Income Security Act of 1974 (ERISA) helpline, SelectOne+ seminar for insurance companies, and precyber breach online hubs for managing cybersecurity. Additional Commercial Insurance Policies Travelers can be a great one-stop shop for business and individual insurance needs. On the commercial side, it can write standard and specialized coverages for numerous industries. These coverages include: Commercial auto and trucking Cyber insurance General liability Management liability Commercial property BOP Surety bonds Workers’ compensation Commercial crime Hiscox: Best for E&O Policy Customization is by far the best insurance company when it comes to tailoring a professional liability policy to your unique needs. Most companies create one-size-fits-all products to handle what they believe are the best covered perils and supplemental coverages required for a given profession—minimizing customization capabilities. However, Hiscox will write E&O policies for numerous industries, letting them alter coverage to their unique risks. Coverage Highlights Because of the range of industries covered (more than 180) and the amount of policy customization available, the coverage highlights will vary heavily depending on the business and its risk priorities. Some of the general highlights of its professional liability policies, however, include: Very simple online quoting process Premiums start at $270 per year with plenty of payment options Deductible options from $0 to $10,000 Optional extended reporting period endorsement and retroactive dates available Short-term liability coverage options Coverage extends to independent contractors Additional Commercial Insurance Policies Hiscox primarily specializes in small businesses rather than a certain industry or vertical. It can write all types of standard small business coverages, such as: General liability BOP Commercial auto Workers’ compensation Umbrella insurance It offers specialty coverages, including management liability and cyber insurance, in addition to professional liability and malpractice coverages. AIG: Best for Media Businesses is one of the largest providers of individual and business insurance in the world. It can write property and casualty coverages and benefits-type coverage—like health, accident, and life insurance. In the scope of professional liability insurance, it is, without question, the best for media businesses because of the specialized coverage features it offers. Coverage Highlights While AIG has professional liability insurance designed for several industries, its media insurance product includes several highlights and options that should be interesting to content developers, publishers, and broadcasters. Some of these features include: Open-perils coverage: Provides broader coverage than policies written on a named-perils basis, which only cover events specifically listed on the policy Media coverage: Responds to claims for all media distributed by the insured and doesn’t require a list of covered media on the policy Availability of claims-made or occurrence coverage: Claims-made policies respond regardless of when the act triggering coverage happens; occurrence policies cover acts that occur when the policy is in force. Amended dishonest conduct exclusion: Allows for coverage for first amendment protection Advertising coverage: Covers claims arising from the insured’s advertising materials Expanded damages: Covers punitive, exemplary, and multiple-claim damages Broadened insured definition: Includes coverage for subsidiaries of the insured and additional insureds as required by contracts Additional Commercial Insurance Policies AIG’s size and longevity enable it to write all lines of insurance for individuals and businesses. This includes: Property General liability Workers’ compensation Life, health, and other benefits-related insurance As pointed out in the drawbacks section, however, its main limitation is that it cannot write a BOP. The Doctors Company: Best for Medical Malpractice Coverage Medical malpractice insurance is typically difficult to shop for because many carriers are wary due to the potential severity of a medical E&O claim. is an A-rated, physician-owned malpractice insurance company that specializes in all coverages that a healthcare provider might need, including professional liability. Additionally, online risk-management resources are available for assessing risk and educating on patient safety. Coverage Highlights The Doctors Company offers medical malpractice insurance for physicians, surgeons, hospital doctors, dentists, and providers who utilize telehealth. There’s also miscellaneous E&O coverage for healthcare businesses exposed to risks not typically covered in a traditional medical malpractice policy. Some of the main coverage highlights include: Free “tail” coverage to protect policyholders after they retire MediGuard coverage, which covers claims brought up by Medicare, Medicaid, licensing boards, credentialing reviews, and federal agencies Cyber liability protection included in package Additional Commercial Insurance Policies Because of the coverage specialization focusing just on healthcare professionals, it also offers commercial products that they would need, such as: Management liability Health and disability Employment practices liability insurance Commercial property General liability Workers’ compensation The Hanover Insurance Group: Best for Miscellaneous and Hard-to-Classify Businesses is a large player in the world of small business insurance. It offers plenty of online risk-management resources and limitless commercial policies it can write, including professional liability coverage. It stands out for the personal, business, and professional service businesses that are hard to classify but still need coverage for E&O claims. Coverage Highlights Hanover Insurance offers professional liability coverage for some of those less-common businesses, such as arbitrators, claims adjusters, event planners, lobbyists, payroll services, and private investigators. Some of its main E&O coverage highlights include: Option for retroactive date in policy Supplemental coverages for disciplinary proceedings, subpoena assistance, crisis event expense, reputation protection, and withheld client fee assistance Options for claims inside or outside of the limit Additional Commercial Insurance Policies Hanover can also help your small business with other commercial products, including: Commercial auto BOP Cyber insurance General liability Inland marine Commercial property Umbrella insurance Workers’ compensation It can also write a variety of contract and commercial surety bonds and individual home and auto policies. CoverWallet: Best Broker Option for Comparing Multiple Professional Liability Companies While not technically an insurance carrier, is an award-winning broker that uses proprietary technology to walk clients through the application process and shop prices among the best carriers. Because CoverWallet works with multiple carriers, it’s an excellent alternative for those who might struggle to navigate the professional liability market. CoverWallet is also our pick for the top overall insurance broker for its carrier partners, ease of use, and expert assistance. Coverage Highlights Because it's technically a broker, the coverage features for CoverWallet will depend on the carrier that you receive quotes and purchase professional liability coverage from. This platform does sell for CNA and Hiscox, two companies that made our list, and other insurance providers that have a place in the professional liability market like Chubb and Liberty Mutual. Additional Commercial Insurance Policies CoverWallet is only restricted by the policies that the carriers it represents can underwrite. With that said, it can help businesses procure essentially any line of standard and specialty insurance coverage through its best-in-class carriers that include Employers, Berkshire Hathaway Guard, Progressive, and Markel. How We Evaluated E&O Insurance Companies The criteria we used to evaluate the best professional liability insurance companies include: Financial strength: You want to pick a financially sound insurance provider that can pay claims if they occur, so we looked at ratings from A.M. Best, the credit rating agency focused on the insurance industry. Coverage features and options: Professional liability policies can contain many different coverage aspects, such as claims-made vs occurrence, worldwide coverage, or whether defense costs are inside or outside the limit. We looked at the company’s ability to provide these coverage features and the degree to which it lets you customize your policy. Additional online services: We also evaluated the company’s ability to provide additional insurance services through their websites, such as claims management tools, online risk-management resources, or easy communication access with a rep through live chat. Other insurance policies: Offering other insurance policies that a small business might need allows them to keep everything centralized with one carrier for billing and policy management. Therefore, we looked at the carriers’ capabilities for writing other lines of insurance in addition to the professional liability. Bottom Line Professional liability coverage will protect you financially from the costs associated with a claim that you were negligent in a service you provided. This includes legal costs, damages, and settlement costs. Although there are infinite professional liability insurance companies available, each one will vary in its financial strength, coverage features, industry specialties, and additional services—making it important to understand your options and how they differ.

Workers' comp insurance for self-employed is a policy business owners buy in case they're injured while performing job duties. The coverage pays lost wages and medical bills related to the injury and allows the self-employed to keep his business afloat while recuperating. Most self-employed contractors should strongly consider getting a policy to protect their own income and business in the event they’re injured on the job. , a leading small business insurer, lets you get a quote and buy coverage in just minutes. Its annual premiums run from $300 to $620 per individual. Call for Quote: 888-219-3051 Is Workers’ Comp Insurance Required for Self-employed? While state law typically mandates that employers get workers’ compensation for their employees, coverage is usually optional for independent contractors, business owners, and self-employed individuals. Remember, too, that most employers need workers’ compensation, so if you’re self-employed and hire staff, then you’re responsible for getting coverage for them even if you’re exempt. While most policies are designed and, in many cases, legally required to cover employees, principals or owners will often exclude themselves to save on premium costs or because they don’t feel they need the coverage. There are some situations where getting workers’ comp makes sense for solopreneurs, such as: Working in a high-risk industry: Some people face a higher probability of suffering a workplace injury. Repetitive movements, exposure to chemicals, and manual labor are just a few work situations that may mean a self-employed person needs workers’ comp. Fulfilling state requirements: Again, coverage isn’t always optional for the self-employed. For example, California workers’ comp laws require roofers to have policies whether they have employees or not. Meeting contract obligations: Independent contractors may find that other businesses only want to work with them if they have workers’ comp coverage because it limits the other business’ liability should the independent contractor suffer an injury while working for them. Continuing solo-run business operations: If someone runs a business with no other employees, an injury to them would cause all operations to shut down, and they wouldn’t be able to generate income unless they had workers’ comp coverage. Certificate of Insurance Do I Need Workers’ Compensation Insurance for Contractors? When it comes to requiring workers' compensation insurance for contractors, every state varies in terms of the following: Whether you need to provide workers’ comp for your employees. The minimum number of employees that prompt workers’ comp requirements. The industries and worker types that can be excluded. In Minnesota, for instance, independent contractors aren’t listed as exclusions from workers’ comp coverage unless they fall under certain classes of business. Alternatively, Texas doesn't have any workers’ comp requirements, no matter how many employees you have. Even if you don’t fall under the requirements for your state, you should still purchase workers’ comp insurance because, for most policies, part of the coverage includes employer liability, which covers legal defense and damages costs if you’re sued for a work-related injury, illness, or death. Where To Get Workers’ Comp Insurance for Self-employed The best workers’ comp insurers have expertise in your industry and policies suited for solopreneurs and your business’ needs. We highlighted the following for self-employed workers’ comp recommendations. For a more detailed list of general workers’ comp providers read our article on the Best Workers’ Compensation Companies. States & Workers’ Compensation Markets Note that every state’s workers’ compensation market is different. For example, states like North Dakota, Ohio, Washington, and Wyoming have what’s known as monopolistic funds where it's all managed through the state. Others have a competitive marketplace that allows businesses to purchase coverage through private carriers. Workers’ Comp Insurance Costs for Self-employed Self-employed workers’ compensation costs are based on your state, annual payroll, claims history, and job classifications. Job classifications represent the risks involved in your daily tasks. Each gets a base rate, typically assigned by a rating bureau like the National Council on Compensation Insurance (NCCI). Each state may also group classes of workers into one code while others will separate them into more options. While many business owners might only do administrative or clerical work, others will find themselves on the front lines of operations, requiring them to classify as a higher risk code. Many also prefer to focus on the sales and networking side of the business and primarily act as a traveling sales representative. Sample Self-employed Workers’ Comp Rate Ranges by Class Code & State The table below shows just how much self-employed workers’ comp costs can vary by state and class code. A worker doing clerical work sees a lower rate range while jobs that are more likely to cause injury have higher rates. Class code rates are shown as per $100 of payroll. For example, if you’re self-employed and do mostly landscape work in Virginia, the rate is $3.80, and if you pay yourself $100,000, your premium will be $3,800 per year. As you can see, some of the total class code rates can have extremely wide ranges. To get a more exact estimate, you would use the two main factors that are accounted for to determine your total annual workers’ comp premiums: Total payroll: This is the amount you pay in wages/salaries to others for each job classification code. Experience modification rate: Your experience modifier, or e-mod, is a number that represents your claims history. More claims raise your e-mod, which in turn increases your premium. The resulting rate is often called your manual rate—the one insurers quote before they account for fees, taxes, surcharges, and discounts. Most insurers also charge minimum premiums for workers’ comp, even for a self-employed individual with no employees. All of this, plus the fact that each carrier has its own way of evaluating your claims history, means quotes can vary greatly from insurer to insurer. This makes comparison shopping key to getting the best rate for your situation and keeping workers’ comp costs down. How Job Classifications Work for Self-Employed Individuals Most states use the job classifications created by the NCCI, which look at the actual job duties of the worker. For self-employed individuals, this means their job classification is usually based on their fundamental and most risky duties and not on any additional work they may do as a business owner, such as bookkeeping, sales, or marketing. However, let’s say a self-employed landscaper hires a clerk to assist with administrative work like appointment setting, bookkeeping, and invoicing. The clerk will be classified as an office worker using the code 8810, while the business owner would classify themselves as a 0042 class code for landscaping services. As a result, the two classifications with their respective total payrolls and the company’s experience mod would be listed on the policy and used to calculate the manual rate. Once you take into account carrier-specific charges and minimum premium requirements, you can get the full estimated premium amount. How To Opt-out of Self-employed Workers’ Comp For the most part, self-employed individuals, business owners, independent contractors, freelancers, and executives don’t need workers’ compensation coverage for themselves unless stipulated in a contract requirement. However, some states require self-employed workers to file a waiver with the workers’ compensation board indicating they’re opting out. There are also circumstances where independent contractors may need workers’ comp waivers when they‘re providing services to another business. Some states require the business owner to be responsible for providing workers’ compensation for independent contractors. In these cases, business owners can sometimes ask the independent contractors to waive the requirement by filing paperwork with the state board. Every state is different, however, so check with your state’s governing entity for specific requirements. Frequently Asked Questions (FAQs) About Self-employed Workers’ Comp Workers’ compensation for self-employed individuals is an optional but often recommended coverage. Just because you’re the owner of the company doesn’t mean you aren’t susceptible to injury. Buying a policy provides you medical and partial wage coverage if you aren’t able to work after an injury. Bottom Line Workers’ compensation pays for lost wages and medical expenses for injuries or illnesses caused by work-related activities. While states often require businesses to purchase coverage for their employees, owners are often excluded from the requirements. Still, if you have contract requirements, work in a high-risk profession, or are solo-operated, you should purchase workers’ comp for yourself due to its coverage benefits.

Beauty salons offer a range of services that take place on their premises and involve a good amount of equipment and supplies—exposing them to unique risks. To be fully protected, salon owners need to shop for various insurance coverages including general liability, commercial property, workers’ compensation, professional liability insurance. and possibly even hired and non-owned auto insurance. We’ve reviewed many carriers that can provide these coverages and have narrowed it down to our five best beauty salon insurance companies: : Best overall salon insurance provider : Best for cheap liability and property insurance : Best broker alternative for salons that want comparison shopping : Best for business owner’s policy (BOP) coverage : Best for home-based beauty professionals The Hartford: Best Overall Beauty Salon Insurance Company earns the top spot for salon insurance companies because of its strong financial rating and its ability to tailor a plethora of coverages to your unique operations including home-based businesses. In addition to bundling property and general liability coverage, The Hartford’s BOP has five optional endorsements salon owners can use to increase their protection, including coverage for professional errors, data breaches, and loss of income due to off-premises utility services. Call for Quote: 888-219-3051 Coverage For just about every coverage available and compared to other carriers, The Hartford has the widest range of coverage limits, endorsement options, and supplemental coverages. The general liability can be anywhere from $300,000 to $3 million and the professional from $250,000 to $2 million. Many of these coverages can also be packaged into a BOP. Additionally, salon owners can also purchase the following: Hired and nonowned auto Workers’ compensation Data breach coverage Commercial property Employment practices liability insurance Costs Though it's tough to get exact online premium quotes without fully applying, we do know that The Hartford is priced relatively well based on the policy and coverage value you’re getting. Most salons should be able to get a BOP for somewhere between $800 to $1,300 per year and workers’ compensation between $400 to $600 per employee, per year. This carrier is also one of the few that allows pay-as-you-go for workers' comp as well. Beauty & Bodywork Insurance: Best for Cheap Liability and Property Insurance is a cost-friendly option for a wide range of beauty professionals including hairstylists, estheticians, cosmetologists, and nail technicians. The low premium of just $96 per year ($67 for students) for $3 million of general and professional liability as well as the $13 per year to cover $2,000 of tools and supplies is thanks to the fact that it’s written as a joint purchase through Great American Alliance Insurance Company—grouping many similar businesses into one program. Coverage Beauty & Bodywork Insurance specializes in salon insurance, offering a professional and general liability package that includes optional property insurance with inland marine coverage. The coverage limits are $2 million per occurrence and $3 million aggregate for professional and general liability coverage as well as $2,000 for business property and inland marine. There isn’t much flexibility in Beauty & Bodywork’s coverage, but it does offer a couple of endorsements for the following: Microcurrent therapies Cupping Fitness trainers The coverage limits and endorsements seem broad enough for most spas and salons, but business owners are encouraged to read the policy closely to make sure it fits their risks. Costs With annual premiums of $96 for professional stylists and $67 for students, Beauty & Bodywork Insurance has the lowest priced salon insurance we saw in our research. It’s able to offer rock-bottom prices because it’s a risk purchasing group (RPG)—essentially, a group of businesses with similar risks that purchase insurance together. As an RPG, Beauty & Bodywork Insurance gets to be a bit more transparent with its premiums The other costs to consider include, adding: Inland marine and property coverage: $13 per year Fitness trainer endorsement: $33 per year Microcurrent endorsement: $35 per year Cupping endorsement: $35 per year Additional insured: $15 per year for one, $30 per year for unlimited additional insureds CyberPolicy: Best Broker for Comparing Policies is an alternative to traditional insurance companies on this list because it acts as an online broker which can generate multiple quotes at once from a variety of highly accredited carriers. Because of the impartialness and volume of insurance company partnerships, beauty salon businesses can shop and purchase all lines of standard and specialized coverages based purely on coverage and premiums on the market. Coverage Despite its name, CyberPolicy can provide quotes for almost any salon insurance policy. This includes the fundamental policies—general liability, professional liability, and property insurance and business owners policies—as well as: Cyber insurance Workers’ compensation Commercial auto Crime insurance Umbrella insurance Costs Because it works as a broker for multiple carriers, CyberPolicy premiums and coverage capabilities will heavily range based on the coverages you need, business size, and risk factors. Our premium estimate ranges from obtaining quotes are below: General liability: $309 to $1,575 per year Professional liability: $600 to $1,950 per year BOP: $450 to $850 per year Workers’ compensation: $120 to $600 per employee, per year Few business owners pay the minimum premium, and these premiums don’t seem out of line with salon insurance costs we found elsewhere. Additionally, CyberPolicy doesn’t charge a broker's fee. Allstate: Best BOP Option offers salon owners general liability and commercial property insurance in a BOP that includes coverage for employee dishonesty, stolen cash, professional liability, and employment practices liability. Furthermore, while most carriers offer crime insurance as optional coverage for an additional charge, Allstate is ideal for salon owners who are concerned about employee theft and want all those coverages packaged together Coverages Allstate can offer most standard business coverages, such as general liability, commercial property, and crime within a BOP. The liability limits can range from $1 million to $4 million with property and crime coverage limits ranging between $10,000 and $25,000. Allstate will also let you add business income, professional liability, and employment practices liability coverage—giving it our pick for the best BOP for salons. Costs, Unfortunately, Allstate doesn’t list minimum premiums or ranges on its website, but we have seen quotes for its BOP between $600 and $2,000 depending on your salon’s size, revenue, and risk factors, as well as policy items like limits and endorsements. While it does seem high, coverage-wise it’s one of the more robust BOP packages that a beauty salon with employees can find on the market. Hiscox: Best for Home-based Salons is a great insurance carrier notorious for handling harder-to-place risks and home-based businesses. It offers solid premium rates for some of the key coverages a home-operated salon would need like general liability, professional liability, property, and BOP coverage. There are even discounts of up to 10% just for being a home-based business. Coverage Hiscox offers general liability, professional liability, and business owner’s policies with higher coverage limits than some of the other providers on our list, including up to $5 million for liability policies. Plus, spas and salons are a top industry for this carrier, so it can write policies for some harder-to-insure modalities, such as: Spas Esthetician services Nail technician services Barbers The flip side, however, is that Hiscox cannot write these fundamental policies in all states. The two most important policies, general and professional liability, are available everywhere except Alaska, but Hiscox can only offer BOPs in 19 states and Washington, D.C. Cost Hiscox offers solid BOP policies that come with $1 million/$2 million for liability starting at just $400 per year. For home-based beauty salons, however, due to the slightly higher risks than a business or information technology (IT) consultant, their BOP, professional liability, and general liability will range more in the $930 to $3,100 annual premium range based on our online quoting research. How We Evaluated the Best Beauty Salon Insurance Companies To thoroughly evaluate the best beauty salon insurance companies, we evaluated each carrier or broker's ability to provide coverage specific to a salon’s operation and risks. These include general liability, commercial property, hired and nonowned auto, professional liability, and workers’ compensation insurance as well as packaging options in the form of a BOP. Additionally, we looked deeper into the policies offered in terms of policy endorsements, limits, and supplemental coverages. We also took into consideration the carrier’s financial strength, additional services, such as online quoting, policy management, or claims reporting options, as well as insurance costs in the form of premium ranges of the policies and deductible options. Bottom Line Beauty salons and similar businesses encounter certain risks in their operation that make it vital to purchase the right insurance products. These five hair salon insurance companies are great options to protect you and your salon from property, liability, and workers’ compensation claims. Depending on your budget, risk tolerance, desired coverages, and other insurance priorities, one of these companies can be a perfect fit for your small business.

Business insurance brokers act as a “middleman” to connect businesses with commercial insurance providers while offering the benefit of quick comparisons between carriers. Brokers can pair you up with the right coverage packages and limits to best serve your unique business needs. The best business insurance brokers are partnered with the biggest carriers, offer various coverages for all businesses, and have features to make managing your policies easier. We’ve researched many of the top commercial insurance brokerages and selected the best seven options for you. : Best overall for selection of carriers and coverage options : Best for solopreneurs and freelancers : Best for cyber liability insurance and cybersecurity resources : Best for emerging industries and startups : Best for fast insurance coverage : Best for complete online insurance management and service : Best for easy-to-use interface and overall customer experience If you’re not sure which of these small business insurance brokers is best for your needs, take this three-question quiz to find out: Which Insurance Broker Is Right for You? CoverWallet: Best Overall Business Insurance Broker is an online brokerage service owned by Aon, one of the largest insurance agencies in the world. This platform lets you get free quotes from multiple carriers at once and offers easy-to-understand direct comparisons between your options. It stands out as our pick for the best overall business insurance broker because of the complete range of industry and coverage capabilities offered by the platform. Coverage Just about any business from any industry can purchase a policy with CoverWallet as the carriers it sells for can underwrite all standard coverages, such as general liability, workers’ compensation, commercial property, and business owners policies (BOP). It can also do all lines of specialty coverages, including cyber liability, professional liability, special events coverage, and much more. Carriers CoverWallet currently works with several national carriers and seems to continue to add more each year. Its main carriers include: Chubb AmTrust CNA Hiscox Liberty Mutual Progressive Commercial EMPLOYERS Markel Atlas Blackboard Berkshire Hathaway Guard Even with new carriers added year-to-year, it only partners with the finest insurance companies that hold an A.M. Best rating of A or higher—indicating strong and reliable financial stability. Other Features In addition to finding insurance through CoverWallet’s website, it offers supplemental services during procurement and after the coverage is bound. Some of these additional features include: Insurance needs assessment: Use CoverWallet’s Insurance Checklist for help determining your coverage needs based on your location, revenue, and the number of employees. Online policy management: Utilize its online portal to manage policies, make payments, download and share certificates of insurance (COIs), and obtain additional coverage if needed. Online resources: Access its full online resource directory for business owner tips, insurance help guides, news articles, and an insurance term glossary. Simply Business: Best for Solopreneurs and Freelancers offers an online quoting mechanism that is particularly useful for independent contractors, solopreneurs, and freelancers. The main reason behind this is that while Simply Business can help you obtain a wide range of coverage from various carriers, most of the coverages won’t give you a quote directly from the site but require you to call the carrier for a quote. The main exceptions to this rule are for general liability and professional liability coverages, which do offer premium and coverage comparisons from the website. These two coverages are generally going to be the most important for a small, solo-operated business, independent contractor, or freelance worker. Coverage Because of the website capabilities and partnerships with many small business insurance companies, Simply Business promotes itself as specializing in providing coverage for contractors, subcontractors, freelancers, limited liability companies (LLCs), self-employed individuals, and sole proprietors. Whether a quote is provided online or an additional step is required by calling the carrier, these are the specific coverages it can assist with: General liability Workers’ compensation Professional liability and errors & omission (E&O) Home-based businesses Cyber insurance Business personal property Inland marine Carriers Simply Business is one of the top small business insurance brokers as it works with a decently wide range of carriers which include the following: Acadia Insurance American Builders Insurance Company Accredited America AXIS Insurance Clear Blue Insurance CNA Frank Winston Crum Insurance Harborway Insurance Hiscox Markel NASW Risk Retention Group RLI Insurance SolePro Travelers USG Insurance Other Features Simply Business offers unique resources online through the Simply U tool, which has guides for state business licensing, contractor licensing, and keeping your business moving during the COVID-19 pandemic. Additionally, the website allows you to submit requests for certificates. These, however, aren’t instantaneous and do require around a 24-hour wait to get them sent to the agent. CyberPolicy: Best for Cyber Insurance and Cybersecurity Resources While the name suggests that this business insurance broker is limited to just cyber insurance, can help procure other coverages as well. It's the easy-to-use system, connection with top-of-the-line cyber carriers, and useful cybersecurity resources that make this broker a great source for purchasing cyber insurance. Coverage In addition to specializing in cyber insurance, CyberPolicy can help users navigate the marketplace for other standard and specialty coverages which include: General liability Business owners policy (BOP) Professional liability Workers’ compensation Directors & officers (D&O) Commercial auto It should be noted that not all of the coverages can provide quotes and comparisons online. Many non-cyber coverages will require you to contact the carrier or go through another step in the application process. Carriers CyberPolicy works with more than 15 business insurance carriers, including ones known for robust cyber coverage, such as Coalition, Chubb, and Hanover. Other carriers it partners with include: Acuity AmTrust Beazley BCS Insurance Berkshire Hathaway biBERK Employers Hartford Steam Boiler Hiscox Liberty Mutual Nationwide Markel Progressive Other Features Other benefits and services of CyberPolicy come from its educational tools and cybersecurity resources. Some of the main supplemental features include: CyberCheckup: A free tool offering vulnerabilities and security gap analysis for your business. InsuranceGuru: Another free tool to help assess your other business insurance needs and provide recommendations on coverages. Education center: An online blog with articles on cybersecurity best practices, news, and trending topics, as well as a comprehensive cybersecurity terms glossary. Embroker: Best Business Insurance Broker for Emerging Industries promotes itself by providing services for specific business stages and industries. For instance, it will curate packages for startups and growth-stage businesses with venture capital investment. Furthermore, it has just recently begun focusing its efforts on helping “hard-to-place” businesses, such as crypto & blockchain, cannabis, and aviation firms find insurance. Coverage Embroker will design different packages based on certain attributes of a business, such as being a startup or in the growth stages. It also offers packages for full management liability, asset protection for protecting venture capital firms, and owner- and contractor-controlled construction projects. The coverage capabilities of Embroker include but aren’t limited to: BOP Commercial crime Cyber liability and data breach D&O Employment practices liability Fiduciary liability Professional liability Legal professional liability Technology E&O Workers’ compensation Carriers While Embroker advertises as working with more than 50 carriers, the specific ones aren’t mentioned on its website. Based on the coverage capabilities, unique specialties, and having the highest Net Promoter Score (NPS) of any insurance business, however, it can be assumed that Embroker’s carriers have strong financials and can maintain their underwriting capacity long-term. Other Features Embroker’s website offers resources for managing business uncertainty, a startup package calculator for determining startup insurance costs, and various blog posts and guides for all types of businesses. This brokerage also allows you to file claims on the website with one of its experts through an easy and assisted process. Huckleberry: Best Small Business Insurance Broker for Fast and Easy Insurance Coverage is by far the most convenient broker to use on this list—if you don’t mind doing everything yourself. It’s ideal for those that simply want to get quotes and purchase insurance in a few minutes. The instant quote and comparison work for all lines of coverage and allows insureds to manage and pay for their coverage online. Coverage Huckleberry is mostly designed for smaller, local businesses, like restaurants, bars, cleaners, trade contractors, medical offices, day cares, photographers, and some nonprofits. However, most of the policy coverages it procures will fall in line with those small business needs, such as: Workers’ compensation BOP General liability Commercial auto Business property Business interruption Professional liability Hired & nonowned auto Liquor liability Employment practices liability Spoilage coverage Equipment breakdown Employee dishonesty Carriers Because of the market that Huckleberry is built for and the convenience factor this broker offers, it partners with many small business carriers that traditionally provide simple procurement systems through an easy-to-use application process. Some of these include: AmTrust Berkshire Hathaway Guard Chubb Employers The Hartford Hiscox Merkel Other Features Huckleberry insureds can manage their policy and certificates all on the website. Its website also has unique tools for small businesses, such as an insurance dictionary and a workers’ compensation calculator for estimating premiums. There’s also a blog and an Ask Huckleberry feature with in-depth answers to frequently asked questions (FAQs). Next Insurance: Best Broker for Complete Online Services While other business insurance brokers on this list can do either online claims management or online certificate management, is one of the few that can offer both in one system. This, in addition to the fully digital experience of being able to shop coverages, generate quotes, bind coverage, and pay premiums, gives it our crown for the best broker for online services. Coverage With the exception of certain coverages like management liability, builders’ risk, and key person insurance, Next Insurance currently offers nearly all insurance coverage types a business will need to operate. This includes both standard coverages like general liability, BOP, and workers’ compensation, as well as specialized lines like cyber, professional, and liquor liability. Carriers Next Insurance partners with 16 highly-qualified carriers that can adequately support small business insurance needs. The instant online coverage can be provided through the following carriers: AmTrust Travelers The Hartford Hanover ShelterPoint SFM Pinnacol Markel Liberty Mutual Hiscox Employers Next CNA Chubb Berkshire Hathaway Guard Atlas Other Features As mentioned previously, the top supplemental features this broker has available is the ability to manage claims, certificates, billing, and policies all online. Furthermore, there’s a help center and a blog for users to easily find information or get live chat support for their policies. Layr: Best for Easy-to-Use Interface and Customer Experience Backed by the Lloyd’s of London, one of the oldest insurance companies in the world, offers an online platform that has transformed the way online insurance brokering is done. The system’s interface is clean, easy to navigate, and extremely usable even for those who’ve never bought insurance digitally before. Furthermore, you can get quick quotes from a variety of carriers and continue to manage your policy and claims after it’s bound. Coverage Layr doesn’t appear to offer any coverages apart from the basic policies that most small businesses need, such as BOP, commercial auto, cyber, general liability, professional, and workers’ compensation. Unfortunately, the platform cannot assist with insurance typically needed by larger businesses, such as directors & officers, or employment practices liability insurance. Carriers While Layr works exclusively with insurance companies rated “A” or higher by A.M. Best, its website only indicates that it works with major national carriers and has access to others through wholesale insurance agencies. There’s no specific list that outlines which specific carriers it partners with. Other Features The usability of the system is Layr’s greatest attribute for those that want to work with this carrier. Everything is done either through the Smart Quote feature for acquiring quotes and binding coverage or the Secure Portal module, which is where all policy management activities take place. Layr also offers online small business resources, including a blog, FAQs page, and eBooks with tremendous industry insights. How We Evaluated Business Insurance Brokers To provide an apples-to-apples comparison of each business insurance broker, we evaluated certain attributes that are important when working with an insurance broker. Note that pricing isn’t typically determined by a broker; therefore, it wasn’t used in the evaluation process. Below are the five main evaluation criteria used: Carrier range: The more carriers that are available to the broker, the better chance that a business will have access to the most optimal coverage policies, limits, endorsements, deductibles, and premiums available on the entire business insurance market. We also evaluated this in terms of the financial strength of the carriers that partner with the broker. Policy coverages available: This was evaluated in terms of the number of coverages the broker can help procure. More coverage options mean centralization for the insured where they can attain and manage all their policies in one place. Ease of use and experience: We looked at the usability and simplicity of using the broker when completing an application, working with a representative, navigating the broker’s website, or using the policy management features available on the website. Service capabilities: In addition to helping your business procure insurance, some brokers offer additional claims, certificate management, and risk management services, as well as supplemental insurance resources that can be accessed on their website. Customer service: Service often depends on the carrier you end up buying your policy from, but some online brokers offer better assistance by providing 24/7 customer support, helping when filing claims, or offering online resources, such as a blog or FAQs page, for insurance information. Bottom Line When your organization is looking to shop for insurance, business insurance brokers can offer policy customization and optimization because of their vast partnerships with different carriers. Depending on which service or feature attributes you prioritize and the type of business you’re in, one or a few of our picks for the best business insurance brokers will be better suited for you than others.