8 Best Business Insurance Brokers 2020

Business insurance brokers can help you find the right coverage because they have access to multiple carriers. We researched popular online options to find the best insurance brokers for small business owners. The final eight come out on top based on multiple criteria, including available carriers, coverage, and customer service.

8 Top Insurance Brokers for Small Businesses 2020

If you’re not sure which insurance broker is best for your needs, take this 3-question quiz:

Which Insurance Broker is Right for You?

What Is an Insurance Broker?

An insurance brokerage is a firm that works on behalf of a customer to find the best possible policies to meet their needs. This could mean getting favorable pricing or comprehensive coverage options. Brokers can shop insurance coverage and premiums because they partner with many insurance carriers, including top-rated business insurance companies.

CoverWallet: Best Overall Business Insurance Broker

CoverWallet stands out among business insurance brokers for business owners who aren’t sure what type of coverage they need. With an easy assessment tool, CoverWallet offers expert advice to help you determine the type of coverage you need and why. Its carrier partnerships boast a wide appetite, ensuring businesses in many industries and niches can get the coverage they need.

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Coverage

Small business owners in more than 20 industries can purchase all the most common policies they need from CoverWallet to operate with protection, including general liability, commercial property, workers’ compensation, and cyber liability coverage. CoverWallet offers detailed information about the types of coverage as well as answers to basic questions about business insurance.

Carriers

CoverWallet works with several national carriers on its platform, including:

• Chubb
• AmTrust
• CNA
• Hiscox
• Liberty Mutual
• Progressive Commercial
• EMPLOYERS
• Markel

More carriers are being added regularly, and all insurance companies that CoverWallet partners with have an A.M. Best rating of A or higher, which indicates they are financially stable insurers.

Other 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 nifty online portal for business owners to manage policies, make payments, get a certificate of insurance, and obtain additional coverage.

CoverWallet receives high marks from customers for its attention to detail and ease of use as well as for its low rates and fast turnaround time. However, some business owners cite issues with renewing their policies and misunderstandings with some agents. Policyholders may have difficulties with communication if they’re not sure if they should turn to CoverWallet or their specific carrier for assistance.

Simply Business: Best Business Insurance Broker for Sole Proprietors

Simply Business is the best business insurance broker pick for sole proprietors and microbusinesses, which are generally considered companies with fewer than five employees. The company offers the most common small business policies from quality carriers. With SimplyBusiness, you get the basic coverage you need with no extra fuss.

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Coverage

Simply Business specializes in coverage for sole proprietors and microbusinesses falling under five main business types:

• Independent contractors
• Artisan contractors
• Subcontractors
• Limited liability corporations (LLCs)
• Self-employed
• Sole proprietorships

These business types can find coverage in more than 80 occupations, but you’ll only find the basics for commercial insurance—think general liability and professional liability. SimplyBusiness is working to expand its offerings but, currently, you’ll just find your bread-and-butter policies perfect for getting started.

Carriers

Simply Business works the following small business insurance carriers, including:

• Acadia Insurance
• American Builders Insurance Company
• CNA
• Harborway Insurance
• Hiscox
• Markel
• Travelers

Other Features

Simply Business keeps its promise in its name—it keeps things simple. The broker doesn’t charge a fee to use its services, and it notes any extra costs in its quotes. The online application is only a few pages and returns quotes instantly. The broker also offers a library full of helpful business advice called Simply U.

While Simply Business only works with a handful of carriers compared to other brokers, it makes it easy and transparent to find them. It also lists claims contact information for each carrier that it works with.

CyberPolicy: Best Business Insurance Broker for Cyber Liability Insurance

CyberPolicy embraces technology to make it easier to buy commercial insurance. This broker places cyber liability protection at the top of its list, especially for ecommerce business owners and technology-focused businesses. CyberPolicy also provides educational resources for businesses to help mitigate their risks and reduce costs.

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Coverage

CyberPolicy, as the name suggests, specializes in cyber liability insurance. However, it also offers the gamut of other business policies, including general liability, business owner’s policies (BOPs), professional liability, and workers’ compensation. It also offers a few policies you don’t see everywhere, like lessor’s risk, liquor liability, and surety bonds.

Carriers

CyberPolicy works with more than 15 business insurance carriers, including:

• Acuity
• Beazley
• BCS
• biBERK
• Chubb
• Hiscox
• Mercury
• Nationwide
• Pie
• Progressive

CyberPolicy is continually adding partners. Additionally, CyberPolicy doesn’t charge a broker’s fee, which can keep costs down compared to other business insurance brokers.

Other Features

Other benefits of CyberPolicy come from its educational tools and cybersecurity resources, including:

• CyberCheckup: Free tool offering expert advice based on your business’s cyber risks
• Education center: Hub with articles on cybersecurity best practices
• Cyber glossary: A place to learn about cybersecurity terminology
• InsuranceGuru: Another free tool to help assess your other business insurance needs

CyberPolicy offers discounts for bundling multiple policies, whether with the same carrier or cross-carrier.

BizInsure: Best Business Insurance Broker for Price Transparency

BizInsure helps small business owners by reducing commercial insurance costs and increasing price transparency. It’s best for budget shoppers searching for lower costs and clear, accurate, all-in price quotes. Its application is more thorough than other business insurance brokers, but that results in more precise pricing information on your initial quote.

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Coverage

BizInsure lists more than 40 industries and occupations it covers on its site. The company specializes in general liability, BOPs, and professional liability. In addition to these essential coverages, BizInsure also offers a range of industry-specific policies like glass coverage and machinery breakdown.

Carriers

BizInsure works with top-notch small business carriers, including:

• Beazley
• Chubb
• CNA
• The Hartford
• Hiscox
• Liberty Mutual
• USLI

The main drawback of working with BizInsure is the limited number of policies as it works with a smaller number of insurers. Many small businesses need more coverage than BizInsure can quote.

Other Features

Like most brokers, BizInsure’s primary compensation is commissions, fees, or a combination of the two. When BizInsure charges broker fees, the amount is listed in your quote. Additionally, BizInsure lets you select annual, quarterly, or monthly premium payments and includes those amounts in its proposals. However, the site and BizInsure online platform feel a bit dated and sluggish.

Embroker: Best Business Insurance Broker for Online Experience

Embroker takes the paperwork out of the insurance industry. Not only can you apply online, but you can also manage your policies in Embroker’s digital policy vault, including policies written through another broker. Combine this with Embroker’s easy-to-navigate site, and you have a great digital business insurance broker.

Visit Embroker

Coverage

The list of policies offered by Embroker is huge. It covers everything from standard business coverages like general liability to industry-specific insurance, including trucker’s cargo, builder’s risk, and third-party fidelity. Embroker even offers an insurance program custom-built for startups and for up-and-coming industries like cannabis.

Carriers

Embroker states that it works with more than 50 carriers, which is a lot, especially compared to every other broker on this list. Such a broad number of partners means Embroker probably doesn’t have much trouble finding coverage for most businesses. Unfortunately, it doesn’t list any of the carriers online, whereas most brokers will highlight its top-rated partners. Unknown carriers mean you can’t verify the financial stability of those insurers upfront.

Other Features

Embroker offers a unique digital BOP available for online purchase backed by CNA. It’s available as a standard or enhanced package. The enhanced package includes additional coverage with higher limits that typically doesn’t come in a BOP, such as computer fraud and emergency management, and it only costs about $300 more than the standard package.

Additionally, venture capital firms can enroll in Embroker’s Venture Program to track the insurance policies of its portfolio companies to ensure they have adequate business coverage. The portfolio companies are eligible for premium credits up to 25% on specific policies if they acquire coverage through Embroker.

Embroker’s compensation disclosure claims the site periodically charges clients a fee. However, the platform is free to use even if you aren’t looking to buy coverage today.

Insureon: Best Business Insurance Broker for Hard-to-Insure Businesses

Businesses that are declined by other business insurance brokers can usually get policies through Insureon. The company’s strong stable of quality carriers lets it write policies for businesses with operations that other brokers can’t cover. That’s especially true for construction businesses, retailers, and restaurants.

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Coverage

Coverage options from Insureon include the basics, such as general liability, commercial property, and professional liability, but it also offers specialty policies by industry. Insureon excels in its broad range of coverage for businesses in 27 industries. Because Insureon has been around much longer than its competitors, business owners have access to its database of policy cost information. Even most carriers don’t share cost details readily online.

Carriers

Insureon works with A-rated insurance carriers, including:

• Acuity
• AmTrust
• Chubb
• Hanover
• The Hartford
• Hiscox
• Liberty Mutual
• Travelers

Other Features

Insureon is the old-timer of the Insurtech world. That experience shows through in its ability to cover many industries fast. But its application is a behemoth—taking about 15 minutes to complete. The detailed questions help get more accurate quotes, but it’s going to take more time to complete than applications for the other brokers on our list.

Insureon does not charge fees for placing your policy except when required to for surplus lines taxes. That last bit means some of the hard-to-place businesses that get coverage are probably going to pay more. However, Insureon also has strong markets for BOPs, and that’s a good way to keep costs down. Additionally, customers cite varying degrees of satisfaction with customer service and response time, possibly due to the broker’s large size.

Layr: Best Business Insurance Broker for Technology Businesses

Layr uses cutting-edge technology for small business owners to find the commercial insurance they need. This broker places a focus on cyber liability protection at the top of its list, especially for technology-focused businesses. Layr also provides educational resources for businesses to help mitigate their risks and reduce costs.

Visit Layr

Coverage

Layr offers common coverage types that small businesses need, including general liability, professional liability, property, commercial auto, and workers’ comp. Business owners can also find coverage for cyber liability, directors and officers, employment practices liability, crime, fiduciary liability, kidnap and ransom, and product liability.

Carriers

Layr works exclusively with insurance companies rated “A” or higher by A.M. Best, including:

• AIG
• Atlas
• Beazley
• Chubb
• CNA
• Lloyd’s
• One Beacon

Other Features

Founded in 2016, Layr is a more recent addition to the business insurance marketplace. Customers love Layr’s ability to get coverage in place quickly, often within 48 hours, and its efficient customer service. If you fill out Layr’s online application, you can get instant pricing for basic policies depending on your industry and business operations.

It’s not all good news: Layr’s website layout isn’t exactly user-friendly. It’s difficult to find coverage information for different kinds of businesses. You might spend too much time digging for answers on coverage and industry offerings in Layr’s uncategorized blog. Businesses that work with Layr pay a percentage-based finance fee of up to 20% of the premium.

Founder Shield: Best Business Insurance Broker for High-growth Startups

Founder Shield is the best commercial insurance broker for startups and small businesses experiencing high growth. The broker was founded by startup veterans, so it understands what coverage new ventures need, including directors and officers insurance to cover their boards. It can also help businesses seeking to do one or more rounds of capital raises.

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Coverage

Founder Shield offers basic, essential coverage, such as general liability, property, cyber liability, and workers’ compensation. Founder Shield policies are tailored and bundled based on the size of your business. For startups, the broker offers insurance options for their unique risks. Founder Shield breaks down recommended coverage for small businesses based on the stage of its growth:

• Bootstrapper: One to 10 employees, $0 to $1 million funding raised, and in beta or prelaunch
• Venturer: Zero to 50 employees, $1 to $30 million funding raised, and scaling operations
• Premiere: More than 50 employees, more than $30 million funding raised, and in a growth phase

Carriers

Founder Shield’s carrier partners are few, including:

• Lloyd’s
• Locke Lord
• Ryan Turner Specialty

Other Features

Founder Shield offers great advice on coverage that startups need and why. It offers a library of free resources relevant to startups, including a cheat sheet on insurance requirements in contracts and a guide on raising venture capital. The broker also works with cybersecurity companies SecureWorks and Venza to round out its services.

However, there is little to no transparency about what happens after you get a quote. Additionally, at first appearance, the application seems simple, but it gets nitpicky quickly the more types of policies you need. To avoid confusion―and a headache―it’s probably easier to speak with a Founder Shield service representative to discuss your questions.

How We Evaluated Business Insurance Brokers

We used the following criteria to compare the best insurance brokers:

• Carrier options: The more carriers a broker can quote, the better chance you have of finding the right coverage at a price you can afford. Financial strength will vary by carrier.
• Policy options: Some businesses only need one policy. For the rest, having all your insurance through a single broker can simplify payments, servicing, and renewals.
• Ease of use: The most important factor here is the broker’s application. We looked for streamlined applications with clear and relevant questions.
• Online options: Most brokerages have online applications, but some let you pay for the policy, download certificates, add insureds, and amend coverage online.
• Customer service: Depending on the carrier that you end up purchasing your policy from, service will vary, but we also evaluated responsiveness through email and online chat features for each broker.

When it’s time to get business insurance, brokers can help business owners find coverage that is affordable and appropriate for their risks.

Bottom Line

Time and money are always top of mind for small business owners, but you also want to cover your specific risks. Working with one of the best insurance brokers lets you compare premiums and policies more efficiently to get the right insurance fast.