A business insurance broker works independently on behalf of the customer and with multiple insurance companies. The main advantage of working with an insurance broker is that you can save money on your premium by comparing quotes. The best business insurance brokers allow you to compare quotes from carriers and will have other benefits like online account management, assistance with claims reporting, and expert advice when you need it.
I evaluated several brokers and paid particular attention to the number of carriers they work with and the convenience of using their systems. I also looked into the ability to compare quotes, how quickly you can get a quote, and how many different types of insurance they offer to find the leading small business insurance brokers.
- Simply Business: Overall best small and midsize business (SMB) insurance broker
- AlphaRoot: Best for cannabis and related industries
- Obie: Best for real estate investors
- Thimble: Best for ecommerce insurance
- Gallagher: Best for additional cost-saving benefits
Best Business Insurance Brokers Compared
Quote Process | Purchase Policy Online | Hours of Operation | ||
|---|---|---|---|---|
 | Online | ✓ | ✓ | Monday-Friday, 8 a.m.-8 p.m. ET |
 | Online after creating an account | ✓ | ✓ | Monday-Friday, 9 a.m.-5 p.m. ET |
 | Online or over the phone | ✓ | ✓ | Monday-Thursday, 9 a.m.-12 a.m.; Friday, 9 a.m.-11 p.m. ET |
 | Online or over the app | ✓ | ✓ | Monday-Friday, 9 a.m.-6 p.m. ET |
 | Online | ✓ | ✕ | Monday-Friday, 7 a.m.-7 p.m. ET |
Simply Business: Best Overall SMB Insurance Broker
Pros
- Quick online quotes
- Dedicated small business insurer
- Free templates for businesses
Cons
- Customer service is unavailable 24/7
- Cannot process a claim directly with Simply Business
- May have to call to get commercial property
Standout Features
- Offers policy documents immediately after purchase
- Has additional services, like requesting and creating an instant COI
- Allows you to quickly compare prices and coverages from top providers
- Offers tailored coverage with multiple options during the quote process
Financial Stability: The quote we were provided below was for a policy from Harborway Insurance, which is a part of Spinnaker Insurance. AM Best rated Spinnaker an A- (Excellent). The following are some of the other providers Simply Business works with:
- Travelers’ AM Best rating: A++ (Superior)
- AM Best’s rating of biBERK: A++ (Superior)
- RLI Corp.’s AM Best rating: A+ (Superior)
Simply Business is the only broker on this list that gives you customizable quotes from multiple carriers that you can adjust in real time. For example, you can change your coverage options—like the limit or deductible—and get an updated quote instantly. Real-time quotes from multiple top providers make Simply Business the best option for businesses looking to find coverage through a broker.
While Simply Business offers insurance for a wide range of industries, its primary targets are sole proprietors, smaller businesses, and freelancers. It even has a dedicated space for sole proprietor workers’ compensation.
If you are a larger small business, then you should consider Gallagher. Gallagher is one of the largest brokers in the world and has the capacity to help a small business of any size find coverage.
After answering just a few questions, we received a quote for a general liability policy underwritten by Harborway Insurance. The policy cost $300 annually and had limits of $1 million per occurrence and $2 million aggregate. This affordable policy matches up with Simply Business’ claim that you can save up to 20% on a policy by going through it.
Every quote comes with a “details” option, which includes information on the provider and more detailed information on what is covered, such as $100,000 for premises rented to your business. You can purchase the policy online or call to speak with a licensed insurance agent. Simply Business does not charge brokerage fees, helping lower the premium costs.
The broker is continually expanding its online offerings, with more coverage available for online quotes. Currently, it offers general liability, professional liability, workers’ comp, commercial property, tools and equipment, and a business owner’s policy. However, you may have to call to get some of the coverage listed here. If you’d prefer a broker that consistently has commercial property insurance available online, then check out Thimble.
Simply Business is available in all 50 states. If you prefer to speak with someone, you can get advice by calling a representative from 8 a.m. to 8 p.m. ET Monday through Friday. Quotes are available online 24/7 in ten minutes or less.
However, this broker’s policy management system is more limited than others. To make changes to your policy, such as adding an additional insured or updating payment details, you may need to call or email Simply Business. However, you can request a COI through your portal, available within 24 business hours.
Customers are happy with their options and the broker’s service. Simply Business has 4.6 out of 5 stars on Trustpilot with over 1,300 reviews.
AlphaRoot: Best for Cannabis & Related Industries
Pros
- Management liability insurance
- Wide range of coverages available
- Create COI on the dashboard
Cons
- Customer service is unavailable 24/7
- Have to create an account to get a quote
- Specialty broker only focused on a few industries
Standout Features
- Specialty provider that offers coverage in an industry that has trouble finding insurance
- Has a broad appetite for cannabis, hemp, holistic medicine, and psychedelic industries
- Provides risk assessment and risk management services
- Has a dedicated in-house claims team to provide a point of contact with the carrier during a claim
Financial Stability: While we were unable to find specific companies, AlphaRoot works with dozens of different carriers and states. AM Best rated AlphaRoot an A (Excellent) rating.
AlphaRoot is a full-service small business insurance brokerage focused on cannabis, hemp, psychedelics, and holistic medicine industries. While some of these industries are still considered niche, they are growing as cannabis becomes legalized in more states. Despite the growing legalization of cannabis, it remains a challenge to find insurance.
Working with dozens of carriers, AlphaRoot offers insurance for businesses at every stage of the supply line in the cannabis industry, making it the best option for cannabis businesses looking for cannabis insurance.
To get a quote, you must create an account with AlphaRoot. Alternatively, you can link your Google or Microsoft account with it to start the quote. Once done, AlphaRoot will gather information about your business and coverage needs and provide a quote for you to review and purchase.
AlphaRoot offers nearly every type of insurance a cannabis business would need. This includes key coverages like the following:
- Cyber liability
- General liability
- Product liability
- Workers’ comp
It also has some more specialty coverages and endorsements like Tech E&O insurance or contract frustration coverage (first time I’ve seen or heard of that one). It has added coverages in the professional liability space targeting management, directors, officers.
Since the company is only eight years old, reviews for AlphaRoot are hard to find. But the ones available are all positive. There are over 40 reviews on Google, where AlphaRoot’s overall rating is 5 out of 5 stars.
The broker recently launched a digital platform that functions as a hub for policyholders to find everything they need—including insurance applications, COI requests, and claims management. There is a resource center with information on how to start a business in 41 states listed. This platform can also track your company’s growth, which gives you the ability to ensure the coverage you have in place is still in line with your needs.
Obie: Best for Real Estate Investors
Pros
- Is the only carrier offering inflation guard
- Is available in all 50 states
- Offers tiered quotes to fit your needs
Cons
- Doesn’t directly handle claims
- No 24/7 customer service
- Limited information on its partners
Standout Features
- Get property insurance online through a fast process and even purchase same-day insurance
- A specialty insurer offering landlord and property insurance for single-family, condo, apartment buildings, and multifamily units
- Resources for landlords and natural disaster risk map for real estate investors
- Purchase short-term or long-term rental coverage for vacation homes
Financial stability: Obie was founded in 2017 and works with different providers. One of its partners is Munich RE, and AM Best rated Munich RE an A+ (Superior)
Obie is a specialized insurer that focuses exclusively on commercial property insurance. If you are in property management and would like to go through a quick process like Obie’s, then check out Thimble—this provider’s certificate manager platform makes it easy for property managers to stay compliant with local requirements.
While Obie is a great option for real estate investors and property owners, it doesn’t offer other types of business insurance. So if you need workers’ comp, then you’ll want a broker like Simply Business.
You can get quotes very quickly online from Obie, and you do not need any paperwork to finalize the quote or purchase the policy. When it is finished, the company will present you with three options for coverage: basic, complete, and premium. While this isn’t the same as comparing quotes from different providers, it does give you some control over the level of coverage and the cost of the premium.
Obie offers traditional property policies along with some extra endorsements like guaranteed rental income and inflation guard to help the value of your property keep pace with inflation.
Obie is a newer option, having begun in 2017. However, its customer base is already rather substantial, with over $25 billion in property currently insured. On Google, it has over 900 reviews with an average rating of 4.9 out of 5.
When you purchase a policy, you’ll gain access to your own account where you can manage your policy. If you have questions about the policy or billing, or if you need to file a claim, then you can email or call. Obie is only available on weekdays.
Thimble: Best for Ecommerce Insurance
Pros
- Flexible policy terms
- Affordable policies
- Quote and buy online
Cons
- Not every coverage is available nationwide
- No commercial auto insurance
- Works with fewer providers
Standout Features
- Has an app for iOS and Android to easily get a quote, manage your policy, and file claims
- The only broker on our list that offers short-term liability coverage
- Offers an instant COI on the app, which is available in 60 seconds
- Allows you to file claims online or on the app
Financial Stability: Thimble works with a handful of providers to underwrite the policies it sells. These include:
- Benchmark Insurance’s AM Best rating: A (Excellent)
- AM Best’s rating of EIG: A- (Excellent)
- Markel Insurance’s AM Best rating: A (Excellent)
- AM Best’s rating of NSIC: A (Excellent)
- Spinnaker’s AM Best rating: A- (Excellent)
Thimble Insurance feels more like an insurance company than the other options on this list. That is probably because it isn’t a strict broker, technically a managing general agent. This means it has the authority to do its own underwriting on the insurance products it offers but the products are still through multiple insurance companies.
It is a great option for a business just starting out, especially for its target industry of makers, crafters, and any type of micro ecommerce business. Many of Thimble’s ecommerce and maker policies are designed for businesses with revenue under $500,000 a year. Thimble Insurance is available for over 300 industries.
Most brokers don’t have a dedicated policy package for Amazon sellers and require you to work with them to customize the coverage to meet the requirements. However, through Thimble’s app or website, you can customize your coverage to meet Amazon’s requirements. You can also manage your policy and even file a claim through the app.
Thimble can be difficult to reach if you need to or want to speak with someone. When calling them, I haven’t been able to reach anyone over the phone successfully. However, you can fill out a contact request. Simply Business has dedicated agents available to speak with you if you have questions.
While Thimble will sometimes generate tiered coverage, which gives you some flexibility over pricing, it does not actually give you the comparison that most traditional brokers give.
We received a quote for $1,807.68 annually. The quote was for same-day coverage and had multiple layers of protection. It included general liability with an aggregate limit of $1 million, commercial property with a limit of $100,000, and a $500 deductible. It also had $50,000 for cyber insurance with a $500 deductible.
Its Amazon Seller insurance meets the Pro Merchant requirements from Amazon and targets:
- Apparel makers
- Candlemakers
- Jewelry makers
- Leatherworkers
- Soapmakers
If you are a maker participating in a craft show, Thimble offers short-term coverage by the hour and day.
While the broker is in all 50 states, not every coverage is available. You can check out Thimble’s coverage map to see if what you need is available in your area. The linked map also lets you see what coverages Thimble offers.
Thimble’s emphasis is on the digital experience: in just minutes—sometimes less than a minute—you can get a quote and purchase a policy for same-day coverage. You can then manage your policy, create and obtain an instant COI, or file a claim online.
Customers are happy with over 2,000 reviews on Trustpilot, with an average of 4.4 out of 5 stars.
Gallagher: Best for Additional Cost-saving Benefits
Pros
- Wide range of business insurance offered
- Broad risk appetite
- 24/7 policy support
Cons
- Low customer ratings
- Unable to see policy details with quotes
Standout Features
- Provider business and travel perks for customers
- Has numerous A+ and A++ rated partners
- Offers online quotes quickly
- Has global resources to draw upon for a small business and is available in every state
Financial Stability: The broker works with many carriers (view Gallagher’s full list). These are a few that it works with:
- The Hartford’s AM Best rating: A+ (Superior)
- AM Best’s rating of Nationwide: A+ (Superior)
- Progressive’s AM Best rating: A+ (Superior)
- AM Best’s rating of AmTrust: A- (Excellent)
Running a business is expensive—so if you can save on your premium and on services you regularly use, all the better. Gallagher is one of the largest brokerages in the world, and its policyholders gain free access to Gallagher Perks and Travel Perks. These programs provide negotiated savings with multiple businesses, like UPS, ODP Solutions, cyber security solutions, and rental cars.
Another option for getting online quotes through a broker is Simply Business. While it doesn’t offer the same level of discounts as Gallagher, it doesn’t charge broker fees on top of the quotes, which helps keep your premium lower.
We received three quotes for a BOP. Unfortunately, we could not view the details of any of the quotes, only the price. To continue the quoting process, you must select one of the quotes, and then a representative from Gallagher will follow up with you to review it in detail and purchase the policy.
The three quotes we received, all for an annual premium, were as follows:
- $1,890 from The Hartford
- $1,012 from Nationwide
- $1,692 from Travelers
Unlike the other brokers on this list, Gallagher does have a wide range of business insurance options including commercial auto, flood, and crime insurance.
For policy maintenance, Gallagher offers an online account portal called Gallagher Go. Through this portal, you have 24/7 access to your policy and can file claims. If you need to speak with someone, Gallagher is open Monday through Friday from 8 a.m. to 5 p.m. ET.
Because of its size, Gallagher has a claims team and handles claims for other providers. It also has a claims advocacy team to help you throughout the claim-filing process, including audits, to ensure the claim is being handled quickly.
Customers are responding positively to their experience with Gallagher. It currently has over 6,400 reviews, with 4.6 out of 5 stars on Trustpilot.
How We Evaluated the Best Business Insurance Brokers
I determined the best insurance brokers for small businesses using our in-house proprietary evaluation system designed specifically for evaluating brokers. In rating the brokers in this review, I focused on the customer’s needs. We paid particular interest to convenience, financial ratings (AM Best), customer service, types of policies offered, ability to compare quotes, and the overall experience as a policyholder.
Frequently Asked Questions (FAQs)
Like an agent, a broker functions as an intermediary between a customer and the insurance company. Typically, it works with multiple providers and helps customers find the best coverage with the right company.
Brokers have knowledge and access to many different providers, thus giving them the ability to provide maximum coverage for your business. Our article on the ways to save money on business insurance covers how brokers also let you compare prices among different providers, helping you pick the right coverage and get a price that matches your needs.
It can, but not always. Some brokers will charge a fee and include it in their quotes. Most are paid by the provider, and the payment comes out of the premium, so it doesn’t cost you anything additional.
A business insurance deductible is the amount of money a policyholder and insurance company agree a policyholder will pay in the event of a claimable loss.
One of the more common types of business insurance is general liability. This third-party coverage protects your business from claims that, because of negligence, your company caused property damage or bodily injury to another person or party. Some other losses general liability may include are personal and advertising injury or product liability.
A broker works with customers and multiple providers to help facilitate the sale of insurance. Brokers do not work for one provider. In contrast, an insurance provider, or carrier, underwrites and services the policy, including investigating coverage and paying claims.
One advantage of working with a broker is that it can help you save money by comparing quotes. On the other hand, working directly with a provider typically gives you one point of contact for all of your needs. For more information, read our insurance broker vs carrier comparison.
If you’d prefer to work with a provider rather than a broker, we’ve put together a guide with our best small business insurance companies.
Bottom Line
The best business insurance brokers provide advice when you need it, let you compare quotes from multiple carriers, and offer online policy management. Simply Business stands out on our list for offering all these services and providing quotes for whatever insurance you need, no matter the industry. It also lets you buy the policy online without speaking to anyone. You can get started with a free, no-obligation quote in just minutes.
