7 Best Business Insurance Brokers 2022
Rebecca Michael has more than 20 years of experience writing for small business and ran her own content business. She was an early employee and content contributor at LegalZoom, specializing in educating SMBs on corporations and LLC business formations.
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.
- CoverWallet: Best overall for selection of carriers and coverage options
- Simply Business: Best for solopreneurs and freelancers
- CyberPolicy: Best for cyber liability insurance and cybersecurity resources
- Embroker: Best for emerging industries and startups
- Huckleberry: Best for fast insurance coverage
- Next Insurance: Best for complete online insurance management and service
- Layr: 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:
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CoverWallet: Best Overall Business Insurance Broker
CoverWallet 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.
| PROS | CONS |
|---|---|
| Simultaneous quote options can be generated and compared in minutes | No online claims management service |
| Just about all types of coverages are available for all industries | For certain carriers or coverages, you may have to call an agent to finish the quoting process |
| Easy process from online quote to purchase | Charges a broker fee and other fees for certain situations |
| Supplemental tools including online policy management and free advice from experts | |
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
Simply Business 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.
| PROS | CONS |
|---|---|
| Instant quote comparisons from multiple carriers at once | No online claims management |
| Policies available for immediate online purchase | Online quotes can mostly only be generated for general liability or professional liability insurance, other coverages require you to call directly to the carriers |
| No broker or additional fees | Limited coverage policy options |
| Lots of online resources available, particularly for licensing as well as managing a business during the COVID-19 pandemic | Certificate management is limited to submitting an online web form requesting a certificate from the broker |
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, CyberPolicy 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.
| PROS | CONS |
|---|---|
| Instant quotes online for free from top-rated carriers | No online claim management or certificate management features |
| Platform offers strong user experience with an interface that’s easy to navigate | Instant quotes don’t work for every type of coverage |
| Advisers standing by to discuss coverage as needed | |
| Free online resources including cyber security checkup and insurance guru tools | |
| No broker fees and offers transparent pricing (starting premiums are listed on the website for each coverage) | |
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
Embroker 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.
| PROS | CONS |
|---|---|
| Offers resources and specialized insurance packages for growth and startup businesses | Additional fees may apply |
| Claims management tools online | No payment plans on insurance coverages |
| Instant quotes and online purchasing | No online certificate management features |
| Business specialties in emerging industries that can be tough to cover | |
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
Huckleberry 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.
| PROS | CONS |
|---|---|
| Instant quote comparisons and online purchasing for all coverages | No online claims management service |
| Online certificate management with instant COI generation | Online application for instant quote is the only way to get quotes |
| Great resources on the website for insurance and small business topics | |
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, Next Insurance 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.
| PROS | CONS |
|---|---|
| Easy application process with instant quotes and online purchase capabilities | Unable to procure certain specialized coverages, such as management liability or builders risk insurance |
| Online claims and certificate management | Certain states may not let you procure specific lines of coverage |
| Discounts available for bundled policies | |
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, Layr 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.
| PROS | CONS |
|---|---|
| Online business insurance management tools for claims, certificates, and billing | Limited to mostly small business insurance coverages |
| Fast and easy quoting process with policies bound in as little as 48 hours | Lacks transparency in which carriers it represents |
| User interface is easy to navigate and offers a great user-experience for operating its features | Cannot procure certain specialty coverages, such as builders risk or management liability |
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.
