5 Best Business Insurance Brokers 2023

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.

The quote comes with a “details” option, which provides information on the provider and more detailed information on what is covered, such as $100,000 for premises rented to our business. You can purchase the policy online, or you can call to speak with a licensed insurance agent.

It has a wide range of coverages that you can seek insurance for, including home-based business insurance, inland marine, and professional liability insurance.

Simply Business is available in all 50 states.

If you prefer to speak with someone, you can get advice by calling one of its reps during its business hours of 8 a.m. to 8 p.m. ET Monday to Friday.

Simply Business has a policy management system that is more limited than others. Many changes, such as adding an additional insured or updating payment details, require calling or emailing it. However, you can request a COI through your portal, and it will be available within 24 business hours.

Its customers are happy with their options and the service. It has 4.7 out of 5 stars on Trustpilot with over 600 reviews.

The quote provided was for a policy from Harborway Insurance, which is a part of Spinnaker Insurance. Spinnaker is rated A- (Excellent) by AM Best. The following are some of the other providers that Simply Business works with, each with their ratings from AM Best:

• Travelers: A++ (Superior)
• biBERK: A++ (Superior)
• RLI Corp.: A+ (Superior)

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

Thimble’s target customers are smaller businesses and businesses just starting. While it offers cyber insurance, it can also provide coverage for handypeople, painters, landscapers, and other small businesses.

While Thimble is in all 50 states, not every coverage is available. Helpfully, it provides a coverage map so that you can see if it fits your needs.

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.

If you are a maker participating in a craft show, it also offers short-term coverage by the hour and day.

It has an app for iOS and Android. On the app, you can do everything that you can do online, including quoting and purchasing insurance.

Customers are happy with the broker—it has over 1,200 reviews on Trustpilot with an average score of 4.7 out of 5 stars.

Thimble works with a handful of providers to underwrite the policies it sells. These include the following, with their respective ratings from AM Best:

• Benchmark Insurance: A (Excellent)
• Employers Insurance Group: A- (Excellent)
• Markel Insurance: A (Excellent)
• National Specialty Insurance Company: A (Excellent)
• Spinnaker Insurance: A- (Excellent)

We received a quote for general liability insurance. The policy is through Hiscox, and it costs $693 annually with a limit of $1 million per occurrence and $2 million aggregate. It also included $2 million aggregate for products-completed operation and $100,000 in damage to premises rented to you. Finally, it included blanket additional insureds.

When CoverWallet provides a quote, it also shares information on the provider including its AM Best rating and the National Association of Insurance Commissioners (NAIC) number. This is helpful because it gives you a picture of the financial health of the company, and using the NAIC number, you can look up any complaints filed against it with the NAIC.

In terms of coverage, CoverWallet works with providers to find whatever insurance you may need—from traditional core business policies, such as general liability, property, professional liability, and workers’ comp, to more niche coverages, like special events, fiduciary liability, or even commercial auto.

CoverWallet is available in all 50 states. There are four ways to start a quote: you can call, email, chat, or begin directly online by answering questions about your business. It offers a dedicated personal representative who will help manage your policy and is available to answer questions and help.

It has an online policy management system where you can make changes and gain access to an instant certificate of insurance (COI).

Customers are satisfied with it. On the independent site ekomi, it has over 700 user reviews and an average of 4.8 out of 5 stars.

CoverWallet is owned by Aon, which has a rating of A (Excellent) by AM Best. This broker works with the following highly rated providers, each with their AM Best ratings:

• Markel: A (Excellent)
• Hiscox: A (Excellent)
• CNA: A (Excellent)
• Chubb: A++ (Superior)

We were unable to get a quote from Embroker but, usually, the quote process is straightforward: after creating an account, you select either the coverage or package you are interested in and then answer questions about your business. It will finish with a quote that you can customize for your business further and then purchase it online.

While Embroker offers industry-specific policy packages and requires only one application for multiple policies, it also has the option to get quotes for individual coverages. Beyond the traditional coverages, you can get quotes for commercial crime, legal professional liability, and key person insurance.

Embroker is available in all 50 states and Washington, D.C.

Once you have an account, you can manage your policy, obtain a COI and file a claim. Embroker provides an in-house claims advocacy team that helps work with you throughout the claims process.

It is a type of brokerage called a managing general agent. While it works with providers to get quotes for your business, it has a limited capacity to create its policies—so if you cannot find what you need, it may be able to create it for you.

Unfortunately, there do not seem to be any third-party platforms with reviews of Embroker. On its website, it states it has a net promoter score of 71. That score would place it higher than many insurance companies.

Embroker doesn’t publish which carriers it works with. If you complete a quote through it, it will let you know which carrier is underwriting the policy. However, it does state it works with carriers that have A (Excellent) to A+ (Superior) ratings from AM Best.

We received three quotes for a business owner’s policy. Unfortunately, you cannot view the details of any of the quotes, only the price. The next step is to select one of the quotes, and then a representative from Gallagher will follow up with you to review it in detail. The three quotes, all for an annual premium, were:

1. $1,890 from The Hartford.
2. $1,012 from Nationwide.
3. $1,692 from Travelers.

As one of the largest brokerages in the world, Gallagher provides insurance for every type of coverage, including more specialty offerings like earthquake and flood insurance.

Gallagher is licensed for insurance in every state.

For your policy maintenance, it offers Gallagher Go, an online account portal. Through it, you have 24/7 access to your policy and can file claims. If you need to speak with someone, it 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 when you file a claim including audits to make sure the claim is being handled quickly.

Gallagher has more than 4,000 reviews with an average of 2.2 out of 5 stars on Trustpilot. Unfortunately, all the reviews are negative.

The provider works with many carriers (view the full list on Gallagher’s website). These are a few it works with, as well as their AM Best ratings:

• The Hartford: A+ (Superior)
• Nationwide Insurance: A+ (Superior)
• Progressive: A+ (Superior)
• AmTrust: A- (Excellent)

Like an agent, a broker functions as an intermediary between a customer and the insurance company. Typically, it works with multiple providers and helps a customer 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. They can also let you compare prices between different companies, helping you not only pick the right coverage but also get a price that matches your needs.

It can, but not always. Some brokers will charge a fee and include that in their quotes. Most are paid by the provider, and the payment comes out of the premium so that it doesn’t cost you anything additional.