6 Best Small Business Insurance Companies 2023

We received a quote for a BOP for a clothing retail shop that costs $1,150 annually. It included $25,000 in business property with a $1,000 deductible, and on the liability side, it carried $1 million per occurrence and $2 million aggregate. It included business income, backup sewers and drains, and coverage for brands and labels.

One standout feature of The Hartford is that when you are receiving a quote, it gives you four options to choose from: good, better, best, and a build your own. The first three options are already set and show you what coverages are included, whereas the last one is a free form where you can select what fits your business.

Its standard BOP provides general liability and business income loss. It is also customizable with additional coverage, like data breach or professional liability insurance. The Hartford also has a wide range of other coverages, including workers’ compensation and commercial auto.

With over 1 million small business owners insured through The Hartford, it has lower than average complaints with the National Association of Insurance Commissioners (NAIC). It also provides state-specific resources and coverage for your small business needs—pick your state and learn about any laws and tailored coverage for your region. For example, if you are in Kentucky, you need workers’ compensation.

You can go online and get a quote, purchase a policy, manage it, and file a claim. Customer service is available 24/7

With over 200 years of experience, The Hartford has maintained great financial stability. It is rated A+ (Superior) by AM Best.

Next usually will provide you with three quotes for different levels of coverage. These options are basic, premier, and deluxe. It will offer a recommendation for your business, but you have the freedom to choose which one you think is right.

For a general contractor, we received three quotes:

• The basic coverage costs $274.34 monthly and was a combination of general liability and professional liability. The general liability carried an aggregate limit of $2 million, and the professional liability carried an aggregate limit of $50,000.
• The premier coverage cost $382.26 monthly and carried the same liability limits but also had $15,000 in coverage for damaged or stolen tools.
• The recommended deluxe coverage cost $462.51 monthly and carried the same coverage as the previous two, but the tool coverage was increased to $20,000, and it had $36,000 for office space and equipment. It also had other coverages like equipment breakdown, debris removal, and employee dishonesty.

Next is a direct-to-consumer insurance company, meaning it will work directly with it and does not need an agent or broker. Its website and app interface reflects this convenience, giving you the ability to manage your policy, change coverage, and create certificates of insurance all on the website or its app.

Unfortunately, Next does not operate a 24/7 line for customer service or claims. Its app does function like one with its many options. But if you need to speak directly with someone, you will need to call Monday through Friday from 6 a.m. to 5 p.m. PT.

Customers are responding well to this convenience, as it has lower-than-average complaints with the NAIC. More than 4,000 users have given it 5 out of 5 rating on its website, with the most frequent comment celebrating how fast and easy it is to use.

Next is in a strong financial position with an AM Best rating of A- (Excellent).

We received a quote of $924 annually or $77 monthly for a business owner’s policy for a clothing store. It had general liability limits of $1 million per occurrence and $2 million aggregate. It also had $2 million in products and completed liability and $50,000 in business personal property. Some option endorsements included water backup and sump overflow, data breach coverage, and EPLI.

If the standard BOP doesn’t work for your business, it has Customarq. This is a specialized policy and is designed to meet the new challenges that businesses typically face. It carries a minimum blanket coverage of $500,000 for your property with the option to increase the amount. As marketing moves to mediums like Facebook and TikTok, claims for advertising injury, libel, and invasion of privacy offenses increase.

Chubb maintains high customer service and has lower-than-average complaints. It strongly emphasizes claims services, intending to resolve claims within 48 hours. You can file the claim online or call its 24/7 call center for claims.

For some businesses, you can get a quote and purchase it online. It is usually not for same-day coverage. Often, when you are trying to get a quote, Chubb will halt the process and request you call to finish the process.

With roots stretching to the 1880s, Chubb has maintained a global reputation for financial stability. It is rated A++ (Superior) by AM Best.

We received a quote for a beauty salon that costs $503 annually—there was no monthly option. The policy is a BOP with $1 million per occurrence and $2 million aggregate in general liability and $25,000 in business property. There is an option to purchase the policy entirely online without speaking to anyone, and the coverage starts the next day.

For service professions, Nationwide’s target industries are barber shops and beauty salons, photographers, funeral homes, pet groomers, jewelry, watch, and shoe repair. It carried a total insurable value of $20 million with a maximum building value of $10 million. Business revenue is capped at $5 million.

Spas offering electrolysis, permanent makeup risks, tanning, acupuncture, and other similar services are ineligible.

It offers policy packages for cyber insurance, director and officers, employment practices liability, fiduciary, and specialty crime. These are available for both private and nonprofit companies.

You can manage your policy and file a claim online or call 24/7 for customer service or claim-related needs.

Formerly a private company, E-Risk Services, LLC^® was purchased by Nationwide to enhance its services for management liability. It has reviewed more than 15,000 companies, partnerships, and limited liability companies (LLCs) and can draw upon that data when evaluating any potential risks your business may face.

Nationwide works with independent and captive agents, so if you prefer working closely with a local agent, you can find one in your area using Nationwide’s website. These local specialists will be able to help you with your coverage and policy.

At nearly 100 years old and with more than 500,000 small businesses insured, Nationwide has the financial strength you would expect, with an A+ (Superior) rating by AM Best.

We received a quote for a home-based artist for cyber insurance that costs $259 annually. Alternatively, you can make a down payment of $43.30 and then 10 installments of $21.57. The policy carried an occurrence and aggregate limit of $250,000 with a $10,000 deductible.

As a cyber liability policy, this insurance covers breach response with experts to respond to and mitigate a cyber event. It also covers lost business revenue and data recovery if you suffer a breach or extortion threat. Another coverage featured is for money lost if your business is a victim of fraudulent instruction by a third party.

Hiscox is available in all 50 states, and for most coverages, you can get an online quote very quickly for same-day coverage. You can also purchase the policy without needing to speak with anyone. However, if you want or need higher limits, you will need to call and speak with one of its licensed agents. They are available Monday through Friday from 7 a.m. to 10 p.m. ET.

Once you have an account with Hiscox, you can then manage your policy, create a COI and file a claim.

Hiscox has higher-than-expected complaints as monitored by the NAIC. However, on the independent review site feefo, it has 4.7 out of 5 stars from more than 1,000 verified customers. “Very easy to use” is a common refrain when you read through user reviews.

Hiscox is a global insurer with roots going back to 1901. It has the financial reserves to pay claims with an AM Best rating of A (Excellent).

For a quote, you will need to contact one of its independent agents.

It offers endorsements for the BOP through its Power Pac and Power Pac Premier endorsements. Each one includes higher limits and coverage for accounts receivable, business personal property, utility services, spoilage coverage for perishable goods, and even salesperson’s samples.

Travelers is available in all 50 states, and while you cannot get a quote online, you can manage your policy and pay your bills online. You can also request an instant COI through your account.

Claims and customer service are available 24/7. There is a customer advocacy department in case something goes wrong, though you will likely not need to use the customer advocate as

Travelers has the lowest average complaint of any provider in this guide.

Founded in 1853 and operating globally, Travelers’ financial position is strong with an A++ (Superior) from AM Best.

Small business insurance protects your business from property damage, business interruption, and third-party liability claims. For example, you could file a claim if you cannot operate your convenience store and the food spoils because of a storm-related power outage. If someone were to slip and fall in your store, your liability insurance would help pay for their medical bills and protect your business from lawsuits.

Most likely, yes. For example, in most states, workers’ compensation is required coverage. Depending upon the industry and state, general liability may be required. Often, vendors you work with will require you to carry liability insurance. If you have a loan for your business, the bank may require insurance as a condition of the loan.

There are many different policies, but the most common are BOP, general liability, and workers’ compensation. The BOP is a policy package that usually includes property, liability, and business income. Workers’ compensation helps you and your employees, should one be injured while working. Some other types of coverage are commercial auto and cyber liability.

A COI, sometimes called a certificate of liability insurance, is a one-page document that summarizes the coverage you carry, and it can be shared as proof of insurance. Sometimes, vendors or contractors will request to be added to your policy as an additional insured. Once this change is made, you’d present the COI showing their inclusion into the policy. You can read our article on what a COI is and how to request one to learn more.