The best small business insurance companies offer basic policies, such as general liability, and a broad range of additional coverages that small business owners may need. We reviewed dozens of providers and narrowed them down to our top 10 based on key criteria like coverage types, customer service, and pricing.
The Hartford: Best Overall Small Business Insurance Provider
The Hartford is our overall top business insurance company. Its specialists provide industry-leading customer support and highly rated claims service. The Hartford offers a broad range of insurance packages to meet your specific coverage requirements. Complete a short online questionnaire to receive a quote in minutes.
Top 10 Small Business Insurance Companies 2019
|The Hartford||Best overall for industry-leading customer care, highly rated claims service, and specialized packages|
|Hiscox||Business owners who want a specialized coverage by profession, including one for home-based businesses|
|AllState||Small business owner looking for basic insurance and free business resources|
|State Farm||Business owners who want a national provider with a local presence|
|Nationwide||Small businesses looking for business insurance and employee benefits|
|Farmers Insurance||Small business owners who want customizable insurance solutions|
|Liberty Mutual||Small businesses that need risk management assistance|
|Progressive||Small business owners who need affordable commercial auto insurance|
|Travelers||Small business owners who want online claim services and policy management|
|Chubb||Small businesses that need to cover international transactions and trips|
How We Evaluated Business Insurance Companies
We evaluated the best small company insurance providers by looking at national providers that offer the policies most business owners need like general liability. Then, we considered other features like the availability of additional business policies and industry-specific packages, amount of coverage for the premium, and customers service ratings and reviews.
The criteria we used to evaluate the top business insurance companies include:
- Coverages by industry or profession: Top business insurance companies need to offer business insurance policies most owners need plus prepackaged plans for specific industries or professions
- Customer service: We studied trends in customer ratings and reviews on sites like the Better Business Bureau, Feefo, and Trustpilot, among others
- Nationwide presence: We only included providers that serve small business owners all across the United States
- Costs: We looked at premium rates, pricing structures, available discounts, and what customers had to say about affordability
- Customer reviews: We researched what customers had to say about each carrier, looking at its website and a number of outside review sites
This article only covers small business insurance carriers, such as companies that develop the insurance products they sell. You can also get small business insurance from brokers who have access to multiple carriers. Check out our Best Small Business Insurance Brokers article for more information.
Based on the above criteria, our number one choice as the top small company insurance carrier is The Hartford. All of our top 10 finalists share similar qualities, but The Hartford is a standout for their industry-leading customer care and highly rated claims service.
The Hartford: Best Overall Small Business Insurance Company
The Hartford takes best overall because it has a team of specialists in place to help small business owners identify risk and match them to insurance policies. This team earns high ratings from customers for servicing and claims support. Plus, The Hartford has a broad selection of specialized insurance packages based on industry and profession.
The Hartford Coverages
The Hartford offers broad protection to small businesses. Its general liability insurance is particularly strong. In addition to third-party lawsuits, it includes a special option for website and advertising coverage, plus damages to the property you rent. They also offer strong workers comp policies in many areas. The Hartford lists 51 professions in 24 industries it can quote online, plus phone quotes available for businesses not listed.
Top industries include:
- Contractors & construction
- Finance & insurance
- Professional services
- Real estate
- Wholesalers & distributors
The Hartford Costs
Like most insurance providers, The Hartford provides specific pricing information after getting a quote. However, many of its top industries offer The Hartford’s Stretch endorsements for a reduced rate.
These Stretch endorsements expand the comprehensive basic coverage in The Hartford’s Spectrum program by adding blanket limits of $250,000 to $350,000 to six industry-specific coverages:
- Computers and media to cover damage to your hardware or software
- Debris removal to cover the cost of removing debris after a covered event
- Personal property of others to cover leased or borrowed business personal property
- Temperature change to cover inventory that spoils after a mechanical breakdown
- Accounts receivable to cover costs after the loss of accounts receivable documents, such as money that can’t be collected from customers or loans taken out to cover those costs
- Valuable papers and records to cover the cost of reconstructing important business documents
The Hartford Customer Reviews
Customers who work with The Hartford rave about the customer service, often commenting on fair and professional treatment during claims. The Hartford also gets high marks for its responsiveness. Many clients note that its customer service representatives answered questions promptly and worked to keep them informed.
What The Hartford Is Missing
The Hartford is known for writing policies for many industries and providing exceptional servicing and claims support. However, one missing element is premium information. There are no details on the cost of basic insurance packages, such as a simple business owner’s policy (BOP).
How to Apply for Business Insurance at The Hartford
Business owners can apply for small business insurance from The Hartford on its website. Click the Start Quote button and answer basic questions about your business.
Hiscox: Best Small Business Insurance Company Home-based Businesses
Hiscox specializes in insurance for small companies, offering a wide range of coverage types for a diverse set of industries. Hiscox particularly stands out in insurance policies for businesses run out of the home. The company tailors its policies by reducing coverage in your BOP to match the reduced risk.
A general liability policy from Hiscox averages about $30 for most small businesses, and you can bundle property coverage into a BOP that starts at just $42 per month.
Hiscox also offers:
- Monthly payment plans for no extra charge
- A 14-day full money-back guarantee.
Hiscox specializes in liability insurance and can tailor products to cover exposures in nine industries and more than 70 specific professions. On top of the common policies, such as general liability, cybersecurity, and workers’ compensation, Hiscox can quote others.
Here are a few of Hiscox’s additional liability policies:
- Directors and officers insurance
- Management liability insurance
- Employment practices liability insurance
- Hired & non-owned auto liability insurance
Hiscox Customer Reviews
Hiscox customer reviews trend positive, with many customers commenting on the company’s fast service and helpful representative. Clients also say the application is easy to use and appreciated being able to call to get questions answered.
What Hiscox Is Missing
With an online service portal, live chat, and simple application, Hiscox does an excellent job of using technology to create a positive client experience. However, the company doesn’t offer surety bonds. While not an insurance policy, bonds are often needed for contract work, especially in the construction industry.
How to Apply for Business Insurance at Hiscox
You can apply with Hiscox online anytime and get same day coverage. To start an application, choose your industry and state from the drop-down menus, click Get a Quote, and answer a few questions about your business. The process takes only minutes to complete.
Allstate: Best Small Business Insurance Company for Exclusive Online Business Management Resources
Allstate is one of those insurance providers that most consumers know. It offers quality business insurance, plus exclusive tools to help them manage their businesses and save money. Some of these tools include up-to-date employee handbook, energy reviews, and a health care reform guide.
Allstate doesn’t list premiums on its site. However, they partner with multiple national, state, and local organization to create discounts based on membership.
Allstate offers basic business insurance in five industries, representing 36 specific professions. It has a BOP they can customize with additional policies specific to each of these professions.
Here are a few examples of how Allstate customizes their BOPs for top professions:
- Photographers insurance can include off-premises property coverage
- Certified public accountant insurance can include coverage for valuable papers and records
- Locksmiths can add inland marine insurance.
Allstate also makes a point of offering commercial auto insurance to its small business clients.
Allstate Customer Reviews
Customers give Allstate high marks for stellar customer service, which it provides through a network of captive agents. These agents only sell Allstate products, so they know the options and can find the right policy for your business.
What Allstate Is Missing
Allstate’s exclusive management tools and personalized service is a major plus for business owner looking for expert advice. However, Allstate only offers basic small business insurance. It’s solid coverage, but you customize it through add-ons as opposed to picking a package designed for your industry.
How to Apply for Business Insurance at Next Insurance
Unlike other major carriers, business owners can get quotes online with Allstate. The Get a Quote button takes you to the application. You enter your business details, and Allstate returns quotes in just minutes.
State Farm: Best Small Business Insurance Company for Local Agents
State Farm combines the financial stability of a large insurance company with the personalized service typically found in a local agency. With more than 19,000 agents across the United States, most small business owners can have face-to-face meetings with a State Farm agent. Plus, every agent owns his or her agency, so they understand the risks of running a small business.
State Farm Costs
State Farm does not publish any pricing information on the website. However, since they use and agent-to-consumer model, your costs may include additional fees. Small business owners can reduce costs by combing coverages in a BOP. Depending on your industry, State Farm can bundle general liability and commercial property with other key coverages.
State Farm Coverages
Like all of our top insurers, State Farm sells the primary insurance policies small business owners need. However, the list of additional coverages is impressive.
For example, State Farm offers a number of industry-specific coverages like:
- Surety bonds
- Farm and ranch insurance
- Inland marine insurance.
Moreover, State Farm lists about 100 unique business they cover with customized insurance solutions.
State Farm Customers Reviews
For customers, the biggest plus of working with State Farm is the agency network. Most like having an expert who can explain policy details who is invested in the business relationship. That personal touch makes the process easier and helps them feel more confident in their coverage.
What State Farm Is Missing
State Farm does a good job of providing coverage information for dozens of small business professions, but its website lacks details on pricing. Additionally, insurance information for specific industries is difficult to find.
How to Apply for Business Insurance at State Farm
Getting a business insurance quote with State Farm requires working with an agent. The website guides new customers to a local agent who can assist with applying for and obtaining appropriate coverage.
Nationwide: Best Small Business Insurance Company for Property Insurance
Nationwide specializes both property and casualty insurance and a wide range of financial products and employee benefits, such as retirement planning and group insurance. This makes it a convenient choice for owners looking to insure their businesses and get benefits for their employees.
Nationwide Insurance Costs
Nationwide doesn’t provide cost information for small company insurance on its website. However, it does claim to have flexible payment options.
Nationwide also lists several factors that may impact your premium, including:
- Annual payroll
- Annual sales
- Square footage
While you can get a feel for what your costs may be, applying for insurance is the only way to get a quote.
Most insurers cut off eligibility for a BOPs at $1 million in revenue. Nationwide, however, considers up to $5 million. The company also offers accounts receivable coverage that pays for losses resulting from customers’ inability to pay. Additionally, Nationwide has a number of employee benefit options, including dental, vision, and supplemental health.
Nationwide Customer Reviews
Nationwide must have emphasized customer service during the last year. It went from being near the bottom to number one for customer satisfaction in J.D. Power’s 2018 U.S. Small Commercial Insurance Study. Reviews for Nationwide often mention the friendly service and the amount of online risk management resources.
What Nationwide Is Missing
As a financially sound, national carrier, Nationwide offers quality coverage, helpful resources, and excellent customer service. However, its list of covered businesses and industries seems a little light. If your business isn’t in one of the top 14, you may have to work directly with an agent to customize a solution.
How to Apply for Business Insurance at Nationwide
The best way to find out if Nationwide is right for your small business is to apply and get a quote. Go to the site’s small business insurance page and click the Request a Quote button. Next, enter your ZIP code and profession, and the site takes you to an application. Once there, the application is easy to complete, and quotes can come immediately. If your profession isn’t listed, you can call a representative or use the live chat for assistance.
Farmers Insurance: Best Small Business Insurance Company for Specialized Coverage
Farmers lnsurance distinguishes itself from many of the other large carriers by tailoring coverage to specific industries and professions. The company offers more than a dozen industry-specific packages that start with a BOP and are then customized for unique insurance needs.
Farmers Insurance Costs
Farmers Insurance uses an agent-to-consumer model to sell insurance, which means your overall cost may include additional fees.
That said, Farmers also offers several discounts, including:
- Reduced rates for bundling coverage types in a BOP
- Paying annual premiums in full upfront
- Using electronic funds transfer
- Opting for paperless statements.
Farmers Insurance Coverages
In addition to the standard small business insurance policies, Farmers Insurance has a number of specialty products designed for their top industries’ unique risks. For instance, schools can get tuition and fees coverage while an inn might add coverage for guests’ property.
Farmers Insurance Customer Reviews
Customers reviews are a little up and down for Farmers Insurance. Negative reviews focus on what customers consider hidden fees. The flipside? Rave reviews for Farmers Insurance’s claim services, which customers can access 24/7 through an easy online tool.
What Farmers Insurance Is Missing
Although Farmers Insurance deserves credit for offering coverage tailored to small business owners’ industries, the website is difficult to navigate, and the application sends your information to an agent. That’s a plus for business owners looking for face-to-face interaction, but a necessity for anyone looking for immediate quotes.
How to Apply for Business Insurance at Farmers Insurance
You can apply for insurance through Farmers Insurance on its website. Select Request a Quote and enter your ZIP code. Once you answer a few basic questions about your business, Farmers Insurance matches you with a local agent to complete the process.
Liberty Mutual: Best Small Insurance Company for Risk Management Assistance
Liberty Mutual has more than 100 years of experience working with businesses of all types, sizes, and industries. It puts this broad experience to use in its industry-specific risk management resources. Small business owners can enter their policy number on the Liberty Mutual SafetyNet site to view training videos and other safety tools to reduce the cost of risk.
Liberty Mutual Costs
The cost of coverage with Liberty Mutual varies depending on several factors. However, many businesses can expect to pay premiums as low as $400 or as high as $3,000 or more annually. Combining multiple coverage types in a BOP reduces costs compared to buying separate policy types.
Liberty Mutual Coverages
As a large, international insurance company, Liberty Mutual has a broad range of coverage types for small business owners, from a simple general liability policy to a BOP to employee benefits. With 50,000 employees around the world, it’s easy to find a local agent or broker to get personalized service, if needed.
Liberty Mutual Customer Reviews
Reviews for Liberty Mutual small business insurance are rare, but the ones that are out there specifically mention how the company saved them money.
What Liberty Mutual Is Missing
Liberty Mutual offers a wide range of coverage types. However, its risk management resources show it also understands that insurance is only the beginning. That said, the website is more difficult to navigate than many of the other top business insurance carriers.
How to Apply for Business Insurance at Liberty Mutual Insurance
Liberty Mutual requires owners to work with an independent agent or broker when applying for commercial insurance. New customers can use the website to find a local agent who can offer personalized assistance in applying and obtaining appropriate coverage.
Progressive Commercial: Best Small Business Insurance Company for Commercial Auto
Progressive Commercial offers a few primary small commercial policies, such as general liability and workers’ compensation, but its greatest strength is commercial auto. Whether you’re insuring business autos, trucks, limos, buses or trailers, it can cover it. Plus, Progressive Commercial has the widest range of endorsements for customizing your policy.
Progressive Commercial Costs
Auto insurance with Progressive Commercial costs about $165 per month. Truck insurance is between $561 to $795, depending on how the truck is used.
Progressive Commercial also offers eight discounts for qualified customers, including:
- Maintaining insurance
- Having a commercial driver’s license
- Being in business for more than three years
- Bundling auto insurance with general liability or BOP
- Paying through electronic fund transfer
Progressive even adjusts your rates by the season, which is a huge savings for seasonal businesses like contractors.
Progressive Commercial Coverages
While Progressive Commercial is best known for auto insurance products, they do offer additional coverages through the Progressive Advantage Business Program. These policies are written by third-party insurers and include most of the basic business insurance policies like BOPs and professional liability insurance. One unique offering is health insurance for you and your employees.
Progressive Customer Reviews
Customer reviews mainly focus on Progressive Commercial’s auto coverage. Most comment on the company’s ability to provide quality coverage at an affordable price. The number of available discounts are also a highlight. However, working with third-party insurers means the experience is inconsistent when quoting general liability, BOP, and other business insurance policies.
What Progressive Is Missing
Discounts and customizable coverage make Progressive Commercial the go-to for business auto insurance. However, the rest of its small business insurance is limited. Most of its products come from third-party insurers.
How to Apply for Business Insurance at Progressive
You can apply with Progressive Commercial by completing an online form online or calling a toll-free number. The online tool is easy. All you do is enter your ZIP code and insurance policy you’re looking and click Get a Quote to go to the application. The entire process takes just minutes.
Travelers: Best Small Business Insurance Company for Online Claims & Policy Management
Travelers is another large insurance carrier that uses independent agents and brokers to distribute products. Through these 14,000 agents, Travelers sells affordable business insurance. However, the standout feature is the online portal. Policyholders can log in to file claims, add insureds, and request other servicing easily.
Because Travelers uses the independent agent system, you will most likely see additional fees tacked on to your insurance bill. Other than that, Travelers has a reputation for providing basic business insurance for reasonable premiums.
For business owners who need more than a BOP, Travelers offers up a host of management liability products, including:
- Cyber liability
- Fidelity & crime
- Directors & officers
- Identity fraud reimbursement
Business owners can purchase these as standalone policies or bundle them in a single package.
Travelers Customer Reviews
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What Travelers Is Missing
Being able to manage your account and file claims online is a big benefit for busy business owners. Plus, Travelers offers a number of specialty policies that can help you tailor your insurance to your business. Unfortunately, some of Travelers’ products aren’t available in every state.
How to Apply for Business Insurance at Travelers
The company’s website makes it easy to find a Travelers agent near you. Enter your ZIP code and click the Find an Agent button to search by location or agency name. The site even lets you narrow your search for line of business. You can select small business or a specific policy type.
Chubb: Best Small Business Insurance Company for International Transactions
Chubb is the world’s largest publicly traded property and casualty insurance carrier. As such, it can offer an extensive array of products for all types of businesses, including small businesses. One example is the foreign package, designed specifically for small business with overseas interest and foreign travel.
Like most large insurance providers, Chubb doesn’t post cost data on their site. However, the company offers coverage through independent agents and brokers, which typically means you pay additional fees that add to your overall cost. While Chubb doesn’t provide dollar amounts, it does disclose other commission information on its site.
In addition to standard business policies, Chubb has a foreign package that’s uncommon offering among small business insurers.
The core coverages in this foreign package include:
- Workers comp for foreign employees
- Medical expense
- Lost document assistance
- Political evacuation
Additionally, Chubb offers four distinct management and professional liability packages for small businesses.
Chubb Customer Reviews
Customer reviews for Chubb are rare, mostly because it’s known for business insurance that’s sold through independent agents. What review there are trend positive, particularly for claims service. It has an online claim reporting tool that gets high marks for their speedy response. Also, Chubb aims to get claim payments to clients within 48 hours of settlement.
What Chubb Is Missing
Chubb has just about every product a small business owner could want, including a foreign package, surety bonds, and BOP. The one drawback is the lack of online quoting. Direct-to-consumer models are becoming more popular in the industry, so perhaps Chubb will add this option in the future.
How to Apply for Business Insurance at Chubb
Chubb sells business insurance through agents and brokers, so the site guides you toward representatives in your area. The process is simple. Just go to Chubb’s small commercial insurance page and click the button. From there, you enter your ZIP code, and the site returns contact information for agents.
The Bottom Line
In our search for the best small business insurance companies, we looked for key qualities, including nationwide availability, specialization of insurance packaging, competitive pricing and favorable reviews. When looking for a provider for your small business, be sure that it is knowledgeable about your industry and how to best protect against your primary risks.
The Hartford makes finding an affordable policy easy. Its team of experts provide customized coverage options to meet your needs. Complete a short online questionnaire and receive a quote in minutes.