6 Best Small Business Insurance Companies

At Fit Small Business, we are committed to delivering trustworthy answers to your insurance questions based on thorough research and first-hand experience. Drawing on over a decade of work in the insurance industry, including cases with small businesses, I evaluate each provider based on the expertise I developed.

After countless interactions with customers, I have learned what matters and what doesn’t matter, as well as what works and what doesn’t work. And ultimately, I apply that knowledge and experience to each provider’s evaluation.

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). This information is supported by policyholder reviews on its website^[1], where you can see reviews for all of the lines of business it sells. For example, there are nearly 4,000 reviews for workers’ compensation with an average of 4.8 out of 5 stars.

The Hartford offers numerous resources for small businesses to help them succeed. Many of the resources are segmented by state, including specific information on coverage may be required, or any state laws that may impact your business and insurance. For example, if you are in Kentucky, you need workers’ compensation.

Even though it doesn’t have an app, it does have 24/7 customer service. Its digital experience is more streamlined and advanced than many of the other providers. Online, you can get a quote, purchase a policy, manage the policy, and file a claim. If you need proof of insurance, you can create a digital certificate of insurance.

Next Insurance 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:

1. 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.
2. 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.
3. 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 great provider for contractor insurance because it has created custom policies for the industry that have layers of coverage automatically included. For example, tools and equipment are included automatically in general liability and its emphasis on extremely fast (sometimes seconds) to generate a COI is specifically, but not exclusively, for contractors.

Next Insurance 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 reflect this convenience, giving you the ability to manage your policy, change coverage, and create COIs all on the website or its app.

Unfortunately, it does not operate a 24/7 line for customer service or claims; however, 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.–5 p.m. PT. These are a few reasons why the provider got docked points in our rubric.

Customers are responding well to its convenience, as it has lower-than-average complaints with the NAIC. More than 4,000 users have given it a 5 out of 5 rating on its website^[2], with the most frequent comment celebrating how fast and easy it is to use.

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.

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.

Nationwide also offers policy packages for cyber insurance, directors and officers (D&O), 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 over 15,000 companies, partnerships, and 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.

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.

Throughout the past few years of evaluating Hiscox, complaints monitored by NAIC have dropped and are now lower than the national average. On the independent review site feefo^[3], it has 4.6 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.

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.

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. Or, 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 to learn more about it and how to request one.