6 Best Small Business Insurance Companies for 2022
Nathan Weller is an Insurance Expert focusing on insurance for small business. He has 15 years experience in insurance operations, FNOL, and claims handling.
The best small business insurance providers offer the policies you need while providing great customer service, such as 24/7 availability and instant access to a certificate of insurance (COI). Managing your policy and getting answers to your questions is easy with a great provider. We used our evaluation system focusing on financial stability, policies offered, customer satisfaction, and convenience to compare 18 providers to find the six best:
- The Hartford: Best overall
- Progressive: Best for commercial auto
- Chubb: Best for general liability
- Travelers: Best for workers’ compensation
- CNA: Best for business owner’s policy (BOP)
- Nationwide: Best for management liability
Best Small Business Insurance Companies Compared
Online Quote | Accessibility | Instant COI | Financial Rating | |
|---|---|---|---|---|
 | Yes | 24/7 call center | Yes | A+ Superior |
 | Yes | 24/7 call center | No, have to call | A+ Superior |
 | Yes | Monday to Friday, 8 a.m. to 8 p.m. Eastern time; Saturday 10 a.m. to 3 p.m. ET | Yes | A+ Superior |
 | No; have to call an agent | 24/7 call center | Yes | A+ Superior |
 | Yes | 24/7 call center | No | A Excellent |
 | No; have to call an agent | 24/7 call center | Yes | A+ Superior |
The Hartford: Best Overall Small Business Insurance Provider
The Hartford
Overall Score: 4.50
OUT OF 5
What We Like
- In-house claims services
- Customer complaints below national average
- Years of experience
- Independent agents
What's Missing
- May need to finish quoting process with an agent
Deciding Factors
- Online portal: Access to policy documents instantly
- Experienced provider: Years of experience writing specialty lines
- Nationwide: Available in 47 states and Washington, D.C.
- Financial Strength: Excellent financial rating
The Hartford, with a rating of 4.75 out of 5 in our evaluation, is our top choice for the best insurance for small businesses. It also scored higher than any other provider because of its financial strength, customer satisfaction, and available policies.
It insures nearly every small business profession—from barber shops to construction companies and auto repair shops to lawn care businesses, and it has the coverage for your business needs. The only area in our evaluation where The Hartford fails to shine is by not providing an app where business policyholders can manage their policy and claims.
Cost & Coverage
According to The Hartford, in 2021, its customers paid about $260 a month for a BOP. In 2019, The Hartford upgraded its BOP and quoting system with the Spectrum® Business Owner’s Policy. This new policy suggests coverage tailored to the specific business during the quoting process.
Its standard BOP provides general liability and business income loss. It’s 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.
Customer Satisfaction & Convenience
With more than 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.
Financial Stability
With more than 200 years of experience, The Hartford has maintained great financial stability. It is rated A+ Superior by AM Best.
Progressive: Best for Commercial Auto
Progressive
Overall Score: 4.50
OUT OF 5
What We Like
- Online quoting
- Policy options
- Available in 49 states
What's Missing
- Have to call for your COI
Deciding Factors
- Claims services 24/7: Report weekend accidents on the same day
- In-house claims: Claims handled directly by Progressive
- Independent agents: Are available to advise you on your policy
- Financial rating: A+ Superior rating
Progressive Commercial scored 4.5 out of 5 in our system because of its financial position. As the top insurer of commercial autos by market share in the United States, it’s the natural choice for the best commercial auto insurance provider. It insures more than 1 million commercial autos: vans, light trucks, dump trucks, food trucks, ice cream trucks, and even tractor trailers. It had lower scores in customer satisfaction because its complaint levels are average, and while it has an app for its personal lines, it doesn’t have one for commercial.
Cost & Coverage
In 2021, a Progressive customer’s average price for a BOP was $68 a month. The BOP covers liability, property damage, and loss of income. In addition to commercial vehicles, it offers lots of coverage, such as general liability, commercial property, and liquor liability. If you occasionally drive for Uber or Lyft, you can take advantage of Progressive’s rideshare insurance.
Customer Satisfaction & Convenience
Obtain a quote and manage your policy online and file a claim online or call 24/7 for assistance. If you file a claim, Progressive has in-house heavy truck specialists who handle the damages to your dump truck or semi.
It offers roadside service for its policyholders with an extensive truck repair network, and policyholders have priority status for the work. Once repaired, you or your representative are allowed to do a quality inspection before the vehicle leaves the shop.
Financial Stability
Progressive has more than 40 years of experience in commercial auto insurance, which is reflected in its rating of A+ Superior by AM Best.
Chubb: Best for General Liability Insurance
Chubb
Overall Score: 4.50
OUT OF 5
What We Like
- Financial strength
- Custom general liability policies
- Instant COI
What's Missing
- Customer service is unavailable 24/7
Deciding Factors
- In-house claims: Claims handled directly by Chubb
- Independent agents: To help you with your policy
- Online client portal: Log in to manage your payments
- Experienced provider: Years of experience writing insurance
Scoring 4.5 out of 5 in our evaluation because of its strong financial position, low complaints, and convenience for policyholders, Chubb is the best provider for commercial general liability insurance (CGL). As of March 2022, it ranks number one in direct written premium for liability. It took a hit in our ranking because it doesn’t maintain a 24/7 call center for claims and customer service needs. Also, like the Hartford and Progressive, it hasn’t developed a mobile app for commercial lines.
Cost & Coverage
Unfortunately, we couldn’t complete an online quote for Chubb.
It has two distinct policies for CGL: Customarq and Continuum from Chubb. Customarq is a specialized policy similar to a BOP and is designed to meet the new challenges businesses 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 increases.
Meanwhile, Continuum from ChubbSM is a specialized liability policy that can function as primary or excess coverage. It provides coverage outside your standard limits and policy periods with options like successor liability and discontinued products liability insurance.
Customer Satisfaction & Convenience
Chubb maintains high customer service and has lower-than-average complaints. It strongly emphasizes claims service, intending to resolve claims within 48 hours.
The Chubb Commercial Client Center is its online portal where you can manage your policy and premium and request a COI.
Financial Stability
With roots stretching to the 1880s, Chubb has maintained a global reputation for financial stability. AM Best has rated it A++ Superior.
Travelers: Best for Workers’ Compensation Insurance
Travelers
Overall Score: 4.00
OUT OF 5
What We Like
- Customer service
- In-house claims
- 24/7 availability
What's Missing
- No online quotes
Deciding Factors
- Customer advocacy: Hotline for policyholders with concerns
- Independent agents: To help you with your policy
- Online services: Log in to manage your payments
- Additional resources: To help with your workers’ compensation claims
Travelers scored 4 out of 5 due to the policies it offers, its excellent scores in customer satisfaction, and its emphasis on the client through a customer advocacy department. It has created numerous support services for workers’ compensation and is the best workers’ compensation insurance provider.
While many insurers are moving toward providing an online quote, Travelers directs all inquiries for quotes to an agent. While you can get a good idea of what the product and services it offers are, you don’t know what the cost will be. Additionally, Travelers doesn’t have an app for commercial lines.
Cost & Coverage
For a quote, you’ll need to contact one of its independent agents.
It’s one of the top workers’ compensation insurance providers by direct written premium for liability and stands out because of its resources for workers’ compensation claims. There are risk control consultants who’ll either visit in person or virtually and give recommendations.
Travelers offers several programs to help when you file a claim. One is the ConciergeCLAIM Nurse program, where a Travelers employee—who is a certified nurse—will work directly with the injured employee. This service is offered in English and Spanish and is proven to help lower the claim cost and help the injured worker return to work sooner. It’s the only carrier that offers this.
Customer Satisfaction & Convenience
Claims and customer service are available 24/7. There is a customer advocacy department in case something goes wrong, although you’ll likely not need to use the customer advocate as Travelers has the lowest average complaint of any provider in this guide.
Financial Stability
Founded in 1853 and operating globally, Travelers’ financial position is strong with an A++ Superior from AM Best.
CNA: Best for Business Owner’s Policy
CNA
Overall Score: 4.00
OUT OF 5
What We Like
- In-house claims
- Quick business resources
- 24/7 availability
What's Missing
- Unclear process for obtaining additional COIs
Deciding Factors
- Experienced provider: Years of experience writing insurance
- Independent agents: To help you with your policy
- Online services: Log in to manage your payments
- Customer satisfaction: Average complaints below the national average
Scoring 4 out of 5 in our ranking primarily because of the services it provides and its policies available, CNA is the best provider for a BOP. CNA CONNECT® is its BOP for smaller businesses, and it offers coverage for more than 600 classes of businesses with 300-plus optional endorsements. With that many choices, whatever your business needs are, odds are you can find it at CNA. However, its lack of any mobile app and inability for a customer to purchase a policy online doesn’t make it the most convenient choice for those who prefer online shopping.
Cost & Coverage
We were quoted $882 yearly for a small barbershop in Chicago. This quote is for equipment and liability coverage of $2 million aggregate. Once you receive your quote from CNA, you can schedule a call with an agent to purchase the policy.
CNA CONNECT® provides lots of customization. In addition to the optional endorsements, it allows up to 60 consecutive days of coverage at a temporary location. Business income and extra expenses are included automatically.
Customer Satisfaction & Convenience
You can manage your account online, check or change the billing address, set up auto-pay, or file a claim. Its claim center is available 24/7. CNA also has many resources, such as cards for claims that you can download and a slip and fall claim kit.
Financial Stability
CNA is the seventh-largest insurer in the US and has more than 1 million policies. With more than 120 years of experience, it has maintained a solid financial reputation with an A Excellent rating from AM Best.
Nationwide Insurance: Best for Management Liability
Nationwide Insurance
Overall Score: 4.00
OUT OF 5
What We Like
- Strong financial rating
- Available 24/7
- Convenient quoting process
What's Missing
- Need to speak to an agent to finalize and bind a policy
Deciding Factors
- Experienced provider: Years of experience writing insurance
- Customer satisfaction: Average complaints below the national average
- Independent agents: To help you with your policy
- Online services: Log in to manage your policy and payments
In our evaluation, Nationwide scored 4 out of 5 because of its available policy options and the numerous resources and services it provides to the customer. It has developed an extensive suite of management liability policies, which are available as primary or excess through Nationwide’s specialty line, though it lacks a mobile app for commercial lines. Depending upon the line of business and coverage you’re seeking, you may be able to get a fast quote online, but odds are it’ll direct you to schedule a meeting with an agent.
Cost & Coverage
You’ll need to call an agent to obtain a quote for this type of insurance. 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. It also offers Private Company 360, a policy package specifically designed for midsized to large private companies with primary coverage of up to $10 million.
Customer Satisfaction & Convenience
You can manage your policy and file a claim online or call 24/7 for customer service or claim-related needs. There is also a 24/7 line for employment practices liability-related questions.
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 LLCs and can draw upon that data when evaluating any potential risks your business may face.
Financial Stability
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.
Frequently Asked Questions
What is small business insurance?
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.
Do I need small business insurance?
Probably. Depending upon the industry and state, it 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. In most states, workers’ compensation is required coverage.
What types of coverage are available?
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.
Methodology: How We Evaluated
We determined which insurance companies would be the best overall with our in-house proprietary evaluation system. We reviewed 18 leading insurance providers and presented the six with the highest scores. In evaluating insurance companies, we focused on the customer’s needs. We paid particular interest to convenience, financial ratings (AM Best), customer service, types of policies offered, and the overall experience as a policyholder for a specific provider.
Most people only care about insurance when they need it. We wanted to ensure that what we’re recommending is something that, should that moment come, you’ll feel comfortable with.
Bottom Line
Time is money, so we’ve saved you some time by researching the best small business insurance providers. The Hartford makes finding an affordable and comprehensive policy easy, as its experts can help you select the right coverage for your needs. Complete a short online questionnaire and receive a quote in minutes, or call (888) 219-3051.
