A business owner’s worst nightmare is an accident at the workplace. The average customer claim for an injury is $35,000. It’s important to ensure that you’re protected. Business owners must have insurance to protect themselves from accidents and other unexpected occurrences. Not having insurance is just as risky as being uninsured.
We looked at the best small business insurance companies in the US, and we found that [company X] provides excellent coverage. [Company X] offers [specific features], and they receive ratings for financial stability and customer satisfaction.
The 5 Best Small Business Insurance Companies of 2021
The best small business insurance is the one that suits your needs.
State Farm has the best small business insurance policies nationwide. State Farm agents are small business owners themselves, so they understand the importance of small businesses. They offer multiple types of coverage and a nationwide network of agents to help small businesses get the help they need. State Farm was established in 1922 by G.J. Mecherle, a retired farmer. The company has an A++ rating for financial stability from AM Best. State Farm is best known for auto and home insurance, but it also provides banking, commercial insurance, and other services.
State Farm sells insurance in most U.S. states and offers policies designed for each stage of a company’s growth cycle including general liability, professional liability, and other types of coverage that can be added onto policies to suit individual needs. State Farm provides insurance bundles for businesses in various industries, including contractors, restauranteurs, and retailers.
State Farm offers discounts for policyholders who combine auto and home coverage, though the discounts vary based on the types of coverage being bundled. The discounts are not for bundling business coverage. State Farm is a well-known state-based insurance company. It has started to sell business-related insurance as well as home and auto insurance. This allows people who are already State Farm customers to save money on the additional coverage they need. State Farm agents are locally owned and operate independently, meaning they understand the needs of small business owners and can offer them better service and easier access.
Hecox has a variety of products designed just for independent contractors and freelancers. They have a wide range of insurance products that fit the needs of independent contractors.
Hiscox is a U.S. company based in Georgia that does business in 50 states, but not Alaska. It was started in 1901 as an underwriter in Lloyd’s market, but the parent company is based in Bermuda. Hiscox does business in 14 countries and all 50 states, plus the District of Columbia.
Hiscox provides a wide range of business insurance products. Hiscox’s core offerings include commercial general liability, professional liability, business owners’ policies (BOPs), workers’ compensation, cyber liability, commercial auto, and employment practices liability insurance (EPLI). In addition, Hiscox writes all the business insurance policies sold by GEICO.
Hiscox offers insurance for people in over 180 industries, including fitness instructors, janitors, acupuncturists, and consultants. This coverage is available for many different amounts of money.
When you are looking for a business insurance carrier, look for one that is focused on simple, straightforward solutions. Nationwide received an A++ Superior rating from AM Best for financial stability.
Nationwide was founded in 1926 as Farm Bureau Mutual Automobile Insurance Company. It changed its name to Nationwide in 1955 with the goal of expanding its coverage to every state in the country. The company has agents in all 50 states, except Hawaii and Alaska.
Nationwide provides many types of business insurance, including general liability, business property, commercial auto, BOP, workers’ compensation, EPLI, equipment breakdown coverage, and umbrella insurance. The company also has 14 industry specialties including retailers, professional offices such as medical clinics and food and beverage companies.
The Hartford is our top workers’ compensation provider because of the special benefits it offers employers. The pay-as-you-go plans help employers lower their chances of over- or underpaying on premiums. The costs are based on actual payroll instead of projections, so there is no guesswork involved.
The Hartford has been around since 1810 and is a Fortune 500 company that provides insurance to small businesses. It has an A+ rating from AM Best and serves over half a million small businesses. The Hartford is based in Connecticut.
The Hartford has a lot of business insurance. They offer general liability, BOPs, commercial auto, commercial flood, data breach coverage, commercial umbrella, business income, and professional liability coverage. They also advertise more than twenty specialties such as arborists, pet groomers, restaurants, printing and publishing.
If you’re an independent business owner, Liberty Mutual offers the best insurance. It’s fast and easy to get a policy, and there are options for all kinds of small business owners. Plus, you can combine your coverage in one policy.
Liberty Mutual is a leader in BOPs. They combine multiple types of coverage into a single policy protecting against liability, property loss, and loss of income. This is a great benefit for business owners because they can get coverage from one provider for multiple needs. Liberty Mutual can help large numbers of business owners, regardless of industry.
Businesses face a lot of risks. The real challenge is to find insurance that covers all of them. Liberty Mutual offers a wide range of business insurance solutions for different industries. The company has several types of coverage available including commercial auto, equipment breakdown, inland marine, umbrella coverage, and workers’ compensation, as well as 11 industry-specific solutions including construction, public entities, financial institutions, healthcare, real estate, and wholesale.
How We Chose the Small Business Insurance Companies
Because we wanted to be fair, we excluded financial advisors and brokers from our list of the best small business insurance companies. We found many cases in which individual businesses can get better coverage with these partners than they can with national companies.
Business owners need an insurance company that they can rely on as they grow. They need coverage that’s easy to find, buy, and understand. To build our list, we focused on companies that make insurance widely available and that have high ratings for financial stability and customer satisfaction.