Best Insurance Companies For Small Business – Whether it’s auto insurance, home insurance, renters insurance, or life insurance, chances are you have at least one personal insurance policy in your name. It’s easier to sleep at night knowing that you and your loved ones have some measure of financial security if your fortunes change. Can you say the same about your company? Do you have small business insurance?
Every small business owner is at high risk from traffic accidents, defective products or inadequate service. Without adequate financial protection, these risks can be fatal to your business.
Best Insurance Companies For Small Business
Small business insurance can help. But as complicated as it is, choosing the right small business insurer is paramount.
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We focus on each company on this list because it does one thing well, whether it be providing a variety of coverage options or offering specialized business solutions for specific industries. Our best overall picks, in our estimation, provide the best value for space.
Nationwide is a full-service insurance company for individuals and small businesses. For the latter group, it is the best choice on several points.
Hiscox is not a household name like Nationwide – or most of the names on this list. But it is a good insurer for micro-enterprises with few employees. It is best for sole proprietorships as well as freelancers.
Low limit policies are ideal for low-income, low-asset businesses – standard liability policies are over $2 million and higher coverage is available with additional underwriting.
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Tailored solutions for many sectors popular with sole traders and micro-enterprises, including fitness coaching and professional consulting
A guide to policy types for micro-enterprises with complex needs such as cyber liability, professional indemnity, commercial auto and umbrella protection.
Technically, CoverWallet is not an insurance company. It is an online insurance company that partners with many small business insurers to help our clients get the right coverage at the right price.
CoverWallet offers business-grade insurance products, including general liability insurance, workers’ compensation, and commercial autos. It also offers less common types of business insurance:
Business Auto Insurance
Progressive is one of our top picks for personal auto insurance thanks to its simplified, exceptionally transparent application process and list of discounts for eligible drivers.
And when it comes to commercial auto insurance, Progressive easily tops the bill. This is partly because Progressive’s scope is so broad that it includes solutions for all types of commercial vehicles.
For professionals and small business owners who use the same type of vehicle for personal and business purposes, Progressive offers an online tool to help you decide which type of insurance is best for you.
The Hartford is a leading non-life insurer for small businesses. If you need to cover employee payments, you can enjoy the following features.
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If your small business owns real estate, you must have commercial real estate insurance. There’s no better place for small business owners to get this kind of coverage than Travelers.
If your small business is global, be it an office abroad, criminalizing international business travel, importing or exporting goods, and so on, Chubb Insurance is the best option for you.
Chubb provides access to corporate positions in many countries around the world. The flagship of the international insurance product is the Conventional Liability Global Add-on, which complements the standard Conventional Liability policy. The main features of Traditional Liability Global are:
State Farm has the largest agent network of any U.S. insurer: nearly 20,000 licensees from coast to coast. As independent operators with specific domains, these licensees are small business owners themselves, meaning they know exactly what their business owners need.
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All of this makes State Farm the best choice for small business owners looking for personal insurance policies and people-controlled services that know their market and are often available in person.
We evaluate small business insurers and use a variety of factors to select the best one. All of these factors have something to do with the true cost of insurance, coverage options, and ease of use.
Small business insurance is certainly not a one-time solution. Depending on how big your business is, the number of employees, and what you do, you may need more than one type of coverage.
As this list shows, the best workers’ compensation insurance company is not necessarily the best choice for general liability insurance. Instead of mixing and matching insurers with different coverages, it’s easier and cheaper than usual to use one insurer for all your insurance needs.
The Best Small Business Insurance
That is why we choose small business insurance companies that offer as many types of insurance as possible. While they may not be right for everyone, policyholders are better off with more options.
Small business insurance companies rarely say out loud that one type of business isn’t right for them. But some insurers tailor their solutions to companies operating in specific sectors or types of businesses.
All things being equal, we choose insurers in two ways. They work in a wide range of company sizes and industries, or focus on being the best in a small business group such as sole proprietorships or manufacturers.
This is the 21st century. Taking out business insurance shouldn’t be a pain in the neck. Some business insurers still find it difficult to get the coverage they need and get back to work.
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All things being equal, we prefer providers that use a simple or fully digital application process. We also give bonus points to insurers like Progressive who pride themselves on cost transparency.
If your insurance needs are complex, the cost of insuring your business can quickly add up. Unfortunately, insurers aren’t transparent about how they price their coverage or what they can do to get a better deal.
So it pays to know which insurers offer lower premiums on average. While we recognize that every situation is different and that company specifications can change cost estimates quickly, we prefer reputable companies with reasonable prices.
J.D. with anonymous comments on the internet. Don’t be confused by customer satisfaction ratings from reputable third-party reviewers like Power. The first is a solid foundation for small business insurance research. The latter is best taken with a lot of salt.
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We don’t listen to anonymous customer feedback in our analysis and focus on customer satisfaction and service metrics knowing how the insurance business works. All things being equal, companies with higher rankings are more likely to make this list.
Financial strength is a measure of an insurer’s ability to pay claims as promised. This is very important for small business owners who want to work with their insurance company for years to come.
The longer the term, the more important it is that you trust your insurer to cover the claim. That is why we prefer insurance companies with above-average financial strength from reputable external rating agencies such as AM Best.
Small business insurance companies are just like small business insurance. How do you ensure that you make the right choices for your company?
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Once you’ve decided what types of insurance you need, figure out how much coverage you need for each type and calculate your company’s annual insurance budget. While you may want to make the mistake of over-security, you don’t want to lie about other important business priorities.
One thing is for sure, no matter what insurance you need, you can’t go wrong with any of the providers on this list. The two most important factors to consider when buying auto insurance are price and customer service.
State Farm has very affordable rates and is one of the best auto insurance companies for customer service and claims satisfaction.
If you have to purchase auto insurance, the refund process to the company will be an additional expense and headache. State Farm received above average scores from J.D. Power for customer satisfaction, shopping experience and claim satisfaction.
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According to the National Association of Insurance Commissioners (NAIC) Complaint Index, Sferm receives fewer complaints from consumers than its competitors. In addition, our editors awarded the Spherical Farm four and a half out of five stars, a rating that includes customer satisfaction scores, value, and coverage options.
State Farm received AM Best’s highest financial stability rating – A++. This means that the company has a strong ability to pay claims even in difficult economic times.
With State Farm, drivers no longer have to pay to provide excellent customer service. It is one of the most affordable major insurance companies. A comprehensive policy costs $1,310, 41% less than the national average.
Note: State Farm is known for providing excellent support online or through an agent, but the online quote process is not an easy one.