By using Investopedia, you accept our, Investopedia requires writers to use primary sources to support their work. Home-based businesses. The top small business insurance companies work for their clients by providing bundled and unique insurance options. Simply Business offers a comprehensive suite of business insurance that specializes in one main thing: protecting the business you work hard to build. "Small Business Commercial Insurance Customer Satisfaction Reaches All-Time High Thanks to Investments in Digital, Servicing and Product Expansion, J.D. When taking out business insurance, it’s a good idea to consider the biggest risk factors you should insure against – and assets you want to safeguard. Accidents, natural disasters, and lawsuits could run you out of business if you’re not protected with the right insurance. Your professional liability insurance policy will help you even if the claim made against you is totally unfounded. Simple general liability offerings available in $1 million increments, Several other types of coverage available, along with other endorsements and add-ons such as in-home business endorsements, Customer service won’t be consistent with every agent, Many agents can’t write across state lines, State Farm was established in 1922 by G.J. A business owners policy (BOP) is a policy that combines multiple types of business insurance in a single policy. This policy type lowers the financial setback that can come with claims against your business. Share. This includes: You can select a range of coverage for your commercial property insurance. The First Step. We publish unbiased product reviews; our opinions are our own and are not influenced by payment we receive from our advertising partners. Aetna operates nationwide through a reasonably large network of health providers. Its friendly staff puts customer service as its No. Small business insurance is designed to provide financial protection to a business and its business owners if there’s an accident involving the business’s owner, employees, customers, or property. Finding the right insurance for your business is working with an experienced commercial insurance agent who can help you acquire a cheap small business insurance policy. On average, small business owners in the US pay anywhere between $500 to $1,000 per year for commercial insurance, but you could pay less or lots more depending on what your business needs. Most BOPs include commercial general liability and property coverage, as well as small amounts of coverage for endorsements such as inland marine or umbrella coverage. Most small businesses don’t need to buy every single type of insurance listed above. MoneySuperMarket has teamed up with Simply Business to help you compare personalised business quotes and make sure you’re properly covered. What Does Small Business Insurance Cover? Hiscox wins the top spot for independent contractors because they have products priced specifically for companies with fewer than five employees across a wide range of industries. Small, low-risk businesses are often eligible for a business owner's policy (BOP).This policy combines two frequently purchased policies: General liability insurance protects against lawsuits from people outside your business who sue over a bodily injury, property damage, or advertising injury. Hartford stands out by combining general liability, business property insurance, and business income insurance through their Business Owner’s Policy (BOP.) To identify the best small business insurance companies, we looked at over a dozen national and regional insurance companies, as well as several online brokers. Liberty Mutual is in a unique position to help large numbers of business owners for a reasonable price, regardless of industry. You may want to consider a professional liability insurance policy if you are: The cost of your small business insurance policies will depend on a number of factors, including: For many small businesses, the cost is always a concern. Business insurance comparison. It offers several products, including general liability insurance, professional liability insurance and workers’ compensation insurance. Shopping guide for small business & group health coverage. Whether you’re looking for construction workers’ insurance or insurance for your startup, Simply Business helps you find the right coverage at the right price. Building your business is hard enough. "General Liability Insurance Cost." Accessed April 28, 2020. From there, you can reach out to the companies that seem like the best fit and work with a licensed insurance agent to find the right policy for you. Every State Farm agency is independently owned, so every agent understands the unique needs of small business owners—they are business owners themselves. If you run a small business you should generally include the following cover in your business insurance policy: Public liability: Public liability insurance is useful if you, your employees or any part of your business regularly deals with members of the public. We evaluated 15 companies to figure out which ones offer the best general liability insurance at a low cost for small businesses without sacrificing coverage. Business owners want to protect their assets, but insurance can be expensive. We chose Progressive as our best insurer for commercial auto insurance because it is the largest specialist in this space and knows how to handle business auto claims better than anyone. As a business owner, you probably understand the benefits a small business health insurance plan can provide your company, employees, and even your own family. You can use a comparison tool to compare business insurance quotes. 5. Best small business health insurance 2020: Aetna. Progressive has specially designed insurance solutions for 10 industries including beauty, health and wellness, professional firms, and skilled trades. Our business insurance experts will work with you to assess your company’s needs and find a business liability insurance policy that’s customized for your company’s specific needs. These insurance products help small businesses as they continue to grow and succeed. They need insurance that’s easy to find, buy, and understand. But, while Travelers has an A+ rating from the BBB, the company also has almost 400 registered customer complaints, so business owners should be careful to review policy documents before buying coverage from one of Travelers’ independent agents across the country.. General Liability Insurance: Every business, even if home-based, needs to have liability insurance. However, the company has developed considerable expertise in commercial property insurance. Almost any small business can benefit from a BOP, but it’s particularly useful for brick-and-mortar businesses that have fewer than 100 employees and less than $5 million in annual sales (the eligibility cutoff for … They offer two levels of insurance grouped as small business insurance and larger business insurance. Related: Does Your Home Business Need Insurance? Business interruption insurance will help replace lost revenue for a business in certain circumstances, but may not replace all lost income. We chose State Farm as the best overall small business insurance company because it offers multiple types of coverage through a nationwide network of agents. Get your small business insurance quote online - fast and free. Shopping guide for small business & group health coverage. On average, small business owners in the US pay anywhere between $500 to $1,000 per year for commercial insurance, but you could pay less or lots more depending on what your business needs. CoverWallet works with small- and medium-sized enterprises and startups to provide insurance coverage right for your specific business. This is business insurance on your terms. You can also combine your professional liability insurance policy from Liberty Mutual with its other small business insurance policies. Compare Business Insurance Easily compare small business insurance Get Started Call 1800 645 617. Best Insurance for Small Business 1. We chose Liberty Mutual as our best provider of business owners policies (BOPs) that combine multiple types of coverage into a single policy protecting against liability, property loss, and loss of income. Best for businesses with fewer than five employees. 2,000+ Small Business Occupations Tailor A Policy To Suit Your Business Needs Get A Quote in Just Minutes Claims require many forms to be completed within a timely manner for the coverage to take place. U.S. News & World Report. For this review, we gave special attention to insurance companies that kept their pricing within the national average while also offering more and better features than their competitors. Because Travelers operates in the U.S., Canada, Mexico, and the U.K., the company is well-suited to provide coverage for companies that do business internationally. We chose Liberty Mutual as the best insurer for BOPs because the company has a fast and easy process with a streamlined business owner's policy available for many different industries that combine coverage in one cost-effective policy. The name was changed to Nationwide in 1955 during its efforts to expand coverage to all states from coast to coast. What is small business insurance? The survey winner was Farmers Insurance, a large stock insurer based in Woodland Hills, California. About 43 percent of cyber attacks go after small businesses. The Hartford offers many types of business insurance including general liability, BOPs, commercial auto, commercial flood, data breach coverage, EPLI, marine insurance, and professional liability coverage. 1. However, The Hartford also offers discounts to workers’ compensation insurance: up to 5% for policyholders who bundle their coverage with general liability and up to 10% for bundling workers’ comp with a business owners policy. Call us at 855-767-7828 or fill out our easy quote form - and get your proof of insurance quickly. HIG can be a 1-stop shop for your small business insurance needs. UnitedHealthCare if a part of UnitedHealth Group and is the largest single health insurer in the United States and is rated “A- (Excellent)" by A.M. Best. Operates in all 50 states and Washington, D.C. Policies designed for micro-business needs. Business Insurance. If you remain a loyal customer to your insurance provider, it may reward you with a discount. "AM Best Affirms Credit Ratings of Hartford Financial Servs Group and Subs; Upgrades Ratings of Hartford Life and Accident Ins Co." Accessed Nov. 3, 2020. Get a fast quote and your certificate of insurance now. Benzinga has put together this guide to professional liability insurance to help you understand the product and find the best option for your business. Better Business Bureau. Allstate earned second place, followed by Chubb, Erie, and AIG. AM Best. The right public and employers' liability cover means you will not have to pay for claims out of your own pocket. Progressive offers up to a 15% discount on commercial auto coverage when it’s combined with general liability or a BOP, even if the general liability or business owners policy is through a different carrier. If your business suffers from a covered loss, you’ll file a claim with your insurance company. The building where your business operates, The furniture and equipment inside your building, The deductible you choose for your policy, The amount of coverage that you choose for your business, Most insurance providers offer several types of business insurance and the ability to bundle multiple policies for a discount. It’s often required in the terms of a commercial lease or client contract. Business insurance is not just one specific policy, but a collection of different plans designed to protect your business from financial risk. Learn more today. CoverWallet makes getting coverage simple, convenient and fast so you can serve your customers, grow your business and manage the day-to-day happenings of your business. 4. Small business insurance costs vary widely based on industry, location, and coverage types. In less than 1 minute, you can start, pause or cancel your insurance with Thimble. Small businesses need comprehensive insurance protection, and Benzinga has done the research to take the burden off of you. CoverWallet … As a business owner, you probably understand the benefits a small business health insurance plan can provide your company, employees, and even your own family. The policies your business needs will depend on the type of business you run, whether you have employees and other factors. To build our list, we focused on companies that make coverage widely available and that have strong ratings for financial stability and customer satisfaction. 3. Adjust your cover as you grow. 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