Best Small Business Insurance Companies

Best Small Business Insurance Companies: Accidents happen all the time, and business owners need to be protected in case there’s an accident in the workplace–especially since the average customer injury insurance claim is for $35,000. Business owners need to ensure that they are protected against all possible risks.

Best Small Business Insurance Companies

The 7 Best Small Business Insurance Companies of 2022

1. Best Overall: State Farm

State Farm was chosen as the best small business insurance company overall because it provides multiple coverage options through its nationwide network of agents. State Farm agents are small-business owners, which means they can understand the needs of small businesses.

2. Best for Independent Contractors: Hiscox

Hiscox is the best choice for independent contractors, as they offer products that are priced and designed specifically for freelancers and independent contractors.

3. Best General Liability Insurance: Nationwide

Nationwide was chosen as our best general insurance provider due to its focus on straightforward, simple insurance solutions. This is ideal for companies with high-risk general liability requirements. AM Best also gave Nationwide an A++ Superior rating for financial stability.

4. Best Workers’ Compensation: The Hartford

The Hartford was chosen as our top workers’ comp provider due to the unique benefits it offers employers, such as pay-as you-go plans. Because these plans are based on actual payroll rather than projections, there is a significantly lower chance of premium over- or underpayment.

5. Best Commercial Property Insurance: Travelers

Travelers was chosen as our top commercial property insurer due to its extensive experience in this space. They have been ranked the best commercial property insurance company in America by multiple-year premiums and came in second in 2021.

6. Best Business Owners Policy: Liberty Mutual

Liberty Mutual was chosen by us as the best BOPs insurer because it offers a quick and simple process, along with a simplified policy for business owners that covers many industries. It also provides coverage in one affordable policy.

7. Best Commercial Auto: Progressive Commercial

Progressive was our top choice for commercial auto insurance. It is the most experienced company in this field and has a proven track record of handling business auto claims.

Frequently Asked Questions

What Insurance Do I Need for My Small Business?

Your business’s type and risk factors will determine the insurance you need. General liability insurance is required for almost all businesses. This protects you in the event that a customer is hurt at your business.

What Does Small Business Insurance Cover?

The purpose of small business insurance is to protect the owners and employees of a business from financial loss if they are involved in an accident that results in injury or property damage. Average customer injury and property damage claims are approximately $35,000. A general liability case can be costly to defend and settle if a customer injury or property damage claim results in a lawsuit.

What Is the Average Cost of Small Business Insurance?

The cost of small business insurance varies depending on the industry, location and coverage type. Business owners who have equipment or facilities, employees or provide professional advice, should expect to pay higher annual premiums to cover their particular risks. Business owners who select higher coverage limits, lowerdeductibles, additional coverages or endorsements may pay more.

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