Whether you work as a pet sitter, IT specialist, caterer, beautician, contractor, or retailer, one thing remains the same: you need specific business insurance. To help you navigate through the vast amount of information available, we have compiled a comprehensive guide that includes business insurance companies, websites that assist with shopping, and quick definitions of common terms.
It is important to note that regardless of which insurance company you choose, it will be difficult for you to receive payment for theft or vandalism claims if you do not have a security system in place. Taking steps to protect your property and equipment significantly improves the process of getting claims paid.
To determine the best small business insurance companies, we utilize a specific methodology. We evaluate the coverage options offered by each company, ensuring they provide a wide range of policies including liability, property, workers’ compensation, and industry-specific protections. Affordability without compromising coverage is also a key factor, as we consider cost and value. Additionally, we assess customer service and claims support, prioritizing insurers with a reputation for being responsive and efficient. The financial stability and reliability of the insurer are crucial, and we consider ratings from agencies like A.M. Best. The user experience of the website is another important factor, as we look for ease of obtaining information, getting online quotes, and managing policies. Customer reviews and reputation are taken into account to gauge trustworthiness and quality of service. Lastly, we consider the availability of additional resources and tools, such as risk assessments and educational materials.
Based on our evaluation, we have identified the following as the best small business insurance companies:
1. State Farm: Known for its great reputation, State Farm offers basic small business insurance offerings along with specialized options such as Builder’s Risk Insurance and Customized Combos.
2. CNA: Specializing in commercial insurance, CNA provides basic policies along with more than 300 add-on options, saving you money through bundling.
3. Progressive: Progressive offers standard business insurance selections and also provides policies written by third-party insurers, including business income interruption and cyber/data protection coverage.
4. The Hartford: Sold through a network of independent agents, The Hartford offers the usual small business insurance offerings along with special commercial insurance for marine or livestock businesses.
5. Nationwide: Considered the best for liability insurance, Nationwide offers specialized coverage options such as equipment breakdown insurance and business income interruption coverage.
6. Hiscox: Hiscox specializes in professional liability insurance and has a wide network of brokers to find the best policy for specific risks faced by different businesses.
7. Liberty Mutual: Liberty Mutual, initially focused on worker compensation, now offers a wide range of business insurance coverages including liquor liability, commercial auto, and crime coverage.
8. Suracy: Suracy offers typical business insurance offerings along with coverage for specific small business owners, including Paid Family Leave insurance and employment liability insurance.
9. BUA Express: BUA Express specializes in event insurance, offering coverage for event cancellation, disruption, postponement, or relocation.
10. GEICO: Known for its strong lineup of liability insurance options, GEICO provides comprehensive coverage for small businesses.
Overall, these insurance companies cater to various small business needs and provide reliable and comprehensive coverage options.