For costs associated with property damage, liability claims, legal actions, employee injuries, and other potential dangers that may arise from operating a business, business insurance can offer financial support. General liability insurance, property insurance, professional liability insurance, workers’ compensation insurance, and business interruption insurance are a few of the most popular kinds of insurance for small businesses. Below is a list of best small business insurance.
State Farm
State Farm offers business insurance designed for independent contractors, restaurants, professional services, and retailers, with paperless billing and autopay options. Commercial insurance products include BOP bundles, surety and fidelity bonds and farm and ranch insurance.
Pros
Insures more than 300 professions
Highly customizable insurance policies
Live chat support
Cons
Not all insurance agents can cross state lines
Claims are filed over the phone, not online
Travelers
Due to its superior billing options and standing as the top underwriter of these policies, Travelers was selected as the best insurer for workers’ compensation.
The workers’ compensation insurance for travelers adjusts to your company’s demands. The company’s risk control specialists, who are in charge of looking over and evaluating your insurance requirements, might visit you in person or virtually. The business also provides a flexible billing option with TravPay, a pay-as-you-go solution that integrates your payroll processes with the payment of your workers’ compensation premiums.
Pros
Largest workers’ comp insurer nationwide
Outstanding financial strength ratings
A broad network of local insurance agents across the country
Commercial auto and trucking, cyber coverage and ocean marine policies
Cons
Coverage option availability varies by state
Getting a quote and filing a claim is only possible by phone
Nationwide
One of Nationwide’s unique selling points is its adaptable general liability insurance, which can be coupled to its other commercial insurance options and it is one of best small business insurance.
Small business owners can choose from a wide range of products from Nationwide, including business liability, commercial property, commercial vehicle, and workers’ compensation insurance.
Pros
BOP insurance for businesses with annual revenue of up to $5 million
Business Solution Center offers cybersecurity advice and social media guides
Cons
No disability insurance or major medical insurance
No online chat support
High NAIC complaint index in nearly half of its subsidiaries
Chubb
Chubb provides insurance for businesses in a variety of industries, including manufacturing, retail, food services, healthcare, and technology. Small business owners might wish to take a closer look at Chubb’s Business Owners Policy (BOP), which offers a broad limit for property coverage so you have options for how to use a claim settlement in the event of a loss.
Chubb’s BOP can be tailored to include critical protections including flood insurance, electronic data liability, equipment breakdown, professional liability, and others.
Pros
Variety of policies available
Some policies can be purchased online
Cons
May need to talk to agent if you have questions about your policy
Hiscox
The only company that only offers business insurance is Hiscox. It offers a wide range of diverse plans, such as short-term liability and medical malpractice. Compared to conventional liability plans, a short-term liability policy offers general or professional liability coverage for shorter periods of time.
Pros
Wide variety of policies available
Offers online quotes
Cons
May not be able to make policy changes online
Not available in Alaska
