Best Small Business Insurance

Small business insurance is a general term for insurance policies that protect small businesses from financial losses. Policies can cover things like property, employees, and operations and can also protect against lawsuits. All small businesses need insurance policies tailored to the type, size, and location of their business. Typical small business insurance policies include general liability coverage, business property coverage, and business interruption coverage.

We compared more than a dozen small business insurance companies before deciding on our top choices. We considered factors such as the types of coverage offered, geographic coverage areas, policy discounts, and more. Keep reading to find out which small business insurance is right for you.

1. State Farm

state farm insurance

Founded in 1922 in Illinois by a retired farmer, State Farm’s vision was to be a good neighbor and offer competitively priced auto insurance to farmers. It has since expanded to offer many more types of insurance, including small business insurance, property insurance, life insurance, health insurance, landlord insurance, and more.

Policies are customized for your business and there are policies specifically for certain industries, including retail, restaurants, contractors, and more. Policies typically include a business owner’s policy, commercial auto insurance, surety and fidelity bonds, workers’ compensation, and other coverage that you may want to add on.

Prices vary greatly and can depend on the location and type of business, the type of coverage requested, and the industry you’re in. Although you can get a quote online for some policies, you need to speak to a licensed agent in your state for a small business insurance policy. You can apply with the agent and they can tell you about custom coverage options and applicable discounts including bundling.

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2. Chubb

Founded in 1882, Chubb is the world’s largest publicly traded casualty and property insurance company. It started as a marine insurance company that provided insurance for ships and cargo and has expanded to an international company with a large division dedicated solely to small business insurance. Policies are offered by industry, category, and services.

Chubb offers small business insurance for many industries, including agriculture, aerospace, energy, food, law firms, and more. It is the fourth-largest writer of package policies in the U.S., and you can purchase a commercial package for your business that includes flexible property and liability insurance in one policy. You can also choose to purchase policies individually with a bunch of customization options such as added riders and umbrella coverage.

Additional types of coverage include technology exposure coverage, equipment breakdown, and global casualty coverage, as well as insurance for valuables, cyber insurance, health insurance, flood insurance, and more.

3. The Hartford Insurance

The Hartford Insurance

The Hartford was founded in 1810 as a fire insurance company and then branched out to offer many other types of insurance and financial products and services. In addition to workers’ compensation insurance, Hartford also offers mutual funds, employee benefits, auto insurance, homeowners insurance, renters insurance, and different types of business insurance.

The Hartford offers small business insurance to a variety of different industries, and you can search the site by industry or by the type of coverage you need. Some industries that the company covers include beauty shops, consultants, photographers, retail stores, and more. It offers many coverage options, and policy prices vary greatly, but the typical general liability policy is $500 annually. Keep in mind that add-ons cost extra and additional coverage options such as workers’ compensation also cost more.

Unlike some of the other companies on our list, you can get an online quote for your small business insurance by answering some questions about your business, and Hartford claims it will only take eight minutes to complete the customized quote.

4. CoverWallet Property Insurance

CoverWallet was founded in 2015 and is an Aon company based in New York. It’s an online marketplace exclusively for businesses to find, understand, and get the business insurance that they need. The company was designed to save small business owners time and money by providing a simple, easy-to-understand site where you can compare multiple policy quotes all online. The site also offers advice on different types of business insurance and how to better understand what you need.

The company works with small and medium-sized businesses as well as startups in a variety of industries, including manufacturing, nonprofits, real estate, retail, and more. Each insurance policy is affordable and specifically tailored to your business. There is a comprehensive commercial property insurance policy offered including details on what this type of coverage is, what it includes, and who needs it.

You can purchase this policy separately or as part of a custom package. Commercial property insurance offered by CoverWallet typically includes coverage for natural disasters, equipment breakdown, revenue loss, and construction cost.

5. Hiscox

Hiscox was founded in 1901 and is an international company based in Bermuda with offices in 13 countries. It doesn’t have offices in all U.S. states but does have offices in New York, Florida, and a few other states.

The company does offer coverage in all 50 states. It’s an underwriter at Lloyd’s of London and got its start underwriting marine policies. Today, its sole focus is offering business insurance to businesses of all sizes.


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