10
Best Small Business Insurance
Featured Partner Offers
Featured Partner Offers
1
The Hartford
Low
A+ (Superior)
2
Next Insurance
Tailored policies for thousands of professions
A+ (Superior)
The Best Small Business Insurance Companies
Allianz
Allianz
Complaint level
Very low
A.M. Best financial strength rating
A+
(Superior)
Very low
A+
(Superior)
Allianz stood out in our evaluation thanks to its low complaint level and the Allianz Risk Consulting (ARC) team. The ARC will provide a small business with risk assessments to help mitigate accidents and claims. This includes services such as site surveys, desktop reviews and advice on how to prevent future claims.
- Allianz’s Crisis Management team helps businesses navigate terrorism, political violence and hostile environments
- Recognized as a Sustainable Insurer by the Dow Jones Sustainability Index in 2024 because of its work to integrate sustainability and climate actions into its global business
- Does not offer small business insurance quotes online
- Does not offer online claims filing, but you can send completed claim forms by email
Allianz offers small business insurance coverage types such as:
- General liability insurance
- Commercial property insurance
- Cargo insurance
- Cyber insurance
- Inland marine insurance
Cincinnati Insurance
Cincinnati Insurance
Complaint level
Very low
A.M. Best financial strength rating
A+
(Superior)
Very low
A+
(Superior)
Cincinnati Insurance stood out for its three-year commercial package policy that lets small businesses lock in rates that won’t increase for the duration of the policy term. (Rates may change if your business’s needs change and you adjust the policy.) You’ll work with an independent agent in your area to help you tailor a policy that fits the needs of your small business.
Industries that can be covered include accountants, auto service, consultants, contractors, fitness instructors, healthcare, landscapers, photographers, retail and restaurants and more.
- The CinciPlus package combines expanded coverage types at a cost savings from buying them separately. Cincinnati Insurance also offers CinciPak, which bundles coverage geared toward business types such as retail stores
- Complimentary loss control services can help you identify and manage workplace accidents, injuries and other problems
- Not available nationwide
- Does not offer online business insurance quotes
Cincinnati Insurance offers small business insurance such as:
- General liability insurance
- Commercial property insurance
- Commercial auto insurance
- Commercial umbrella insurance
- Crime insurance
- Cyber risk insurance
- Excess and surplus insurance
- Inland marine insurance
- Management liability insurance
- Professional liability insurance
- Surety bonds
- Workers’ compensation insurance
Chubb
Chubb
Complaint level
Low
A.M. Best financial strength rating
A++
(Superior)
Low
A++
(Superior)
Chubb’s small business insurance targets small businesses with up to $30 million in revenue. We like that it offers a foreign package policy for small businesses with employees who conduct company business overseas. It covers problems like emergency medical assistance, political evacuation and lost document assistance.
- Chubb offers insurance for operations such as cultural institutions, food services, healthcare, manufacturers, retail stores and technology
- Small business owners may want to check out Chubb’s Business Owners Policy (BOP), which provides a blanket limit for property coverage, so you have flexibility in where to spend a claim payment after a loss
- Chubb’s BOP can be customized with coverage types such as flood insurance, electronic data liability, equipment breakdown, professional liability and other valuable protection
- Offers online business insurance claims filing
- Only offers online business insurance quotes for businesses with a current or projected annual gross revenue of $2 million or less
Chubb offers small business insurance coverage such as:
- Business owners policy
- Cyber liability insurance
- Professional liability insurance
- Foreign package insurance for business owners with business overseas
- Workers’ compensation insurance
Acuity
Acuity
Complaint level
Low
A.M. Best financial strength rating
A+
(Superior)
Low
A+
(Superior)
We like that Acuity’s “Bis-Pak” business owners policy includes $10,000 ordinance or law coverage, which covers your small business for unexpected reconstruction costs due to changes in the local laws or rules. Bis-Pak also offers property enhancements with the highest tier offering more than 60 coverage types, including increased amounts for computer fraud coverage, funds transfer fraud coverage and higher ordinance or law coverage.
- Offers online business insurance quotes
- You can file a business insurance claim online
- Offers full building replacement cost to reconstruct your business if it’s destroyed due to a problem covered by your policy, such as a fire
- Has a slightly higher complaint level than some top competitors, but complaints are low
Acuity offers small business insurance coverage such as:
- Business owners policy
- Commercial auto insurance
- Crime insurance
- Cyber insurance
- Equipment breakdown insurance
- Excess liability insurance
- Inland marine insurance
- Liability insurance
- Property insurance
- Workers’ compensation insurance
The Hartford
The Hartford
Complaint level
Very low
A.M. Best financial strength rating
A+
(Superior)
Very low
A+
(Superior)
We like that The Hartford offers a Risk Engineering team to help small businesses lower their risk for accidents and claims. The risk engineering team has expertise in fields such as construction, education, finance, healthcare, life science, plastic manufacturing, metalworking and real estate. It includes on-site training, webinars, online courses and laboratory services, such as analytical services and forensic studies.
- Offers online business insurance quotes
- Offers multinational insurance for coverage in more than 220 countries for U.S.-based small businesses that have locations outside the country
- Offers home-based business insurance if you run a business from home
- You can file business insurance claims online
- Complaint level for commercial property insurance is higher than some top competitors, but still below average
The Hartford offers small business insurance coverage types such as:
- Business owners policy (BOP)
- General liability insurance
- Commercial property insurance
- Business interruption insurance
- Commercial auto insurance
- Commercial flood insurance
- Commercial umbrella insurance
- Data breach insurance
- Employment practices liability insurance
- Home-based business insurance
- Inland marine insurance
- Management liability insurance
- Multinational insurance
- Professional liability insurance
- Surety bonds
- Workers’ compensation insurance
Travelers
Travelers
Complaint level
Very low
A.M. Best financial strength rating
A++
(Superior)
Very low
A++
(Superior)
Travelers is one of the largest providers of commercial insurance on our list and stood out for its low complaints and Travelers Risk Control, which helps small business owners reduce potential claims. Travelers Risk Control provides services like onsite consultations, assessments, and service visits. You’ll have 24/7 access to online risk resources.
- Offers TravPay, a pay-as-you-go workers’ compensation system that links your payroll directly to workers’ comp premiums, so you don’t have to guess the amount of annual payroll to use for coverage
- Travelers’ TravComp is a workers’ compensation claims system that includes a dedicated return-to-work team of nurses and claims professionals with the goal of getting employees back to work quickly
- A variety of online services includes bills and payment histories, certificates of insurance and checking the status of claims
- Does not offer online business insurance quotes—you will need to contact an agent
Travelers offers small business insurance coverage such as:
- Business owners policy (BOP)
- General liability insurance
- Commercial property insurance
- Commercial auto and trucking insurance
- Commercial umbrella insurance
- Cyber liability insurance
- Employment practices liability insurance
- Equipment breakdown insurance
- Professional liability insurance
- Workers’ compensation insurance
Most Popular is calculated from the number of times each affiliate product was selected by Forbes users over a six month time period.
Summary: Best Small Business Insurance
| Company | Forbes Advisor rating | Complaint level | Learn more |
|---|---|---|---|
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Very low
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Compare rates from participating partners via Tivly's website.
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Very low
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Compare rates from participating partners via Tivly's website.
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Low
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Compare rates from participating partners via Tivly's website.
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Low
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Compare rates from participating partners via Tivly's website.
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Very low
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On The Hartford's Website
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Very low
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Compare rates from participating partners via Tivly's website.
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How Much Does Small Business Insurance Cost?
The average cost of small business insurance is $57 per month, according to Insureon. That’s for a business owner’s policy (BOP), which bundles general liability insurance, commercial property insurance and business interruption insurance. It’s generally cheaper to buy a BOP rather than to buy each policy separately.
Your small business insurance costs depend on several factors:
- Industry. Industries with a higher risk will typically pay more than industries with a lower risk. For example, a construction company with multiple employees would cost more to insure than a graphics designer who works on their own.
- Size of payroll and annual revenue. The higher your operating costs and expenses, the more you can expect to pay for liability insurance.
- Number of employees. The greater the number of employees, the higher the risk of accidents.
- Location. If your business operates in a high-risk area with higher crime rates, you may pay more for business insurance.
- Building age and size. Older and larger buildings cost more to insure than newer and smaller buildings.
- Coverage amount and types. The higher your coverage limits and the types of business insurance policies you buy can impact your costs. For example, if you have a business vehicle, you need to buy commercial auto insurance, which increases your overall business insurance costs.
- Claims history. If you have a history of filing claims for your small business, it could increase your premiums.
The best way to find cheap business insurance is to compare business insurance quotes from several different insurers. You can find business insurance quotes online or by speaking with an independent insurance agent.
Average Monthly Costs of Small Business Insurance
| Type of policy | Average monthly cost |
|---|---|
|
$42
| |
|
$57
| |
|
$61
| |
|
$45
| |
|
$75
| |
|
$145
| |
|
$147
|
Featured Partner Offers
1
The Hartford
Low
A+ (Superior)
2
Next Insurance
Tailored policies for thousands of professions
A+ (Superior)
How to Buy Small Business Insurance
A good small business insurance policy will help you pay for problems like lawsuits, workplace injuries and damaged business property. Here are a few tips on how to buy small business insurance.
- Gather your documents and information. Before purchasing small business insurance, you’ll need information such as your assets, total number of employees, payroll size, the tools and equipment your business uses, location and the age of your building so the insurance company will provide you with a quote.
- Contact an agent. An independent small business insurance agent can help you identify the types of small business insurance you’ll need. You can contact an independent agent online, by phone or in person.
- Compare small business insurance quotes. Once you have identified the types of small business insurance you need, you’ll want to compare business insurance quotes among multiple insurers. Not all insurers offer quotes online, so an independent agent can help you find a good price for companies that sell business insurance in your area.
How Much Small Business Insurance Coverage Do I Need?
The key to finding the best insurance for small business owners is to dial in the right amount of insurance to cover the risks associated with your industry. We recommend looking at factors such as:
- Your business type. Your industry has certain risks that are associated with it and you’ll need to buy the appropriate coverage types for those risks. For example, if you are an accountant who gives tax advice, you’ll want to buy professional liability insurance.
- The size of your business. As your business grows, you may need to increase coverage such as your liability limits. If you want to add an extra layer of protection, we recommend buying a commercial umbrella insurance policy.
- Your business location. You may need certain types of small business insurance required by law, depending on your city or state.
- Contractual requirements. Your client may require coverage such as general liability insurance, professional liability insurance or a surety bond.
How to Choose the Right Small Business Insurance
Jason Metz
Insurance Lead Editor
Ashlee Valentine
Insurance Editor
Michelle Megna
Insurance Lead Editor
Start With a BOP
I recommend starting with a business owners policy (BOP). It combines three essential small business insurance types: liability insurance, commercial property insurance and business interruption insurance. It’s usually cheaper to buy a BOP than to purchase each coverage type separately.
Insurance Lead Editor
Add Other Coverage as Needed
A BOP won’t cover everything, so I recommend adding more coverage types as necessary. For example, a BOP won’t cover car accidents. If you get into an accident with your work vehicle, you’ll need to add commercial auto insurance. Similarly, if you have employees, you’ll need to add workers’ comp insurance in most states.
Insurance Editor
Reassess Every Year
I think it’s a smart move to reassess your business risks every year. As your business grows, you’re bound to take on more risks, such as buying new equipment or adding more responsibilities for your employees. For example, you can add equipment breakdown insurance to cover equipment like refrigerators, computer systems and manufacturing equipment.
Insurance Lead Editor
Methodology
To find the best small business insurance companies, we evaluated the following:
- Complaints (95% of score): A low complaint level can indicate satisfied customers. We looked at complaints for commercial liability insurance, commercial property insurance and commercial auto insurance in 2024. Data is based on complaints upheld by state insurance departments in every state and collected by the National Association of Insurance Commissioners.
- Consumer Sentiment Index (5% of score): The Consumer Sentiment Index from Forbes Advisor uses a proprietary weighting system designed by our subject matter experts and it evaluates thousands of consumer insights and reviews from leading online forums to determine customer satisfaction at scale, including claims process, customer service, coverage options and pricing and premiums.
Other Small Business Insurance Companies We Rated
| Company | Forbes Advisor rating |
|---|---|
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Erie
|
|
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The Hanover
|
|
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AIG
|
|
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GNY Insurance
|
|
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Auto-Owners
|
|
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Nationwide
|
|
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CNA
|
|
|
State Farm
|
|
|
AmTrust Financial
|
|
|
Zurich
|
|
Best Small Business Insurance Frequently Asked Questions (FAQs)
Do I need small business insurance?
The vast majority of small businesses would suffer financially if they were sued or experienced a devastating loss, such as losing inventory in a fire. For those businesses, commercial insurance is a must.
Without small business insurance, you’d have to pay for the legal costs of lawsuits and find a way to pay for damage to your business property. General liability insurance and commercial property insurance are good places to start. Commercial auto insurance is important if you have cars, trucks or vans that you use for business. And workers’ compensation insurance is required in most states.
What does small business insurance not cover?
Certain types of accidents are generally excluded from small business insurance policies, including floods and earthquakes. You can typically buy separate policies to cover these types of problems, such as a commercial flood insurance policy.
Small business insurance also excludes coverage for fraudulent and intentional acts that you commit. For example, if you assault a customer, general liability insurance won’t cover your legal costs.
Do I need business insurance if I have an LLC?
It’s a good idea to get business insurance for your LLC. That’s because business insurance covers your business assets. For example, if someone slips in your store and gets injured, general liability insurance can pay for medical bills as well as legal costs if you get sued because of the accident.
While business insurance is essential for high-risk industries, such as manufacturing and construction, it’s also a good idea if you’re in a lower-risk industry, such as freelancing or bookkeeping. For example, if you get hit with a copyright infringement claim for one of your digital ads, your general liability insurance can cover your legal costs.
Do remote businesses need insurance?
Yes, remote businesses need business insurance to cover risks such as lawsuits, accidents and stolen business property. For example, if you own business property like computers and office furniture, you’ll need commercial property insurance to cover problems like theft and fire.
Your remote business may need other types of small business insurance. For example, if you visit clients, you’ll need commercial auto insurance. Or if you store sensitive data, such as client’s contact information and credit card numbers, you’ll want to consider cyber liability insurance.
How to save money on small business insurance?
Buying a business owners policy (BOP) can be a good way to save money on small business insurance. A BOP bundles key coverage types: general liability insurance, commercial property insurance and business income insurance. It’s generally cheaper to buy a BOP rather than purchasing each coverage separately.
You can add more policies to your BOP as necessary. For example, if you have employees, you can add workers’ compensation insurance.