Because workplace accidents happen all the time, it's critical that small business owners are protected by the right coverage and not left vulnerable to expensive claims. Not only does this mean having business insurance, but having the correct type of insurance designed specifically for a small business. Having a policy that caters to the unique needs of a small business rather than a large corporation is key for getting your claims covered.
We researched more than a dozen of the nation's best small business insurance companies of 2024 to select our favorites. To find out who offers the best insurance for small businesses, read on to see our picks.
The 7 Best Small Business Insurance Companies of 2024
We worked hard to narrow down our categories for the best small business insurance companies, including the overall best insurance for small businesses and more. These carriers are all the best business insurance companies in their respective categories. Check out our list of where to find the best small business insurance.
Looking for the best small business insurance for an LLC? Any of the above carriers is a great place to start your search. An independent insurance agent can also help you.
Best Small Business Insurance Overall: The Hartford
The overall best insurance for small businesses goes to The Hartford, which has coverage available for just about every type of small business. The Hartford dates all the way back to 1810 and offers coverage almost nationwide.
The carrier boasts "A+" or excellent ratings from both AM Best and the Better Business Bureau (BBB). Of course, we also love that The Hartford works with independent insurance agents.
Pros and cons:
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Founded in 1810 |
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Need an agent to help you obtain a quote or purchase coverage |
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Low volume of customer complaints relative to size |
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Coverage not available in Alaska, Hawaii, or New Jersey |
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Works with independent insurance agents |
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More than two centuries' worth of experience |
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"A+" ratings from AM Best and the BBB |
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Coverage highlights:
- Offers online portal for customers
- Coverage available for almost all types of small businesses
- Coverage offered in 47 out of 50 states
- Offers coverage for wide range of industries
The Hartford was founded in 1810, giving the carrier more than two centuries' worth of experience in the industry. For over 200 years now, The Hartford has helped policyholders get matched to dependable coverage.
The carrier's catalog includes a myriad of coverage options, including all the options necessary for small businesses. The Hartford has grown from a small fire insurance company to a Fortune 500 company with outstanding financial strength ratings.
Best for Insurance for Independent Contractors and Microbusinesses: Hiscox
Our choice for the best insurance company for independent contractors and micro businesses goes to Hiscox. The insurance company dates back to 1901 and has excellent ratings from AM Best and the BBB. They also offer what we've deemed the best workers' comp insurance for small businesses and coverage specially designed for independent contractors and freelancers.
Pros and cons:
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Founded in 1901 |
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US reach is limited |
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International carrier |
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Not BBB accredited |
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Excellent user-friendliness |
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Small business coverage not offered in Alaska |
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Excellent ratings by AM Best and the BBB |
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Coverage highlights:
- Designs policies specifically for independent contractors and freelancers
- Offers policies for microbusinesses
- Offers the full spectrum of small business insurance products
- Offers the best workers' comp insurance for small businesses
Hiscox was founded in 1901, giving the carrier more than 120 years' worth of experience in the insurance industry. The insurance company has grown to become a leading specialist insurer in the U.S.
Hiscox focuses its efforts on specializing in and providing insurance solutions for small businesses. Coverage is offered in 49 states across the country.
Best Small Business Insurance for General Liability: Nationwide
Nationwide claims our spot for offering the best small business general liability insurance. The carrier offers the full spectrum of business insurance coverages, including the best general liability insurance for small businesses. Nationwide also boasts excellent ratings from AM Best and the BBB and outstanding financial stability.
Pros and cons:
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Founded in 1925 |
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Some mixed customer feedback |
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Offers investment services |
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Coverage not offered in Alaska or Hawaii |
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Offers more than a dozen industry specialties |
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Excellent ratings from AM Best and the BBB |
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Strong financial stability |
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Coverage highlights:
- Wide spectrum of small business products, including cyber liability coverage
- Offers flexible general liability coverage
- Also offers fire legal liability insurance
- Also offers employment-related practices liability insurance
Nationwide was founded in 1925, giving the carrier nearly a century of experience. Nationwide has grown from a small auto insurance company to one of the largest insurance and financial services companies globally.
The carrier offers a full assortment of insurance and financial services across the U.S. They also offer annuities, mutual funds, retirement plans, and specialty health services.
Best Small Business Insurance for Professional Liability: Travelers
Travelers claims our pick for the best small business coverage for professional liability insurance. This carrier stands out for its excellent ratings in financial strength and customer service.
Their small business insurance options are fantastic, including the option for additional features and benefits for small businesses with more complex professional exposures.
Pros and cons:
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Huge, longstanding carrier |
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Doesn't offer online quotes |
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Offers 24/7 claims reporting and customer service |
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Prices vary by business industry and company operations |
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Superior rating by AM Best |
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Excellent customer service |
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Excellent financial strength |
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Coverage highlights:
- Professional liability is automatically included in Travelers' BOP insurance
- Coverage is also sold separately
- Offers benefits and additional features for small businesses with complex professional exposures
Travelers was founded in 1853, making it one of the oldest insurance companies in the country. The carrier primarily sells insurance through independent insurance agents, which we love.
Their independent agent network extends across the United States, Canada, the United Kingdom, and Ireland. They boast the highest possible rating of "A++" from AM Best and have demonstrated ongoing superb financial strength over the years.
Best Small Business Insurance for Commercial Auto: Progressive
Our choice for the best commercial auto insurance for small businesses goes to Progressive. Progressive's experience in the commercial auto department dates back several decades, and the carrier consistently receives amazing feedback on how it handles claims. The carrier also holds an impressive title as the country's largest commercial auto insurer.
Pros and cons:
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The largest commercial auto insurer in the nation |
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Not all discounts offered in every state |
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Excellent ratings by AM Best and the BBB |
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Excellent customer service |
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Highly user friendly |
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Coverage highlights:
- Offers discounts for bundling commercial auto coverage with a BOP or general liability policy
- Largest, top-rated commercial auto carrier in the U.S.
- Also offers coverage for trucks and trailers
Progressive dates back to 1937. The carrier's catalog of insurance products is quite extensive, but Progressive has grown over time to become the country's largest commercial auto insurer.
They offer small business insurance for more than 60 industries, including coverage for painters, auto mechanics, gyms, and more. The carrier also has outstanding financial strength and excellent ratings by the BBB.
Best Business Owners Policy (BOP): Liberty Mutual
Our pick for the best business owners policy coverage for small businesses goes to Liberty Mutual. Liberty Mutual is known for its industry-specific BOP options, as well as its more general offerings that bundle the coverage needed by all small business owners together in one affordable and convenient package. We also love that Liberty Mutual offers its coverage through independent insurance agents.
Pros and cons:
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Offers 24/7 claims reporting |
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None |
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Excellent ratings by AM Best and the BBB |
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Uses independent insurance agents |
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User-friendly customer service |
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Coverage highlights:
- Tailors BOPs for many different industries
- Offers a full spectrum of small business coverages
- Offers 12 industry-specific BOP solutions
Liberty Mutual was founded in 1912, giving them more than a century of experience. The insurance company offers a large catalog of coverage options for individuals and businesses, including all the coverages needed by small business owners in many different industries.
Liberty Mutual is the sixth-largest global property and casualty insurer. As of 2019, Liberty Mutual had a reported $133.6 billion in assets and $43.2 billion in revenue. The insurance company was ranked 75th on the Fortune 500 list and its reach extends globally.
Best Quick Coverage Small Business Insurance: Next Insurance
We chose Next Insurance as our choice for the best quick coverage for small businesses. Next allows small businesses to buy their coverage online and even buy several different policies together in a single purchase. The carrier also provides a digital certificate of your insurance for your convenience to show customers, landlords, or clients.
Pros and cons:
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Few customer complaints relative to size |
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Doesn't offer certain specialized coverages such as directors & officers insurance |
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Offers discounts |
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Offers digital certificate of insurance |
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Coverage highlights:
- Offers the major coverages needed by most small businesses
- Easy to shop online
- Offers industry-specific and general products
Next Insurance is a younger carrier, having just been founded in 2016. But the insurance company offers fast, convenient coverage only sold online.
Most of the coverage needed by many small business owners is available, including coverage for tools and equipment. Next Insurance earns a top recommendation from us for fast coverage because of their convenient online store and digital certificate of insurance given to customers after purchase.
How We Select the Best Small Business Insurance Companies
Trusted Choice evaluated more than a dozen different small business insurance companies located across the country to select our top picks. In as many categories as possible, we wanted to provide selections that sold coverage through independent insurance agents, which offer customers a much more personalized experience and can provide assistance throughout the life of their policies.
We broke down popular categories that apply to small business insurance customers and finally decided on the seven you see above. We also opted for insurance companies that offer coverage in as many states as possible so that coverage would be available to small businesses across the country.
We considered whether the carrier offered coverage for both specific professions and general business, as well as customer service and financial strength ratings. We also evaluated the user-friendliness of each carrier's website and contact options to bring you our final list of top picks.
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