As a small business owner, having business insurance in case something unexpected happens and reducing the financial responsibility on your shoulder is not a bad idea.
However, a lot of businesses aren’t covered which makes the owner of the companies run around to fix some losses. But with insurance protection, you are covered in case there’s an accident in the workplace.
Now I know you are pondering on the right insurance to purchase for your small business
Well, the thing is a lot of small business owners give up on purchasing business insurance because of how confusing the process can be and what type insurance they purchase for their business.
You don’t need to worry because we will show you the best small business insurance provider that can protect your business in case of an accident or unexpected occurrences.
What Is Small Business Insurance?
Small business insurance operates the same way as personal insurance. Business insurance protects your business from financial, legal, property, or other claims in the case of an accident, lawsuit, disaster, or other unexpected occurrences. It is sometimes called Commercial insurance.
According to the Insurance Information Institute, a business owner’s policy (BOP) is the most common policy for small businesses. A BOP includes three basic types of coverage to help protect a business: business property coverage, general liability coverage, and business interruption coverage.
What Does Small Business Cover?
Small business insurance covers a lot of things but it all depends on the coverage you choose.
A business owner’s policy helps protect your business against things like financial losses and covered perils. Covered perils may include theft, fire, wind, falling objects, and lightning.
It’s important to read your policy documents carefully to understand which coverages are included and what perils are covered by your insurer.
Each coverage in your BOP has a coverage limit. A limit is a maximum amount your insurer will pay for a covered claim. It’s also important to note that each coverage in a policy is typically subject to its own limit.
Also, some account may be deductible, which mean an amount of money you pay for a covered claim. In addition, some of the coverage includes business property coverage, general liability coverage, and business interruption coverage.
How Much Does Small Business Insurance Cost?
There is no one overall cost of business insurance. The cost of small business insurance depends on a lot of factors, which include the type of business insuring, the types of optional coverage you choose, and the deductibles and limits you select for each coverage.
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List Of The 10 Best Small Business Insurance Companies In 2022
Every small business has different assets to protect. So, here are some of our top picks for the best small business insurance.
This small business insurance company is one of the best because they have products priced specifically for companies with fewer than five employees across a wide range of industries.
Hiscox started in 1901 as an underwriter in Lloyd’s market. It’s based in Bermuda and trades on the London Stock Exchange but does business in 13 countries and all 50 states, plus the District of Columbia.
This company offers a lot of business insurance product which includes commercial general liability, professional liability, business owners’ policies (BOPs), workers’ compensation, cyber liability, commercial auto, and employment practices liability insurance (EPLI), etc.
Furthermore, Hiscox offers standard liability coverage limits up to $2 million, but higher limits are available upon underwriting approval.
The company boasts coverage for many industries and policy types for as little as $22.50 a month, making it an affordable solution for independent contractors and micro-businesses.
#2. State Farm
State Farm offers multiple types of coverage through a nationwide network of agents which is why is one of the best small business insurance.
The company is established in 1922 by G.J. Mecherle, a retired farmer and insurance salesman.
Though best known for auto and home insurance, State Farm has more than 100 products including financial services, banking, and commercial insurance. It has an A++ rating for financial stability from AM Best.
Also, it offers business insurance that is designed specifically for certain industries such as contractors, professional services, restaurants, and retailers.
Every State Farm agency is independently owned, so every agent understands the unique needs of small business owners—they are business owners themselves.
#3. The Hartford
Hartford tops the list as one of the best small business insurance. This company offers special benefits to employers such as pay-as-you-go plans.
These plans suddenly lower the chances of over-or under-paying premiums because the costs are based on real payroll instead of projections.
Furthermore, Hartford offers different types of business insurance which include general liability, BOPs, commercial auto, commercial flood, data breach coverage, EPLI, marine insurance, and professional liability coverage.
Also, the company advertises more than 20 industry specialties including arborists, pet groomers, restaurants, printing, and publishing.
In addition to what they provide, the company has a network of over a million healthcare providers to help injured workers. The customer care service is available by phone and you can file your claims by phone or online 24/7.
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Travelers have proven to be one of the best small business insurance in commercial properties because it has developed extensive experience in the space, being ranked the top commercial property insurance company in the United States.
As one of the best company, they have insurance solutions that are designed to meet the need of more than 20 industries which includes transportation, manufacturing, construction, retail, and public entities.
More so, Travelers offers different types of business insurance like commercial auto, cyber liability, surety bonds, and workers’ comp, although prices vary by industry.
The company operates in the U.S., Canada, Mexico, and the U.K., so for this reason they provide coverage for companies that do business internationally.
So, business owners should carefully review the policy documents before buying coverage from any Travelers’ independent agents across the country because anything that has an advantage also has a disadvantage.
#5. Liberty Mutual
Liberty Mutual has a fast and easy process with a streamlined business owner’s policy available for many different industries combining coverage in one cost-effective policy, making it one of the best small business insurance.
The company helps large numbers of business owners for a reasonable price, regardless of industry. Also, they advertise 24-hour claims assistance through its nationwide contractor referral network.
In addition, Liberty Mutual has different types of coverage available which include commercial auto, equipment breakdown, inland marine, umbrella coverage, and workers’ compensation, etc.
Progressive is among the best small business insurer for commercial auto insurance because it is the largest specialist in this space and knows how to handle business auto claims better than anyone.
Apart from commercial auto that is one of the main areas of focus for progressive, the company also offers other types of business insurance which include general liability, workers’ compensation, BOPs, professional liability, and cyber insurance.
Progressive offers up to a 15% discount on commercial auto coverage when joined with general liability or a BOP, even if the general liability or business owner’s policy is through a different carrier.
For more information, you can click on the link below.
Thimble is the most innovative insurance company that allows you to purchase insurance coverage update by the hour, day, or week so you won’t have to refuse a business opportunity.
With the company (Thimble) you can start, pause, or cancel your insurance in less than one (1) minute. Also, they have traditional monthly business insurance policies.
Furthermore, Thimble offers the standard general liability and professional liability, and drone coverage to protect drone and UAV pilots against damage or injury to a 3rd party.
#8. Simply Business
Simply Business is an online broker of small business insurance that offers a complete suite of business insurance that specializes in protecting the business you work hard to build.
This company helps you find the right coverage at the right price if you are in search of construction workers’ insurance or insurance for your startup.
In addition, if your business is difficult for you to build, Letting simply business will make it easier for you.
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Mylo is one-stop-shop business insurance that you can count on their solution for cars, business, home, health, life, and more.
They are good at recommending the ideal coverage for your insurance need and quickly find you the best price from a wide range of trusted carriers.
Mylo is equipped with an AI-powered recommendation called the Mind of Mylo. The technology lets Mylo zero in on solutions that save you money now and protect your long-term financial future.
In addition, you can connect with providers for a BOP, commercial auto, cyber liability, general liability, medical malpractice coverage, and more.
Nationwide is also one of the best small business insurance that focuses on simple, straightforward insurance solutions, which is ideal for businesses with high-risk, general liability needs.
The company offers many types of business insurance including business property, commercial auto, BOP, workers’ compensation, EPLI, equipment breakdown coverage, and umbrella insurance.
Also, they have 14 different industry specialties including retailers, medical clinics, professional service providers, and agricultural businesses.
For more information, you can click on the link below.
As a business owner, you need an insurance company that you can partner with as you grow, also insurance that’s easy to find, buy, and understand.
So, to that effect, we have focused on companies that make coverage widely available with strong ratings for financial stability and customer satisfaction. We also considered the types of coverage that companies offer and the industries they specialize in.