Best Small Business Insurance Companies in 2023
Having small business insurance is one of the most important things to do when running a business. Small business insurance can protect owners if something unexpected happens, like a fire that destroys inventory or an employee getting hurt at work.
Here is our list of the best insurance companies for small businesses in 2023. We’ve also put together information on how to find the best insurance company for your small business.
The Best Insurance Companies for Small Businesses, in Depth
Hiscox
Coverages: Hiscox is the only company on our list that only sells insurance for businesses. It offers a wide range of policies, such as short-term liability and medical malpractice. When compared to traditional liability policies, short-term liability policies cover general or professional liability for shorter periods of time. This can be helpful for people like contractors who only need insurance for the length of a project.
How to reach Hiscox: On its website, you can get quotes and, if you already have a policy, you can also take care of some parts of it. But you may need to talk to your agent or broker about some changes. Hiscox’s website has a phone number you can use to get in touch with them.
Availability: Hiscox business insurance is available in most of the U.S., but it is not available in Alaska.
Travelers
Coverage from Travelers: Travelers offers a wide range of policies that can protect you from environmental liability or if your business works in other countries. It also has standard policies like general liability and business owners policies.
Contact Travelers: You’ll need to talk to an agent or broker at Travelers to get a quote. You will also need to talk to your agent or broker if you want to make changes to your policy. On the Travelers Contact Us page, you can also find a number of ways to get in touch with us.
It has insurance plans for all 50 states and Washington, D.C.
Coverages from Chubb:
Chubb has a wide range of policies that can be made to fit different industries. For instance, it has professional liability policies that are made for the finance and engineering industries. With so many policies and ways to customize them, it may be best to talk to an insurance agent about getting the most out of Chubb’s coverages.
Clients of Chubb can manage their policy accounts online, including reporting claims. But to complete some transactions, you may need to talk to an agent. On its “Let Us Help” page, Chubb also has a form to fill out and phone numbers to call.
Chubb is available everywhere in the United States.
Allstate Coverages:
Allstate has most of the main types of business insurance, such as the business owner policy (BOP), general liability, professional liability, and commercial auto. It looks like it doesn’t offer workers’ compensation, which is different from every other company we looked at.
You can get a quote from Allstate online, but you can’t file a claim online. If you’d rather work with a person when filing a claim, this might not be a problem. On its Contact & Support page, Allstate also gives a number of ways to get in touch with the company.
It can also be bought in all 50 states and in Washington, D.C.
State Farm
Coverages: State Farm has a wide range of policies, such as a business owner policy (BOP), commercial auto insurance, and workers’ compensation. It also has coverage for certain types of businesses, like condos and homeowners associations.
You’ll have to call State Farm to get a quote. You can’t do it online. To get a quote, you’ll need to work with a State Farm agent. Given how many policies are out there, this may be a good thing. Policyholders can’t file a claim online either. On the Contact State Farm page, there are also a number of phone numbers.
State Farm is available in all 50 states and the District of Columbia.
Coverages from Nationwide:
Nationwide has policies for businesses with specific needs, such as breweries, pet shops, and consulting firms. It also has policies that cover cybersecurity, employment practices, directors and officers, and directors and officers.
Contacting Nationwide: Customers can file a claim online, but they can’t buy a policy online. On the Contact Us page, you can also find a phone number for Nationwide.
Nationwide is available in all states except Alaska, Hawaii, Louisiana, Massachusetts, and New Jersey.
Progressive
Coverages: Progressive has a wide range of products, from business owner policies (BOPs) to cybersecurity and commercial auto and truck coverages. Depending on your business, this may make up for the fact that other companies in our rating don’t offer coverages that are specific to your industry. For instance, Progressive doesn’t offer insurance for medical malpractice, and it doesn’t sell policies for farms and ranches.
Contacting Progressive: On the Contact Us page, policyholders can find a phone number for Progressive. For Progressive’s business insurance services, there is no information about how to file claims online. Progressive does allow you to get quotes online.
Availability: You can get it in all 50 states and Washington, D.C.