small business professional insurance
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| small business professional insurance |
Accidents happen all the time, and business owners need to be protected in case there’s an accident in the workplace—especially since the average customer injury insurance claim is for $35,000.
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It’s important for business owners not to leave themselves vulnerable, and to make sure they have the insurance they need to cover all of the risks present in their business. After all, not having the right types of insurance can be the same as not having it at all, leaving businesses with no protection against many types of losses.
We compared more than a dozen of the country’s best insurance companies—as well as several brokers—based on the types of coverage they offer, the industries they serve, their ratings for financial stability, and customer satisfaction to identify those that best meet the needs of small businesses.
Read on to see who has the best small business insurance that meets your needs.
Best Small Business Insurance Companies of 2022
1. Best Overall: State Farm
Why We Chose It
We chose State Farm as the best overall small business insurance company because it offers multiple types of coverage through a nationwide network of agents. What’s more, State Farm agents are business owners themselves, so they understand the needs of other small business owners.
Pros & Cons
Pros
A nationwide network of agents
Simple general liability offerings available in $1 million increments
Several other types of coverage available, along with other endorsements and add-ons such as in-home business endorsements
2. Best for Independent Contractors: Hiscox
Why We Chose It
Hiscox wins the top spot for independent contractors because they have products designed and priced specifically for independent contractors and freelancers.
Pros & Cons
Pros
Huge international insurer
Small business coverage in 49 states and Washington, D.C.
Policies designed for micro-business needs
Cons
Only nine U.S. offices
Parent company is not U.S.-based
Small business coverage not available in Alaska
3. Best General Liability Insurance: Nationwide
Why We Chose It
We chose Nationwide as our best general liability provider because the company is a business insurance carrier that focuses on simple, straightforward insurance solutions, which is ideal for businesses with high-risk, general liability needs. Nationwide also received an A++ Superior rating from AM Best for financial stability.
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Pros & Cons
Pros
14 different industry specialties
Also offers investment services
A++ rating from AM Best
4. Best Workers’ Compensation: The Hartford
Why We Chose It
We chose The Hartford as our top workers’ compensation provider because of the special benefits it offers employers such as pay-as-you-go plans. These plans drastically lower the chances of over- or under-paying premiums because costs are based on actual payroll instead of projections.
Pros
Second-largest provider of workers’ compensation insurance nationwide
State-specific insurance requirement guides
Pay-as-you-go workers’ comp that reduces the risk of premium discrepancies
Network of over a million healthcare providers to help injured workers
5. Best Commercial Property Insurance: Travelers
Why We Chose It
We chose Travelers as our best commercial property insurer because the company has developed extensive experience in the space, having been ranked the top commercial property insurance company in the United States by premiums written for multiple years and narrowly coming in second place in 2021.
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Pros & Cons
Pros
A++ rating from AM Best
Number-two commercial property insurer in the U.S. by premiums written
More than 25 industry specializations
6. Best Business Owners Policy: Liberty Mutual
Why We Chose It
We chose Liberty Mutual as the best insurer for BOPs because the company has a fast and easy process with a streamlined business owner’s policy available for many different industries that combine coverage in one cost-effective policy.
Pros & Cons
Pros
Quick and easy claim process that can be filed online or through an app
24-hour claims assistance
7. Best Commercial Auto: Progressive Commercial
Why We Chose It
We chose Progressive as our best 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.
Pros & Cons
Pros
Discount on commercial auto when combined with general liability or a business owners policy
Top commercial auto insurer in the country
Trucking insurance available in all 50 states
Cons
Discounts aren’t available in all states
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