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Written by: Carolyn Young
Carolyn Young is a business writer who focuses on entrepreneurial concepts and the business formation. She has over 25 years of experience in business roles, and has authored several entrepreneurship textbooks.
Edited by: David Lepeska
David has been writing and learning about business, finance and globalization for a quarter-century, starting with a small New York consulting firm in the 1990s.
Published on September 29, 2023
Ensuring that your business is protected against unforeseen events is crucial, and this is where choosing the right insurance provider becomes indispensable. In a landscape crowded with options, finding the provider that aligns with your business needs and offers the best value can be daunting.
In this article, we sift through the market to present you with a roundup of the best small business insurance providers. These companies have been assessed based on their coverage options, customer service, pricing, and overall reliability, to help you make an informed decision and safeguard your entrepreneurial journey effectively.
Whether you run a fledgling startup or a well-established small enterprise, our carefully curated list aims to navigate you towards the optimal insurance solution tailored to your unique requirements and budget constraints.
Best Free Marketplace
Best Innovative Products
Best Variety of Coverages
Best Parent Company Reputation
Best Industry Longevity
Best for Affordability
Best Coverage Term Options
Tivly offers the following types of commercial insurance:
General liability insurance is the most commonly purchased insurance, but your insurance needs will vary based on your type of business.
Rates for general liability insurance depend on many factors, including your industry, claim history, and annual revenue. Tivly gives an example average rate for a retail store of $750 annually for a $1 million business liability insurance policy.
Note that Tivly is a free business insurance marketplace and will help you get matched to an insurance provider that best fits your business insurance needs.
Tivly is a free marketplace that will help you to get the best rates on a wide variety of insurance coverage types. This can save you hours of time that you would spend shopping around on your own. They also offer excellent customer service, so we highly recommend Tivly to all entrepreneurs.
In addition to all the essential business insurance coverage types, Chubb offers innovative products such as Cyber insurance which covers losses from a data breach. They also offer services to help you prevent cyber-attacks.
Rates vary based on multiple factors. Online quotes are limited, and you must call to receive most quotes. Plans are tailored specifically for your business situation.
Chubb offers many insurance products, some of which are innovative and not provided by other carriers. They also handle their claims in-house and are well rated by AM Best. Their website is a bit frustrating, but all things considered we recommend Chubb to business owners looking for innovative solutions.
Next Insurance is a direct insurance provider, offering the following coverage types:
Prices vary based on location, industry, revenue, and other factors.
We decided to get a quote for a tile installation company to get a feel for Next’s rates. We were offered basic coverage for $52 per month, premier coverage for $92 per month, and deluxe coverage for $127 per month. Both the basic and premier offer $1 million general liability coverage. Premier also offers $5,000 in tool and equipment coverage. The deluxe offers $2 million general liability coverage and $10,000 in tool and equipment coverage.
Next Insurance offers a wide variety of products, and their prices are competitive. While some of their reviews are concerning, we had a great experience with their customer service. Based on the comprehensiveness of their services and reasonable rates, we highly recommend Next Insurance to business owners.
biBerk has a limited number of products, which are:
We got a quote online for a tile installation company. It was $964 annually for a $1,000,000 general liability policy, which is about average.
biBerk offers only the basics at about an average price. However, they have good customer support and customer reviews. The are also a Berkshire Hathaway Company, which can give you peace of mind about their reliability.
The Hartford offers just about every type of business coverage that you can imagine, and they’ve been in business for more than 200 years.
Their average price for general liability insurance is $88 per month. We requested a quote, but we were told they couldn’t help us. Interestingly, they referred us to Tivly.
The Hartford provides a wide range of products at good prices. Their industry longevity can’t be beat, with over 200 years in business. While they have some concerning reviews, their customer service is well-rated.
Hiscox offers a wide range of policy types, including cyber insurance and employment practices liability insurance.
Interestingly, I have personal experience with Hiscox. My husband owns a tile installation company and is covered by Hiscox under a general liability policy, which started at a rate of $48 per month, which is outstanding. It increased after one year to $70 per month, but that rate is still below average. We’ve also had a good experience with their customer service.
If you’re looking for value, Hiscox is a great option with their affordable rates. They also offer good customer support, and a wide variety of products.They do have some concerning reviews about continuing charges after cancellation, but based on our experience and research we recommend Hiscox to business owners.
Thimble offers all the basic insurance policies that a business needs. Their differentiator is that you can get insurance per job, month, or year. For example, a tile company might have a larger job that they want coverage for. They can purchase insurance for that job only.
We received a quote for a general liability policy for a tile installation company at $55 per month for $1 million in coverage.
Thimble is a great option to meet your basic business needs at a great price. They have good customer service and excellent customer reviews. We also like the fact that insurance terms are flexible. They have limited policy options, so if you want fuller coverage, you might need to look elsewhere, but if you just want the basics at a great price, we highly recommend Thimble.
It’s crucial to evaluate all protection options for your business, but begin with the coverage best fitting your specific needs.
Many businesses require one or several of these business insurance types:
These are just a few of the many types of insurance available to small businesses. The specific needs of a business will often dictate the types of insurance it should consider.
Small business insurance typically does not cover:
It’s essential to read the fine print of your insurance policy and speak with an insurance professional to understand the specifics of what’s covered and what’s not.
The cost of small business insurance varies widely based on several factors, including the type of coverage, the size and nature of the business, location, industry risks, and the amount of coverage desired. Here’s a general breakdown:
These are rough estimates, and actual premiums can vary. Factors influencing the cost include:
Small business insurance is a protective coverage that safeguards businesses against potential risks and liabilities. These risks could range from property damage to legal claims, ensuring that businesses can operate without incurring substantial financial losses.
Insurance provides financial protection and peace of mind. By having the right coverage, you can ensure that unexpected events such as fires, lawsuits, or employee injuries won’t bankrupt or severely harm your business, allowing you to focus on growth and operations.
Evaluate providers based on coverage options, customer reviews, pricing, and their financial stability. It’s also important to assess your business’s unique needs, and find a provider that offers customized solutions catering specifically to your industry or niche.
The cost of insurance varies depending on factors like your business type, size, location, and the coverage you need. While some policies can be affordable, it’s essential to prioritize adequate coverage over cost, ensuring you’re sufficiently protected.
Yes, many providers offer bundled options, often called Business Owner’s Policies (BOPs), which combine multiple coverages, such as property and liability insurance. Bundling can be more cost-effective and convenient than purchasing policies separately.
Many insurance providers offer customized policies or endorsements to cater to specific business risks. Discuss your unique requirements with potential providers to ensure they can tailor a policy that meets your needs.
It’s advisable to review your insurance annually or whenever there are significant changes in your business, like expansion, addition of new services, or purchasing significant assets. Regular reviews ensure your coverage remains appropriate and up-to-date.
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