Determining the “best” small business insurance providers can be subjective, as it depends on various factors such as the specific needs of the business, the industry it operates in, and the coverage required. However, several insurance providers are well-regarded for offering comprehensive coverage and excellent customer service. Here are six insurance providers that are often recognized for their offerings:

Choosing a small business insurance provider can be overwhelming because each company offers slightly different services and pricing. You will generally want to consider your needs, finances, and risks before finding a company that best meets your needs. To help you choose, contact the providers you’re considering for pricing quotes.

Below, find six popular small business insurance providers you may consider using, listed in alphabetical order.

1. Liberty Mutual

Liberty Mutual is one of the biggest insurance providers in the world, and the sixth largest for property and casualty insurance. While it’s mainly known for property and car insurance, other coverage options include:

  • General liability
  • Workers’ compensation
  • Commercial auto and fleet
  • Environmental liability
  • Equipment breakdown
  • Excess and surplus
  • Health care liability
  • Inland marine
  • Management liability
  • Mergers and acquisitions
  • Ocean marine
  • Professional liability
  • Small business owner’s policy

2. Nationwide

Nationwide has been in business for almost a hundred years—the company started in 1926 as the Farm Bureau Mutual Automobile Insurance Company. It built on those beginnings to cover much more than farmers and cars, including:

  • Workers’ compensation
  • Commercial auto
  • Commercial property
  • Commercial umbrella
  • Business income
  • Employment practices liability
  • Cyber liability
  • Errors and omissions
  • Business owner’s policy
  • Business liability
  • Crime insurance
  • Equipment breakdown
  • Inland marine
  • Accounts receivable
  • Builder’s risk

3. Progressive Commercial

Progressive Commercial is best known for its commercial auto insurance but offers a full range of small-business insurance services. Coverage options include:

  • General liability
  • Workers’ compensation
  • Commercial auto
  • Commercial property
  • Professional liability
  • Cyber insurance
  • Employment practices liability
  • Business owner’s policy

Progressive also offers more specific insurance, including liquor liability coverage, rideshare insurance, inland marine insurance, excuse, surplus lines insurance, employee pet insurance benefits, and employee health insurance.

4. State Farm

Every State Farm agency is independently owned, so it’s not only selling small business insurance, it’s also a small-business owner itself. It offers industry-specific insurance for every growth stage of your business. Coverage options include:

  • Workers’ compensation
  • Commercial auto
  • Business owners policy
  • Contractors policy
  • Liability umbrella
  • Surety and fidelity bonds

5. The Hartford

The Hartford is one of the oldest small business insurers in the United States, with more than 210 years of underwriting. It started as a fire insurance company but today offers a wide range of customizable small business insurance options, including:

  • General liability
  • Workers’ compensation
  • Commercial auto
  • Commercial property
  • Business income
  • Professional liability
  • Cyber liability
  • Business owner’s policy
  • Industry-specific insurance policies

6. Travelers

Travelers is known for providing commercial property insurance. In addition to the US, it also offers coverage in the UK and Canada, making Travelers a good option for international companies. Coverage options include:

  • General liability
  • Workers’ compensation
  • Commercial auto
  • Commercial property
  • Commercial umbrella
  • Business income and extra expense
  • Cyber liability
  • Business owner’s policy
  • Professional liability
  • Employment practices liability

How much does small business insurance cost?

The price of small business insurance depends on the coverage, policy, and provider. According to data from Insureon, small businesses pay around $42 per month for general liability insurance and $57 for BOP. All the average costs break down like this:

  • General liability insurance: $42/month
  • BOP: $57/month
  • Professional liability insurance: $61/month
  • Workers’ compensation: $45/month
  • Commercial umbrella insurance: $75/month
  • Cyber liability insurance: $140/month
  • Commercial auto insurance: $147/month

Do you need small business insurance?

Small business insurance isn’t free but it does free up space in your mind, giving you fewer things to worry about. And though it may not be required, it’s generally a good idea to have at least some sort of protection. It’s important to get the right coverage for your business. Carefully consider your needs and shop around. Don’t be afraid to compare and even negotiate to get the best coverage at the best price.

While these providers are often recognized for their offerings, it’s crucial for small business owners to carefully evaluate their specific needs, compare quotes, and consider customer reviews before choosing an insurance provider. Additionally, seeking advice from insurance professionals or brokers can help businesses find the most suitable coverage for their unique circumstances.

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