Reviewed: The 9 Best Small Business Insurance

video play icon Top 9 Best Small Business Insurance of 2019 | Video Review

Last Updated: July 29, 2017 by Daniel Imperiale

As a small business owner, you have a lot to deal with. Everything from inventory to payroll has headaches lurking in the best case scenarios, and utter ruin in the worst case. That’s why it’s absolutely necessary for you to carry some form of small business insurance. It can serve as the last line of defense against a crisis threatening to close you down for good.

Small business insurance covers you against liability. You may have a brick and mortar business. Should anyone get hurt on your premises, you’d be covered. If anything should happen to the property that you rent or own, you’d be covered. You can even obtain coverage to protect you against cyber crime. This is especially useful for online entrepreneurs.

Compared to the cost of litigation, small business insurance is very inexpensive. A modest monthly premium could save you a tremendous amount of money. Most agencies have thoughtful, knowledgeable employees. These folks can help you tailor the right coverage to suit your business.

It’s imperative that you obtain small business insurance as early as possible. It can take a while for your business to turn real profits. It’s during this part of the game when you’re most vulnerable. If you have a good insurance company in your corner, you can focus on the passions that led you here in the first place. Important notice: When you click links from this website, we may receive advertising revenue.

Our Top Picks

Hiscox is an online small business insurer that can create highly customized quotes. They provide policies to business owners, as well as consultants and individual professionals like personal trainers. Their liability insurance covers bodily and personal injury. It also covers property damage and data loss. Businesses that rely on current technologies should insure their data. It may be one of the most important investments they can make.

Hiscox insures an incredible amount of professional businesses. For business owners, general liability tends to cover the majority of your needs. Consultants can benefit from protections against accidents that occur in someone else’s workspace. This is particularly useful in the IT world. Your clients put their computers in your hands. It’s all too common for them to blame you for lost data or damaged hardware. Claims of negligence in fitness fields like personal training also receive excellent coverage.

The Hiscox website generates fast, accurate quotes. You can select from a number of insurance products. Each addition or subtraction clearly affects your quote. This can help you fine-tune your coverage based on the specifics of your business. Other companies’ more general coverage might leave out an important nuance or two. Hiscox can help you identify and include these specifics in your policy to ensure that you’re covered.

Our #2 Pick Nationwide

Nationwide is best known for car and home insurance, but their coverage doesn't stop there. They also offer small business, personal trainer, and consultant insurance. Additionally, they provide identity theft, renters, various forms of life insurance, and more. Other services they offer include retirement planning, investing, and banking. They are truly a company who does it all.

There is a Nationwide policy to fit nearly any need. They provide travel insurance plans that can cover incidents that occur before and during a trip. Pet insurance plans are available that cover accidents, hospitalizations, medications, and general wellness needs. Their identity theft policies give you access to a special fraud assistance hotline. Identity theft plans may also include out-of-pocket expense reimbursements, assistance in replacing documents, working with creditors, and even emergency cash. Other specialty policies include wedding, farm, accident, and legal plans.

Nationwide is also an online bank. They provide all of the standard offerings you would find in any other financial institution. You can use them to open a checking, savings, or money market account. Home equity lines of credit, mortgages, auto loans, and even boat loans are all services they provide.

Our #3 Pick Farmers

Farmers Insurance is a wide-reaching insurance company that offers policies to cover small businesses. They can tailor coverage to meet the demands of your particular enterprise. They also offer an annual review to make sure your coverage is neither insufficient nor too expansive. Their agency structure ensures a local touch to the acquisition and application of your coverage.

Farmers Insurance can cover you against a large variety of hazards. Lately, storm surges and heat waves have seemed more severe. Your Farmers policy can cover you against natural disasters. If an unexpected geological or weather event occurs, you’ll be protected. You’re more likely to suffer damages from theft, vandalism, accidents, and injury, however. Your policy can cover you against all of these, as well.

Farmers Insurance protects the places you do business. The company offers excellent property insurance. This includes coverage for the building itself. It can also cover any and all property owned by the business that’s located on-site. You can protect your computers, copy machines, and any other machinery installed at your shop. Farmers can also provide you with business income coverage. That can help bridge the gap in your income if damage to your property forces you to shut down for a short period.

Additional Options

Our #4 Pick Liberty Mutual

Liberty Mutual focuses solely on providing insurance services. They are one of the top ten insurance companies in the entire world. This is because they have a vast array of policy types available and good customer service. Their insurance plans include both commercial and personal options. Commercial options include small business owner policies, general liability, commercial auto, and equipment coverage. Personal options include home, auto, boat, life, identity theft, and even pet insurance.

Our #5 Pick StateFarm

State Farm is a full service insurance and financial service provider. It is one of the largest home and auto insurance companies. They have a generous offering of other insurance policies as well. This includes identity theft insurance, small business insurance, and life insurance. Their claims department is open 24 hours a day. Financial services they offer include checking accounts, savings accounts, and a number of different loan types.

Our #6 Pick Progressive

Progressive offers a wide range of insurance solutions to small businesses. You can get the bare minimum needed to satisfy lenders and investors, as well as any local statutes. You can also customize coverage to cover the nuances of your specific company. Progressive is incredibly well known. Their automotive division has a comprehensive advertising campaign. On the business side, they offer just as much in terms of coverage and savings. Including policies for business owners.

Our #7 Pick AIG

AIG is a global provider of insurance in a large number of fields. They offer small business insurance backed by the power of their immense organization. You can acquire coverage against disgruntled employees, criminal activity, and even cyber risk. If your business provides complex services, you can insure your results, as well. The claims process is fast and easy to initiate.

Our #8 Pick Chubb

Chubb is an insurance provider that lets you build your policy based on your specific needs. For small business owners, they offer simple solutions. These can be broad and basic coverage packages, or more nuanced combinations of the company’s offerings. Your policy statements are available electronically. You can get your hands on them as soon as you’re approved for coverage.

Our #9 Pick Mercury

Mercury Insurance is a small business insurance provider with custom coverage options. The company has been doing business for more than 50 years. They’re primarily a car insurance provider. They also cover a wide range of small business types. Each business category can tweak its insurance policy to fit its needs. This helps ensure that anything strangely specific to your field won’t go uncovered.

Learn More About Small Business Insurance

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