Small Business Insurance Company Comparison


To give you a head start, we've summarized our picks for the best small business insurance providers in the table below:

Business Insurance Company
MoneyGeek Rating
Average Monthly Cost
A.M. Best Rating
Customer Review Ratings

Next

97 out of 100

$145

A-

4.7 out of 5.0

The Hartford

91 out of 100

$197

A+

4.8 out of 5.0

biBerk

90 out of 100

$334

A++

4.5 out of 5.0

Pie

89 out of 100

$189

A-

3.8 out of 5.0

Nationwide

87 out of 100

$339

A

3.2 out of 5.0

Thimble

86 out of 100

$287

A

4.4 out of 5.0

Shield Insurance
How We Scored and Calculated Costs For Providers

When rating companies we looked at overall costs for commercially required coverages, company reviews, industry reputation ratings like A.M. Best, additional coverage options, and speed of quote processes. Average costs were derived from businesses with employees from 1 to 100, required coverage types for most businesses, and five industries (including software development, contracting, cleaning, lawn care and business consulting). These scores and costs may not represent your particular needs so we recommend comparing quotes for yourself to find the best deal for you.

Compare Small Business Insurance By Coverage Type

Most businesses need multiple insurance policies to protect against different types of risks. While our national provider rankings give you a starting point, the right combination of coverage depends on your specific business operations, industry and risk exposure.

The three foundational policies that form the backbone of most business insurance programs are general liability, workers' compensation and professional liability insurance. Each serves a distinct purpose and protects against different scenarios that could financially impact your business. The best option for you will depend on your desired coverage and business type. For example, cleaning businesses have specialized insurance needs that differ significantly from consulting or roofing companies.

Compare General Liability Insurance Coverage

We analyzed thousands of quotes and compared twelve general liability insurance providers to help you compare policy features, cost, coverage and companies.  Find the genearl liability insurance right policy below.

Compare Workers' Comp Insurance Coverage

Workers' compensation insurance is required by law in most states when you have employees, but the requirements, costs and benefits vary by location and industry.   See our analysis below to compare the cheapest policies and best companies.

Compare Professional Liability Insurance

Professional liability insurance protects businesses that provide services, advice or expertise against claims of professional negligence. Coverage needs vary by profession, making it necessary to compare policies designed for your industry risk.

Compare Small Business Policy Types

When you compare small business insurance policies, you'll find different types designed to cover different aspects of your operations. There is no one-size-fits-all policy to shield against all risks, so you need to compare business insurance quotes based on your specific business type, industry and risk factors.

Insurance Type
What It Covers
Who Needs It
Legal Requirement

Bodily injury, property damage, personal injury claims from third parties

All businesses

Not required by law, but often required by contracts/clients

Medical expenses, lost wages, rehabilitation costs for work-related injuries/illness

Businesses with employees

Required in most states

Claims of negligence, errors, omissions in professional services

Service-based businesses, consultants, healthcare, accounting

Not required with exception of some professional associations

Commercial Property

Business location, equipment, inventory, supplies

Businesses with physical locations or valuable equipment

Not required

Commercial Auto

Vehicle accidents, theft, damage for business vehicles

Businesses using vehicles for operations

Required if using vehicles for business

Cyber Liability

Data breaches, cyberattacks, notification costs, legal fees

Businesses handling customer data

Not required

Business Interruption

Lost income from unexpected events that disrupt operations

Businesses dependent on location/equipment

Not required

Commercial Umbrella

Additional liability coverage beyond primary policy limits

Businesses with high liability exposure

Not required

Directors & Officers (D&O)

Claims against company leadership for mismanagement

Corporations, nonprofits with boards

Not required

Compare Small Business Insurance Cost


Most businesses are required to have some form of general liability insurance, workers' compensation, and for some types of firms, a professional liability policy. So to help you see if you're getting a good deal when getting quotes, we've provided costs broken down by state for each of these coverage types.

Business Insurance Type
Monthly Cost
Annual Cost

General Liability

 $48

 $573

Workers Comp

 $312

 $3,742

Professional Liability

 $396

 $4,757

Shield Insurance
How We Calculated Business Insurance Costs

We based all cost estimates on businesses between 1-100 employees and five industries (including software development, contracting, cleaning, lawn care and business consulting). All state costs presented below also follow this methodology.

Compare Small Business Insurance Cost By State

When you compare business insurance costs, you'll find significant variations by location due to state-specific requirements, property values, accident rates, and local wage levels. To help you compare what coverage might cost in your area, we've broken down pricing for commonly required insurance types across all states, making it easier to compare options and understand regional differences.

State
Monthly General Liability Cost
Monthly Workers Comp Cost
Monthly Professional Liability Cost

Alabama

$49

$284

$337

Alaska

$38

$443

$514

Arizona

$42

$233

$342

Arkansas

$46

$210

$381

California

$113

$320

$395

How To Compare Business Insurance Policies


Business insurance is much more complex than other personal policies and it can be confusing to know what you need as a small business and whether you're getting a good deal. So below, we've created an easy 4-step business insurance buying guide to help you find the best and cheapest coverage for your situation.

  1. 1

    Research and Determine Coverage Needs

    Before going into any comparisons, it is good to know what types of business insurance are available to you and which are required. This will allow you to not overpay for a policy or be convinced into excessive coverage by an agent. To help you start, below we've summarized the three most commonly required coverages for businesses:

    However, there are also other options to consider to protect commercial property, income, data, products, and operations if a major event occurs. We recommend reviewing options with a business insurance agent to find out what your unique needs are.

  2. 2

    Find Out Average Costs For Your Business

    To see how much you're saving with any provider, researching costs particular to your business and the coverage you want gives a good frame of reference. You'll also want to look into any discount opportunities available to lower costs further.

  3. 3

    Compare Providers Before Getting Quotes

    Before getting quotes, look into top companies for both affordability and customer service reputations online. Explore for information using online guides, research into consumer forums, and industry research organizations like A.M. Best and J.D. Power to understand how good service is. Consider asking other similar businesses in your area about who they find to be reputable and affordable providers to get a more personal perspective. You'll also want to research how efficiently companies handle commercial insurance claims since the claims experience is just as important as the initial policy purchase.

  4. 4

    Compare Multiple Quotes Through Different Avenues

    Once you're armed with all of the information in the previous steps, it's time to start getting multiple quotes. When requesting quotes, be specific about your coverage needs and ask providers to clarify the differences between employers liability and workers compensation to ensure you're comparing equivalent coverage levels across quotes. While it is easy to do so online, we recommend also finding pricing through brokers and captive agents since rates will vary between each method. Be sure when choosing coverage that you're making apples-to-apples comparisons so you can truly see accurately how providers stack up.

About Nathan Paulus


Nathan Paulus headshot

Nathan Paulus is the Head of Content Marketing at MoneyGeek, with nearly 10 years of experience researching and creating content related to personal finance and financial literacy.

Paulus has a bachelor's degree in English from the University of St. Thomas, Houston. He enjoys helping people from all walks of life build stronger financial foundations.


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