Compare Small Business Insurance Quotes
Compare small business insurance quotes and policies from the top insurance providers. MoneyGeek helps small businesses compare business insurance quotes by analyzing thousands of rates from multiple providers, ranking companies using comprehensive scoring that weighs affordability, financial stability, and customer satisfaction.
Compare small business insurance to find the right policy.
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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 |
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 |
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 |
Colorado | $38 | $211 | $354 |
Connecticut | $58 | $340 | $351 |
Delaware | $41 | $282 | $354 |
Florida | $47 | $320 | $406 |
Georgia | $46 | $247 | $396 |
Hawaii | $50 | $837 | $408 |
Idaho | $43 | $375 | $384 |
Illinois | $52 | $298 | $390 |
Indiana | $40 | $217 | $387 |
Iowa | $39 | $371 | $385 |
Kansas | $40 | $222 | $386 |
Kentucky | $36 | $264 | $394 |
Louisiana | $78 | $408 | $406 |
Maine | $41 | $401 | $384 |
Maryland | $38 | $295 | $394 |
Massachusetts | $53 | $236 | $395 |
Michigan | $37 | $184 | $383 |
Minnesota | $41 | $249 | $386 |
Mississippi | $44 | $326 | $416 |
Missouri | $42 | $292 | $391 |
Montana | $56 | $522 | $412 |
Nebraska | $37 | $289 | $380 |
Nevada | $50 | $483 | $472 |
New Hampshire | $50 | $262 | $389 |
New Jersey | $59 | $467 | $413 |
New Mexico | $40 | $367 | $389 |
New York | $109 | $380 | $442 |
North Carolina | $34 | $216 | $371 |
North Dakota | $43 | $251 | $396 |
Ohio | $39 | $230 | $394 |
Oklahoma | $37 | $347 | $359 |
Oregon | $40 | $266 | $388 |
Pennsylvania | $85 | $311 | $446 |
Rhode Island | $50 | $313 | $386 |
South Carolina | $41 | $304 | $381 |
South Dakota | $41 | $373 | $384 |
Tennessee | $37 | $210 | $392 |
Texas | $41 | $159 | $396 |
Utah | $39 | $199 | $390 |
Vermont | $46 | $361 | $472 |
Virginia | $34 | $186 | $387 |
Washington | $55 | $321 | $509 |
West Virginia | $47 | $241 | $400 |
Wisconsin | $41 | $422 | $387 |
Wyoming | $42 | $248 | $365 |
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
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:
- General Liability Insurance: Protects your business from liabilities for physical damages to property and people due to business operations or incidents on commercial property.
- Workers Compensation: This coverage applies only to employees and reimburses those working for you for any damages due to injury or illness on the job. Getting workers compensation insurance involves understanding your state's requirements and finding the right provider for your business size and industry. Some business owners may qualify for workers compensation insurance exemptions, though this depends on your state's regulations and business structure
- Professional Liability Insurance: Different from general liability, it covers you for non-physical errors or negligence due to services you provide.
- Commercial Auto Insurance: If you use vehicles for business this covers you and your vehicle in the case of an accident while on the job.
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
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
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
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 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.