Best Small Business Insurance

Overall, the top 5 best small business insurance companies are The Hartford, NEXT Insurance, Nationwide, Simply Business and Thimble. Larger small businesses may also find great coverage from biBERK and Chubb due to their specialized risk management services that can be worth their higher premiums. If you provide professional services Hiscox offers highly tailored industry level coverage and transportation companies should look into Progressive Commercial for significant usage-based savings for commercial trucks and traditional vehicle policies.

Below we have summarized who each business insurance company is best for in our top 5:

• Best For Most Small Businesses: For most small businesses with 20 or less employees and under $2 million in annual revenue, The Hartford is the top option. The company is also the most affordable small business insurer on our list and has the 2nd best customer reputation with over 200+ years of industry experience to back them up.
• Best Small Business Customer Experience: NEXT specializes in serving small businesses and earned the highest ratings from customers and the most likely for others to recommend in our study
• Best For Part-Time Freelancers: While their rates are close to the average, Nationwide is the only company that offers coverage specific to freelancers for anyone working under 26 hours a week and making less than $250,000.
• Best For Coverage Options: Simply Business has the largest partner collection on the internet, allowing you to find personalized coverage with almost any provider in the US. They are also within our top 5 for affordability making them a cost effective option also.
• Best For Coverage Flexibility: Thimble is not only our second cheapest provider overall, but they are the only company that offers truly on demand coverage which can be by the hour, day, job, week, month, or year.

Depending on your coverage needs, different companies may suit you the best. So below, we've summarized the top small business insurance companies by commonly needed coverage type:

• Best For General Liability Insurance: The Hartford wins for the top general liability insurance primarily due to its low rates and included coverages such as products and completed operations coverage, medical payments and defense costs that are often not offered.
• Best For Workers Comp Insurance: Both NEXT and The Hartford are tied for the best workers comp policies, both achieving superior value for their discount offerings, service reputations, and specific focus on small business needs.
• Best For Professional Liability Insurance: For professional liability polices, NEXT offers superior value with low rates, specific designed coverage for each industry you can customize, and a superior digital platform that can cover you and get proof of insurance in 10 minutes or less.
• Best For BOP Insurance: The Hartford wins as the best bop insurance provider and you can save 10% if you bundle this coverage type with a workers' comp policy with the company to sweeten the deal further.

At the by industry scale, The Hartford still comes out on top as the best small business insurance company. While this is the case, the provider does not win for every commercial area and NEXT, Coverdash, Simply Business, biBerk and Nationwide could suit you better.

Below we summarize how each of these small business insurance companies rank proportionally to how many industries they won:

1. The Hartford: They are the best business insurance provider in 42 industries, particulary for those in pet, tech, and contract work.
2. NEXT Insurance: NEXT wins as the best business insurer in 23 industries and is top option to those in lawn/landscaping businesses, professional services, and hospitality-based areas.
3. Nationwide: The company wins 7 industries overall with its best offerings standing out for retail, restaurant and construction related businesses.
4. Simply Business: 3 industries are best covered by Simply Business's insurance products and is the ideal option if you are a startup, a spa owner or an electrician.
5. Coverdash: While they only win two industries for the best business insurance coverage, food company owners will find the right coverage with them for a good price.
6. biBerk: biBerk is the best option for commercial insurance coverage only for veterinary businesses nationwide.

At the state level, NEXT Insurance comes out on top as the best small business insurer with top rankings in 34 out of 50 states and The Hartford is the next in line with wins in 16 out of 50 states. However, both providers tie in multiple states including Illinois, Indiana, Kentucky, Maryland, Montana, Nebraska, Nevada and Wisconsin. The Hartford tends the be the most affordable commercial insurance provider overall even in states where it does not the top overall option, but NEXT wins out in many areas due to its superior customer service and industries covered.

The most common type of business insurance that is needed for a small business is often general liability insurance due to customer injuries, accidents and related lawsuits being a leading and consistent claims risk. Commercial property insurance is the most commonly used for claims, with the majority of claims being from theft and weather damage for most small businesses. Commercial auto, workers comp, professional liability and cyber insurance are also often required or needed in some capacity depending on your industry, location and size of your business.

We understand this recommendation is not a one size fits all solution or specific enough, so we've linked resources for you to compare commercial coverage types to inform your needs further.

Overall small business insurance costs can range anywhere from $6 to $1,346 per month depending on your state, industry and coverage type chosen. Below you can compare rates for some of the most commonly needed coverage types:

To find the best commercial insurance company for your small business comparing quotes from top providers is the best bet to see if they are the right fit. MoneyGeek created a business insurer matching tool to allow you to get quotes from the ideal provider for your business based on your personalized details. You only have to enter your general industry and state below to be sent to your best provider's quote page.

Overall, The Hartford, NEXT and Simply Business offer the best small business insurance in the U.S. with affordable rates and excellent service. While these are top choices, do your due diligence by conducting cost and company research and comparing numerous providers to find the best option.

Below are frequently asked questions about the best insurance for small businesses:

MoneyGeek analyzed thousands of business insurance quotes from 79 industries and across four coverage types (professional and general liability, workers' comp and business owner's policy or BOP) for a base profile of a two-employee firm with $300,000 annual revenue and $150,000 payroll. Coverage for all policies was $1 million per claim and $2 million in aggregate annual claim limits with $5,000 property insurance limits (for BOP policies only).

Using quotes from this profile, we calculated the best business insurance company scores by weighting the following factors:

• Affordability (50% of score): Using our proprietary quote research, we measured each company's affordability equally across all four business types for our base profile.
• Customer experience (30% of score): We used industry resources like J.D. Power and the National Association of Insurance Commissioners (NAIC), review sites, public forums like Reddit and independent agency customer ratings for each company.
• Coverage options (15% of score): We analyzed the breadth of coverage options and types offered, along with the limits available for this rating.
• Financial strength (5% of score): We derived this score using industry ratings from sources like AM Best and Moody's, actual company financial reports and length of time in business.