The Hartford's ranking as the best overall for small business insurance is due to its excellent customer satisfaction ratings and wide range of affordable insurance coverages. The company's professional liability insurance is $304 monthly on average for LLCs with 20 employees.

To find the best small business insurance, MoneyGeek considered factors like insurance type-specific affordability, customer satisfaction, financial stability, variety of coverages and quote response time.

MoneyGeek Logo IconBest Small Business Insurance
2024

Best Small Business Insurance

Why Trust MoneyGeek? We collected 3,068 small business insurance quotes and analyzed cost information alongside customer satisfaction and financial stability reports to determine the best small business insurance companies.

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Cost information for general liability, professional liability and workers’ compensation insurance was updated in 2023.

3,068 Quotes Analyzed
 
6Companies Compared
 
50Zip Codes

Overall Best Small Business Insurance

The Hartford earned the top spot with a MoneyGeek score of 95 out of 100, excelling in professional liability insurance for LLCs, customer satisfaction and diverse coverage options. The insurer also offers swift quote times and robust financial stability.

Close behind with a score of 94, biBERK stands out for its strong financial stability, a broad range of coverages and affordable general liability insurance for sole proprietors, priced at an average of $23 monthly.

The table below shows the monthly cost of general liability, professional liability and workers' compensation insurance for each company on our list. We didn't collect sole proprietor cost data for workers' comp insurance as this coverage is typically required only for employers. The table also includes the overall MoneyGeek scores, reflecting how each insurer performed in our evaluation.

How was this MoneyGeek score calculated?

The HartfordMoneyGeek Score95General Liability With 20 Employees$68General Liability Without Employees$32Professional Liability With 20 Employees$304Professional Liability Without Employees$91Workers' Comp With 20 Employees$165
biBERKMoneyGeek Score94General Liability With 20 EmployeesNo DataGeneral Liability Without Employees$23Professional Liability With 20 Employees$495Professional Liability Without Employees$134Workers' Comp With 20 Employees$181
NationwideMoneyGeek Score93General Liability With 20 Employees$47General Liability Without Employees$35Professional Liability With 20 Employees$349Professional Liability Without Employees$121Workers' Comp With 20 Employees$195
NextMoneyGeek Score93General Liability With 20 Employees$29General Liability Without Employees$25Professional Liability With 20 Employees$241Professional Liability Without Employees$41Workers' Comp With 20 Employees$200
ThimbleMoneyGeek Score92General Liability With 20 Employees$66General Liability Without Employees$22Professional Liability With 20 Employees$1,838Professional Liability Without Employees$47Workers' Comp With 20 Employees$149
HiscoxMoneyGeek Score91General Liability With 20 Employees$126General Liability Without Employees$29Professional Liability With 20 Employees$349Professional Liability Without Employees$126Workers' Comp With 20 Employees$0
MoneyGeek’s Pick: The HartfordScore: 95
The Hartford
3/5GL For LLCs
1/5GL For Sole Proprietors
5/5PL For LLCs
2/5PL For Sole Proprietors
2/5WC For LLCs
5/5Customer Satisfaction
4/5Financial Stability
5/5Coverages Offered
4/5Online Quote Process
PROS

Low-cost professional liability for LLCs

Rapid quote response time

Top-rated customer satisfaction record

CONS

General liability for LLCs could be cheaper

Professional liability for sole proprietors is less affordable

Workers' comp for LLCs might be cost-prohibitive

Company Highlights

The Hartford stands out as a comprehensive business insurance provider, with a portfolio that addresses a wide range of needs. Its offerings are particularly attractive for LLCs, with professional liability insurance priced at $304 monthly on average. This coverage, combined with an A+ AM Best rating, underscores the company's commitment to financial stability and its customers.

The Hartford also has a strong customer service record, exemplified by its quick quote turnaround time of just 90 seconds. However, The Hartford may not be the ideal choice for every business. Its general liability insurance for LLCs and sole proprietors, at average monthly costs of $68 and $32, respectively, and workers’ compensation for LLCs at $165 per month, may not be the most affordable. Similarly, sole proprietors might find the average professional liability insurance rate of $91 per month less appealing.

Cheapest Small Business Insurance

Next emerges as the cheapest business insurance provider on our list. It boasts the lowest general liability insurance cost for LLCs with 20 employees at $29 monthly on average. Additionally, Next offers the cheapest average professional liability insurance for LLCs and sole proprietors without employees, at $241 and $41 per month, respectively.

MoneyGeek's affordability score is derived from general liability, professional liability and workers' compensation costs to highlight the most cost-effective insurers. However, the overall cheapest insurer may not offer the best price for each individual type of coverage.

How was this MoneyGeek score calculated?

MoneyGeek’s Pick: NextScore: 93
Next
5/5GL Affordability For LLCs
4/5GL Affordability For Sole Proprietors
5/5PL Costs For LLCs
5/5PL Costs For Sole Proprietors
1/5Workers’ Compensation Costs For LLCs
PROS

Affordable general and professional liability coverage

High customer satisfaction

Quick quote response time

CONS

Workers' compensation for LLCs could be cheaper

Limited range of total coverages

Lower financial stability score

Company Highlights

Next stands out for its affordability and high customer satisfaction. Its general liability insurance for LLCs and sole proprietors comes in at an average of $29 and $25 monthly, respectively, which could prove attractive for cost-conscious businesses. Similarly, Next's professional liability insurance is competitively priced at about $241 per month for LLCs and $41 per month for sole proprietors.

Next's commitment to customer service is evident in its high customer satisfaction ratings and quick quote turnaround time of just one minute and 18 seconds. This speed of service could be a significant advantage for businesses seeking prompt insurance coverage.

Next’s workers' compensation insurance for LLCs, priced at $200 per month on average, may be cost-prohibitive for some. With fewer available coverages than competitors and an A- AM Best rating, Next's comprehensive offerings and financial stability may fall short for some businesses.

Best Small Business Insurance for Sole Proprietors

MoneyGeek ranks biBERK as the premier choice for small business insurance for sole proprietors without employees. Its competitive pricing, particularly for general liability insurance, coupled with strong financial stability, positions it as the top choice for single-person businesses seeking comprehensive and affordable coverage.

How was this MoneyGeek score calculated?

MoneyGeek’s Pick: biBERKScore: 94
biBERK
5/5GL Affordability For Sole Proprietors
1/5PL Costs For Sole Proprietors
4/5Customer Satisfaction
5/5Financial Stability
5/5Coverages Offered
4/5Online Quote Process
PROS

Highly affordable general liability insurance for sole proprietors

Quick and efficient quote process

Exceptional financial stability backed by an A++ AM Best rating

CONS

Higher cost for professional liability insurance for sole proprietors

No cost data available for LLCs

Workers’ compensation affordability is limited

Company Highlights

Part of the Berkshire Hathaway Insurance Group, biBERK is particularly suitable for sole proprietors seeking affordable and comprehensive business insurance. Its general liability insurance for sole proprietors is highly competitive at $23 per month. This positions biBERK as a cost-effective choice for sole proprietors. However, sole proprietors seeking professional liability insurance may find biBERK's average monthly cost of $134 a bit steep compared to some competitors.

Beyond its cost advantages, biBERK's commitment to customer service shows in its strong customer satisfaction ratings. Getting a quote is an efficient process for busy entrepreneurs, requiring just one minute and nine seconds. The company's impressive financial stability, underscored by an A++ AM Best rating, offers reassurance that it has the ability to meet its policy obligations.

Best Small Business Insurance for LLCs With 20 Employees

The Hartford, favored for its cost-effective professional liability insurance at an average of $304 per month, is the top choice for LLCs with 20 employees. The company also excels in customer satisfaction, making it an ideal choice for many businesses. It's important to note that employee count is one of the main factors that influences small business insurance costs.

How was this MoneyGeek score calculated?

MoneyGeek’s Pick: The HartfordScore: 95
The Hartford
3/5GL Affordability For LLCs
5/5PL Affordability For LLCs
2/5WC Affordability For LLCs
5/5Customer Satisfaction
4/5Financial Stability
5/5Coverages Offered
4/5Online Quote Process
PROS

High customer approval ratings

Wide-ranging coverage choices

Efficient quote process

CONS

Higher pricing for general liability

Workers' compensation could be more affordable

Affordability is lower for sole proprietorships

Company Highlights

As the best insurer for businesses structured as LLCs with a 20-employee count, The Hartford stands out in the realm of professional liability coverage, priced at an average of $304 per month. The company also provides general liability coverage for such businesses at an average monthly rate of $68, and workers' compensation insurance for $165 monthly.

The company's financial solidity is underscored by an A+ AM Best rating, with high customer satisfaction ratings. The Hartford also offers an extensive range of coverages, catering to diverse business needs. Additionally, obtaining an online quote is efficient, taking only one minute and 26 seconds.

Best Small Business Insurance for Fast Quotes

Thimble is the best choice for fast business insurance quotes, with an average online quote time of 42 seconds. This speed makes Thimble the quickest among the companies we evaluated. If efficiency in obtaining an insurance quote is a priority for your small business, Thimble is the top option to consider.

How was this MoneyGeek score calculated?

MoneyGeek’s Pick: ThimbleScore: 92
Thimble
3/5GL For LLCs
5/5GL For Sole Proprietors
1/5PL For LLCs
5/5PL For Sole Proprietors
3/5WC For LLCs
2/5Customer Satisfaction
3/5Financial Stability
4/5Coverages Offered
5/5Online Quote Process
PROS

Swift quote process, ideal for businesses needing quick solutions

Affordable general liability insurance for sole proprietors

Wide range of coverage options available

CONS

High professional liability insurance cost for LLCs

Lower customer satisfaction ratings

Moderate financial stability rating

Company Highlights

Thimble's business insurance stands out for its speed and accessibility, providing customers with online insurance quotes in 42 seconds on average. This insurer is an ideal choice for businesses seeking quick and efficient insurance solutions. Thimble offers general liability insurance for LLCs at an average of $66 per month and for sole proprietors at an affordable $22 per month. Professional liability insurance costs significantly more for LLCs at $1,838 per month on average but remains reasonable for sole proprietors at $47 monthly. Thimble's workers’ compensation insurance for LLCs costs an average of $149 monthly.

How Much Is Small Business Insurance?

Small business insurance costs vary significantly based on the type of insurance and the specifics of the business. For instance:

  • General liability insurance averages $28 per month for sole proprietors without employees, while for LLCs with 20 employees, it's around $67 per month.
  • Professional liability insurance costs approximately $80 per month for sole proprietors without employees and around $705 per month for LLCs with 20 employees.
  • Workers' compensation insurance, generally unnecessary for businesses without employees, is about $167 per month for LLCs with 20 employees.

Several factors commonly influence these costs:

  • The industry of the business: High-risk industries typically have higher premiums.
  • The size of the business: More employees or larger operations often increase costs.
  • The location of the business: Some regions have higher insurance costs due to local laws or risk factors.
  • The company's claim history: Businesses with more claims often pay more for insurance.
  • The coverage limits and deductibles chosen: Higher limits and lower deductibles usually increase premiums.

Keep in mind that we’ve calculated average costs, and the actual insurance premiums for a specific business may vary depending on these factors and more.

Small Business Insurance FAQs

Finding the best small business insurance can help you safeguard your business assets and secure financial stability. Find out what type of coverage your business needs and the best place to get a policy.

Which company offers the best small business insurance?
What does small business insurance cover?
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About Melissa Wylie


Melissa Wylie headshot

Melissa Wylie is a Content and SEO Manager at MoneyGeek. Melissa has worked in the financial content space since 2018 and has spent much of that time focused on all things small business.

Prior to joining MoneyGeek, Melissa held SEO positions at Bankrate and LendingTree. Melissa’s work has also appeared on LendingTree-owned websites ValuePenguin and MagnifyMoney.

Melissa began her career at American City Business Journals in 2015 as a reporter for the company’s women-focused publication Bizwomen. Melissa has a Bachelor of Arts in Journalism from the University of North Texas. Melissa relies on her foundation in journalism to craft content that simplifies complex financial topics to help everyone feel confident when making decisions with their money.

Melissa's other work can be read on LendingTree and Bizwomen.