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.
Best Small Business Insurance





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?

Low-cost professional liability for LLCs
Rapid quote response time
Top-rated customer satisfaction record
General liability for LLCs could be cheaper
Professional liability for sole proprietors is less affordable
Workers' comp for LLCs might be cost-prohibitive
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?

Affordable general and professional liability coverage
High customer satisfaction
Quick quote response time
Workers' compensation for LLCs could be cheaper
Limited range of total coverages
Lower financial stability score
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?

Highly affordable general liability insurance for sole proprietors
Quick and efficient quote process
Exceptional financial stability backed by an A++ AM Best rating
Higher cost for professional liability insurance for sole proprietors
No cost data available for LLCs
Workers’ compensation affordability is limited
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?

High customer approval ratings
Wide-ranging coverage choices
Efficient quote process
Higher pricing for general liability
Workers' compensation could be more affordable
Affordability is lower for sole proprietorships
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?

Swift quote process, ideal for businesses needing quick solutions
Affordable general liability insurance for sole proprietors
Wide range of coverage options available
High professional liability insurance cost for LLCs
Lower customer satisfaction ratings
Moderate financial stability rating
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.
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