Best Small Business Insurance

The Hartford is our pick for the best small business insurance with a rating of 4.7 out of 5 due to its great balance of affordability and service. In our study, we also found that NEXT (4.6 out of 5), Nationwide (4.48 out of 5) and Simply Business (4.48 out of 5) and Thimble (4.45 out of 5) are top commercial insurance options to consider depending on your policy type need and industry.

The overall best general liability insurance for small businesses nationwide is offered by the Hartford who is both the top pick and most affordable for the coverage type. Nationwide solidifies itself as the next best commercial insurance provider with a superior customer service reputation over other providers, although at a higher premium than competitors.

Next and The Hartford tie for the best workers comp insurance company for small business. Even so, the right pick for you will depend on what you value most. The Hartford is best option for those looking for the most affordable public liability coverage while NEXT performs better when it comes to overall customer service reputation.

If you want the best balance of affordability and customer experience, NEXT Insurance is the top small business insurance option for professional liability. However, if you value low pricing for E&O business insurance the most, The Hartford is a better option.

Small businesses looking for the top option for BOP insurance will find the best luck with The Hartford for coverage. While this is the case, if you value customer service above all else, NEXT is the better overall small business insurance option while still offering competitive rates.

To give you a more detailed look at the best business insurance, we've broken down our what stands out about our top three picks, who should choose each company and who shouldn't.

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 area of business 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 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 small business 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.

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.