How to Get Business Insurance

Business insurance satisfies legal requirements and covers financial exposure from claims, lawsuits and property damage. A 2024 NEXT survey found 29% of small business owners carry no coverage. Six steps cover how to find the right policy for your business.

Business insurance doesn't have to be confusing. Each policy type covers different risks, and once you know what's out there, picking coverage gets way easier.  You don't need every policy right away. Most businesses start with general liability and workers' comp (if they have employees) and add coverage as specific risks become clear.

Having the proper documentation ready speeds up your business insurance application process and helps you get business insurance faster. It also helps insurers assess risks to provide you with accurate quotes.

Some documents are universal. Regardless of your industry, you must present your registration papers, tax ID, financial statements, employee information, current business insurance policies and claims history.

Business industry requirements vary:

• Restaurants: Food service licenses, liquor permits and equipment lists.
• Construction: Contractor licenses, safety documentation and equipment inventory.
• Professional services: Client contracts, certifications and service descriptions.
• Retail: Sales permits, inventory records and lease agreements.

Getting multiple quotes for business insurance helps you find the best rates and coverage for your needs. Here's what small businesses typically pay for the most common types of coverage.

Note: These rates are from MoneyGeek’s analysis of quotes for small businesses with two employees across 79 major industries or business types and focused on general liability, workers’ compensation, professional liability and business owners’ policies.

Don't just compare prices. Review policy limits, deductibles, and exclusions to compare similar coverage levels. A cheaper policy might leave you underprotected when you file a claim. Get quotes from at least three providers and ask about discounts for bundling policies, implementing safety programs or paying annually rather than monthly.

Doing your research and comparing business insurance companies helps you find better coverage quality and claims experience. Our research included major insurance companies across multiple factors to identify the top-performing provider for different industries.

To find the best business insurance companies for you, look for financially strong insurers who can pay claims when needed. Check their AM Best rating (A- or higher is good) and read customer reviews about their claims process. Don't just pick the cheapest option. You want reliable coverage that protects your business when something goes wrong.

Set a calendar reminder to review coverage before each renewal. Payroll changes, new equipment, added locations and higher-value contracts all shift your risk profile, and your policy needs to reflect them.

Assess your risks, then determine the coverage types and limits those risks require. Get quotes from at least three carriers. Financial strength ratings and industry experience matter, so a carrier that handles your type of claims well is worth more than a marginally lower premium. Bundle policies and raise deductibles to cut the total cost.

We analyzed thousands of quotes across 79 industries to identify which insurers offer the best combination of affordability, service and comprehensive coverage.

Here's how we evaluated each company:

• Affordability (50% of our analysis): We compared actual quotes for a typical small business (two employees, $300,000 revenue) across general liability, professional liability, workers' comp and business owner's policies.
• Customer experience (30%): We looked at J.D. Power ratings, state insurance department complaints and real customer reviews to understand how companies handle claims and customer service.
• Coverage options (15%): We evaluated each company's offering of different coverage types and whether they can grow with your business needs.
• Financial strength (5%): We checked AM Best and Moody's ratings to ensure these companies can actually pay claims when you need them.

Why this approach works for you: Instead of just listing the cheapest options, our analysis identifies insurers that balance cost with quality service and comprehensive protection.