NEXT and The Hartford lead our analysis of Indiana business insurance providers, standing out with the highest customer service score and strong coverage options. Simply Business also offers reliable protection for Indiana business owners with top overall performance ratings.
Business Insurance in Indiana
NEXT and The Hartford top our Indiana business insurance rankings, both with a MoneyGeek score of 4.64 out of 5.
Find affordable coverage that protects your small business in Indiana below.
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Updated: August 22, 2025
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Key Takeaways
Small business owners can get the best business insurance in Indiana from NEXT, The Hartford and Simply Business.
The best business insurance in Indiana depends on your industry risks, number of employees and specific coverage requirements.
To find the best coverage, assess your risks, compare multiple quotes, research provider service quality and maximize available discounts.
Best Business Insurance Companies in Indiana
| NEXT | 4.64 | 4 | 1 | 2 |
| The Hartford | 4.64 | 1 | 2 | 3 |
| Simply Business | 4.50 | 5 | 5 | 1 |
| Nationwide | 4.48 | 8 | 2 | 4 |
| Coverdash | 4.42 | 6 | 6 | 2 |
| biBERK | 4.40 | 9 | 2 | 5 |
| Progressive Commercial | 4.34 | 3 | 7 | 5 |
| Thimble | 4.33 | 2 | 8 | 5 |
| Hiscox | 4.29 | 7 | 4 | 6 |
| Chubb | 4.28 | 10 | 3 | 4 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus on four coverage types: general liability, professional liability/E&O, workers' comp and business owner's policy. Survey results reflect limited sample data and may not represent all available rates in your area.
Best by Coverage Type
The Hartford leads Indiana businesses with the best general liability coverage and business owner's policies (BOP). NEXT provides top professional liability insurance, while both companies excel in workers' compensation coverage.
| Business Owners Policy | The Hartford | 4.68 |
| General Liability | The Hartford | 4.57 |
| Professional Liability (E&O) | NEXT | 4.76 |
| Workers Compensation | NEXT | 4.60 |
| Workers Compensation | The Hartford | 4.60 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus on four coverage types: general liability, professional liability/E&O, workers' comp and business owner's policy. Survey results reflect limited sample data and may not represent all available rates in your area.
Best Indiana Small Business Insurance Reviews
Our research team analyzed business insurance providers across Indiana to identify the top three options for small business owners. Here's how each company stands out in providing comprehensive coverage.
NEXT
Best Customer Experience
MoneyGeek Rating
4.6/ of 5
4.5/5Affordability
4.7/5Customer Experience
4.8/5Coverage Options
Average Monthly Cost of General Liability Insurance
$101This rate is for small businesses with two employees across 79 major industries or business types and focus solely on general liability policies.Average Monthly Cost of Workers' Comp Insurance
$67This rate is for small businesses with two employees across 79 major industries or business types and focus solely on workers' comp policies.Our Survey: Claims Process
3.9/5.0Ranked #4 nationallyOur Survey: Likely to Be Recommended to Others
4.8/5.0Ranked #1 nationally
Simply Business
Best for Coverage Options
MoneyGeek Rating
4.6/ of 5
4.6/5Affordability
4.6/5Customer Experience
4.7/5Coverage Options
Average Monthly Cost of General Liability Insurance
$80This rate is for small businesses with two employees across 79 major industries or business types and focus solely on general liability policies.Average Monthly Cost of Workers' Comp Insurance
$67This rate is for small businesses with two employees across 79 major industries or business types and focus solely on workers' comp policies.Our Survey: Claims Process
4.5/5The Hartford ranks #1 nationally for claims process satisfactionOur Survey: Likely to Be Recommended to Others
4.5/5The Hartford ranks #2 nationally for customer recommendations
Cheapest Business Insurance Companies in Indiana
The Hartford provides the most affordable business insurance in Indiana with rates of $82 monthly ($985 annually). Thimble and Simply Business follow as cost-effective options, with premiums of $91 and $95 per month respectively. Compare all providers and their rates in the table below.
| The Hartford | $82 | $985 |
| Thimble | $91 | $1,088 |
| Simply Business | $95 | $1,139 |
| Progressive Commercial | $96 | $1,155 |
| NEXT | $97 | $1,167 |
| Coverdash | $98 | $1,180 |
| Nationwide | $99 | $1,186 |
| biBERK | $102 | $1,221 |
| Hiscox | $105 | $1,261 |
| Chubb | $115 | $1,377 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus on four coverage types: general liability, professional liability/E&O, workers' comp and business owner's policy. Survey results reflect limited sample data and may not represent all available rates in your area.
Cheapest General Liability Insurance Companies in Indiana
Indiana business owners can find the cheapest general liability coverage through The Hartford at $80 monthly. Simply Business offers the second-lowest rate at $93 per month. Compare all provider rates in the table below.
| The Hartford | $80 | $957 |
| Simply Business | $93 | $1,120 |
| Nationwide | $95 | $1,135 |
| Progressive Commercial | $98 | $1,171 |
| NEXT | $101 | $1,206 |
| Coverdash | $101 | $1,210 |
| Thimble | $105 | $1,255 |
| Hiscox | $111 | $1,335 |
| biBERK | $111 | $1,336 |
| Chubb | $116 | $1,391 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus solely on general liability policies. Survey results reflect limited sample data and may not represent all available rates in your area.
Cheapest Professional Liability Insurance Companies in Indiana
The Hartford offers the most affordable professional liability insurance (E&O) at $69 monthly ($832 annually). NEXT provides another budget-friendly option for Indiana businesses.
| The Hartford | $69 | $832 |
| NEXT | $70 | $841 |
| Thimble | $73 | $878 |
| Progressive Commercial | $73 | $879 |
| Simply Business | $74 | $893 |
| Hiscox | $75 | $899 |
| Coverdash | $76 | $907 |
| biBERK | $78 | $932 |
| Nationwide | $80 | $962 |
| Chubb | $87 | $1,041 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus solely on professional liability/errors and omissions policies. Survey results reflect limited sample data and may not represent all available rates in your area.
Cheapest Workers’ Comp Insurance Companies in Indiana
NEXT offers Indiana's cheapest workers' comp coverage at $67 monthly ($807 annually). The Hartford and Thimble provide similarly competitive rates, making all three solid choices for businesses in the state.
| NEXT | $67 | $807 |
| The Hartford | $67 | $809 |
| Thimble | $68 | $814 |
| Progressive Commercial | $69 | $824 |
| Simply Business | $70 | $836 |
| Hiscox | $70 | $838 |
| Coverdash | $71 | $851 |
| biBERK | $73 | $877 |
| Nationwide | $79 | $948 |
| Chubb | $83 | $991 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus solely on workers’ comp policies. Survey results reflect limited sample data and may not represent all available rates in your area.
Cheapest BOP Insurance Companies in Indiana
The Hartford offers the cheapest BOP rates in Indiana at $112 per month ($1,342 annually). Business owners can also find affordable BOP insurance with Thimble, Nationwide and Simply Business.
| The Hartford | $112 | $1,342 |
| Thimble | $117 | $1,404 |
| Nationwide | $142 | $1,699 |
| Simply Business | $142 | $1,705 |
| biBERK | $145 | $1,739 |
| Progressive Commercial | $145 | $1,744 |
| Coverdash | $146 | $1,751 |
| NEXT | $151 | $1,816 |
| Hiscox | $164 | $1,970 |
| Chubb | $174 | $2,085 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus solely on BOP policies. Survey results reflect limited sample data and may not represent all available rates in your area.
How Much Does Business Insurance Cost in Indiana?
Business insurance in Indiana costs between $72 and $144 monthly, with workers' compensation being the most affordable and business owner's policies the most expensive. Rates vary based on the coverage type your business needs.
| BOP | $144 |
| General Liability | $101 |
| Professional Liability (E&O) | $76 |
| Workers Comp | $72 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus on four coverage types: general liability, professional liability/E&O, workers' comp and business owner's policy. Survey results reflect limited sample data and may not represent all available rates in your area.
Cost of Business Insurance by Industry and Coverage
Business insurance costs in Indiana vary significantly by industry and coverage type. Our analysis shows speech therapists pay just $6 monthly for workers' compensation, while pressure washing businesses pay $1,313 monthly for a business owner's policy.
Data filtered by:Results filtered by:
Select
Coverage Type:Business Owners Policy
Select
Industry:Accountants
| Accountants | Business Owners Policy | $32 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus on four coverage types: general liability, professional liability/E&O, workers' comp and business owner's policy. Survey results reflect limited sample data and may not represent all available rates in your area.
What Factors Influence My Costs?
Several key factors influence your Indiana business insurance premiums. Here's what affects your coverage costs in the state:
Industry Risk Level
Your business type affects insurance costs more than any other factor. Construction companies pay much more than consulting firms since job sites have higher accident rates. A construction company often pays $500 monthly for coverage, while a consulting business might pay just $50.
Geographic Location and Weather Risks
Indiana's severe weather impacts your insurance rates. The state's frequent tornadoes and thunderstorms mean higher property coverage costs. According to National Weather Service data, Indiana averages 22 tornadoes yearly, raising insurance rates in tornado-prone areas.
Business Size
Your employee count directly impacts insurance costs. Workers' compensation rates increase with each $100 of payroll, while liability costs rise with higher revenue and customer traffic. A retail store with 15 employees pays substantially more than a solo consultant working from home.
Claims History
Previous claims raise your rates for three to five years. Even one liability claim can increase premiums across all your coverage types. Insurance companies offer their best rates to businesses that stay claim-free.
Coverage Types and Limits
Your premium reflects your coverage choices. Higher liability limits increase costs, but bundling coverages into a Business Owner's Policy often saves money. Adding specialized coverage like cyber liability raises rates but provides important protection.
Years in Business
New Indiana businesses pay higher premiums since insurers lack data to assess risk. After three years of claim-free operation, many businesses see rate reductions as they build a positive track record.
Professional Certifications
Safety certifications and professional licenses can lower your rates. Completing an OSHA safety program shows insurers that you prioritize workplace safety. Many Indiana insurers offer 5% to 15% discounts for documented safety training.
Indiana Business Insurance Buying Guide
Running a business requires all your focus, and getting business insurance can feel like one more overwhelming task. We've created a simple guide to help you get business insurance in Indiana with confidence.
What Coverage Is Required?
Here's what coverage your business needs in Indiana.
Workers' Comp
Indiana requires all businesses with one or more employees to carry workers' compensation insurance, with limited exceptions. This includes full-time, part-time, seasonal and occasional employees. Most business owners must include themselves in the company's workers' comp coverage plan. If you're a sole proprietor with no employees or an independent contractor, you may not be required to carry workers' comp. Even in these cases, consider purchasing coverage since some providers may deny work-related injury claims, leaving you with expensive medical bills if you're injured on the job.
Commercial Auto Insurance
Indiana requires commercial auto insurance for all business vehicles, whether owned or leased. You'll need minimum liability coverage of $25,000 for bodily injury per person, $50,000 for bodily injury per accident and $25,000 for property damage per accident. Indiana also requires coverage for uninsured and underinsured motorists, but you can waive this in writing. If employees use personal vehicles for business purposes, consider hired and non-owned auto coverage to protect your business from liability.
Unemployment Insurance
Indiana employers register with the Indiana Department of Workforce Development and pay unemployment insurance taxes for all employees. Unlike most other states, Indiana no longer requires that a minimum wage be paid before an employer becomes liable for UI tax. If you have paid $1 or more to a worker performing covered services within the state, you must register to pay state unemployment tax (SUTA). New employers currently pay 2.5% on wages, with rates adjusted annually based on your experience.
What Coverage Do We Recommend?
Indiana keeps business insurance regulations light, leaving you responsible for protecting your company. Our analysis shows the best coverage options for the state's leading industries:
Manufacturing | General liability, product liability, workers' compensation, commercial property, business interruption, environmental liability, tornado coverage, supply chain interruption, equipment coverage | Indiana automotive, steel and pharmaceutical manufacturers face tornado damage risks, product liability from complex supply chains and environmental compliance issues. Factory shutdowns from severe weather can disrupt global production networks. |
Trucking | Commercial auto, cargo coverage, general liability, workers' compensation, severe weather coverage, I-65/I-70 corridor coverage, ice storm coverage, hazmat transportation | Indiana trucking companies navigate major interstate crossroads with high accident rates and serve as a logistics hub. Ice storms and severe weather create cargo damage risks and elevated accident exposure on busy freight corridors. |
Construction/Contractor | General liability, workers' compensation, commercial auto, builder's risk, professional liability, tornado coverage, ice storm coverage, flood coverage, equipment protection | Indiana construction faces tornado damage, ice storms and flooding from multiple river systems. Due to rapid development and complex urban building requirements near racing facilities, the Indianapolis area requires elevated liability. |
Food | General liability, product liability, commercial property, equipment breakdown, business interruption, contamination coverage, recall coverage, severe weather coverage, workers' compensation | Indiana food processors handle corn, soybeans and livestock products with contamination risks and recall liability. Severe weather power outages can spoil inventories, while tornado damage can trigger massive product recalls and contamination issues. |
Auto Repair | General liability, garage liability, commercial property, workers' compensation, commercial auto, tools and equipment, environmental liability, tornado/hail coverage | Indiana auto repair shops serve the racing industry and general automotive needs with specialized liability from performance modifications and high-value vehicles. Tornado and hail damage create elevated property risks for outdoor vehicle storage. |
How to Get the Best Cheap Business Insurance in Indiana
Small business owners in Indiana often struggle to find the right insurance coverage at reasonable rates. Here are strategies to secure comprehensive protection while keeping your business insurance costs manageable:
- 1
Assess Your Actual Risks First
Evaluate your business's specific risks before purchasing insurance. A retail store in Indianapolis needs coverage different from that of a farming operation in rural Indiana. Focus on real threats to your operation rather than unnecessary add-ons.
- 2
Get Quotes From Multiple Insurers
Insurance rates vary significantly between providers in Indiana. Contact at least three insurance companies and compare their offerings for the same coverage levels. Local agents often understand Indiana business requirements better than national call centers.
- 3
Choose Providers Based on Service Quality
Look beyond just price when selecting an insurer. Check their financial strength ratings and read reviews from other Indiana businesses. An insurer with experience in your industry can provide better support during claims.
- 4
Maximize Available Discounts
Many Indiana insurers offer multi-policy discounts when you bundle coverage. A manufacturing company could save by combining general liability with property insurance. Ask about discounts for safety programs and claim-free histories.
- 5
Review Coverage Annually
Business needs change as companies grow or adapt. An expanding Indiana restaurant chain needs different coverage than when it started as a single location. Schedule annual reviews to ensure your coverage matches your current needs.
Indiana Business Insurance: Bottom Line
Based on our analysis, NEXT, The Hartford and Simply Business are Indiana's best business insurance providers. What's best for you depends on your business risks and employee needs. Research each company's service quality, maximize discounts and select coverage that fits your budget.
Small Business Insurance in Indiana: FAQ
Indiana business owners often have questions about choosing the right insurance coverage for their companies. Here are straightforward answers to the most common questions:
What business insurance is required by law in Indiana?
Indiana law requires workers' compensation if you have employees and commercial auto insurance for business vehicles (25/50/25 limits). General liability isn't mandatory but is often required by clients and landlords.
How much does business insurance cost in Indiana?
Business insurance costs in Indiana range from $72 to $144 monthly, depending on coverage type. Workers' compensation is the most affordable at $72, while business owner's policies run $144. Actual costs depend on your industry, business size and claims history.
Which company has the cheapest business insurance in Indiana?
The Hartford offers the lowest rates at $82 monthly in Indiana, with Thimble ($91) and Simply Business ($95) following behind. Always compare quotes since rates vary based on specific risks.
What business insurance do I need for my small business in Indiana?
Begin with general liability insurance to protect against customer injuries and property damage. Include workers' compensation for employees and commercial auto for company vehicles. Retailers need property coverage, while contractors require tools and equipment insurance.
What is the best business insurance company in Indiana?
NEXT and The Hartford tie for the best business insurance companies in Indiana, both with MoneyGeek scores of 4.64. Simply Business and Nationwide are also excellent choices. Consider comparing multiple insurance providers to find coverage that matches your business requirements.
Do small businesses in Indiana need workers' compensation insurance?
Indiana law requires businesses with one or more employees to carry workers' compensation insurance. Only sole proprietors and independent contractors are exempt from this requirement.
What factors affect business insurance costs in Indiana?
Your industry type significantly impacts costs. Construction businesses pay higher premiums than retail stores. Location within Indiana affects rates, with urban areas typically costing more. Employee count drives workers' compensation costs, while claim history and safety measures influence rates.
How do I get cheap business insurance in Indiana?
Assess risks carefully before purchasing coverage. Compare quotes from top-rated insurers like The Hartford and NEXT. Bundle policies and implement safety programs to maximize discounts.
What's the difference between general liability and errors and omissions (professional liability) insurance in Indiana?
General liability insurance protects against physical incidents like customer injuries or property damage. Professional liability (E&O) insurance covers service-related mistakes, missed deadlines and negligence claims in your professional work.
Can I get business insurance quotes online in Indiana?
Yes, all major providers offer online business insurance quotes in Indiana. Have your business information ready for accurate quotes. Complex businesses may need an agent for specialized coverage.
How We Scored the Best Business Insurance Companies in Indiana
Small business owners in Indiana need reliable coverage that protects operations without breaking budgets. We designed our methodology to help Indiana entrepreneurs navigate challenges like severe weather risks and the state's optional workers' compensation laws.
We studied thousands of quotes from 79 industries across four coverage types for a two-employee firm with $300,000 annual revenue and $150,000 payroll. All policies included $1 million per occurrence and $2 million total per year, with BOPs adding $5,000 business property coverage.
- Affordability (50% of score): Rates account for half your total score since cost matters most to small businesses. We compare premiums across providers for identical coverage levels.
- Customer experience (30% of score): Claims handling, customer service and digital tools make up 30% of the score based on verified policyholder feedback.
- Coverage options (15% of score): We evaluate policy customization options, endorsements and industry-specific coverage availability.
- Financial strength (5% of score): Independent financial strength scores evaluate each insurer's ability to pay claims.
This approach helps Indiana small business owners compare insurers on what matters most: affordable premiums, reliable service, adequate coverage and financial stability.
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
sources
- National Weather Service. "NWS Forecast Office Indianapolis, IN." Accessed August 22, 2025.
- Trustpilot. "Simply Business US." Accessed July 25, 2025.