Below we've answered some of the most frequently asked questions about business insurance in short:
Compare Small Business Insurance
Compare cheap small business insurance quotes, rates and coverage from top companies like The Hartford, NEXT and Simply Business starting at $21/mo.
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Updated: October 14, 2025
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Compare Business Insurance: FAQ Fast Answers
Which company offers the best small business insurance?
The Hartford earns the top spot for the best small business insurance with a MoneyGeek score of 4.7 out of 5. They excel in affordability for all coverage types, customer satisfaction and diverse coverage options, and offering quick quote times.
Which company has the cheapest small business insurance?
In total across 79 different industries and four of the most popular coverage types, these are the cheapest small business insurance providers for small firms:
- The Hartford: $85/mo
- Thimble: $94/mo
- Simply Business: $97/mo
- Progressive Commercial and NEXT: $100/mo
- Coverdash: $102/mo
How should I compare business insurance policies?
When buying business insurance, we recommend deciding on coverage beforehand, researching companies thoroughly and getting plenty of quotes to get the best coverage. Consider risk factors specific to your industry, taking advantage of discount programs and use multiple methods of comparison to not only get the right policies, but also the lowest price.
What does small business insurance cover?
Small business insurance typically covers liabilities like property damage, customer injuries and professional errors. It can also cover employee injuries (workers' compensation) and business interruptions due to unforeseen circumstances. However, the specific items covered depends on the plan type you choose.
Which type of insurance is most important for a business?
The most common type of business insurance that is needed for a small business is often general liability insurance due to customer injuries, accidents and related lawsuits being a leading and consistent claims risk. Commercial property insurance is the most commonly used for claims, with the majority of claims being from theft and weather damage for most small businesses. Commercial auto, workers comp, professional liability and cyber insurance are also often required or needed in some capacity depending on your industry, location and size of your business.
How much does small business insurance cost?
Across the most popular coverage types, small business insurance costs range anywhere from $10 to $1,346 per month on average. However, the commercial insurance costs for you will depend on your particular coverage needs and business details
Compare Small Business Insurance Quotes
Select your industry and state to get a customized small business insurance quote and top company match.
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Best Small Business Insurance Companies Comparison
Overall, the top 5 best small business insurance companies are The Hartford, NEXT Insurance, Nationwide, Simply Business and Thimble. Larger small businesses may also find great coverage from biBERK and Chubb due to their specialized risk management services that can be worth their higher premiums. If you provide professional services Hiscox offers highly tailored industry level coverage and transportation companies should look into Progressive Commercial for significant usage-based savings for commercial trucks and traditional vehicle policies.
Below we have summarized who each business insurance company is best for in our top 5:
- Best For Most Small Businesses: For most small businesses with 20 or less employees and under $2 million in annual revenue, The Hartford is the top option. The company is also the most affordable small business insurer on our list and has the 2nd best customer reputation with over 200+ years of industry experience to back them up.
- Best Small Business Customer Experience: NEXT specializes in serving small businesses and earned the highest ratings from customers and the most likely for others to recommend in our study
- Best For Part-Time Freelancers: While their rates are close to the average, Nationwide is the only company that offers coverage specific to freelancers for anyone working under 26 hours a week and making less than $250,000.
- Best For Coverage Options: Simply Business has the largest partner collection on the internet, allowing you to find personalized coverage with almost any provider in the US. They are also within our top 5 for affordability making them a cost effective option also.
- Best For Coverage Flexibility: Thimble is not only our second cheapest provider overall, but they are the only company that offers truly on demand coverage which can be by the hour, day, job, week, month, or year.
Best Company | Best For | MG Score (Out of 5) | Average Monthly Rate |
|---|---|---|---|
Best For Most Small Businesses | 4.70 | $85 | |
Best Small Business Customer Experience | 4.60 | $100 | |
Best For Part-Time Freelancers | 4.48 | $102 | |
Best For Coverage Options | 4.48 | $97 | |
Best Coverage Flexibility | 4.45 | $94 | |
Best Company Matching Platform | 4.40 | $102 | |
Most Ethical Service Reputation | 4.38 | $105 | |
Best For Vehicle Based-Businesses | 4.32 | $100 | |
Best Coverage Options For Professional Services | 4.24 | $109 | |
Best For Larger Small Businesses | 4.23 | $118 |
How Did We Determine These Scores?
We determined our top rankings using a two-employee business with $300,000 in annual revenue, $150,000 in payroll and $1 million per claim and $2 million aggregate policies with $5,000 property coverage (BOP only) across the four most popular coverage types, 79 industries and all states in the United States. Learn more about our rating system.
Compare Best Small Business Insurance Company Reviews
Below you can compare in-depth reviews of our top small business insurance companies to get a better idea of which is right for you.
The Hartford
Best Small Business Insurance Overall
MoneyGeek Rating
4.7/ 5
4.8/5Affordability
4.6/5Customer Experience
4.7/5Coverage Options
Average Monthly Rate
$85Calculated based on a 2 employee business with $300,000 in annual revenue and $150,000 in payrollAverage Annual Rate
$1,024Calculated based on a 2 employee business with $300,000 in annual revenue and $150,000 in payrollCustomer Service Survey Score
4.7/5 (1st)Claims Process Survey Score
4.5/5 (1st)
NEXT
Best Small Business Insurance Customer Experience
MoneyGeek Rating
4.6/ 5
4.3/5Affordability
4.7/5Customer Experience
4.8/5Coverage Options
Average Monthly Rate
$100Calculated based on a 2 employee business with $300,000 in annual revenue and $150,000 in payrollAverage Annual Rate
$1,199Calculated based on a 2 employee business with $300,000 in annual revenue and $150,000 in payrollDigital Experience Survey Score
4.8/5 (1st)Likelyhood To Recommend To Others Score
4.8/5 (1st)
Simply Business
Best Coverage Options For Small Business Insurance
MoneyGeek Rating
4.5/ 5
4.4/5Affordability
4.2/5Customer Experience
4.9/5Coverage Options
Average Monthly Rate
$97Average Annual Rate
$1,162Digital Experience Survey Rating
4.5/5 (3rd)Customer Service Survey Rating
4.0/5 (6th)
Compare The Best Small Business Insurance By Coverage Type
Depending on your coverage needs, different companies may suit you the best. So below, we've summarized the top small business insurance companies by commonly needed coverage type:
- Best For General Liability Insurance: The Hartford wins for the top general liability insurance primarily due to its low rates and included coverages such as products and completed operations coverage, medical payments and defense costs that are often not offered.
- Best For Workers Comp Insurance: Both NEXT and The Hartford are tied for the best workers comp policies, both achieving superior value for their discount offerings, service reputations, and specific focus on small business needs.
- Best For Professional Liability Insurance: For professional liability polices, NEXT offers superior value with low rates, specific designed coverage for each industry you can customize, and a superior digital platform that can cover you and get proof of insurance in 10 minutes or less.
- Best For BOP Insurance: The Hartford wins as the best bop insurance provider and you can save 10% if you bundle this coverage type with a workers' comp policy with the company to sweeten the deal further.
Coverage Type | Best Company | MG Score (Out of 5) | Average Monthly Rate |
|---|---|---|---|
General Liability | The Hartford | 4.64 | $83 |
Workers Comp | NEXT Insurance and The Hartford | 4.58 | $69 and $70 respectively |
Professional Liability (E&O) | NEXT Insurance | 4.73 | $72 |
BOP Insurance | The Hartford | 4.72 | $115 |
Compare The Best Small Business Insurance By Industry
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 commercial area 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:
- The Hartford: They are the best business insurance provider in 42 industries, particulary for those in pet, tech, and contract work.
- 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.
- Nationwide: The company wins 7 industries overall with its best offerings standing out for retail, restaurant and construction related businesses.
- 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.
- 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.
- biBerk: biBerk is the best option for commercial insurance coverage only for veterinary businesses nationwide.
| Accountants | The Hartford | 1 | 1 | 1 |
| Ad Agency | The Hartford | 1 | 1 | 1 |
| Auto Repair | Nationwide | 2 | 2 | 4 |
| Automotive | NEXT Insurance | 1 | 1 | 1 |
| Bakery | The Hartford | 1 | 1 | 1 |
| Barber | NEXT Insurance | 1 | 1 | 1 |
| Beauty Salon | NEXT Insurance | 1 | 1 | 1 |
| Bounce House | The Hartford | 1 | 1 | 1 |
| Candle | NEXT Insurance | 1 | 1 | 1 |
| Cannabis | The Hartford | 1 | 1 | 1 |
| Catering | NEXT Insurance | 1 | 1 | 1 |
| Cleaning | NEXT Insurance | 6 | 1 | 1 |
| Coffee Shop | Coverdash | 2 | 6 | 3 |
| Coffee Shop | Nationwide | 3 | 2 | 4 |
| Computer Programming | The Hartford | 1 | 1 | 1 |
| Computer Repair | NEXT Insurance | 1 | 1 | 1 |
| Construction | Nationwide | 3 | 2 | 4 |
| Construction | Hiscox | 1 | 4 | 6 |
| Consulting | The Hartford | 1 | 1 | 1 |
| Contractor | The Hartford | 1 | 1 | 1 |
| Courier | The Hartford | 1 | 1 | 1 |
| DJ | NEXT Insurance | 1 | 1 | 1 |
| Daycare | The Hartford | 1 | 1 | 1 |
| Dental | NEXT Insurance | 1 | 1 | 1 |
| Dog Grooming | The Hartford | 1 | 1 | 1 |
| Drone | The Hartford | 1 | 1 | 1 |
| Ecommerce | NEXT Insurance | 1 | 1 | 1 |
| Electrical | The Hartford | 1 | 1 | 1 |
| Electrical | Simply Business | 2 | 5 | 2 |
| Engineering | NEXT Insurance | 1 | 1 | 1 |
| Excavation | The Hartford | 1 | 1 | 1 |
| Florist | NEXT Insurance | 1 | 1 | 1 |
| Food | Coverdash | 2 | 6 | 3 |
| Food Truck | NEXT Insurance | 1 | 1 | 1 |
| Funeral Home | The Hartford | 1 | 1 | 1 |
| Gardening | NEXT Insurance | 1 | 1 | 1 |
| HVAC | The Hartford | 5 | 1 | 1 |
| Handyman | The Hartford | 1 | 1 | 1 |
| Home-based | NEXT Insurance | 1 | 1 | 1 |
| Home-based | NEXT Insurance | 1 | 1 | 1 |
| Hospitality | Nationwide | 2 | 2 | 4 |
| Janitorial | NEXT Insurance | 1 | 1 | 1 |
| Jewelry | The Hartford | 1 | 1 | 1 |
| Junk Removal | The Hartford | 1 | 1 | 1 |
| Lawn/Landscaping | Nationwide | 2 | 2 | 4 |
| Lawyers | The Hartford | 1 | 1 | 1 |
| Manufacturing | The Hartford | 1 | 1 | 1 |
| Marine | The Hartford | 1 | 1 | 1 |
| Massage | Nationwide | 2 | 2 | 4 |
| Mortgage Broker | The Hartford | 1 | 1 | 1 |
| Moving | The Hartford | 1 | 1 | 1 |
| Nonprofit | The Hartford | 1 | 1 | 1 |
| Painting | The Hartford | 5 | 1 | 1 |
| Party Rental | The Hartford | 1 | 1 | 1 |
| Personal Training | The Hartford | 1 | 1 | 1 |
| Pest Control | The Hartford | 1 | 1 | 1 |
| Pet | The Hartford | 1 | 1 | 1 |
| Pharmacy | The Hartford | 1 | 1 | 1 |
| Photography | NEXT Insurance | 1 | 1 | 1 |
| Physical Therapy | The Hartford | 1 | 1 | 1 |
| Plumbing | The Hartford | 1 | 1 | 1 |
| Pressure Washing | The Hartford | 1 | 1 | 1 |
| Real Estate | NEXT Insurance | 1 | 1 | 1 |
| Restaurant | Nationwide | 2 | 2 | 4 |
| Retail | Nationwide | 2 | 2 | 4 |
| Roofing | NEXT Insurance | 1 | 1 | 1 |
| Roofing | The Hartford | 1 | 1 | 1 |
| Security | NEXT Insurance | 1 | 1 | 1 |
| Snack Bars | The Hartford | 1 | 1 | 1 |
| Software | The Hartford | 1 | 1 | 1 |
| Spa/Wellness | Simply Business | 2 | 5 | 2 |
| Speech Therapist | The Hartford | 1 | 1 | 1 |
| Startup | Simply Business | 2 | 5 | 2 |
| Tech/IT | NEXT Insurance | 1 | 1 | 1 |
| Tech/IT | The Hartford | 1 | 1 | 1 |
| Transportation | The Hartford | 1 | 1 | 1 |
| Travel | The Hartford | 1 | 1 | 1 |
| Tree Service | NEXT Insurance | 1 | 1 | 1 |
| Trucking | The Hartford | 1 | 1 | 1 |
| Tutoring | NEXT Insurance | 1 | 1 | 1 |
| Veterinary | biBERK | 2 | 2 | 5 |
| Wedding Planning | NEXT Insurance | 1 | 1 | 1 |
| Welding | The Hartford | 1 | 1 | 1 |
| Wholesale | The Hartford | 1 | 1 | 1 |
| Window Cleaning | The Hartford | 1 | 1 | 1 |
Compare The Best Small Business Insurance by State
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 commercial 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.
| Alabama | The Hartford | 1 | 2 | 3 |
| Alaska | NEXT Insurance | 2 | 1 | 2 |
| Arizona | NEXT Insurance | 3 | 1 | 2 |
| Arkansas | NEXT Insurance | 3 | 1 | 2 |
| California | NEXT Insurance | 3 | 1 | 2 |
| Colorado | The Hartford | 1 | 2 | 3 |
| Connecticut | NEXT Insurance | 4 | 1 | 2 |
| Delaware | NEXT Insurance | 3 | 1 | 2 |
| Florida | NEXT Insurance | 3 | 1 | 2 |
| Georgia | The Hartford | 1 | 2 | 3 |
| Hawaii | NEXT Insurance | 2 | 1 | 2 |
| Idaho | NEXT Insurance | 4 | 1 | 2 |
| Illinois | NEXT Insurance | 5 | 1 | 2 |
| Illinois | The Hartford | 1 | 2 | 3 |
| Indiana | NEXT Insurance | 4 | 1 | 2 |
| Indiana | The Hartford | 1 | 2 | 3 |
| Iowa | The Hartford | 1 | 2 | 3 |
| Kansas | The Hartford | 1 | 2 | 3 |
| Kentucky | NEXT Insurance | 4 | 1 | 2 |
| Kentucky | The Hartford | 1 | 2 | 3 |
| Louisiana | NEXT Insurance | 3 | 1 | 2 |
| Maine | NEXT Insurance | 2 | 1 | 2 |
| Maryland | NEXT Insurance | 4 | 1 | 2 |
| Maryland | The Hartford | 1 | 2 | 3 |
| Massachusetts | NEXT Insurance | 2 | 1 | 2 |
| Michigan | NEXT Insurance | 4 | 1 | 2 |
| Minnesota | NEXT Insurance | 3 | 1 | 2 |
| Mississippi | NEXT Insurance | 3 | 1 | 2 |
| Missouri | NEXT Insurance | 3 | 1 | 2 |
| Montana | NEXT Insurance | 5 | 1 | 2 |
| Montana | The Hartford | 1 | 2 | 3 |
| Nebraska | NEXT Insurance | 4 | 1 | 2 |
| Nebraska | The Hartford | 1 | 2 | 3 |
| Nevada | NEXT Insurance | 4 | 1 | 2 |
| Nevada | The Hartford | 1 | 2 | 3 |
| New Hampshire | NEXT Insurance | 4 | 1 | 2 |
| New Jersey | NEXT Insurance | 3 | 1 | 2 |
| New Mexico | The Hartford | 1 | 2 | 3 |
| New York | NEXT Insurance | 3 | 1 | 2 |
| North Carolina | NEXT Insurance | 3 | 1 | 2 |
| North Dakota | NEXT Insurance | 3 | 1 | 2 |
| Ohio | NEXT Insurance | 4 | 1 | 2 |
| Oklahoma | The Hartford | 1 | 2 | 3 |
| Oregon | NEXT Insurance | 4 | 1 | 2 |
| Pennsylvania | NEXT Insurance | 3 | 1 | 2 |
| Rhode Island | NEXT Insurance | 3 | 1 | 2 |
| South Carolina | NEXT Insurance | 4 | 1 | 2 |
| South Dakota | NEXT Insurance | 4 | 1 | 2 |
| Tennessee | NEXT Insurance | 4 | 1 | 2 |
| Texas | NEXT Insurance | 3 | 1 | 2 |
| Utah | NEXT Insurance | 4 | 1 | 2 |
| Vermont | NEXT Insurance | 4 | 1 | 2 |
| Virginia | NEXT Insurance | 4 | 1 | 2 |
| Washington | The Hartford | 1 | 2 | 3 |
| West Virginia | NEXT Insurance | 3 | 1 | 2 |
| Wisconsin | NEXT Insurance | 5 | 1 | 2 |
| Wisconsin | The Hartford | 2 | 2 | 3 |
| Wyoming | The Hartford | 1 | 2 | 3 |
Compare Small Business Insurance Types For Your Needs
We understand any coverage recommendation is not a one size fits all solution or specific enough, so we've linked resources for you to compare and provided information about the most common coverage types and who generally needs them.
General Liability Insurance | Covers third-party bodily injury, property damage, personal injury, and advertising injury claims, including legal defense costs. | All businesses that interact with clients, work on customer property, or face public exposure. |
Workers' Compensation Insurance | Covers medical expenses, lost wages, disability benefits, and rehabilitation costs for employees injured or ill due to work-related incidents. | Businesses with employees in most states (required by law in 49 states, Texas being the exception). |
Professional Liability Insurance | Covers claims of negligence, errors, omissions, or failure to deliver professional services that result in client financial loss. | Service providers, consultants, and professionals who give advice or specialized expertise to clients. |
Commercial Auto Insurance | Covers vehicle damage, liability for bodily injury and property damage, medical payments, and theft or vandalism of business vehicles. | Businesses that own, lease, or use vehicles for commercial purposes including transportation of goods or employees. |
Commercial Property Insurance | Covers physical assets including buildings, equipment, inventory, furniture, and fixtures against fire, theft, vandalism, and certain natural disasters. | Businesses that own or lease commercial space and have valuable equipment, inventory, or property at their location. |
Business Interruption Insurance | Covers lost income, ongoing expenses, and relocation costs when business operations are suspended due to covered property damage. | Businesses dependent on physical locations or equipment whose closure would result in significant financial loss. |
Cyber Liability Insurance | Covers data breach response costs, legal fees, notification expenses, credit monitoring, regulatory fines, and liability for compromised customer information. | Businesses that store customer data electronically, process online transactions, or rely on computer systems for operations. |
Compare Small Business Insurance Rates
Overall small business insurance costs can range anywhere from $6 to $1,346 per month depending on your state, industry and coverage type chosen. Below you can compare rates for some of the most commonly needed coverage types.
Coverage Type | Average Monthly Rate | Average Monthly Rate Range |
|---|---|---|
$104 | $10 to $1,360 | |
$74 | $10 to $1,122 | |
$78 | $22 to $223 | |
$147 | $100 to $1,991 |
How to Compare and Get the Best Small Business Insurance
Finding the best business insurance can be confusing for smaller firms, so we created this step-by-step guide to finding the top choice for your company.
- 1
Decide on your business insurance coverage need
To get the best business insurance coverage you need to have the right coverage amount. According to J.D. Power's 2024 Small Commercial Insurance Study, 36% of small businesses experienced premium increases, with 51% initiated by insurers due to inadequate coverage.
Below, we break down our recommendations by commonly needed coverage types:
- General Liability Insurance: Recommended for all businesses, especially those with customer interaction, physical locations, or potential for third-party injury claims. It is not legally mandated but often required by landlords, lenders, and clients before doing business.
- Workers' Compensation Insurance: Any business with employees should and is required get this coverage as it covers medical costs and lost wages for work-related injuries. Legal mandates vary by state, but those in higher injury risk injuries should consider higher coverages of around 5 to 10 million dollars in coverage.
- Professional Liability (Errors & Omissions): Service-based businesses like consultants, lawyers, accountants, healthcare providers, and technology companies should get this coverage. It is mandated for certain licensed professions (medical, legal, financial) and often required by contracts.
- Commercial Property Insurance: Businesses that own or lease physical spaces, equipment, inventory, or have significant tangible assets should consider getting this type of business insurance. It is often required by mortgage lenders and commercial lease agreements.
- Commercial Auto Insurance: Businesses that own vehicles, have employees who drive for work, or use personal vehicles for business purposes are required to get this coverage. If you are using your vehicles often and are traveling long distance, consider full coverage or higher overall limits to protect your employees and assets.
- 2
Research business insurance costs and bundles
Compare business insurance average costs for your industry to benchmark potential savings. The best business insurance companies offer multiple ways to reduce premiums through bundling options, annual payments and strategic deductible selection.
- 3
Compare the best business insurance company reputations
Company reputations vary not just by coverage type and state, but also by your industry. Some providers have better experiences for your business than others, so look into industry studies, complaint indexes, customer reviews and review forums like Reddit for the most informed opinion.
- 4
Compare multiple business insurance quotes
Compare multiple company quotes apples to apples in terms of coverage to get the best deal possible. Also, use many different methods for getting quotes, like independent agents, online comparison sites, direct provider quotes and captive provider agents, since pricing varies widely.
- 5
Repeat this process annually
The best business insurance for you today may not be the right one for you in the future, so repeat this process to confirm whether you're with the right company. Get business insurance quotes and switch providers 30 to 90 days before your policy ends to avoid a lapse in coverage.
Small Business Insurance Comparison: Bottom Line
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.
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
- The Hartford. "Business Insurance." Accessed June 27, 2025.
- Trustpilot. "Nextinsurance.com Reviews." Accessed June 27, 2025.
- J.D. Power. "Small Commercial Insurance Customer Retention Hinges on Trust in Rising Rate Environment, J.D. Power Finds." Accessed August 21, 2025.
- J.D. Power. " J.D. Power U.S. Small Commercial Insurance Study." Accessed August 21, 2025.