The Hartford earned our top spot for the best small business insurer for wholesale companies due to its strong affordability and coverage scores. However, we recommend comparing quotes from our other top picks, including Coverdash, biBerk and NEXT.
Best Wholesale Business Insurance
Updated: July 7, 2025
Advertising & Editorial Disclosure
Key Takeaways
The Hartford is the best business insurance company for wholesale firms because it offers the greatest balance of customer service and coverage.
The cheapest overall commercial insurance provider for wholesale businesses is Coverdash, with low monthly rates for various coverage types.
To shop for business insurance for your wholesale business, assess the risks in your industry, consult agents and other similar organizations, and compare multiple options.
Best Business Insurance for Wholesale Companies
| The Hartford | 95 | 96 | 91 |
| Coverdash | 94 | 98 | 83 |
| biBERK | 90 | 89 | 91 |
| NEXT Insurance | 89 | 82 | 94 |
| Progressive Commercial | 88 | 92 | 81 |
| Nationwide | 88 | 84 | 91 |
| Simply Business | 88 | 85 | 83 |
| Thimble | 87 | 89 | 81 |
| Hiscox | 87 | 87 | 87 |
| Chubb | 85 | 80 | 87 |
*All scores were based on a wholesale business with two employees across professional liability, general liability, workers' comp and BOP policies.
1. The Hartford
pros
Lowest professional liability insurance rates
Extensive experience with over 200 years in the industry
Highest financial stability ratings
cons
Limited coverage in certain states
COMPANY HIGHLIGHTS
With more than two centuries of industry expertise, The Hartford has earned the top position in our wholesale business insurance rankings by excelling across multiple key areas. The company offers the market's most competitive professional liability rates at an average of $55 monthly, and the second most affordable rates overall for wholesalers. The Hartford achieved the second-highest customer experience ranking based on positive feedback from over 10,000 policyholders across various industries, while its A+ financial stability rating from AM Best ensures claims will be processed and paid reliably when needed.
2. Coverdash
pros
Most affordable rates overall for most policy types
Large coverage selection
cons
Low customer service scores
COMPANY HIGHLIGHTS
Coverdash secured the second-place position in our wholesale business insurance rankings primarily due to its exceptional affordability, offering the most competitive rates for both general liability and BOP insurance. While the company's budget-friendly premiums make it highly attractive for wholesale businesses looking to minimize insurance costs, Coverdash does fall short in customer service compared to top-tier competitors, scoring among the lowest in our study.
3. biBerk
pros
Convenient online process
Good financial stability ratings
Strong customer service scores
cons
More expensive rates for most coverage types
Online-only customer support with no phone representatives
Fewer coverage options than other insurers
COMPANY HIGHLIGHTS
biBerk has established itself as a competitive option in the wholesale business insurance market by focusing on streamlined coverage solutions and efficient service delivery. biBerk's straightforward digital platform appeals to wholesale operators who value efficient processes and transparent pricing. Although it's a more expensive option, its user-friendly service makes biBerk an appealing choice for wholesale companies seeking reliable insurance coverage without unnecessary complexity.
Cheapest Business Insurance for Wholesale Firms
Based on our study of business insurance pricing, Coverdash offers the cheapest overall commercial insurance for wholesale companies across most policy types. However, this applies only to wholesale companies with two employees, and you may find lower rates elsewhere. Below are the most affordable providers by major coverage types.
Cheapest General Liability Insurance for Wholesale Companies
With an average monthly rate of $34, Coverdash offers the lowest-cost general liability insurance for wholesale companies. Even so, consider getting quotes from the next-most-affordable insurers: The Hartford and Progressive Commercial.
| Coverdash | $34 | $406 |
| Progressive Commercial | $42 | $503 |
| The Hartford | $42 | $502 |
| Thimble | $45 | $537 |
| biBERK | $46 | $551 |
| Hiscox | $46 | $551 |
| Nationwide | $47 | $561 |
| Simply Business | $49 | $583 |
| Chubb | $52 | $620 |
| NEXT Insurance | $54 | $648 |
Cheapest Workers' Comp Insurance for Wholesale Companies
For wholesale businesses shopping for workers' comp insurance, Thimble tops our list as the most affordable insurer, with average rates of $17 per month or $206 yearly. However, you may find more affordable rates with Progressive Commercial, Simply Business, Hiscox and The Hartford.
| Thimble | $17 | $206 |
| Hiscox | $19 | $230 |
| Progressive Commercial | $19 | $222 |
| Simply Business | $19 | $230 |
| The Hartford | $19 | $234 |
| biBERK | $20 | $243 |
| Coverdash | $20 | $236 |
| NEXT Insurance | $20 | $240 |
| Nationwide | $22 | $259 |
| Chubb | $23 | $278 |
Cheapest Professional Liability Insurance for Wholesale Companies
The Hartford offers the most affordable professional liability insurance options for wholesale companies, with low average monthly rates of $55. You may also want to compare prices from other low-cost providers like NEXT, Thimble and Progressive Commercial.
| The Hartford | $55 | $663 |
| NEXT Insurance | $58 | $691 |
| Progressive Commercial | $59 | $703 |
| Thimble | $59 | $713 |
| Hiscox | $61 | $734 |
| Simply Business | $61 | $733 |
| Coverdash | $62 | $742 |
| biBERK | $64 | $763 |
| Nationwide | $67 | $800 |
| Chubb | $72 | $862 |
Cheapest BOP Insurance for Wholesale Companies
Coverdash provides the most affordable business owner's policy (BOP) coverage for wholesale companies, with an average yearly cost of $589 for bundled general liability and property protection. That’s a savings of roughly $49 annually compared to The Hartford, the second most affordable option.
| Coverdash | $49 | $589 |
| The Hartford | $53 | $638 |
| biBERK | $60 | $717 |
| Progressive Commercial | $63 | $761 |
| Hiscox | $69 | $827 |
| Thimble | $69 | $833 |
| Nationwide | $70 | $841 |
| Simply Business | $73 | $873 |
| Chubb | $78 | $937 |
| NEXT Insurance | $78 | $942 |
What Type of Coverage Do You Need for a Wholesale Business?
Most companies with employees are legally required to carry workers' comp insurance, and businesses that use vehicles must have commercial auto coverage. Many clients or contracts also require businesses to carry general liability insurance before starting work. A surety bond may also be necessary in certain industries, especially when contracts require guarantees of service or compliance.
RECOMMENDED WHOLESALE BUSINESS COVERAGE
General liability insurance is strongly recommended for wholesale companies because it covers common risks like bodily injury, property damage, and legal defense costs. Professional liability insurance is also a smart option for businesses that work under client contracts or provide specialized services. This coverage becomes especially useful for companies offering specialized services or handling large contracts where the risk of disputes is higher.
Coverage Recommendations by Wholesale Company Type
We've organized a list that ranks wholesale business types by their risk exposure and corresponding insurance needs. This list starts with businesses facing the highest claim risk, emphasizing that those with higher risks should consider more comprehensive coverage options.
Wholesale Company Type | Coverage Types Recommendation | Most Common Insurance Claims | Most Common Reasons For Litigation |
|---|---|---|---|
Food & Beverage Wholesale | General Liability, Product Liability, Commercial Property, Business Interruption, Commercial Auto, Workers' Comp, Contamination/Recall Coverage, Refrigeration Breakdown, Umbrella Policy ($5M+) | Product contamination incidents, refrigeration equipment failures causing spoilage, foodborne illness claims, warehouse accidents, delivery vehicle incidents, slip/fall accidents in facilities | Mass foodborne illness lawsuits, product recall class actions, contamination spreading to multiple retailers, regulatory violations (FDA/USDA), breach of cold chain temperature requirements, supplier liability claims |
Electronics/Technology Wholesale | General Liability, Product Liability, Commercial Property, Cyber Liability, Cargo/Transit Insurance, Commercial Auto, Workers' Comp, Professional Liability, Umbrella Policy ($3M+) | Product defect claims, theft of high-value inventory, shipping damage to sensitive equipment, cyber attacks/data breaches, warehouse fire/water damage, counterfeit product issues | Defective product lawsuits affecting end consumers, intellectual property infringement claims, data breach class actions, supply chain disruption lawsuits, battery/electrical fire incidents, warranty dispute litigation |
Chemical/Industrial Supply Wholesale | General Liability, Product Liability, Environmental Liability, Commercial Property, Hazmat Transportation, Workers' Comp (high limits), Professional Liability, Pollution Liability, Umbrella Policy ($10M+) | Chemical exposure incidents, environmental contamination, transportation accidents with hazardous materials, workplace injuries from chemical handling, regulatory compliance violations, storage facility incidents | Environmental contamination lawsuits, toxic exposure class actions, regulatory enforcement actions (EPA/OSHA), groundwater contamination claims, wrongful death from chemical exposure, neighboring property damage suits |
Automotive Parts Wholesale | General Liability, Product Liability, Commercial Property, Commercial Auto, Workers' Comp, Garage Keepers, Professional Liability, Recall Coverage, Umbrella Policy ($3M+) | Defective parts causing vehicle accidents, warehouse lifting injuries, inventory theft, delivery vehicle accidents, product recall situations, slip/fall accidents in facilities | Product liability suits from automotive accidents, mass recall class actions, counterfeit parts litigation, supply chain failure lawsuits, mechanic injury claims from defective parts, regulatory compliance violations |
Pharmaceutical/Medical Supply Wholesale | General Liability, Product Liability, Professional Liability, Commercial Property, Cyber Liability, Temperature-Controlled Storage, Workers' Comp, Regulatory Compliance, Umbrella Policy ($10M+) | Product contamination/tampering, temperature control failures, regulatory compliance violations, cyber attacks on sensitive data, counterfeit drug incidents, storage facility contamination | Mass tort litigation from drug side effects, regulatory enforcement actions (FDA/DEA), temperature excursion lawsuits, counterfeit drug class actions, data breach litigation, supply chain liability claims |
How to Get the Best Cheap Business Insurance for Your Wholesale Company
Follow our step-by-step method below to find the best and cheapest insurance provider for your wholesale company.
- 1
Decide on coverage needs before buying
Consider risks specific to your business for claims, get advice from similar businesses, talk to agents and research the types of business insurance. This will give you a balanced perspective on your coverage needs and prevent you from being convinced to get excessive coverage.
- 2
Research costs
To ensure you get the best deal, research average costs for your business profile and determine which providers offer the cheapest rates overall. This will give you a measuring stick for how much you're saving when comparing quotes and which companies to start with.
- 3
Look into company reputations and coverage options
To further narrow your list, research what customers say on online rating sites and forums to get a more comprehensive look at company services. Also, to align with your coverage needs and future ones, research coverage options to ensure you're covered for the right items.
- 4
Compare multiple quotes through different means
The tried-and-true method for finding the best deal is to compare multiple quotes for apples-to-apples coverage. Pricing differs by your comparison method, whether with captive agents, comparison sites, company websites or independent agents.
- 5
Reassess annually
Your business situation will change, influencing your rates and coverage needs. Repeat these steps annually to ensure you still have the best deal.
How to Decrease Your Wholesale Business's Liability Risk
Reducing liability risk is crucial for wholesale businesses looking to manage insurance costs effectively. We've organized practical strategies to help you lower your risk, tailored by business type or risk level.
Wholesale Business Risk Type | Included Types of Wholesale Businesses | Risk Mitigation Tactics |
|---|---|---|
Highest | Hazardous materials distribution, pharmaceutical wholesale, automotive parts with safety components, food distribution/perishables, chemical supply, industrial equipment wholesale |
|
Moderately high | Electronics wholesale, medical device distribution, building materials, machinery and equipment, international import/export operations |
|
Moderate | General merchandise wholesale, clothing and textiles, home goods, sporting goods, office supplies, non-perishable consumer products |
|
Moderately low | Paper products, basic office supplies, non-hazardous raw materials, wholesale trade services, drop-shipping operations |
|
Lowest | Wholesale brokerage services, trade consultation, market research for wholesale, supplier sourcing, wholesale sales representation |
|
Best Insurance for Wholesale Business: Bottom Line
The Hartford is the best insurer for wholesale business insurance, while Coverdash offers the cheapest option overall. We also recommend getting quotes from biBerk, Nationwide and NEXT. For the best deal, talk to agents, research providers and pricing, and compare multiple quotes side by side.
Wholesale Business Insurance: FAQ
Discover answers to frequently asked questions about business insurance for wholesale companies.
Who offers the best wholesale business insurance overall?
The Hartford excels in business insurance for wholesale firms with a standout customer service rating and a MoneyGeek score of 95 out of 100. Coverdash follows closely with competitive offerings.
Who has the cheapest business insurance for wholesale companies?
Here are the most affordable business insurance options for wholesale companies by coverage type:
- Cheapest general liability insurance: Coverdash at $34 monthly
- Cheapest workers’ comp insurance: Thimble at $17 monthly
- Cheapest professional liability insurance: The Hartford at $55 monthly
- Cheapest BOP insurance: Coverdash at $49 monthly
What business insurance is required for wholesale organizations?
Workers' compensation insurance (if you have employees) and commercial auto insurance (if you own business vehicles) are legally required for wholesale businesses, with requirements varying by state. While not mandated by law, general liability insurance and surety bonds are generally required by commercial clients and property lease agreements.
How much does wholesale business insurance cost?
Business insurance costs for wholesale businesses vary depending on the type of coverage. Below we've broken down costs for commonly needed coverage of small businesses:
- General liability: $46 per month
- Workers comp: $20 per month
- Professional liability: $62 per month
- BOP insurance: $66 per month
How We Chose the Best Wholesale Business Insurance
We selected the best business insurer for wholesale companies based on the following criteria:
- Affordability (50% of score): The lower a company's costs compared to the competition based on our base profile for four core coverage types, the better it performs.
- Customer service (30% of score): We scored providers on overall customer satisfaction using industry studies, customer review forum ratings and public forum sentiment analysis from sites like Reddit.
- Coverage (15% of score): We scored business insurance for this category based on the flexibility, payment and actual coverage options.
- Financial stability (5% of score): Using financial stability industry ratings from companies like AM Best and Moody's, we created an overall rating to judge how likely a company is to pay out claims compared to the competition.
All pricing in this article is based on the following base profile to represent the vast majority of small businesses in all states:
- Three-person business with two employees
- Coverage: $1 million per occurrence and $2 million total per year for all but BOP, which includes the same coverage plus $5,000 of business property coverage
- $150,000 in payroll
- $300,000 annual revenue
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
- AM Best. "Hartford Fire Insurance Company." Accessed June 16, 2025.