Launching your own business is not a one-time thing; no one can expect what could go wrong. This is why it is extremely important to keep your business insured, especially if you are a small business owner.
You might already know that, at times, businesses and people must ultimately take a risk to reach their target. If things go wrong, then accidents happen, and you lose significant value, profits, or even people out of your company. The carpenter insurance coverage covers the financial protection of the carpenters as well as their businesses before any accidents, damage to your property, or any liability claim within the field of woodworking.
Insurance is chosen by many small businesses to protect them from numerous types of accidents and losses. We know that finding a good insurance company isn’t as easy as picking a policy is quite difficult, so we’ve filtered out various insurance companies to find the best options for a small business. And they will choose insurance such as auto and general liability so that they are protected.
Read through till the end to find out which insurance company is right for your business.
Top Insurance Companies for Small Businesses
- Hiscox
Hiscox’s tagline says it all – “Big Coverage for Small Businesses.” With this, they claim to be the big, fast, and affordable coverage for small businesses. Hiscox is a USA-based leading specialist insurer with a long history of protetcting businesses.
It is available to worldwide customers in many industries, including architecture & engineering, beauty, commercial maintenance, consulting, fitness, health, home services, marketing, property, therapy and retail. Hiscox offers a fast and free quote in minutes that is at your fingertips if your company’s expertise is not on the list.
With Hiscox, we’re experts in many business insurance types to your specific needs including professional liability, errors and omissions, general liability, workers compensation, business owner’s insurance, and short-term liability, along with so much more.
Best For: It is best for small businesses that require specialized coverage belonging to industries like consulting, technology, and healthcare.
Pros:
- Businesses with unique needs will like Hiscox’s insurance plans as they are highly customizable.
- You’re always supported with 24/7 live phone or online chat support.
- Hiscox has a fast and efficient claims process for most claims, and claims can be resolved within days.
Cons:
- Premiums can also be quite high for some businesses as they are customized, specialized coverage.
- Hiscox’s coverage options may lack the sophistication offered by some companies for larger, more complex businesses.
- Hartford
Hartford can be said to be one insurance company that can be considered so worth choosing because other companies can’t provide insurance policies and packages that are industry-specific and come with multiple coverages.
Its small business insurance feature allows you to cover expensive damage and lawsuits from accidents, natural disasters, professional errors, and workers’ compensation, among other expenses.
You can surely have confidence in Hartford, knowing that the company has been in the business for more than three decades in a profound and highly rated specialist manner.
Best for: Small businesses in need of specialized coverage with a broad range of options.
Pros:
- Businesses with specialized needs can find their insurance options with over 1,000 industry-specific insurance products.
- Excellent customer support, as well as an easy claims process, is what Hartford is praised for.
- From healthcare, hospitality, and retail to a wide range of industries, the company offers tailored policies.
Cons:
- Premiums can be higher, and often considerably higher, depending on the risks facing your small business.
- Some competitors have offered a much greater range of limited online self-service tools.
- Progressive
One of the best-known companies in the insurance world is Progressive, and this company offers a huge variety of coverage options to small businesses.
The company is well known for its auto insurance but also has commercial property insurance, general liability, workers’ compensation, and more.
One of Progressive’s main attraction points is that it is able to package several types of insurance into one package to save time and money for small business owners.
Best For: Commercial vehicles, small businesses, contractors, and all others who need bundled insurance policies.
Pros:
- Progressive can competitively price commercial auto insurance as well as other business insurance types.
- Additional discounts are available: You can bundle together a commercial auto policy with general liability, for example.
- Businesses can quickly experience insurance coverage with an easy online quote system for quick, easily adjustable policies.
Cons:
- The non-auto claims are having issues with delays in claim processing, and some customers have reported this.
- Businesses in these specialized industries likely won’t find the exact coverage they need with Progressive, especially considering the company’s comprehensive coverage options.
- State Farm
State Farm is a longtime leader in both personal and business insurance providers. It has small business policies that are flexible, things like general liability, property insurance, commercial auto, and workers’ compensation.
Their message is clear on what sets State Farm apart: serving customers through its nationwide network of agents with a focus on performing a local, personalized service in every one of its 50 states. And as it’s incredibly hands-on, it’s an excellent choice for small businesses that want personal support.
Best For: General liability and property insurance for small businesses with a good focus on excellent customer service.
Pros:
- Businesses have their local agents with the facility to support them with specific demands.
- Bundling different types of insurance policies, such as commercial property and workers’ compensation, can give discounts, but check to make sure the plan you’re purchasing offers them.
- It has a proven history of helping businesses get through periods of loss.
Cons:
- If you are a business with a low-risk profile, State Farm’s premiums may be higher than the premiums of some competitors.
- Next Insurance
If you’re looking for fast insurance coverage, then Next Insurance is for you. In some situations, small business owners usually need to buy instant insurance. When you are going to apply for a business loan, and need to show proof of insurance to get approval from the lender for performing the loan. Insurance means you can pay back the loan, the lender trusts you, and they lend you more.
In such cases, Next Insurance offers fast online insurance, a great option. This allows you to opt to request an online quote as well as provide coverage tailored specifically to your industry so that you can wrap them all up in a matter of minutes.
Next Insurance offers four essential business insurance products: professional liability insurance, commercial auto insurance, workers’ compensation insurance, and general liability insurance.
Best For: Businesses having a heart for industries like contractors, beauty professionals, fitness businesses and freelancers.
Pros:
- You can literally handle the whole process, from quote generation to managing your policy—including the entire process online—that is going to take just minutes.
- That streamlined approach means competitive pricing, and it’s one of the most budget-friendly options for small businesses.
- With Next Insurance, businesses can choose policies that suit their specific industry needs.
Cons:
- Next Insurance does offer online support, but those facilities may be less accessible than traditional insurers with lots of call centers.
- Next, Insurance might not possess the breadth of coverage required if you operate a very large or complex business.
- Trusted Choice
With its broad network of top independent agents, TrustedChoice brings convenience in insurance service to the next level. As there is an independent agent inside every city, it is easier for you to reach the consultancy from them, and the local service is also on point.
Local agents know your needs more as they will advice the best insurance companies and the best insurance product for your business.
Additionally, with an independent agent, you’ve got the expert on hand to modify the insurance coverages to suit your business’s needs, build a workforce, etc. They have you covered and will walk you through your options and get you the best quotes. They search for the best policy that suits your needs.
Being independent agents enables you to fill the need for your business to have protection from any sudden and catastrophic expenses in order for you to focus on business growth.
Best For: Businesses seeking to conduct a search function for optimal policy.
Pros:
- Multiple insurance providers at your disposal to get low rates were now at your disposal.
- Specific business needs are tailored to custom services.
- From the expert advice of the experienced agents.
Cons:
- The quality of service may vary depending on the agent.
- Agent availability in some locations is dependent.
- Suracy
The Suracy is committed to protecting your business with the best coverage and helping you manage the risks while assisting the growth of your business.
National business insurance programs that support a wide-ranging franchise to smaller or larger businesses to organizations is what Suracy offers.
Especially it is a great fit for small and medium sized businesses. Suracy offers the basic coverages that small businesses need, cost effective and designed to fit what they need especially.
The good news is in Suracy you’ll be able to find dedicated insurance solutions suitable for your business to grow safely and openly. The company covers a large selection of insurance options, including:
- Professional liability insurance
- Workers’ compensation insurance
- General liability insurance
- Business owner’s policy
- Commercial property insurance
- Cyber liability insurance, disability insurance
- Employers liability insurance
- Commercial auto insurance
- Medical malpractice insurance
- Paid family leave
Best For: Nonprofits, franchises, and businesses in specialized industries.
Pros:
- Nonprofit and franchise experience with specialized expertise.
- The perfect balance of breadth of content and depth of coverage to meet your business needs uniquely.
- Strong customer service focus
Cons:
- Difficult to manage online policy.
- Less market presence than larger companies.
- TechInsurance
TechInsurance has the best rate and coverage for your small business. There is a full range of insurance products, all required for different kinds of accidents, lawsuits, and damages a company can face.
The most common tech and software company risks are covered by TechInsurance policies. In particular, available insurance coverage that TechInsurance offers are:
- Errors and omissions insurance
- Cyber liability insurance
- Fidelity bonds
- Business owners’ policy
- General liability insurance
- Workers’ compensation
Additional liability concerns, expensive equipment, or a board of directors help explain why businesses may want expanded coverage. To better serve their customers, TechInsurance offers unique risks custom coverage. The umbrella/excess liability insurance to which those special offers refer are commercial property insurance, business interruption insurance, employment practices liability insurance, and directors and officers insurance.
Best For: People who use IT consultants, people who write software, and people who are involved in starting up a tech company.
Pros:
- Tech-related risk management expertise
- Cyber liability insurance includes comprehensive coverage.
- Different technology sectors and flexible policy options.
Cons:
- General business insurance is unavailable.
- Comprehensive tech policies may see you pay higher premiums.
- Nationwide
Nationwide is a business insurance company specializing in providing simple and straightforward insurance solutions for small businesses with high risks and special needs for general liability.
Nationwide is a huge insurance and financial service company all around the world, and it is one of the companies with the best general liability insurance, growing from a small mutual auto insurance company.
Considered to be beyond general liability insurance, Nationwide offers several forms of business insurance like business property, commercial auto, business liability, business owners policy, workers’ compensation and so on.
To businesses nationwide, the products and services are provided by Nationwide. More specifically, the company is aimed at serving various industries like contractors, retail stores & services, professional services, auto service & repair, wholesalers & distributors, food & beverage, medical clinics, and self-storage facilities.
Best For: Established businesses seeking comprehensive and customizable coverage.
Pros:
- Strong financial backing and reputation.
- Wide range of customizable insurance products.
- Excellent claims management support.
Cons:
- Premiums can be higher for extensive coverage options.
- Policy details may require careful review for customization.
- Travelers
Traveler’s mission is to convert potential risks into true advantages for your business. Travelers know that whether your company is in manufacturing, building, aviation, agriculture, or any other industry, the list of risks you have to face goes on and on.
The company goes beyond just handling what’s unexpected it helps you deal with the risks, prepare for them, identify them, and recover faster. You are minimizing the chance the unexpected events devastate the likelihood your business will be successful.
Three critical coverages for business owners: commercial liability insurance, commercial property, business income, and extra expense coverage are brought to travelers. The industries Travelers supports are:
- Construction
- Energy & Renewable
- Financial Institutions
- Healthcare
- Manufacturing
- Real Estate
- Technology
- Transportation and more
However, you can come across complaints regarding Travelers, and therefore you must do research before settling on insurance underwritten by a Travelers’s independent agent.
Best For: Businesses in need of specialized property and casualty insurance.
Pros:
- Comprehensive and customizable policy options.
- Strong focus on risk management resources.
- Excellent claims handling.
Cons:
- Complex policy structures may be challenging to navigate.
- Premiums may be higher for certain industries.
Final Say
That’s right; insurance is indispensable to any business, especially for a small business. A downside of being a business is the risk of unexpected events and loss, which is something you will want to be protected from by insurance, so you should address the company directly, asking exactly what you wish to know about the company, its services and what you stand to gain.
We look at companies that give you the widest coverage of insurance possible for industries and countries — so it’s easy for you to pick. This list will get updated, so keep yourself updated. Additionally, if you leave your reviews, we will really appreciate them, and they will be more valuable to our list.
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