Running a business comes with inherent risks, from property damage to lawsuits. That’s why business insurance is essential, offering protection against unexpected financial losses. Whether you run a small startup or a large enterprise, finding the right business insurance can ensure you stay operational no matter what challenges arise. This blog provides a detailed comparison of the top 10 business insurance companies, including pricing to help you make the best decision for your business.
What Is Business Insurance?
Business insurance includes several policies that protect your company from financial losses due to accidents, lawsuits, property damage, and employee injuries. Different types of business insurance include:
- General Liability Insurance: Covers bodily injury, property damage, and advertising injury claims.
- Commercial Property Insurance: Protects your building and assets from damage caused by events such as fire, theft, or vandalism.
- Workers’ Compensation Insurance: Covers medical expenses and lost wages for employees injured on the job.
- Professional Liability Insurance: Protects against claims of negligence related to your services.
- Business Interruption Insurance: Provides coverage for lost income during temporary shutdowns due to a covered event.
- Commercial Auto Insurance: Covers vehicles used for business purposes.
What to Look for in Business Insurance Quotes
When comparing business insurance quotes, focus on:
- Coverage Limits: How much the policy will cover in case of a claim.
- Premiums: The cost of the policy.
- Deductibles: The amount you’ll pay out of pocket before coverage kicks in.
- Exclusions: Items or events not covered by the policy.
- Customer Service: Quality and reliability of customer support, especially when filing claims.
Top 10 Business Insurance Companies for 2024 (With Pricing)
1. Hiscox
- Overview: Hiscox is a specialist in small business insurance, offering policies tailored to various industries.
- What’s Covered: General liability, professional liability, cyber liability, workers’ compensation.
- Pricing: General liability policies start at around $30 per month, while more comprehensive policies range between $350 to $1,500 annually depending on the coverage.
- Best For: Small businesses looking for affordable and customizable coverage.
- Website: Hiscox Business Insurance
2. The Hartford
- Overview: Known for its tailored business insurance packages for small and medium-sized businesses.
- What’s Covered: General liability, commercial property, business interruption, workers’ compensation.
- Pricing: General liability starts at approximately $40 per month, while full coverage packages range between $500 to $2,000 annually depending on the business size.
- Best For: Small to medium-sized businesses with specific industry needs.
- Website: The Hartford Business Insurance
3. Next Insurance
- Overview: A fully digital insurer offering fast, affordable quotes tailored for small businesses and freelancers.
- What’s Covered: General liability, professional liability, workers’ compensation, commercial auto.
- Pricing: Policies start at around $25 per month for general liability, with more comprehensive coverage ranging from $300 to $1,800 annually.
- Best For: Freelancers and small business owners looking for quick and easy online insurance.
- Website: Next Insurance
4. Travelers
- Overview: Offers a broad range of business insurance products for companies of all sizes.
- What’s Covered: Commercial property, general liability, business auto, cyber liability.
- Pricing: General liability coverage starts at around $60 per month, with full business packages ranging from $600 to $2,500 annually.
- Best For: Businesses needing comprehensive coverage across multiple risk areas.
- Website: Travelers Business Insurance
5. Liberty Mutual
- Overview: Liberty Mutual is a well-established insurance provider that offers a wide range of business insurance solutions.
- What’s Covered: General liability, workers’ compensation, commercial property, commercial auto.
- Pricing: Pricing starts at $50 per month for basic coverage, with larger policies typically ranging from $500 to $3,000 annually.
- Best For: Businesses of all sizes looking for flexible coverage.
- Website: Liberty Mutual Business Insurance
6. Chubb
- Overview: Chubb is a global insurer offering premium coverage for high-risk industries and large businesses.
- What’s Covered: General liability, commercial property, professional liability, cyber insurance.
- Pricing: Policies typically start at $80 per month, with high-end coverage ranging from $1,000 to $5,000 annually, depending on industry and risk.
- Best For: Large businesses and those in high-risk industries.
- Website: Chubb Business Insurance
7. Nationwide
- Overview: Nationwide offers comprehensive business insurance for a wide range of industries, from small businesses to large corporations.
- What’s Covered: General liability, commercial property, workers’ compensation, business interruption.
- Pricing: Basic policies start at $40 per month, with annual packages ranging from $500 to $2,000 based on coverage.
- Best For: Small and medium-sized businesses looking for reliable, customizable policies.
- Website: Nationwide Business Insurance
8. Progressive Commercial
- Overview: Known for its auto insurance, Progressive Commercial also offers business insurance products tailored for small businesses.
- What’s Covered: Commercial auto, general liability, professional liability, business owners’ policy (BOP).
- Pricing: Basic policies start at $35 per month, with more comprehensive packages ranging from $400 to $2,500 annually.
- Best For: Small businesses needing commercial auto insurance.
- Website: Progressive Commercial Insurance
9. AXA
- Overview: A global leader in business insurance, AXA provides a wide range of policies tailored to businesses of all sizes.
- What’s Covered: General liability, commercial property, professional liability, cyber insurance.
- Pricing: Policies typically start at $50 per month, with larger, more comprehensive policies ranging from $600 to $3,000 annually.
- Best For: Large, multinational businesses and those needing global coverage.
- Website: AXA Business Insurance
10. State Farm
- Overview: State Farm offers small business insurance with customizable coverage options for various industries.
- What’s Covered: General liability, commercial property, workers’ compensation, business auto.
- Pricing: Starting at $30 per month, with comprehensive packages ranging from $400 to $2,000 annually.
- Best For: Small business owners who prefer working with local agents for personalized service.
- Website: State Farm Business Insurance
How to Get the Best Business Insurance Quote
- Assess Your Needs: Determine the specific risks your business faces based on industry, location, and operations.
- Compare Multiple Quotes: Never settle for the first quote—compare quotes from different providers to ensure you’re getting the best coverage and price.
- Ask About Discounts: Many insurers offer discounts for bundling multiple policies, having a claims-free history, or investing in workplace safety.
- Review Your Policy Regularly: As your business grows, so do its risks. Review your insurance policy annually to ensure it still meets your needs.
Conclusion
Business insurance is an essential investment that protects your company from financial setbacks. Hiscox, The Hartford, Next Insurance, Travelers, and Liberty Mutual are just a few of the top providers offering affordable, customizable policies. When comparing business insurance quotes, be sure to evaluate coverage options, premiums, and customer service to find the best fit for your business.