The 7 Best Small Business Insurance Companies For 2023

With apologies to Alaska and Hawaii, where The Hartford business insurance is unavailable: if you’re looking for insurance that will have you covered no matter where you’re operating, look no further than The Hartford.

If your business operates in multiple states, most providers can write a policy to cover you. However, if you’re a small business owner operating as a sole proprietor, for example, who might be relocating sometime soon, you’ll need coverage you can take with you. The Hartford is a company that can write policies in 48 states, so unless your plans include Alaska and Hawaii, you’ll be good to go.

The Hartford stands out by offering insight into its pricing online. A businessowners policy (BOP), for example, starts at $261/month, and general liability starts at around $88/month. Those numbers are helpful in setting expectations as long as you’re aware that your individual coverage may come with a slightly different price tag.

You can request a personalized quote from The Hartford online in a process that shouldn’t take more than 10 minutes. You should receive a quote the same day. The Hartford representatives are also available by phone.

In addition to insurance coverage, The Hartford offers unique tools to small businesses.

Risk Engineering

The Hartford can help you analyze risks your workers might face on the job and help you build a custom safety plan.

Simplified Claims

The Hartford Productivity Advantage is a unique claims system designed to simplify the process of filing a claim. It includes separate options for employers and employees to use in situations requiring disability leave.

Specialty Coverage

The Hartford’s businessowners policy (BOP) includes business property and liability insurance. You can also add coverage for workers’ compensation, business income interruption, flood insurance, cyber, home-based businesses, multi-national, and more.

The Hartford also provides both commercial and construction surety bonds.

You can file a claim with The Hartford around the clock, online, or on the phone. Overall, The Hartford receives positive reviews regarding claims from customers.

Live support is available by phone during normal business hours, Monday to Friday. Support is also available via email and self-help options.

The Hartford is rated tenth in the nation for overall customer satisfaction among small business insurance companies. The company has an A- credit rating from AM Best.

CoverWallet brings something a little different to the world of business insurance. It’s not a direct provider but a broker. That means that CoverWallet helps businesses find insurance through its agency partners, allowing you to compare price quotes and coverage from several different carriers.

CoverWallet works with 7+ insurance companies and makes it easy for customers to comparison shop, even if you’re looking for industry-specific coverage.

CoverWallet can help most businesses find general liability coverage starting at $39/month. And CoverWallet does not charge added broker fees.

One of CoverWallet’s best features is that it allows users to control their business insurance needs from one central location. Take a look at some of the features CoverWallet offers:

My CoverWallet Dashboard

CoverWallet clients gain access to an interface that lets them view all their policies, print certificates, and submit proof of compliance. You will be able file claims and make payments, too.

Claims Support

You can file claims directly from your My CoverWallet dashboard. CoverWallet provides assistance in the claims process, if you need it.

Specialized Coverage

CoverWallet partners provide a nice range of coverage, including a businessowners policy (BOP), general liability, commercial property, and commercial automobile.

You can also purchase umbrella coverage and some specialized types of insurance for liquor liability, directors & officers, medical malpractice, cyber liability, and inland marine.

You can connect with a CoverWallet representative via email, phone, and chat. You can also schedule a callback for later. If you have a claim to file, you can do so online.

Many users say CoverWallet’s user interface is easy to use and a highlight of doing business with this insurance broker.

Lots of small business insurance providers can give you basic coverage. Some may even offer that coverage for less than Nationwide. But if your business is complex or you need specialized coverage, Nationwide is hard to beat.

And because it’s available in 40+ states, it’s very likely that you will qualify for Nationwide small business insurance coverage.

Like most insurance providers, Nationwide offers customized price quotes, which you can request online or over the phone. If you start your request online, you may need to schedule a phone call to complete the process. Quotes are usually provided within 30 minutes.

We rate Nationwide highly for its strong online features. Here’s what you’ll find:

Online Access

Nationwide offers customers strong online account management features. You can log on through a secure portal to view or pay your bill. You can also start or monitor a claim online.

In fact, Nationwide encourages customers to report claims online immediately.

Education Tools

You’ll find resources to help you manage your taxes, cyber security, hiring, payroll, and workplace safety.

Loss Control Planning

Use Nationwide’s tools and resources, including personal assistance from a loss control services team, to review your business operations and procedures. This is a strong feature that can help you avoid future losses.

Business Banking

Nationwide partners with Axos Bank to make available special offers on business banking services.

Specialty Coverage

In addition to a businessowners policy (BOP) that combines liability, commercial property, business income, and equipment breakdown coverage, you can customize your Nationwide coverage with additional commercial coverage.

For example, you can add coverage for small business workers’ compensation, cyber liability insurance, Errors and Omissions (E&O)/Professional Liability, umbrella, inland marine, builder’s risk, or accounts receivable.

Specialized packages are available to categories of business that include agribusiness, breweries, churches, food processing, senior living, and more.

Nationwide also offers specialty products, including fidelity and surety bonds, group insurance bonds, key person benefits, and retirement plans.

Nationwide delivers when something goes wrong, and you need to file a claim. With 5,000+ claims service workers in support centers that are open 24/7, you’ll be able to get the help you need, whenever you need it.

Notably, Nationwide is ranked third in the nation for small business insurance customer satisfaction. And Nationwide is rated A+ in terms of its financial strength.

Nationwide customers work directly with an agent. Support is available by email as well.

Insurance is a necessary part of doing business, and you can’t let indecision keep you from getting the protection your small business needs. We like Next’s instant online quote process and think it can deliver the push some small business owners need.

Like most insurance providers, Next offers personalized quotes. Unlike many competitors, Next does it instantly.

I entered some very basic information about my business (location, number of employees, and so on) and received the recommendation to purchase a businessowners policy (BOP). I was invited to apply online, with an estimated time investment of just four minutes.

To receive my quote, I needed to enter my contact information and my business name and address. Simple!

In keeping with its fast and easy approach to business insurance, Next offers the basics and not a lot else. This is not the insurance company for a small business with complex needs. Here’s what Next Insurance can deliver:

Instant Online Quotes

There’s very little waiting; just type in some basic information about your business, and you get suggestions about the types of coverage you need and then a quote via text or email.

Basic Business Insurance Policies

You can purchase seven types of basic small business insurance from Next: a businessowners policy (BOP), general liability, workers’ compensation, professional liability (E&O), commercial auto, commercial property, and a tools and equipment upgrade.

Next also offers some specialized coverage, including liquor liability, product liability, and hired and non-owned auto insurance.

“Bundle” Discounts

When you purchase two or more policies from Next, you’ll receive a 10% discount on the price.

Mobile App

Download Next’s mobile app, and you can print out your certificate of insurance, update coverage, and submit and manage claims on the go.

You can connect with live, US-based insurance representatives via chat on weekdays during normal working hours. The mobile app and website are always available for filing claims, updating your information, and many other simple functions.

Next Insurance is accredited with the Better Business Bureau but is not rated there. The company has an A- (Excellent) credit rating from AM Best.

Customer reviews posted online include complaints about policy cancellations, rate increases, and so on that seem typical for the industry but do not raise red flags. Many customers state that Next is easy to use, basic small business insurance, and we agree.

Small business owners can get great coverage at a good price from large insurance companies. If you’re looking for the best small insurance provider, you might find what you need at a company that focuses exclusively on small businesses.

That’s where Hiscox’s strengths lie. This small business insurer offers policies designed for contractors and freelancers. Hiscox maintains a small business unit focused on clients with fewer than ten employees.

You can get a quick quote from Hiscox online or, if you prefer, phone a licensed agent on weekdays. Start the quote process by entering your ZIP Code and some basic business information. The company says you can be insured within 10 minutes.

Hiscox offers some basic price information on its website. For example, while the price of a businessowners policy (BOP) from Hiscox will depend on factors such as your deductible, your location, and your business size, Hiscox posts an example that provides a $1 million general liability policy costing $41.67/month.

Hiscox offers almost-instant online quotes, and that speed is one of the features that make this insurance company a good choice for independent contractors and freelancers. (In a first for us, this small business insurance company even courts “mompreneurs.”) Here are a few of the features we think make Hiscox one of the best small business insurance options:

Quick Quotes & Coverage

Once you decide to get business insurance, you don’t want to wait. Hiscox lets you apply online, delivers a quote within minutes, and covers you immediately.

Small Business Resources

Sign up for Hiscox’s informative newsletter or browse the company’s library of articles online. You can even subscribe to the Hiscox podcast, called “Side Hustle to Small Business,” available via Apple, Spotify, and Google.

Monthly Payments

In a budget-friendly move, Hiscox allows its customers to make monthly payments on their policies with no added fees.

Referrals Program

Share a link with friends, and you’ll be entered into a monthly prize drawing, with 10 Amazon.com gift cards worth $50 available. You’ll earn one entry for each referral email and five entries for every social media share (Twitter and Facebook). You can earn up to 25 entries each month.

Basic Business Insurance

You can get a BOP from Hiscox that offers general liability coverage and third-party protection against bodily injury, property damage, business equipment, and more. You can customize this BOP with fire and business interruption, electronic data loss coverage, hired or non-owned vehicle liability insurance, terrorism, and commercial crime insurance.

You can also purchase separate coverage for general liability, professional liability, errors and omissions (E&O), cyber security, workers’ compensation, directors and officers, umbrella, and employment practices liability.

Hiscox specifically mentions IT/technology; contractors; health, beauty, and wellbeing; architects and engineering; real estate; consulting, marketing; fitness; health; and home services as types of businesses their insurance policies are designed for. Different business types are supported, including LLCs, sole proprietors, home businesses, and contractors.

The Hiscox online claims center is available 24/7. You can also start your claim on the phone every weekday or by mail. Once your claim is received, you’ll be assigned to a claims representative who will walk you through the process.

Hiscox has offices around the US and offers centralized phone support on weekdays from 7 AM to 10 PM ET.

AM Best awards Hiscox a credit rating of A (Excellent).

Let’s face it: Some small businesses are larger than others. If yours is large, complex, and/or growing, you will want to sign on with a business insurance provider that can meet your needs.

Chubb fits the bill. If your business revenue is below $30 million, you’ll find a full range of insurance products to support larger businesses. That includes coverage for businesses traveling and doing business overseas.

You can start your quote from Chubb small business insurance online. The first question you’ll be asked is about your current or projected annual gross revenue, with one option for businesses at or below $2 million and another for those over $2 million.

Larger businesses will be asked to select the region your business is located in. Narrow it further by choosing your state, and Chubb will provide a list of partners in your area, with websites, physical and email addresses, and phone numbers listed.

Smaller businesses can enter basic business information and select the types of coverage they’d like to purchase.

Chubb Insurance includes some tools and features that will make managing your insurance easy. Here are some examples:

Client Center

Log in through a secure portal to report a claim, pay your bill, or access your policy documentation.

Business Insights & Resources

Chubb’s website contains articles on topics such as risk management, types of specialized insurance, and how to respond to catastrophes such as wildfire, floods, and hurricanes.

Types Of Coverage

In addition to a businessowners policy (BOP) that combines broad coverage for business property and liability, Chubb offers special coverage such as workers’ compensation, management and professional liability, and cyber enterprise risk management.

Chubb also offers a comprehensive foreign package for small businesses that do business or travel overseas. This includes executive assistance services such as emergency medical and political evacuation, lost document assistance, and concierge services.

Chubb was rated second in the nation for customer satisfaction, according to a 2022 J.D. Power study. And the company has an AM Best Financial Strength Rating of A++ (Superior).

Customer support is available through the online portal, by email, via an online contact form, or by phone.

Claims can be reported online or by phone. You can estimate damage, file a claim, and upload documents from a computer, tablet, or any mobile device. Chubb maintains a “Catastrophe Center” filled with resources to help clients experiencing natural disasters. Trained claim representatives guide Chubb clients through the claims process, and a multinational claim unit coordinates claims around the globe.

With any type of insurance purchase, the goal is to not need to use it. Travelers helps its customers limit their exposure to risk with a set of risk control planning tools, audits, and risk management information services (RMIS).

Along with its focus on reducing risk, Travelers also offers a broad range of insurance policies to protect your small business because it’s not possible to eliminate risk altogether.

Travelers does not publish pricing information. To receive a personal quote for business insurance, you’ll need to connect with an agent in your area.

From the Travelers website, you can enter your ZIP Code to see a list of options near you. Some results will include phone number only, while others will offer online contact information.

You can do a lot online to manage your Travelers small business insurance account, including paying your bills, monitoring your account, and filing and tracking claims. You’ll also be able to access features like these:

Education Resources

Look for general small business tips as well as articles aimed at insurance topics such as loss prevention, facilities management, cybersecurity, and more.

Risk Control

You can schedule onsite, online, and on-demand risk control planning. There’s also a secure website with over 1,000 risk-management resources, including industry-specific guides, articles, and self-assessments.

You can also schedule an appointment for Travelers’ Risk Management Information Services (RMIS). Dedicated RMIS professionals will help you monitor and analyze your risks.

Specialized Coverage

In addition to a businessowners policy (BOP) that combines business property and liability insurance, Travelers offers a broad range of insurance products. This includes environmental liability, inland and ocean marine, boiler and machinery, cyber, and excess casualty, among others.

Travelers also issues surety bonds.

If you need to file a claim, you can start the process 24/7 online, via email, or with a phone call. The Travelers claims center includes information about when or whether you should file a claim, too. You can track your claim online. An online claims library contains helpful resources.

Travelers is rated highly for customer satisfaction by J.D. Powers, above the industry average and seventh in the nation. If you need to contact Travelers, you can do so by phone or by email, or by contacting your dedicated account representative

Travelers is rated A++ (Superior) for financial stability by AM Best.