Knowing that your small business needs insurance coverage is one thing, looking for the best business insurance company in the United States is another thing.
In this post, I have reviewed some of the best small business insurance companies in the United States to buy insurance for your small business.
No matter the size of your business, there is an insurance provider that can cater to the risks and threats your business is susceptible to.
The threats that both small businesses and large incorporations face are somewhat similar but their impacts are felt severely by small businesses.
This is why the place of insurance for small businesses cannot be overemphasized.
Every day, small business insurance companies roll out comprehensive packages to help cushion the effects of risks and perils on businesses and owners.
Like I stated earlier, I have reviewed top business insurance companies that have insurance provisions suitable for businesses of any kind with special emphasis on small businesses.
Top Small Business Insurance Companies In The United States
These are the insurance companies in the United States that offer insurance covers for small businesses:
- State Farm
- Liberty Mutual
- The Harford
State Farm is number one on this list due to several reasons prevalent amongst which is their offering of multiple insurance types through their network of insurance agents nationwide.
According to the company, their agents are not just individuals looking forward to making profits from selling insurance products but business owners also. As business owners, they understand what suits every business regardless of its size.
Founded in the year 1922 by G.J Mecherle, State Farm got an A++ rating from A.M Best Rating Services for their financial capability. What this implies is that the small business insurance company can pay claims to its customers.
They are known in the United States for the sale of home and auto insurance but the company is not tied to those two as they offer other insurance options including commercial insurance and financial services.
It does not matter where your business is located, State Farm is available in all the 50 states of the United States. You can buy a policy from them at whatever stage your business is.
There is a policy for your small business no matter the location, business type, or nature of the business at State Farm.
Hiscox also makes the list of top business insurance companies in the United States even though the company is not based in the United States.
If you are an independent contractor or consultant in any industry, operating in any business model, Hiscox has policies and plans that would meet your needs.
Though based in Bermuda, Hiscox does business in over 13 countries of the world which includes the United States. They cover all the 50 states in the US including the District of Columbia.
Insurance policies for businesses offered by Hiscox include:
- Commercial general liability
- Business owners policy (BOP)
- Workers’ compensation
- Commercial auto
- Cyber liability
- Professional liability
- Employment practices liability insurance (EPLI)
If your business has fewer than 10 employees or you are a consultant in whatever field, Hiscox is the recommended small business insurance company for you.
Liberty Mutual is one of the best small business insurance companies that serve business owners policy (BOP). The company offers a cost-effective policy that caters to the needs of business owners in all industries.
Liberty Mutual makes the filing of claims easy through a mobile app and its online platform. Their claims assistance is 24-hour with adjusters in designated areas across the country.
Together with their business owners’ policy provision, Liberty Mutual has coverage for inland marine, umbrella insurance, equipment breakdown, and workers’ compensation.
The Harford founded in the year 1810 as a fire insurance company has grown to be a Fortune .500 company that helps a lot of small businesses manage customers and workers issues.
It provides special benefits to employers and these plans drastically reduce the normal premiums costs. They are the second-largest provider of workers’ compensation insurance in the US.
As one of the best small business insurance companies in the United States, the Connecticut-based company offers various types of insurance solutions which include:
- Business Owner’s Policy (BOP)
- Data beach Coverage
- Marine insurance
- Commercial auto
- Commercial flood
- Professional liability coverage
- Employment practices liability insurance (EPLI)
If your small business is about driving or transporting, then Progressive is the best insurance for you. They are one of the leading commercial auto insurance companies in the United States.
Progressive offers a 15 percent discount on commercial auto insurance when customers purchase it together with BOP or general liability.
Commercial auto insurance is the major focus of Progressive but the company offers other insurance products which include workers’ compensation, general liability insurance, business owners’ policy (BOP), professional liability, and cyber liability insurance.
The company founded in 1937 serves 10 industries in the United States.
When it comes to general liability insurance for small businesses, Nationwide shines as the company to go-to.
Their policies are geared towards providing insurance solutions for high-risk businesses with general liability needs.
Nationwide covers all the states in the US excluding Alaska and Hawaii. They offer insurance solutions not only in general liability but commercial auto, workers’ compensation, BOP, equipment breakdown coverage, umbrella insurance, and EPLI.
Cost of Small Business Insurance in The United States
Several factors determine the cost of small business insurance. Nonetheless, the average cost of small business insurance is around $800 to $1500 annually.
Costs vary based on a business owner:
- Facilities and types of equipment
- Number of employees
- Nature of business whether the business offers professional advice or not
- Coverage limits
- Deductible rate
- Additional coverages and provisions
Every small business owner cannot be circumspect enough to avoid or overcome the challenges that face small businesses.
It is quintessential for small businesses to have insurance in place and this list of best small business insurance companies in the United States will guide your decision on where to buy one from.
Depending on the nature of your business, you can find an insurance cover for your business.
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