⏰ Estimated read time: 13 minutes
Business insurance helps protect your company and its assets when you face property damage, injuries, lawsuits or other claims that might arise from your work.
The best coverage for your company will depend on its unique risks. But the best business insurance companies make getting that coverage easy — and offer a smooth claims experience so you can get back to running your business.
To determine the top business insurers, NerdWallet evaluated the financial strength, complaint records, digital features and customer service availability of insurance market leaders. Learn more about how we rate small-business insurance companies.
Best business insurance companies
Here are our picks for the best small-business insurance.
Select each provider to jump to details about their coverage, or keep reading to learn more about what you need to know to shop for business insurance and find the best coverage for you.
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Chubb
Best for buying a BOP online.
5.0
NerdWallet ratingWhy we like it: Chubb’s business owner’s policy offers a few types of coverage that aren’t always included in BOPs: business interruption insurance and extra expense coverage, plus coverage for accounts receivable. And while the company has more than a century in business, its online experience for small businesses has contemporary features, like a bot that helps you choose coverage and buy a policy online.
Who it’s best for: Companies with less than $2 million in annual revenue that want to buy a BOP online.
How to shop: Online, or with an independent agent for additional coverage types.
Review: Read NerdWallet’s review of Chubb business insurance.
Pros
Simple online shopping experience that most businesses can likely complete in a few minutes.
BOP includes business interruption and extra expense coverage.
Received fewer commercial property insurance complaints to state regulators than expected for a company of its size.
Cons
If you have more than $2 million in annual revenue, you'll need to talk with an agent or shop elsewhere.
Note: The following policies are available for online purchase. Chubb offers lots of other coverage types, too, but you’ll have to work with an agent to get them.
- General liability insurance.
- BOP.
- Business property insurance.
- Business interruption insurance.
- Professional liability insurance.
- Umbrella insurance.
- Workers’ comp.
- Cyber insurance.
Next Insurance
Best for comprehensive coverage sold online, plus a digital certificate of insurance.
5.0
NerdWallet ratingWhy we like it: Next sells all the business insurance policies most entrepreneurs need online. You can shop using Next’s highly specific industry-tailored packages — for fitness professionals, contractors, Amazon sellers and more — and buy several policies in one transaction. Next also offers a digital certificate of insurance, which should make it easy to quickly prove you have insurance when a client or landlord asks.
Who it's best for: Companies that need multiple types of coverage, like commercial auto insurance and general liability insurance, and often need to provide a certificate of insurance.
How to shop: Online.
Review: Read NerdWallet’s review of Next Insurance.
Pros
Up to 10% discount if you buy more than one policy.
Provides a digital certificate of insurance that you can share with anyone who needs it.
Received fewer commercial property and commercial auto insurance complaints to state regulators than expected for a company of its size.
Cons
Can’t file claims over the phone, only online.
- General liability insurance.
- BOP.
- Commercial property insurance.
- Professional liability insurance.
- Commercial auto insurance.
- Tools and equipment insurance.
- Commercial property insurance.
- Umbrella insurance.
- Workers’ comp.
- Cyber insurance.
- Liquor liability insurance.
- Product liability insurance.
- Contractor license bonds.
Progressive
Best for commercial auto insurance.
4.5
NerdWallet ratingWhy we like it: Progressive's commercial auto insurance policies can cover cars, trucks, buses, limousines and other business vehicles. The company also offers access to a network of car and truck repair shops and around-the-clock service by phone or online.
Who it's best for: Businesses that rely on vehicles for their work and prioritize commercial auto coverage.
How to shop: You can start the process online, though you may have to talk to an agent to complete your purchase.
Review: Read NerdWallet’s review of Progressive business insurance.
Pros
Fewer than expected commercial auto insurance complaints filed with state regulators between 2018 and 2021 based on its market share — which is the largest by a wide margin, according to the Insurance Information Institute.
Specialized insurance products for truckers, including owner-operators, motor carriers and driver carriers.
Commercial auto insurance includes roadside assistance, including the cost of towing.
Cons
Other types of coverage are written by different insurance companies, which means you’ll have to work with those companies (not Progressive) to file claims.
You’ll have to contact a customer support agent to get a copy of your COI or add an additional insured.
Underwritten by Progressive:
- Commercial auto insurance.
Available for purchase through Progressive’s website, but may be underwritten by other insurers:
- General liability insurance.
- BOP.
- Professional liability insurance.
- Workers’ comp.
- Cyber insurance.
- Employee health insurance.
Thimble
Best for short-term coverage.
4.0
NerdWallet ratingWhy we like it: Thimble is a useful option for very small businesses that need coverage to comply with contractual requirements — for instance, if you need general liability insurance before vending at a farmer’s market or teaching a fitness class. You can get coverage online and buy a policy that lasts only a short time, if that’s the best fit for your company.
Who it's best for: Sole proprietors, independent contractors and business owners who only need temporary coverage.
How to shop: Online.
Review: Read NerdWallet’s review of Thimble business insurance.
Pros
Policies available one job, month or year at a time.
Policyholders can access their COI online and add an additional insured anytime. If you manage contractors, you can use Thimble’s Certificate Manager tool to ensure that everyone has compliant coverage.
Thimble’s unique “event insurance” policies include liquor liability and general liability coverage.
Cons
For customer support, you’ll have to submit a ticket online. There’s no phone-based assistance.
Thimble sells policies underwritten by other insurance companies, which means you’ll have to work with those companies (not Thimble) to file claims.
Commercial auto insurance isn’t available.
Thimble’s policies are underwritten by other insurance companies. Make sure you know who underwrites your policies so you know who to contact in the event of a claim.
- General liability insurance.
- BOP.
- Commercial property insurance.
- Professional liability insurance.
- Workers’ comp.
- Event insurance, which includes liquor liability coverage.
- Cyber insurance.
- Business equipment insurance.
The Hartford
Best for getting a quote online and adding additional coverage to a BOP.
5.0
NerdWallet ratingWhy we like it: The Hartford is a longtime commercial insurer that stands out for the option to tack on data breach, professional liability, workers’ comp and commercial auto coverage when you buy a business owner’s policy. That might provide all the coverage some businesses need. Plus, you can get a quote online or over the phone — which can provide a useful point of comparison while you’re evaluating quotes from other insurers. You will need to work with an agent if you want to purchase a policy, though.
Who it’s best for: Small- to medium-sized businesses that prefer working with an insurance agent.
How to shop: You can get a quote online, then work with an independent agent to complete your purchase.
Review: Read NerdWallet’s review of The Hartford business insurance.
Pros
Available to tack onto a BOP: data breach, professional liability, workers’ comp, commercial auto and business income for off-premises utility service coverage.
You can file claims online or over the phone, then track your claims online.
Wide variety of coverage types available, all underwritten by The Hartford or its subsidiaries, so most customers won’t have to juggle multiple claims processes.
Cons
State regulators received more complaints about The Hartford’s general liability and commercial property coverage than would be expected for a company of its size.
You’ll have to request a copy of your COI online and wait for it to be emailed to you.
- General liability insurance.
- BOP.
- Commercial property insurance.
- Business income insurance.
- Professional liability insurance.
- Commercial auto insurance.
- Workers’ comp.
- Commercial flood insurance.
- Data breach insurance.
- Umbrella insurance.
- Employment practices liability insurance.
- Inland marine insurance.
- Management liability insurance.
- Surety bonds.
Travelers
Best for businesses with specialized risks that need a wide variety of coverage types.
5.0
NerdWallet ratingWhy we like it: Travelers earned high marks from NerdWallet for its financial strength, low number of customer complaints, wide variety of coverages and customer support features. It has one key drawback, however — you can't get a quote or buy a policy online. Instead, you'll need to work with an independent agent. But if you'd prefer a personal touch and aren't in a hurry to get coverage, Travelers is tough to beat.
Who it’s best for: Businesses large enough to require tailored insurance packages.
How to shop: With an independent agent.
Review: Read NerdWallet’s review of Travelers business insurance.
Pros
Offers many types of commercial insurance, including specialized coverage like key person insurance and surety bonds.
You can access your certificate of insurance and track your claims through an online portal.
Received fewer commercial property insurance complaints and far fewer commercial auto insurance complaints to state regulators than expected for a company of its size.
Cons
You can’t get a quote or purchase a policy online.
- General liability insurance.
- BOP.
- Business income and extra expense coverage.
- Commercial property insurance.
- Professional liability insurance.
- Commercial auto insurance.
- Workers’ comp.
- Cyber insurance.
- Management liability insurance.
- Employment practices liability insurance.
- Umbrella insurance.
- Equipment breakdown insurance.
- Specialized coverage for industries like agriculture and energy.
Nationwide
Best for companies that need other business services, like retirement plans.
5.0
NerdWallet ratingWhy we like it: Nationwide is a longstanding insurance company that offers virtually every type of coverage — plus other services that can be difficult to manage on your own, like setting up retirement plans for your staff. You can get a quote online to understand how much coverage might cost, then work with an agent to make sure you have everything you need.
Who it’s best for: Businesses that need insurance plus additional financial services, like retirement plans and bonding.
How to shop: You can get a quote online, then work with an independent agent to complete your purchase.
Review: Read NerdWallet’s review of Nationwide business insurance.
Pros
Nationwide was the top-rated insurer for customer satisfaction in J.D. Power’s 2023 Small Commercial Insurance Study.
Wide variety of coverage types, including specialty products like surety bonds.
Nationwide also offers other business financial services, like employee retirement plans and a high-yield business savings account.
Cons
You can get a quote but not purchase a policy online.
- General liability insurance.
- BOP.
- Commercial property insurance.
- Business income insurance.
- Professional liability insurance.
- Commercial auto insurance.
- Workers’ comp.
- Commercial crime insurance.
- Employment practices liability insurance.
- Cyber liability insurance.
- Equipment breakdown insurance.
- Umbrella insurance.
- Inland marine insurance.
- Builder’s risk insurance.
- Directors and officers insurance.
- Surety bonds.
Other business insurance companies
The following insurers didn’t make our list of top choices, but their unique offerings may make them a good fit for you.
The right insurance for your business will depend on your industry, company size and location, among other factors. NerdWallet recommends getting business insurance quotes from several providers so you can find the best coverage at the best price.
- Allstate offers a business owner’s policy online and other types of insurance via agents. Read NerdWallet’s review of Allstate business insurance.
- biBERK sells several key types of business insurance online, but not all policies are available in all states. Read NerdWallet’s review of biBERK business insurance.
- Farmers operates in 36 states, offering basic coverages like general liability, commercial auto and umbrella insurance. Read NerdWallet’s review of Farmers business insurance.
- Geico sells its own commercial auto insurance and other types of insurance, like general and professional liability, via Hiscox. Read NerdWallet’s review of Geico business insurance.
- Hiscox sells general and professional liability insurance online and its professional liability policies cover work done all over the world. Read NerdWallet’s review of Hiscox business insurance.
- Huckleberry sells policies from other insurers online and suggests policies based on your industry. Read NerdWallet’s review of Huckleberry business insurance.
- Liberty Mutual sells virtually every type of business insurance, including policies for highly specialized industries. Read NerdWallet’s review of Liberty Mutual business insurance.
- Pie Insurance sells workers’ comp and can give you an online price estimate for a policy. Read NerdWallet’s review of Pie business insurance.
- State Farm agents can sell most types of business insurance, but online features are limited. Read NerdWallet’s review of State Farm business insurance.
- The Hartford offers online quotes for a wide variety of business insurance types, and the company received high marks for its financial strength. Read NerdWallet's review of The Hartford business insurance.
- Three targets small-business owners who want many types of insurance coverage in just one policy. Read NerdWallet’s review of Three business insurance.
- USAA works with military families. Read NerdWallet’s review of USAA business insurance.
Want to compare quotes from multiple insurance companies at once? Consider using an online broker, like these:
- CoverWallet can help you purchase just about any type of insurance, then manage all your policies on one digital platform. Read NerdWallet’s review of CoverWallet.
- Simply Business is owned by Travelers, but lets you compare insurance policies from a variety of providers and buy them online. Read NerdWallet’s review of Simply Business.
What is business insurance?
Commercial insurance protects your business assets in case things go wrong.
There are many different types of business insurance that protect against particular kinds of risk. Here's an overview of some common policy types:
Type of insurance | When it protects your business | Who needs it | Find a provider |
|---|---|---|---|
If a third party or their property is harmed as a result of your business activity. | All businesses. May be required by a landlord or contractor. | ||
If you’re in an auto accident while working or in a company vehicle. | Businesses that use vehicles in their operations. May be required by law. | ||
If an employee is injured on the job. | Businesses with employees. Required by law in most states. | ||
If a client accuses you of making a mistake or giving them bad advice. This is also known as errors and omissions insurance. | Businesses that provide services for a fee. May be required by law or industry regulation. | ||
If your manufacturing or retail space, office, or assets like equipment or inventory are damaged and need to be repaired or replaced. | Businesses with owned or rented space or a significant amount of property. May be required by a landlord. | ||
If your business can’t generate revenue for a period of time. | Most businesses with recurring expenses. |
A business owner’s policy, or BOP, is a single insurance policy that includes several common types of small-business insurance coverage listed above:
- General liability insurance.
- Commercial property insurance.
- Business income insurance is usually included, but not always.
- Some insurers offer optional add-ons, like data breach coverage.
A BOP is a convenient choice for small businesses that rent space or stock inventory and need both liability and property coverage. If you don’t have employees, a BOP may provide all the insurance you need. (If you do have employees, make sure you have workers' comp too.)
What business insurance do you need?
Follow these steps to make sure your business is protected.
- Find out what coverage is required by law. Some business insurance, like workers’ compensation, is required by law. Check the workers’ compensation regulations in your state to make sure you’re in compliance. Be on the lookout for industry-specific regulations as well; for example, state law might require lawyers to carry legal malpractice insurance.
- Find out if your contracts require insurance. Landlords, lenders and contractors may require certain types of coverage before doing business with you.
- Talk to a professional. If you’re unsure about what kinds of business insurance you need, a licensed commercial insurance agent near you can help you evaluate your risks.
- Get an online quote. Lots of online business insurance providers ask questions during the quote process and suggest certain kinds of coverage as a result. For instance, if you say your business works in a professional services industry, they might recommend professional liability insurance. Getting a quote can highlight certain risks and help you understand how much insurance might cost.
How much does business insurance cost?
Get a quote to find out.
Business insurance costs can vary widely depending on:
- What your company does.
- How many employees you have.
- Where you’re located.
- How public-facing your business is.
- Your claims history.
To get a ballpark figure, try getting a quote from an online business insurance company. They can usually show you a price estimate in a matter of minutes, based on some basic information about your business.
The best way to find affordable business insurance is to get quotes from several different providers and choose the best option for you.
Reasses your business insurance needs regularly
You may need more coverage as your business grows.
As your small business hires employees, adds locations or grows its product line, your insurance needs will grow too. Check on your insurance policies every year to make sure they still provide the best coverage for you.
Frequently Asked Questions
Small-business insurance is coverage that limits your company’s financial losses in case of property damage, injuries, lawsuits or other claims your business might face.
If your business has employees, performs services for a fee, has an office or storefront, or sells products, you need business insurance. What policies you need and how large those policies should be will vary depending on what your business does, how many people you employ and lots of other factors.
Business insurance can cover financial losses due to property damage, lawsuits, injuries to customers or employees, work stoppages and many other events. Different types of policies protect against different kinds of risks. Most businesses need several types of coverage.
The cost of business insurance depends on what your company does, where you’re located, how many employees you have and how much space you occupy, among other factors. Get quotes from several different insurance providers to find the best price.
Most business insurance policies spell out specific exclusions, which are events that they won’t cover. Read your policies closely to understand what’s covered and what isn’t. Business insurance doesn’t cover losses beyond the policy’s limit, which is the maximum amount your insurance company will pay out in a certain period of time.
You need small-business insurance if a state law, a lease, a business loan application or another type of business agreement requires you to have it. Workers’ compensation insurance and commercial auto insurance are often required by law. Check your state’s regulations and read all of your agreements closely to find out what coverage you need.
Methodology
Business insurance ratings methodology
NerdWallet’s business insurance ratings reward companies that offer small-business owners reliability and ease of use. Ratings are based on weighted averages of scores in several categories, including financial strength, customer complaint data, shopping experience and customer service. Learn more about how we rate small-business insurance companies.
These ratings are a guide, but insurance policy details and prices can vary widely from business to business and provider to provider. We encourage you to shop around and compare several insurance quotes.
NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.
Insurer complaints methodology
NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2018-2021.
To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period.
Our star ratings consider ratios for both general liability insurance and commercial property insurance. When an insurer sells policies that are underwritten by several different insurance companies, we consider the NAIC complaint ratios of all the underwriters.
