This is important for any small business to make sure that you have the right insurance. There are a whole lot of insurance providers you can choose from, so narrowing down the one that is best for you may be completely confusing. This post will give you a better overview and comparison of the best small business insurance providers available in order to help make up your mind.
1. State Farm
General Information: State Farm is a huge insurer in the United States and one half of its well known advertising promotion. They provide a range of insurance products, including small business-specific coverage options.
Coverage Options:
- General Liability Insurance
- Property Insurance
- Workers’ Compensation
- Commercial Auto Insurance
- Business Owner’s Policy (BOP)
For example, a BOP for small retail store might cost $500 per year that provides both general liability and property insurance.
2. Hiscox
Summary: Hiscox offers small business insurance with bespoke coverage against your company, designed for each individual circumstance. Their online platform is known to be very user-friendly and offers quick quotes as well as policy purchases for business owners.
Coverage Options:
- General Liability Insurance
- Standard Liability Insurance
- Business Owner’s Policy (BOP)
- Cyber Liability Insurance
- E&O Insurance (Errors & Omissions)
Example Quote: A consultant may likely pay $450 a year for professional liability insurance.
3. The Hartford
Summary: The Hartford is an established provider with over 200 years in business. They specialize in offering full-coverage for all kinds of small businesses.
Coverage Options:
- General Liability Insurance
- Workers’ Compensation
- Business Owner’s Policy (BOP)
- Commercial Property Insurance
- Commercial Auto Insurance
For example: A business owner will pay about $1,200 a year for a BOP that includes coverage for his small restaurant.
4. Next Insurance
Brief Summary: Next Insurance is a fairly new entrant, but quickly made it big in the industry for its digitally-focused operational methodology along with competitive plans that are easy to understand for small businesses.
Coverage Options:
- General Liability Insurance
- Cover your professional liabilities.
- Workers’ Compensation
- Commercial Auto Insurance
- Tools & Equipment Insurance
Example Quote: A small contractor can expect to pay around $400 per year for general liability insurance.
5. Progressive Commercial
In a nutshell: While Progressive Commercial is best known for its auto insurance, they provide more than that- including all sorts of business insurance options designed to help firms with automobile fleets.
Coverage Options:
- General Liability Insurance
- Commercial Auto Insurance
- Workers’ Compensation
- Business Owner’s Policy (BOP)
- Errors & Omissions Insurance
Quote: Single Source said commercial auto insurance for a small delivery business may be around $1,000 per year.
Small Business Insurance Providers at a Glance
| Insurance Provider | Types of Coverage | Sample Quotes |
|---|---|---|
| State Farm | General Liability, Property, Workers’ Comp, BOP | $500/year for BOP (Retail Store) |
| Hiscox | General Liability, Professional Liability, Cyber, BOP | $450/year for Professional Liability |
| The Hartford | General Liability, Workers’ Comp, BOP, Commercial Auto | $1,200/year for BOP (Restaurant) |
| Next Insurance | General Liability, Professional Liability, Workers’ Comp, Tools & Equipment | $400/year for General Liability (Contractor) |
| Progressive Commercial | General Liability, Commercial Auto, Workers’ Comp, BOP | $1,000/year for Commercial Auto (Delivery Business) |
Conclusion
Choosing the right insurer for your small business depends on a number of factors such as what type of business you have, coverage requirements and budget. State Farm and The Hartford have been around for a long time with strong reputations, offering comprehensive packages; in stark contrast to Hiscox or Next Insurance who are newer players targeting small businesses specifically, at lower price points but more customization.
If your business involves many auto-related operations, then Progressive Commercial is a strong candidate. By making a comparison of offerings and quotes you will be able to determine who is the provider that satisfies the needs for your company, leaving it free from problems in order to dedicate yourself completely at its growth.