Best Small Business Insurance Companies of April 2023
Business Insurance Companies gives vital financial security against a wide range of dangers, giving owners of operating company’s peace of mind. Commercial property insurance and commercial liability insurance are both included in a business owner’s policy (BOP), which is a collection of business insurance protections. It may also include business interruption insurance, which replaces revenue following a covered loss. Many company owners also require worker’s compensation insurance, commercial car insurance, and professional liability insurance, all of which can be added to your BOP or purchased independently.
Using 53 criteria in the following categories—cost (25%), quote and application experience (25%), and customer satisfaction (15%), coverage (15%), accessibility (10%), and financial stability (10%) — we evaluated 19 national and regional insurers that provide small business insurance.
Best Small Business Insurance Companies of April 2023
- Best Overall: Next
- Best for Independent Contractors: Hiscox
- Best Restaurant Insurance: Huckleberry
- Best for Financial Stability: BiBerk
- Best Budget Coverage: Thimble
Best Overall: Next
Why We Chose It
Next offers a quick and easy solution to obtain a variety of inexpensive small business insurance coverages online in just a few minutes. However, you also have the choice of chatting with a local U.S.-based advisor.
Pros
- Offers a live certificate of insurance for easy sharing
- Customize your business insurance policy with a variety of coverages
- 100% online quote and application with assistance available
Cons
- Fewer specialized coverages than some other companies
Overview
For same-day coverage, next offers a comprehensive range of commercial insurance coverage options that may be acquired online. Next provides a company owner’s policy, commercial car insurance, worker’s compensation protection, professional liability protection, tools & equipment protection, and more. Owner’s coverage for businesses start at about $400 annually.
The business also provides a range of free digital tools for managing policies, such the ability to swiftly add more insureds and share a live certificate of insurance. Customers who qualify can make monthly payments and receive discounts that can save them up to 25%. AM Best has rated Next Insurance’s financial strength as A- (Excellent). Other businesses, nevertheless, provide more upgrades and unique coverages, such cyber liability insurance.
Best for Independent Contractors: Hiscox
Why We Chose It
Hiscox is our top recommendation among small commercial insurance carriers for the finest independent contractor insurance since it provides a variety of options for freelancers.
Pros
- Customization options for independent contractors
- Monthly payments with no fees
- Offers short-term liability insurance
Cons
- Higher than expected number of complaints with the NAIC
Overview
A simple business owner’s policy (BOP) is available from Hiscox, and it may be tailored to include coverage for things like professional liability insurance, electronic data loss insurance, and business interruption insurance. Both professional liability and general liability insurance are available as stand-alone policies, and you may obtain any coverage as needed for short-term assignments. Additionally, Hiscox enables monthly payments for your company insurance coverage, which can assist independent contractors in better managing their cash flow.
Hiscox has an AM Best grade of A (Excellent), which denotes very strong financial standing. Given its size, the firm did, however, get a few more complaints than anticipated during the last three years.
This suggests that Hiscox could experience challenges with client satisfaction. BOPs begin at about $500 annually.
Best Restaurant Insurance: Huckleberry
Why We Chose It
For brick and mortar restaurants, caterers, food trucks, and more, Huckleberry provides a range of necessary restaurant insurance and food company insurance coverages.
Pros
- Policies underwritten by Markel and Chubb
- Excellent customer service reviews on Trustpilot
- 100% online quote and application
- Wide range of customization options
Cons
- Doesn’t offer employee benefits packages
Overview
Huckleberry’s business owner’s insurance includes an endorsement for restaurants as an add-on. It is a collection of coverages tailored specifically for food, such as insurance against food spoilage and equipment used by the law or ordinances. Additionally, you may alter your company insurance plan as necessary by adding workers compensation, commercial car, and liquor liability coverage. Customers who purchase small business insurance frequently praise Huckleberry’s customer care on Trustpilot, which comes as no surprise.
Additionally, Markel or Chubb underwrite the majority of insurance. Am Best has given both businesses high financial strength ratings, and over the past three years, they have had less complaints than anticipated. Huckleberry provides a totally online estimate and application procedure, similar to Next Insurance, so you may rapidly obtain coverage for your small business. Additionally, you may obtain an online certificate of insurance for clients in less than a minute.
General liability, commercial property, and business interruption insurance are all included in Huckleberry’s BOP, and the cost is fair. A BOP, for instance, starts at $37 a month for a food truck.
Best for Financial Stability: BiBerk
Why We Chose It
BiBerk is supported by Berkshire Hathaway and has received the highest financial strength grade, an A++ (Superior) from AM Best. It also provides a wide range of industry-specific coverages.
Pros
- Backed by Berkshire Hathaway Group
- Online quote and application
- Excellent customer service reviews
- Dozens of endorsements to enhance a BOP
Cons
- Doesn’t offer group employee benefits
Overview
BiBerk is a subsidiary of the Berkshire Hathaway Group, a leader in the business insurance sector with decades of expertise. All of BiBerk’s underwriters have been given an AM Best rating of A++ (excellent), which denotes excellent capacity to fulfil financial commitments to policyholders. Additionally, you may acquire a quotation and submit an application for coverage promptly, both online. On third-party platforms like Facebook and Trustpilot, policyholders have positive things to say about the service and coverage.
With business owner’s policies, commercial car insurance, worker’s compensation insurance, umbrella insurance, professional liability insurance, and general liability policies, BiBerk can accommodate the demands of the majority of small enterprises. Your company owner’s insurance might include endorsements for specific risks and industries, such as liquor liability and cyber liability protection. BiBerk BOPs begin at $500 annually.
Best Budget Coverage: Thimble
Why We Chose It
General liability insurance plans from Thimble start at $5 per hour, while professional liability insurance policies start at $10.20 per hour.
Pros
- Offers monthly and on-demand coverage options
- On-demand liability policies start at $5 per hour
- Offers event insurance
- Occurrence-based policies
- Excellent reviews on Trustpilot
Cons
- Limited to businesses with less than $5 million in revenue
- Doesn’t offer commercial auto insurance
Overview
Thimble is a fantastic solution for small businesses in need of immediate, brief, cost-effective small business insurance, especially those wishing to get protection for an occasion or on-demand. General liability, commercial property insurance, business interruption insurance, as well as professional liability, worker’s compensation, and business equipment protection are all covered under the company’s business owner’s policy.
But the firm doesn’t offer business vehicle insurance. Since Thimble exclusively serves companies with less than $5 million in year revenue and less than $2 million in annual payroll, bigger small enterprises will need to search elsewhere for coverage. It should also be noted that some coverages are only accessible in certain areas. For example, while you may get professional or general liability insurance anywhere, personal property insurance and cyber insurance are not.
On Trustpilot, clients have nothing but positive things to say about how simple the application procedure is. Online or through an app, you may get a quotation and purchase coverage. Several reviewers also mentioned how responsive and communicative Thimble’s customer service team was. Each of the insurance providers that Thimble partners with has at least an A- (Excellent) rating from AM Best. Thimble plans offer more comprehensive coverage than claims-made policies since they are occurrence-based. Even if you’ve now cancelled your company insurance coverage, you’re still protected for occurrences that have place during that time.
