7 Best Small Business Insurance Companies for LLCs 2022

An LLC can protect your personal assets from business losses, but business insurance protects your business assets. 

We’ve reviewed and found the 7 best small business insurance companies for LLCs by determining which companies can best fit your business’s unique scenario.

Recommended: Next Insurance offers a range of insurance products including Business insurance for your LLC.


Top 7 LLC Insurance Providers

The best LLC insurance provider for your business will depend on your specific needs. While several carriers offer good coverage, specific carriers are particularly well-suited for certain industries, business sizes, and other needs.

Our Approach:

Some of the main criteria for our review included:

  • Available coverage
  • Policy premiums
  • Customer service

Our Best Insurance Providers for LLCs:

  1. Next Insurance: Best overall LLC insurance for small businesses. Next offers affordable coverages specifically tailored to small businesses and has excellent customer service.
  2. CommercialInsurance.net: Excellent LLC insurance for larger businesses. Commercial Insurance makes comparing policies convenient and intuitive, making it easy to check policies that may be suitable for your business quickly.
  3. CoverWallet: Best when you need multiple insurance policies — they have a diverse selection of policy options that can easily be compared.
  4. Hiscox: Best if you're a freelancer or independent contractor — they have policies designed specifically for microbusinesses.
  5. The Hartford: Best if you need highly specialized coverages — they offer many coverage customizations.
  6. Vouch: Best if you have an early-stage startup — they specialize in policies for new and growing businesses.
  7. Chubb: Best if your business has substantial liability risk exposure — they make many liability coverage options available.
  8. State Farm: Best for customer service — they have over 19,000 agents throughout the country.
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Protect Your LLC With Insurance

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1. Next Insurance

Next Insurance specializes in small business insurance, offering affordable policies with online convenience. Single-member LLCs and LLCs that have fewer employees should be considering Next’s policies.

The coverages offered by Next Insurance meet the risk mitigation needs of most small businesses and startups. Small businesses that need basic general liability, commercial property, commercial auto, and workers compensation will find that these are all readily available. So too are slightly more specialized coverages, such as professional liability, errors and omissions (E&O), hired and non-owned auto, tools and equipment, and liquor liability.

Any of the coverages can be purchased individually, or they can be combined in a package policy. Business owners policies (BOPs) are the most basic package insurance policies for small businesses. 

Next also offers more customized package policies for businesses in specific industries. These include customized policies for Amazon sellers, auto service shops, cleaning companies, financial services professionals, food establishments, therapists, and many more small businesses.

Businesses that need highly specialized coverage might find that Next’s offerings and terms are too general for their needs. Small businesses that have fairly standard coverage needs will find that Next Insurance is unique in all that it provides, though. 

Next operates entirely online, which allows the company to provide uncompromising savings and service. Premiums can be kept lower because the company doesn’t have to maintain offices or employ in-field agents. Not only can quotes be quickly obtained through the company’s website, but so too can certificates of insurance that clients might ask for.

Additionally, Next Insurance is a true insurance company in that it handles underwriting and claims in-house. Businesses won’t have to deal with a third party if something happens.

You might not be as familiar with Next Insurance as some of the more historic insurers, because Next was founded in 2016. It’s already won A.M. Best and Demotech awards, however, and it’s proving to be one of the best insurance companies for small businesses.

Next Insurance Featured Coverages

  • Commercial Property Insurance
  • Commercial Auto Insurance
  • Tools & Equipment Insurance
  • General Liability Insurance
  • Professional Liability Insurance
  • Hired & Non-Owned Auto Insurance
  • Workers’ Compensation Insurance

PROS

  • Specializes in policies for small businesses
  • Quick online quotes, and access to certificates of insurance
  • Online services and available phone support
  • In-house claims management
  • Affordable premiums for startup and small LLCs
  • Industry awards and high customer satisfaction scores

CONS

  • Limited specialized coverages for high-risk or larger LLCs
  • Doesn't have any local agents
  • Not available in all 50 states
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Recommended: Next Insurance

Get insurance dedicated to small business LLCs and save money. 

Next Insurance

2. CommercialInsurance.net

Large businesses in particular will find CommercialInsurance.net policies that suit their needs, and identifying the best one or two policies for your business is quick. Additional policy and coverage information is readily available if you have questions.

CommercialInsurance.net Featured Coverages

  • Commercial Property Insurance
  • Commercial Auto Insurance
  • General Liability Insurance
  • Professional Liability Insurance
  • Business Hazard Insurance
  • Commercial Umbrella Insurance
  • Workers’ Compensation Insurance

PROS

  • Recommends coverages through an online questionnaire

  • User-friendly online quotes and helpful information
  • Same terms offered to established businesses and startups
  • Able to add coverages onto policies when needed

CONS

  • Doesn't have any local agents
  • Doesn't offer any phone customer service
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Recommended: CommercialInsurance.net

CommercialInsurance.net offers the most coverage options for large businesses.

CommercialInsurance

3. CoverWallet

CoverWallet offers quotes for an extensive list of business insurance policies, which makes finding multiple policies simple. You’ll find both basic and specialized policies and can compare both coverages and premiums of each option.

CoverWallet Featured Coverages

  • Commercial Property Insurance
  • Commercial Auto Insurance
  • General Liability Insurance
  • Professional Liability Insurance
  • Business Hazard Insurance
  • Commercial Umbrella Insurance
  • Workers' Compensation Insurance

PROS

  • Policy options available from different carriers
  • Finds affordable policies by comparing quotes
  • Clear information about policies and coverages
  • Intuitive and user-friendly website

CONS

  • An online service for finding quotes, rather than an actual insurance carrier
  • Not all quotes are instant, and some can take a while to obtain
  • Review show inconsistencies in customer service
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CoverWallet

Learn if CoverWallet can help you find unique coverage for your LLC in our review.

4. Hiscox

Hiscox serves businesses of all sizes and has thousands of clients. The insurer specializes in independent contractor and freelancer policies that are perfect for single-member LLCs. There are policy solutions for over 180 different professions.

Hiscox Featured Coverages

  • Commercial Property Insurance
  • Commercial Auto Insurance
  • General Liability Insurance
  • Professional Liability Insurance
  • Short-Term Liability Insurance
  • Workers' Compensation Insurance

PROS

  • Only provides business insurance policies
  • Has policies specifically for one-person businesses
  • Offers policies for more than 180 different professions
  • User-friendly online quotes and helpful information
  • High customer satisfaction scores
  • High financial ratings from industry analysts

CONS

  • Maintains only nine offices in the US
  • Parent company is located outside of the US
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Hiscox

Check out our Hiscox review to learn more about Hiscox coverage and value.

5. The Hartford

The Hartford has varied and specialized insurance coverages, which are made available alongside more common coverages. If your LLC is in an industry that has unique risk exposures, The Hartford most likely has the coverages that your industry calls for.

The Hartford Featured Coverages

  • Commercial Property Insurance
  • Commercial Auto Insurance
  • Business Income Insurance
  • General Liability Insurance
  • Professional Liability Insurance
  • Cyber Liability Insurance
  • Commercial Umbrella Insurance
  • Workers' Compensation Insurance

PROS

  • Offers highly specialized insurance coverages
  • User-friendly online quotes and helpful information
  • High financial ratings from industry analysts
  • “World’s Most Ethical Company” according to Ethisphere Institute

CONS

  • Complaints filed with the National Association of Insurance Commissioners
  • Poor reviews on J.D. Power’s “Small Commercial Insurance Study”
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The Hartford

Check out our review of The Hartford and learn more about all of the different policies they have to offer.

6. Vouch

While Vouch can offer policies for established businesses, the carrier specializes in policies for new and growing businesses. If you’re just starting an LLC, Vouch offers affordable basic policies onto which you can add more coverages as needed.

Vouch Featured Coverages

  • Commercial Property Insurance
  • Commercial Auto Insurance
  • Business Income Insurance
  • General Liability Insurance
  • Professional Liability Insurance
  • Commercial Umbrella Insurance
  • Workers' Compensation Insurance

PROS

  • Recommends coverages through an online questionnaire
  • User-friendly online quotes and helpful information
  • Same terms offered to established businesses and startups
  • Able to add coverages onto policies when needed

CONS

  • Doesn’t have any local agents
  • Doesn’t offer phone customer service
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Vouch

Vouch offers more coverage options as small businesses grow.

7. Chubb

Chubb offers a range of business insurance coverages, and the options include many different liability protections. If your profession comes with extensive liability risk exposure, you’ll likely find that Chubb has both the common and the specialized liability coverages you need.

Chubb Featured Coverages

  • Commercial Property Insurance
  • Commercial Auto Insurance
  • General Liability Insurance
  • Professional Liability Insurance
  • Product Liability Insurance
  • Employment Practices Liability Insurance
  • Pollution Liability Insurance
  • Commercial Umbrella Insurance
  • Workers' Compensation Insurance

PROS

  • Numerous liability (and other) insurance coverages
  • Home-based businesses receive discounts
  • Insurance claims department is in-house
  • High financial ratings from industry analysts

CONS

  • Limited online support for new and existing customers
  • Business details are required to get quotes
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Chubb Insurance

Learn more about Chubb’s general liability and professional liability insurance solutions.

8. State Farm

State Farm is among the largest insurance companies, and the company’s size means it provides extensive customer service. You can call or go online, but the best service comes from the 19,000 agents, who are all business owners themselves.

State Farm Featured Coverages

  • Commercial Property Insurance
  • Commercial Auto Insurance
  • General Liability Insurance
  • Professional Liability Insurance
  • Employment Practices Liability Insurance
  • Nonprofit Liability Insurance
  • Commercial Umbrella Insurance

PROS

  • Over 19,000 agents located throughout the country
  • All local agents are business owners
  • 24-hour support for claims
  • High financial ratings from industry analysts

CONS

  • Complaints of claims being denied
  • Not all discounts are available in all states
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State Farm

Check out our State Farm and learn more about their wide range of features and services.

Frequently Asked Questions

What is a BOP?

BOP stands for “business owner’s policy.” This is a common commercial insurance product that virtually all insurers offer, and it’s well-suited for most small businesses. 

Most BOPs come with general liability coverage, commercial property coverage, and business income coverage, and other protections might be added onto these. Compared to purchasing these coverages separately, BOPs tend to offer lower premiums.

How much should LLCs budget for business insurance?

How much LLCs pay for insurance is situationally dependent. A business’s industry, location, size, sales, recent claims history, and many other factors about the business impact rates. So too do the coverages, limits, and deductibles chosen.

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