Best Small Business Insurance of 2022
The best small business insurance carrier will offer the best coverage at the best price for a variety of policy types.
In this guide, we’ll explore the best business insurance companies, what they offer, and whether they’re a good fit for your unique business.
Recommended: Protect your small business in just a few minutes with Next Insurance. Get an online quote.
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Next Insurance
4.7/5 |
BEST FOR SMALL BUSINESS OWNERS
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Tivly
4.5/5 |
BEST OVERALL INSURANCE MARKETPLACE
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The Hartford
4/5 |
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Hiscox
4.25/5 |
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CNA
3.75/5 |
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Chubb
3.5/5 |
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There are dozens of small business insurance providers to choose from. We set out to find the best providers and we matched them to unique business types when possible.
Most of the providers that made our list offer online quotes so that you can get coverage for your business today.
Top 6 Insurance Companies for Small Business:
- Next Insurance: Best online business insurance with fast and simple sign-up.
- Tivly: Best small business insurance marketplace.
- The Hartford: Good for specialized coverage and custom packages.
- Hiscox: Good for microbusinesses.
- CNA: Good for tech companies.
- Chubb: Good for high-risk businesses.
1. Next Insurance: Best Online Business Insurance
Next Insurance has streamlined the process of getting business insurance coverage completely online and in just a few minutes. Named one of the “Top 50 Disruptors of 2022” by CNBC, Next Insurance uses AI and machine learning to provide the best small business liability insurance options catered to unique business needs.
We consider Next to be the best small business insurance company for business owners looking to get fast, quality coverage without walking into an agency or sifting through aggressive sales pitches. Next Insurance not only offers the most common types of small business insurance but also offers specific insurance products by industry in each state, instant digital certificate of insurance (COI) downloads, and more to make the process easier than ever. Using their user-friendly mobile app, you can easily pay premiums, access policy documents, and even file liability claims on the go with rapid response times.
Due to their focus on small businesses exclusively, we found their rates to be slightly lower on average than larger insurance providers.
Some types of insurance policies that Next Insurance offers include:
- General Liability Insurance
- Business Owner’s Policies (BOPs)
- Commercial Auto Insurance
- Commercial Property Insurance
- Professional Liability Coverage (Errors and Omissions Insurance)
- Hired & Non-Owned Auto Insurance
- Liquor Liability Insurance
- Tools & Equipment Insurance
- Workers’ Compensation Insurance
Pros
- Same-day insurance coverage
- iOS/Android app for easy access to your COI, to file claims, and to change policy type
- Get a quote and purchase a policy in less than 10 minutes
- Easy-to-use scheduler so your insurance can start on a precise date
- Competitive premiums designed for small businesses
- Customizable policies
- Convenient online chat support
Cons
- No brick-and-mortar locations/branches for in-person transactions
- Some specialized types of insurance coverage, like key person insurance, are not available
Find the Right Coverage for Your Business
Next Insurance is a fully online provider dedicated to low-cost, high-protection coverage for small businesses.
2. Tivly: Best Business Insurance Marketplace
If you’re looking for a marketplace with the best quotes for business insurance, Tivly takes the gold. Tivly has gathered a wide range of small business insurance companies in one place to help you narrow down the search for a policy that meets your business's unique needs. Small business owners that may be considered high-risk can find what they are looking for with Tivly.
It's important to note that Tivly is an insurance marketplace instead of an individual provider. The goal of this company is to make your search more simple by showing you the top business insurance policies for your situation and streamlining the signup process. By submitting one online form, you'll receive multiple quotes for commercial insurance products from several competitors, most of whom are on this list. You'll also get a quick rundown of each policy so that you know exactly what you're signing up for.
A few types of coverage that Tivly offers include:
- General Liability Insurance
- Lost Income Insurance (Business Interruption Insurance)
- Business Hazard Insurance
- Commercial Property Insurance
- Business Owner’s Policy
- Commercial Auto Insurance
- Workers’ Compensation Insurance
- Commercial Umbrella Insurance
- Professional Liability Insurance
Pros
- Great customer service
- Live and rapid phone support from 8:00 a.m.–8:00 p.m. Monday to Saturday
- Easy-to-navigate website
- Offers a lot of information about their different insurance options
- Works with numerous partners to provide coverage for various types of businesses
- Great pricing options
Cons
- Policies are issued by other insurance providers, not Tivly.
Your Business Needs Insurance
Find out which policies your business needs and how much it will cost by getting a free quote.
3. The Hartford: Best for Specialized Insurance
The Hartford is a great insurance solution for businesses that need specialized insurance coverage. Though the insurance may not cover every type, as services like CoverWallet do, The Hartford offers customized insurance packages with only the coverage you need which can save you hundreds long-term. For over 200 years, The Hartford has served millions of small businesses while maintaining a great reputation for delivering some of the best specialized commercial insurance coverages and rates.
Some small business policies that The Hartford offers include:
- Business Owner’s Policy
- Commercial Auto Insurance
- General Liability Insurance
- Commercial Property Insurance
- Lost Business Income Insurance
- Business Interruption Insurance
- Professional Liability Insurance
- Workers’ Compensation Insurance
- Cyber Insurance
- Commercial Umbrella Insurance
- Employment Practices Liability Insurance
Pros
- Long history with an A+ financial strength rating through A.M. Best
- Many small business insurance types
- Named "World’s Most Ethical Company" by Ethisphere Institute
- BOP insurance combines general liability and business property insurance together
- Easy online quotes
Cons
- Not a good option if you prefer an industry-specific insurer
- Poor J.D. Power "Small Commercial Insurance Study" reviews
- Complaints through the National Association of Insurance Commissioners.
Read our full The Hartford Small Business Insurance review.
4. Hiscox: Best for Micro-Businesses
Hiscox is the best small business insurer for micro-businesses since they have helped thousands of small and micro-businesses get insured. Hiscox has a dedicated team of small business professionals who focus only on helping small businesses get the right types of coverage at the best prices.
Types of business insurance that Hiscox offers:
- General Liability Coverage
- Professional Liability Coverage
- Business Owner’s Policy
- Short-Term Insurance Policies
- Cyber Insurance
- Workers' Compensation Insurance
- Coverage for 180+ professional services
Pros
- User-friendly online quote generator
- Insures businesses only
- Serves businesses of all sizes
- High ratings by major rating firms
- Educational website and podcast
- Over 10,000 positive customer reviews
Cons
- Most customer reviews are found on the company’s website.
Read our full Hiscox Small Business Insurance review.
5. CNA: Best for Tech Companies
CNA offers the best insurance for online businesses, offering cyber risk insurance solutions. If your company deals in personal or financial information or may be at risk of data breaches or online attacks, CNA offers comprehensive cyber liability policies at the best prices. We like CNA because they offer three cyber risk insurance options, as well as other niche insurance products not found with other providers.
Types of coverage that CNA offers include:
- Cyber Risk Policies
- Commercial Auto Insurance
- General Liability Policies
- Equipment Breakdown Insurance
- Inland Marine Policies
- Professional Liability and Management Insurance
- Ocean Marine Insurance
- Business Property Coverage
- Surety Insurance
- Umbrella and Excess Casualty Insurance
- Workers’ Compensation Coverage
Pros
- Specializes in business insurance
- Covers small-, mid-, and large-sized businesses
- Covers over 180 niche businesses
- Eighth largest business insurance provider in the US
- High ratings from all major insurance rating agencies
- 24-hour claims assistance
Cons
- Online quote generator doesn’t always work
- Small number of customer reviews
Read our full CNA Small Business Insurance review.
6. Chubb: Best for High-Risk Businesses
Looking for an insurance provider that offers business insurance to high-risk businesses? Chubb offers policies that cater specifically to certain types of risk that other providers may not, including environmental liability insurance and specialty casualty insurance. This is great for small business owners that may have been denied coverage by other companies due to the nature of their business or activities. Chubb also offers a wide range of personal and commercial insurance policies, making it easier to manage all of your insurance policies under one roof.
Types of business coverage that Chubb offers include:
- General Liability Insurance (multiple liability options)
- Commercial Property Coverage
- Business Owner’s Policy
- Professional Liability Insurance
- Product Liability and Inland Marine Insurance
- Commercial Auto Insurance
- Workers' Compensation Insurance
- Environmental Liability Insurance
- Cyber Liability Insurance
- Specialty Casualty Insurance
- Umbrella Insurance
- Management Liability Insurance
Pros
- Vast range of insurance products
- BOP insurance combines general liability and commercial property insurance together
- Discounts for home businesses
- Friendly insurance company for startups
- In-house claims department
- High insurance ratings from top rating agencies
Cons
- Limited online services
- No rate transparency; must submit business information to obtain a rate quote
Read our full Chubb Small Business Insurance review.
Types of Small Business Insurance
While it’s important to consider all of your options for protecting your business, you may want to start with the best type of coverage suited to your particular business.
Most businesses need one or more of the following business insurance types:
- Business Owner’s Policy (BOP)
- Commercial Auto Insurance
- General Liability Insurance
- Commercial Property Insurance
- Business Income Insurance
- Professional Liability Insurance (also known as “Errors and Omissions” or “E&O” Insurance)
- Workers' Compensation Insurance
- Cyber Liability Coverage (also known as Data Breach Insurance)
- Commercial Umbrella Insurance
Your type of business, level of risk, and affordability will determine which business insurance policies you might want to consider.
Before committing to a particular policy, business owners should weigh the costs of various policies and financial protection offered against the potential risks associated with their type of business.
Learn more about the different types of business insurance with our guide.
Best Small Business Insurance Review Methodology
Our Approach:
Choosing the best business insurance comes down to five things:
- The type of business you have
- The type of coverage you need
- The best policy value
- The claims filing process
- Great customer service
First, we narrowed it down to the six best small business insurance providers, most of whom offer online quotes so that you can get coverage for your business today.
Then, we analyzed coverages offered, policy details, pricing, and other aspects to determine which type of business each provider would be most suited for small business owners.
Finally, we've identified competitive selling points like excellent customer service and niche industry offerings that make each business insurance company unique.
Find the Best Insurance Providers in Your State
We’ve compiled state-specific guides to help you find the best insurance providers:
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- Washington D.C.
- West Virginia
- Wisconsin
- Wyoming
Small Business Insurance FAQ
What is the best insurance for small business?
The best insurance for small businesses depends on your specific small business and what your business needs are. To get started, most businesses will benefit from carrying general liability or business owner’s policies.
What business insurance companies offer online quotes?
Next Insurance is the best online business insurance company that offers a completely digital experience. Business owners can get a quote, sign up for business insurance policies, get proof of coverage, and file claims all from the Next Insurance website or via mobile app.
What insurance do I need for small business?
Small businesses need general liability insurance. Depending on the industry you operate in, your business may need additional types of coverage.
Do I need business insurance for an LLC?
Owning a limited liability company (LLC) does not exclude your business from state and licensing requirements. You'll want to research your local requirements for the type of business you operate to determine what coverage, if any, is legally required.
How much does small business insurance cost?
The amount of insurance you need depends on the type of business you operate. The average cost of small business insurance typically ranges between $700 and $3,800 per year. Costs will vary depending on factors such as location, type of work, number of employees, type of insurance policy, and more.
Who has the cheapest business insurance?
Many factors determine the quote a business receives when signing up for business insurance. The best way to find the lowest-cost business insurance is to get several quotes from top providers.