The 9 Best Small Business Insurance Companies of 2022

Our Best Small Business Insurance 2022:

1. Commercial Insurance.net: Best overall small business insurance marketplace because they make obtaining business insurance convenient and hassle-free.
2. Next Insurance: Best online insurance provider because of it's many online insurance options and digital certificate of Insurance (COI).
3. CoverWallet: Best if you need multiple insurance options because of the wide variety of insurance policies they have.
4. The Hartford: Best options for specialized insurance coverage because they customize insurance packages to get you the best rate.
5. Hiscox: Best insurance for microbusinesses because they have helped hundreds of thousands of small and micro-businesses to get insured.
6. CNA: Best insurance for online businesses because they provide the best cyber risk solutions.
7. Nationwide: Best commercial insurance for multiple commercial insurance types.
8. Chubb: Best business liability insurance company because they sell multiple liability policies to protect your business.
9. State Farm: Largest business insurer because they have over 19,000 insurance agents who operate small businesses.

It is important to consider the best small business insurance options since protecting your business against unforeseen loss is one of the greatest strategies for safely growing a business. 

Most businesses need one or more of the following business insurance types:

• Business owner’s policy (BOP)
• Commercial auto
• General liability
• Commercial property
• Business income
• Professional liability (Errors and omissions)
• Workers’ compensation
• Data breach
• Commercial umbrella

Learn more about the different types of business insurance.

Your type of business and reasons for needing insurance will determine which of the best small business insurance you might want to consider. They each have their own advantages and disadvantages.

1. Commercial Insurance.net: Best Overall Small Business Insurance

If you want the best small business insurance overall, Commercial Insurance.net takes the gold. CommercialInsurance.net has many different insurance policies to cover any type of small business insurance you could need and has an easy, seamless process for acquiring that insurance. They also have a lot of easy-to-understand information about all of their policies, so you can know exactly what you are getting. 

Here is a quick summary of what Commercial Insurance.net offers:

• Business Hazard Insurance
• General Liability Insurance
• Commercial Property Insurance
• Business Owner’s Policy
• Commercial Auto Insurance
• Workers’ Compensation Insurance
• Commercial Umbrella Insurance
• Professional Liability Insurance
• and More!

Pros

• Great customer service
• Get a quote with live and rapid phone support from 8 a.m.–8 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

• Commercial Insurance.net isn't an insurance lender, but a service to find quick quotes

2. Next Insurance: Best Online Insurance Provider

Next Insurance, voted one of the top 50 disruptors of 2022, uses AI and machine learning to provide small businesses with digital access to policies in as little as 10 minutes.

We consider Next Insurance to be the best online insurance provider for small businesses. Next Insurance not only covers all the most common types of business insurance but also offers business insurance by industry in each state, easy-to-share certificates of insurance (COI), and more.

Here is a quick summary of what Next Insurance offers:

• Business Insurance
• Business Owner’s Policy (BOP)
• Commercial Auto Insurance
• Commercial Property Insurance
• Errors and Omissions (E&O) Insurance
• General Liability Insurance
• Hired & Non-Owned Auto Insurance
• Liquor Liability Insurance
• Professional 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

Cons

• No brick-and-mortar locations/branches for in-person transactions
• Some specialized types of insurance products, like key person insurance, are not available

3. CoverWallet: Best if You Need Multiple Insurance Options

If you need multiple types of business insurance, CoverWallet offers a large list of insurance types to choose from. CoverWallet is best suited for businesses needing all types of business insurance without the hassle of applying to multiple companies.

CoverWallet is a good option for online insurance for many businesses since they have access to many insurers. However, CoverWallet is not an actual lender; instead, they act as a third party connecting you with multiple insurance companies. They work to get you approved for whatever type of insurance your business needs, not to mention access to great rates too.

Here is a quick summary of what CoverWallet offers:

• General Liability Insurance
• Workers' Compensation Insurance
• Business Owner’s Policy
• Commercial Property Insurance
• Professional Liability Insurance
• Commercial Auto Insurance
• Umbrella Insurance
• and More!

Pros

• Easy platform to navigate
• Helpful information provided
• Compare across multiple insurers
• Offer many different types of business insurance
• Policies under a single umbrella

Cons

• Quotes are not always timely
• Customer service is hit or miss
• CoverWallet isn’t an actual insurance lender

Read our full CoverWallet Small Business Insurance Review

4. The Hartford: Best 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 CoverWallet does, the fact that The Hartford offers customized insurance packages, leading to lowered rates, makes it one worth checking out. The Hartford has been around for over 200 years, serving millions of small businesses, and The Hartford has maintained a great reputation for delivering some of the best-specialized insurance coverages and rates. 

Here is a quick summary of what The Hartford offers:

• Business Owner’s Policy
• Commercial Auto Insurance
• General Liability Insurance
• Commercial Property Insurance
• Business Income Insurance
• Professional Liability Insurance
• Workers’ Compensation Insurance
• Data Breach Insurance
• Commercial Umbrella 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
• 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.

5. Hiscox: Best Insurance 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. 

Here is a quick summary of what Hiscox offers:

• General Liability Insurance
• Professional Liability Insurance
• Business Owner’s Policy
• Short-Term Liability Insurance
• Cyber Security Insurance
• Workers' Compensation Insurance
• Coverage for 180+ Professions

Pros

• User-friendly 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.

6. CNA: Best Insurance for Online Businesses

CNA offers the best insurance for online businesses, offering cyber risk insurance solutions. They are a great starting point for any size business needing a variety of business insurances. We like CNA because they offer three cyber risk insurance options, and you can pay your bill directly through their website.

Here is a quick summary of what CNA offers:

• CNA Cyber Risk Solutions
• Commercial Package Policy
• Commercial Auto Insurance
• Commercial General Liability Insurance
• Equipment Breakdown Insurance
• Inland Marine Insurance
• CNA International Solutions
• Management and Professional Liability Insurance
• Ocean Marine Insurance
• Professional Liability Insurance
• Property Insurance
• Surety Insurance
• Umbrella and Excess Casualty Insurance
• CNA Warranty and Alternative Risks
• Workers’ Compensation Insurance

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

• Quote generator doesn’t always work
• Small number of customer reviews

7. Nationwide: Best Commercial Insurer

Nationwide is the best small business insurance for businesses needing multiple commercial insurance coverages. They cover agricultural businesses and many other industries and are among the best-rated business insurance companies in the US. 

Here is a quick summary of what Nationwide offers:

• Workers' Compensation Insurance
• Business Income Insurance
• Crime Insurance
• Employment Practices Liability Insurance
• Cyber Liability Insurance
• Errors and Omissions (E&O) Insurance
• Equipment Breakdown Coverage
• Umbrella Insurance
• Inland Marine Insurance
• Accounts Receivable Insurance
• Builder's Risk Insurance

Pros

• Wide variety of coverages
• Mobile app for Android and Apple
• Electronic billing for workers’ compensation
• A+ rating from A.M. Best, A1 rating from Moody’s, and A+ rating from Standard & Poor’s

Cons

• No online chat support
• No online quotes

8. Chubb: Best Business Liability Insurance

Chubb is the best small business insurance company for businesses needing liability insurance because they offer multiple liability insurance policy options. Chubb sells both personal and commercial insurance policies, offering a wide range of commercial insurance products.

Here is a quick summary of what Chubb offers:

• General Liability Insurance (multiple liability options)
• Commercial Property Insurance
• Business Owner’s Policy 
• Professional Liability Insurance
• Product Liability and Inland Marine Insurance
• Commercial Auto Insurance
• Workers' Compensation Insurance
• Environmental Liability Insurance
• Cyber Insurance
• Specialty Casualty Insurance
• Umbrella Insurance 
• Surplus Lines Insurance

Pros

• Vast range of insurance products
• BOP insurance combines general liability and 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

9. State Farm: Largest Business Insurer

State Farm is one of the largest business insurers, given they have more than 19,000 private insurance agents who operate their own small businesses. State Farm agents know what it’s like to operate a small business, so they are experts at helping small businesses with their insurance needs.

That being said, State Farm sometimes denies insurance to business owners and doesn’t have to disclose why they chose not to insure them. They also can sometimes be slow to handle their insurance claims. State Farm is a large, well-known company, which allows them to have many insurance options, but customer service can be the cost.

Here is a quick summary of what State Farm offers:

• Professional Liability Insurance
• Property Insurance
• General Liability Insurance
• Errors and Omissions Liability Insurance
• Employment Practices Liability Insurance (EPLI)
• Not-for-profit Organizational Liability with EPLI

Pros

• 24-hour claim service 
• Excellent financial security
• High customer ratings

Cons

• Complaints of claims being denied
• Discounts are not available in all states

What is the best insurance for small business?

The best insurance for small business depends on your specific small business and what your business needs are. In general, your business will need general liability insurance.

What insurance do I need for small business?

Small businesses need general liability and, depending on the industry you operate, may need additional types of coverages.

Do I need business insurance for an LLC?

If you operate a limited liability company (LLC), you are not legally required to have business insurance. However, it is never a good idea to operate a business without the proper business insurance and coverages.

How much is small business insurance per month?

Small business insurance can range in price from $300 to $1,000 per year for general liability insurance. Depending on your business needs will determine what coverage you need and how much you’ll pay.

Who has the cheapest business insurance?

Many factors determine the rate a business receives when applying for business insurance. It is best to get several quotes to determine the cheapest rate for your specific business.