Last Updated: February 16, 2024, 1:27 pm by TRUiC Team

5 Cheapest Insurance Companies in 2024

Whether you’re looking for the cheapest general liability insurance or niche coverage like marine liability, protecting your business shouldn’t cost a fortune.

In this guide, we’ll review the five cheapest business insurance companies, what they offer, and the average cost of coverage to help you find the best coverage at the lowest cost.

Recommended: Next Insurance offers the best coverage at the best rates. Get an online quote.

Business man and woman going over information on a clipboard.

Cheapest Insurance Companies for Small Business

Cheapest Business Insurance Providers of 2024

Next Insurance

four point seven out of five stars



  • Quoted $200 less than every other provider in our study.
  • Cheapest liability business insurance
  • Quick & seamless online process

The Hartford

four point five out of five stars



  • Excellent general liability insurance pricing
  • Offers niche and specialized insurance policies
  • Get an online quote within minutes


four out of five stars


  • Best pricing for professional liability insurance
  • Coverage for 180+ professional services
  • Offers short-term insurance policies


three point seven out of five stars


  • Optimum Insurance provider for online businesses
  • Extensive cyber risk solutions
  • 24-hour claims assistance hotline


three point five out of five stars


  • Offers a discount for home businesses
  • Not possible to generate an online quote
  • Vast range of insurance products

Top 5 Low Cost Insurance Companies

  1. Next Insurance: Cheapest insurance for small business, including the cheapest business liability insurance.
  2. The Hartford: Best low-cost small business insurance for niche industries.
  3. Hiscox: Cheap professional liability coverage.
  4. CNA: Cheap insurance for tech companies.
  5. Chubb: Affordable policies for high-risk businesses.

1. Next Insurance: Cheapest Insurance for Small Business

One of the top reasons why small business owners love Next Insurance is affordability. When you partner with Next to protect your business, you know you’re getting comprehensive coverage without spending a fortune. The company caters specifically to small businesses and offers common policies, including general liability, professional liability, commercial auto, and also specialized insurances like data breach coverage.

The Next Insurance website is easy to navigate, and everything can be done completely online, from quote to coverage. By answering a few short questions, small business owners are matched with the best coverage for their businesses at the best possible price. You can get instant proof of coverage, access policy documents, and pay premiums from within the online dashboard. Next Insurance operates 100% online, which keeps their overhead low and allows them to pass the savings to small business owners.

Popular small business insurance policies offered at Next include:

  • General Liability Insurance
  • Business Owner’s Policies (BOPs)
  • Commercial Auto Insurance
  • Business Property Insurance
  • Errors & Omissions Insurance
  • Hired & Non-Owned Auto Insurance
  • Liquor Liability Insurance
  • Workers’ Compensation Insurance


  • Quoted $200 less than every other provider in our study
  • Quick & seamless online process
  • Get a quote and purchase a policy in less than 10 minutes
  • Affordable small business insurance based on your budget
  • Same-day proof of insurance
  • iOS and Android app to file online claims, pay premiums, and download COIs
  • Customizable small business insurance policies
  • Convenient online chat support


  • 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. Get a quote instantly.

2. The Hartford: Low-Cost Insurance for Niche Industries

For small business owners that need specialized insurance coverage, The Hartford is one of the best insurance providers with the lowest premiums. Our reviewer found that The Hartford had some of the best rates for niche insurance products like cyber insurance and employment practices liability insurance, beating out other insurance providers by as much as $275 per year. 

While The Hartford may not provide protection for every type of business, they have been trusted by small business owners for over 200 years to protect assets, property, and more. They are also known to process claims quickly. For businesses that need more protection than what’s offered with other common policies, The Hartford is a great, affordable choice.

Some types of small business insurance policies offered by The Hartford 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


  • 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
  • Affordable policies not offered by other providers
  • BOP insurance combines general liability and business property insurance together
  • Easy online quotes


  • 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.

3. Hiscox: Cheap Professional Liability Coverage

If your business provides a professional service, Hiscox is a great choice for professional liability coverage at a competitive price. While rates were about average for policies like general liability and commercial auto insurance, our reviewer found that Hiscox offered cheap professional liability insurance for professionals like lawyers, doctors, real estate agents, and others. In fact, Hiscox offers affordable errors and omissions insurance for over 180 different professional services that may be at risk of lawsuits due to negligence. They are also one of the few providers to offer short-term insurance policies like those needed for one-time events and pop-up shops.

Other types of small business insurance that Hiscox offers include:

  • General Liability Coverage
  • Directors & Officers Insurance
  • Business Owner’s Policy
  • Short-Term Insurance Policies
  • Cyber Liability Insurance
  • Workers' Compensation Insurance
  • Commercial Property Insurance


  • Cheap professional liability coverage (E&O insurance)
  • Get quotes and coverage online in minutes
  • Insures businesses of all sizes including sole proprietors
  • High ratings by major rating firms
  • Educational website and podcast
  • Over 10,000 positive customer reviews


  • Most customer reviews are found on the company’s website.

4. CNA: Cheap Insurance for Tech Companies

Based in Chicago, CNA is a top insurance provider that excels in the world of cyber liability. While the company does offer a wide range of small business insurance policies, the most glowing reviews came from customers who suffered a data breach or cyber attack while maintaining cyber liability insurance through CNA. 

If your small business processes transactions online, deals in sensitive or personal data, or conducts most business online, you may need data breach insurance. Our reviewer did find cyber insurance policies cheaper than those offered by CNA. However, you may decide to go with a company that is known for this type of protection if your small business is considered high-risk.

Additional types of coverage that CNA offers include:

  • Cyber Risk Policies
  • Commercial Auto Insurance
  • General Liability Insurance
  • 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


  • Specializes in business insurance
  • Covers small-, mid-, and large-sized businesses
  • High ratings from all major insurance rating agencies
  • 24-hour claims assistance


  • Some website issues reported
  • Small number of customer reviews

5. Chubb: Affordable Policies for High-Risk Businesses

Chubb is a good business insurance provider for small businesses that may be considered high-risk. If you have been denied coverage from another top insurer, Chubb may be able to help protect your small business, albeit at a higher premium. Our reviewer found that quotes offered by Chubb were up to $150 higher than other providers. However, this may not be a problem if you’re unable to insure your business through another company for whatever reason.

When you first visit the website, you’ll notice the online quote generator is first on the page. Your quote starts by answering three questions, including information about your company’s gross revenue. When testing this feature out, our reviewer didn’t notice a significant difference in premium based on business income. Instead, rates fluctuate more based on the type of business selected and the zip code where the business was located. 

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


  • 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


  • Not as affordable as other top providers
  • Limited online services
  • No rate transparency; must submit business information to obtain a rate quote

Review Approach

We ranked our cheapest small business insurance providers based on the following categories:

  1. Lowest rates
  2. Types of insurance coverages offered
  3. Ease of use
  4. Customer support options
  5. Existing customer reviews
  6. Cost of general liability insurance

First, we visited each small business insurance company to obtain real quotes for an existing business. For each site, we used the exact same business information to ensure that we could compare our results. 

Then, we narrowed down our list to the five cheapest insurance providers based on the quotes we received. Finally, we ranked each insurance company based on the criteria above and identified competitive selling points to help you choose the best insurance for your business.

Interested in Doing Your Own Research?

One of the best ways to save on business insurance is to shop around for quotes. Tivly is an insurance marketplace that pulls quotes from a wide range of top insurance providers to find the best coverage at the best price. By answering one short survey about your business, you’ll receive multiple quotes for popular business insurance policies all within the same platform. If you need multiple policies, Tivly allows you to purchase and manage different policies with multiple insurance providers from the same dashboard. No need to keep track of logins and premium due dates. 

As an insurance marketplace, Tivly isn’t an individual provider but rather a platform dedicated to connecting small businesses with the best business insurance for their situation. They make it very easy to understand coverages with detailed, easy-to-follow policy explanations. While you can complete the entire process online, customer service agents are readily available to help.

A few types of insurance that Tivly presents 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


  • Browse policies and coverage for the best price
  • Purchase and manage policies online
  • Great 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 policies
  • Works with numerous partners to provide coverage for various types of businesses


  • Policies are issued by other insurance providers, not Tivly.
  • No online chat, support is only available by phone
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Types of Business Insurance Coverage

General Liability Insurance

The vast majority of small businesses purchase general liability insurance from an insurance company even though it is not legally required. General liability insurance covers third-party bodily injury, third-party property damage, advertising liability, libel, slander, copyright issue, and other common claims faced by companies across various industries.

Business Owner’s Policy

A business owner’s policy (BOP) is an affordable way to bundle insurance coverages. This type of policy includes commercial general liability insurance with commercial business property insurance. Many small business owners with a physical business space opt for this coverage.

Commercial Auto Insurance

You need to carry commercial auto insurance if your company uses vehicles to transport people or goods. This type of insurance is very similar to personal auto insurance and covers liability, medical costs, collisions, and uninsured/underinsured motorists. A commercial auto policy also covers vehicles rented or owned by your company and employees who use their own vehicles for company business.

Workers’ Compensation Insurance

Taking out workers' compensation insurance puts a limit on the amount and type of compensation that an injured employee may receive. The limits are set by law.

Employee Health/Life/Disability Insurance

Companies that provide health, life, and/or disability insurance as a fringe benefit will need appropriate insurance. Under the Affordable Care Act, firms with more than 50 full-time employees must offer health insurance or pay an expensive penalty.

Professional Liability Insurance

Professional liability insurance covers financial risks to attorneys, accountants, and other people who provide professional services or expertise. Professional liability coverage varies depending on the industry but usually includes negligence, legal defense, slander or libel, and copyright and trademark disputes. 

Professional liability insurance includes errors and omissions (E&O) insurance.

Data Breach Insurance

If your company hosts customers’ personal information on its servers and those servers are hacked, lawsuits and damages can result. Data breach insurance protects you in these cases.

Cyber Liability Insurance

Similar to but more comprehensive than data breach insurance, cyber liability insurance may pay for legal expenses related to a data breach or set up a call center for individuals affected by a breach. It also may pay for active protection against cyberattacks.

Commercial Crime Insurance

Crimes like extortion, forgery, burglary, computer fraud, and embezzlement are covered by commercial crime insurance. Situations in which this type of small business insurance is particularly useful include dishonest or libelous acts by employees.

Fiduciary Liability Insurance

Fiduciaries, who are legally required to act in plan participants’ best interests rather than the company’s when choosing advisors and investments, should consider this type of insurance coverage. It covers them if they are sued for allegedly providing negligent investment advice or administering plans or benefits incorrectly. 

Third parties like out-of-company consultants and benefit plan administrators are usually not protected.

Directors and Officers Insurance

Any company with directors and officers should consider directors and officers (D&O) insurance coverage, a type of liability insurance that reimburses directors and officers for claims made against them regarding harm allegedly caused by their management decisions.

Executive Risk Coverage

Executive risk insurance is business liability insurance that provides coverage for fraud, D&O, employment practices, initial public offerings, pension funds, extortion, and professional negligence.

Cheapest Business Insurance FAQ

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.

Next Insurance is the best online business insurance company that offers a completely digital experience. Small 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.

Owning a limited liability company (LLC) does not exclude your small business from state and licensing requirements. You'll want to research your local requirements for the type of small business you operate to determine what coverage, if any, is legally required.

Learn more in our LLC insurance guide.

The amount of small business insurance you need depends on the type of small 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.

We found that Next Insurance offers the cheapest business insurance policies via their online quote generator. The cost of business insurance will ultimately depend on the type of business, amount of coverage needed, level of risk, and affordability. 

There are multiple types of small business insurance, and together, they cover just about anything your business might face. Learn more in our complete guide to business insurance.

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