Did you know most of our readers choose The Hartford for their professional and business insurance needs?

Business insurance is necessary to protect your livelihood. It’s is a vast category of insurance coverage specifically designed for businesses. This coverage guards your business against financial losses from physical damage to your company property or products, intellectual losses or even legal damages through a lawsuit. 

Your business risks closing after a loss — especially if you don’t have the right insurance. Take a look at Benzinga’s guide to learn more about types of business insurance, associated costs and our top picks for the best business insurance providers. 

Quick Look – Best Business Insurance

1. Hartford

The Hartford has the business insurance knowledge you need. The company takes pride in customizing each insurance policy to meet your specific requirements and save you money. HIG serves large corporations, sole proprietors and mid-sized businesses.

Policies include event insurance, employment practices liability, directors and officers, bonding and surety, flood insurance, restaurant insurance, loss of business income, workers’ compensation, technology omissions and errors and more.

get started Call Now securely through The Hartford’s website
Same Day Coverage?
Yes
Online Application?
Yes
1 Minute Review

The Hartford is a leader in casualty and property insurance. It brings more than 200 years of experience in developing and providing insurance products. The company uses a quote-based pricing scheme to offer insurance in 2 main segments: commercial and personal lines. 

Its commercial segment serves over 1 million small businesses. The personal segment offers only nationally-endorsed home and auto insurance through the AARP® Insurance Program. The Hartford sells its products mainly through a network of independent brokers and agents. 

The company is also a 12-time honoree for the world’s most ethical companies according to The Ethisphere Institute. It delivers the name recognition and reputation of an experienced insurance carrier.

Best For
  • Those looking for an experienced insurance provider
  • Multiple coverage options with 1 carrier
Pros
  • More than 200 years of insurance experience
  • Provides online quotes
  • Has a solid financial rating
  • Offers a wide range of commercial insurance products
Cons
  • Pricing is entirely quote-based

2. CoverWallet

Shopping for business insurance can be a tedious process. It takes time to collect and review quotes and coverage unless you visit CoverWallet. CoverWallet makes it easy to get quotes from multiple insurance providers. 

With CoverWallet, you can start by talking with an insurance advisor or start directly with quotes. You can get quotes from multiple reputable insurers, including Hiscox, Chubb and Progressive. Choose from a wide range of coverage options to protect every area of your business, including workers’ compensation, general liability and commercial property insurance. 

Once you decide on your insurance coverage, you can manage your policies through MyCoverWallet. This online dashboard allows you to send copies of your insurance certificates when needed, file claims and pay premiums. It keeps your policies organized and allows you to reach out to an expert at any time. 

CoverWallet also offers extensive educational resources. You can review its recommended coverage by industry. You can also dig into more specific information based on your industry, location, number of employees and annual revenue. 

get started securely through coverwallet’s website
Same Day Coverage?
No
Online Application?
Yes
1 Minute Review

Shopping for business insurance can be a tedious process. It takes time to collect and review quotes and coverage unless you visit CoverWallet. CoverWallet, an Aon company, makes it easy to get quotes from multiple insurance providers.

With CoverWallet, you can start by talking with an insurance advisor or start directly with quotes. You can get quotes from multiple reputable insurers, including Hiscox, Chubb and Progressive. Choose from a wide range of coverage options to protect every area of your business, including workers’ compensation, general liability and commercial property insurance.

Once you decide on your insurance coverage, you can manage your policies through MyCoverWallet. This online dashboard allows you to send copies of your insurance certificates when needed, file claims and pay premiums. It keeps your policies organized and allows you to reach out to an expert at any time.

CoverWallet also offers extensive educational resources. You can review its recommended coverage by industry. You can also dig into more specific information based on your industry, location, number of employees and annual revenue.

The one drawback to the CoverWallet is that it doesn’t have a mobile app. You can still access the site through your mobile browser and you can call any time for assistance. Overall, CoverWallet makes it easy to shop for and buy business insurance, and it’s an excellent fit for small businesses and the self-employed.

Best For
  • Self-employed
  • Start ups
  • Small to medium businesses
Pros
  • Can get multiple quotes easily
  • Can learn about recommended insurance for your industry
  • Offers many types of insurance
Cons
  • No mobile app

3. Thimble

Business insurance is an important part of every small business’s toolkit. Whether you’re a freelancer, business owner, or have 20 employees, there are coverage options available to fully protect your business. With flexible options from Thimble, you can get by-the-job coverage (for as little as an hour), or monthly or annual policies to cover your business round-the-clock. Some of the most essential coverages include:

  • General liability insurance, which protects a business against third-party claims of non-employee bodily injury, property damage, and personal and advertising injury.
  • Commercial property insurance, which covers a business’s property and items on the premises from accidental loss, damage or theft.
  • Workers’ compensation, which helps protect you from liability if an employee is injured or gets sick at work. 

You can learn more about these coverages, along with others including Business Equipment Protection, business owners policies, professional liability, on their website.

Buy a policy online at Thimble.com, in the mobile app, or over the phone in minutes and get an instant Certificate of Insurance. Get to work before the other guys even call you back.

get started securely through Thimble Business Insurance’s website
Same Day Coverage?
Yes
Online Application?
Yes
1 Minute Review

It’s not often that you see something new in the insurance space but Thimble has come up with something unique — flexible small business insurance. You can buy liability insurance policies by the month, the day or even by the hour. Even better, you can apply in under 60 seconds. In this Thimble review, we’ll dive into how it works and how it can benefit your business. 

Best For
  • Handymen, landscapers and contractors
  • Self-employed individuals
  • Seasonal business owners
  • Freelancers who do multiple types of work
Pros
  • Flexible general liability and professional liability policy options
  • Fast application process
  • Ability to pause monthly coverage
  • High-quality mobile apps
Cons
  • No 24/7 Customer Support

4. Simply Business

With Simply Business you can compare quotes and coverage options from multiple companies to determine what’s best for you. Simply Business works with top providers like Hiscox, Travelers and Axis Insurance Company. 

You can get policy options online in less than 10 minutes, and if you need more guidance or have questions, its licensed agents are just a phone call away. 

Simply Business is a great fit for businesses and sole proprietors. You can look at its recommended insurance options based on the type of work you do, whether it’s landscaping, accounting or photography. 

While Simply Business doesn’t handle your claim directly (the provider you decide to purchase from does), it’s there to help you if you run into any issues. It can get you new copies of your policy documents and help you get in touch with your provider if you need assistance. 

Get started securely through Simply Business’s website
Same Day Coverage?
Yes
Online Application?
Yes
1 Minute Review

When you’re a small business owner, you have a lot on your plate. Finding the best insurance policies for your business probably isn’t on the top of your list. Simply Business makes it easy to get the coverage you need. It’s a digital small business insurance agency, which means it offers coverage from multiple insurance carriers. 

With Simply Business you can compare quotes and coverage options from multiple companies to determine what’s best for you. Simply Business works with top providers like Hiscox, Travelers and Axis Insurance Company. 

You can get policy options online in less than 10 minutes, and if you need more guidance or have questions, its licensed agents are just a phone call away. 

Simply Business is a great fit for small businesses and sole proprietors. You can look at its recommended insurance options based on the type of work you do, whether it’s landscaping, accounting or photography. 

While Simply Business doesn’t handle your claim directly (the provider you decide to purchase from does), it’s there to help you if you run into any issues. It can get you new copies of your policy documents and help you get in touch with your provider if you need assistance. 

If reviewing or buying business insurance has been on your to-do list, Simply Business is an excellent place to start. You can get a quote while you take a coffee break. 

Best For
  • Small business owners
  • Sole proprietors
Pros
  • Quick quote process
  • Licensed agents to assist you
  • Can choose from top insurance providers
Cons
  • No mobile app

5. Next Insurance

Next Insurance offers a range of unique policies that help you insure every aspect of your business. When you register online with Next, you can purchase several different policies depending on the expanse of your business or the specific coverage you require, including:

  • General liability
  • Property damage
  • Bodily injury
  • Advertising damages
  • Commercial property
  • Business owner’s policy
  • Workers’ compensation
  • Professional liability
  • Liquor liability
  • Commercial vehicle

Because selections at Next are so diverse, you can easily insure your business or discuss your options with a friendly customer service agent. Specializing in sole proprietorships and businesses with less than 25 employees, Next can generally help you save up to 30% on your policy.

get started securely through Next Business Insurance’s website
Same Day Coverage?
N/A
Online Application?
Yes
1 Minute Review

NEXT is a business insurance provider dedicated to helping small business owners find affordable, customized policies that fit the unique risks of their industry. NEXT offers a complete suite of the most common business insurance protections that you might need, and you can apply for a policy entirely online.

Getting insurance through NEXT takes less than 10 minutes — simply choose your business type, answer a few questions about your experience and history and purchase coverage. You can adjust your policies and coverage limits to balance cost and protections with just a few clicks. 

Though NEXT’s 100% online model might not be right for everyone, it can be a strong contender for digital natives in search of affordable insurance. 

Best For
  • Small business owners looking for quick, affordable coverage available online
Pros
  • Apply for a policy in as little as 10 minutes
  • Policies customized to industry type and need
  • Discounts available on bundled policies
Cons
  • No option for paper policy application
  • May need to connect with a representative if your occupation isn’t listed

6. B2Z Insurance

Running a business is no easy feat, and neither is finding the just-right policy for your business. B2Z is the digital solution for busy entrepreneurs, contractors, field operators, service industries and more. Get coverage you can customize to meet the unique needs of your business, fast — B2Z will deliver a coverage decision in just a few minutes. 

There’s other ways that B2Z is built for the business owner, too. First, B2Z will help ease the transition from your old policy to your new one by canceling your existing policy for you (so no hemming and hawing your way out of “please stay!” phone call with a pushy salesperson.) You can also choose your coverage start date, your payment schedule and manage your account on the go from their digital platform.

Need a little help choosing the right coverage? Diya, B2Z’s digital assistant, is there to guide you through each step whenever you need some help.

B2Z offers the following types of insurance policies:

Get Started securely through B2Z’s website
Disclosure: B2Z is available in the following states: Arizona, Colorado, Georgia, Idaho, Illinois, Indiana, lowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, North Carolina, Oregon, Pennsylvania, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin.
Same Day Coverage?
N/A
Online Application?
Yes
1 Minute Review

Tired of buying insurance for your small business the old-fashioned way? Forget about waiting around for that insurance agent to call you back. Now, B2Z has launched a full suite of insurance policies, including cyber insurance, workers’ compensation, professional liability and business owner’s policies (BOP). The B2Z platform uses AI to create personalized coverage just for you—all in as little as 5 minutes.

B2Z offers small business insurance in a language everyone understands. Easy applications, mobile claims and digital quotes are just a few of the ways B2Z makes buying insurance for your business fast and easy. Affordable, too.

Best For
  • One-Stop-Shop Coverage
  • Shopping Online
  • Hassle-Free Cancelation for Old Policy
Pros
  • User-friendly online portal
  • Multiple products
  • Digitally-based
  • AI-driven
  • Data sourcing
Cons
  • No phone call needed
  • No brick and mortar
  • Too fast-paced for some

7. Progressive

Progressive is a trusted car insurance provider, so it’s a great option if your business has a commercial fleet. Trucking businesses with tractor-trailers and long-haul semi-trucks can benefit from Progressive’s comprehensive coverage. 

Save up to 5% on premiums if you have been in operation for at least 3 years. A 15% discount off your commercial auto policy is also available if you pay everything upfront. 

Progressive also offers cyber insurance, business owner policies, professional liability, workers’ compensation and general liability insurance. The company also sells “any auto coverage” that covers vehicles you or your employees own and use for business purposes.

get started securely through Progressive’s website

The Main Types of Business Insurance

Just being in business brings risk, and you can’t plan to pay out of pocket for the unexpected. Even if you operate a smaller business, you’ll need several types of policies to guard against your possible losses. Here are the common insurance types most businesses need to look into.

General Liability 

Also known as business liability insurance, general liability insurance covers you if you, your employee, your services or products cause bodily injury or property damage to 3rd parties. General liability provides coverage for all your legal expenses and damages if you’re sued, as well as the medical fees of those who are harmed by your business.

Product Liability

Product liability is a must if you’re a manufacturer, retailer or distributor. This type of insurance covers property damage and bodily injury resulting from the manufacturing, handling, distribution or sale of a product. The coverage also includes representation and warranties, as well as coverage for providing instructions and warnings. Product liability provides coverage in the case of product malfunction. 

Commercial Property

Commercial property coverage is essential if your business has a physical presence. This policy covers not only your business premises but also your assets, including furniture and computers, as well as inventory crucial to the operation of your business.

You also have protection in case of theft, fire or smoke damage. Consider adding on loss of earning or business interruption insurance to cover income lost if the property is damaged to the point your business can no longer operate.

Workers’ Compensation

Workers’ compensation insurance covers employees injured on the job. This includes medical benefits and wage replacement — no matter who’s at fault. In exchange for the benefits, your employees give up the right to sue you for the accident. Most states require employers who have at least 3 to 5 employees to carry workers’ compensation. The penalty for non-compliance can be hefty.

Professional Liability

Also known as errors and omissions insurance, professional liability insurance provides coverage when you do not perform your professional services as promised — even when you don’t make a mistake. This can include improper performance, faulty advice, incorrect recommendations and more. Every profession has specific concerns that should be addressed through a customized policy.

Commercial Auto

A commercial auto policy insures any vehicle you use in your business operations. It pays for bodily injury or property damage caused by the operation of your business vehicles. If you don’t have company vehicles but employees use their personal vehicles for business operations, you should buy non-owned auto liability in case your employee doesn’t have insurance or coverage is inadequate.

How Much Does Business Insurance Cost?

The cost of business insurance is difficult to predict since it’s based on numerous factors. Nevertheless, online resources like Insureon can help you perform your own estimate with quotes from a variety of carriers. According to its calculator, a business can expect to pay a median of $40 monthly premiums or $500 annually for general liability insurance. Adding additional policies will increase that premium.

What Determines the Cost of Your Business Insurance Premiums?

Your insurer considers numerous factors to determine your policy premium. An agent will need the following to customize your coverage:

  • Size of your business. The physical area covered by your business (in square footage) will affect your premiums. The larger the area, the more you pay.
  • Number of employees. The number of employees on your payroll will influence the cost of your policy. You should expect to pay higher premiums if you have more employees. You will also need to buy workers’ compensation insurance.
  • Your industry. Businesses carry different risks based on their industry. Your insurer will assess your application based on this risk. You’ll pay higher premiums if your business operates in a hazardous industry, such as logging or electrical power line installation.
  • Location. The cost of business insurance also differs by state. Local information like population, geographical risks and the laws come into play. Commercial property insurance is particularly affected by location since your business may be located in an area prone to crime or natural disasters.
  • Claims history. Your claims history also affects the cost of your premiums. You’ll pay less if you have no prior claims history and more if you’ve made frequent claims in the past.
  • Years of operation. Lower premiums are available for well-established businesses with increasing revenue.

Although these factors will affect the rate of your premiums, it’s still smart to shop for discounts. Look at bundling policies, choose a higher deductible or pay your premiums upfront in full to save.

Find the Best Business Insurance

Your business can easily overcome the unexpected with the right coverage. It isn’t all about the right coverage, it’s also about having the right carrier. 

Your insurance provider will have an important impact to ensure your coverage is comprehensive and your premiums are affordable. Once you’ve purchased your policies, you also want to be sure quality service is maintained when you go through the claims process at some point. You might eventually choose different carriers for different policies or buy all coverages from 1 insurance provider.

Do some comparison shopping and identify instances where you can save on your policy. Our recommended providers can serve businesses in almost any industry. Enter your ZIP code for a free quote today.

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