Best Small Business Insurance Companies of 2024

Small business insurance is crucial for protecting your company against unforeseen events, such as fires, employee injuries, and client accidents. With the right coverage, you can safeguard your assets and ensure your business continues to operate smoothly. This article provides a detailed overview of the best small business insurance companies in 2024, helping you choose the most suitable provider for your needs.

Top Small Business Insurance Companies

• Rating: 4.7
• AM Best Rating: A+
• Can File Claims Online: Yes
• Pros: Includes equipment breakdown coverage in its standard business owners policy (BOP), offers multiple quote options.
• Cons: May not offer stand-alone commercial property policies; policy changes may require direct contact with an agent.
• Coverage: General liability, commercial property, business income, equipment breakdown, workers’ compensation, errors and omissions (E&O), employment practices liability, commercial auto, directors and officers (D&O) liability, cyber liability, and farm and ranch insurance.
• Availability: All 50 states and Washington, D.C.

• Rating: 4.6
• AM Best Rating: A
• Can File Claims Online: Yes
• Pros: Can produce a certificate of insurance and request certain policy changes online; offers coverage for home-based businesses.
• Cons: Only offers commercial property coverage as part of its BOP or from a wholesale partner; no coverage in Alaska.
• Coverage: General liability, professional liability, cybersecurity, business owners policies (BOPs), and more through partnerships.
• Availability: 49 states and Washington, D.C.

• Rating: 4.3
• AM Best Rating: A++
• Can File Claims Online: Yes
• Pros: Extends BOPs to companies with revenue up to $30 million; offers comprehensive commercial package policies (CPPs).
• Cons: May require direct contact for quotes based on revenue.
• Coverage: General liability, professional liability, product recall, global insurance, and more.
• Availability: Nationwide, including Washington, D.C.

• Rating: 4.3
• AM Best Rating: A+
• Can File Claims Online: No
• Pros: Includes equipment breakdown coverage in its standard BOP; offers home-based business endorsements.
• Cons: Limited coverage options compared to other insurers; no online claims filing for business policies.
• Coverage: General liability, commercial property, business interruption, equipment breakdown, and endorsements for home-based businesses.
• Availability: All 50 states and Washington, D.C.

• Rating: 4.2
• AM Best Rating: A+
• Can File Claims Online: Yes
• Pros: Offers extensive specialized coverages, including home-based business and livestock insurance; no waiting period for business income insurance.
• Cons: No coverage in Alaska or Hawaii.
• Coverage: Workers’ compensation, BOPs, global insurance, livestock insurance, and more.
• Availability: 48 states and Washington, D.C.

Key Considerations for Choosing Small Business Insurance

Coverage Needs

• Assess your business risks and identify necessary coverages. Common coverages include general liability, commercial property, business interruption, and workers’ compensation. Specialized coverages like cyber liability, professional liability, and equipment breakdown insurance may also be important.

Customization

• Look for policies that allow customization to fit your specific needs. This includes adjusting coverage limits, deductibles, and adding endorsements.

Cost

• Compare premiums from multiple insurers. Ensure you are comparing similar coverages and limits for an accurate cost comparison.

Financial Strength and Reputation

• Choose insurers with strong financial ratings (e.g., A.M. Best ratings) and good customer reviews to ensure reliability and good service.

Claims Process

• Opt for insurers with straightforward claims processes, preferably with online filing options for convenience.

FAQs

1. What types of business insurance are essential for small businesses?
   • Essential coverages typically include general liability, commercial property, business interruption, and workers’ compensation. Depending on your industry, additional coverages like professional liability, cyber liability, and equipment breakdown insurance may be necessary.
2. How much does small business insurance cost?
   • Costs vary widely based on factors such as business type, location, number of employees, coverage limits, and claims history. It’s best to get quotes from multiple insurers to find the best rate.
3. Is small business insurance required by law?
   • Requirements vary by state and industry. Workers’ compensation is usually required if you have employees. Other coverages may be required by landlords, lenders, or clients.
4. Can I bundle multiple business insurance policies?
   • Yes, many insurers offer business owners policies (BOPs) that bundle general liability, commercial property, and business interruption insurance. Bundling can simplify management and potentially reduce costs.
5. How do I file a claim for small business insurance?
   • Most insurers allow claims to be filed online, via phone, or through an agent. It’s important to check your policy documents for specific instructions and required documentation.

For more detailed reviews and to compare quotes, visit U.S. News Small Business Insurance.