Business Insurance Companies for Small and Large Businesses

As a business owner, you know how crucial it is to protect your company from unexpected risks and liabilities. Liberty Mutual offers a range of business insurance policies, including general liability, professional liability, and workers' compensation.

Commercial insurance companies like State Farm and Allstate provide coverage for small and large businesses alike, with customizable policies to suit your specific needs. From property damage to cyber attacks, they've got you covered.

GEICO Business Insurance offers a range of options for businesses of all sizes, including commercial auto and equipment breakdown coverage. Their policies are designed to be flexible and affordable, making them a great choice for small businesses on a budget.

Progressive is a strong contender in the business insurance market, with an "A+" rating from AM Best and a "C" rating from The Crash Network. This indicates that Progressive has a solid financial outlook and is likely to pay out its future claims.

The Hartford is another top choice, particularly for small businesses that need a business owner's policy (BOP). A BOP brings together several types of coverage under one policy, making it a convenient and cost-effective option.

If you're looking for a company that offers a wide range of business insurance products, The Hartford is a great option. They offer a full-service insurance company with a variety of coverages, including general liability insurance, business interruption insurance, and commercial property insurance.

Here are some of the top commercial liability insurance companies, along with their premium amounts in 2023:

Chubb is also worth considering, especially if you have international business interests. They offer two insurance packages specifically designed for businesses with international operations.

Professional Liability insurance can help protect your business from professional mistakes. This kind of coverage is also known as errors and omissions (E&O) insurance.

It's common for professional services such as real estate agents, accountants, IT professionals, and more to have this type of insurance.

Travelers, one of the top business insurance companies, offers professional liability insurance to help protect businesses from professional mistakes.

The top business insurance companies for liability coverage include Travelers, Tokio Marine, Liberty Mutual, The Hartford, and Auto-Owners.

Here's a breakdown of the market share of these companies:

These companies offer direct premiums ranging from $1,143M to $2,024M.

As we explore the world of business insurance companies, it's clear that choosing the right one can be a daunting task.

Many business owners are unaware that some insurance companies have a lower claims payout ratio, which can leave them with less compensation in the event of a claim. This is a crucial factor to consider when selecting an insurance provider.

Business insurance companies often have varying levels of customer service, with some offering 24/7 support and others having limited hours of operation. This can be a significant factor in determining which company to choose.

A business's financial stability is a key indicator of its ability to pay claims, and some insurance companies have a stronger financial foundation than others. This is reflected in their credit ratings and financial reports.

Ultimately, selecting the right business insurance company requires careful research and consideration of various factors, including claims payout ratios, customer service, and financial stability.

You can pick a policy that fits your business, or bundle policies and save. This can help simplify your insurance needs and reduce costs.

A 60-second business insurance checkup can help answer your coverage-related questions. Share some specifics about your business and we’ll highlight the insurance coverages that are appropriate for your industry and specific to your business.

NEXT is 100% dedicated to small businesses and the self-employed. That means we can help you get the simple, affordable coverage you need to stay protected.

Whether you’re a contractor, restaurant, retail store, or just starting your side hustle, we’ll help you stay safe by providing coverage tailored to your profession.

Our customized commercial insurance packages can be tailored to different business structures:

You pay a set amount for your insurance coverage (this is called your insurance premium). In return, you receive help with expenses after a covered accident or mistake.

You can buy business insurance online with some companies, like NEXT, in as little as 10 minutes. They'll guide you through the process, asking questions about your business and operations.

Some companies, like NEXT, offer a completely online experience, where you can get a customized insurance quote and even make a purchase online. You'll have access to your certificate of insurance right away.

You can also get a quote online through websites like NEXT's, where you'll fill out a few pages of information about your business. This will give you an instant quote, and you can even purchase a policy online.

Small businesses have unique insurance needs, and the cost of insurance can vary greatly depending on several factors.

Your payroll and the number of employees are key factors in determining the cost of business insurance. The more employees you have, the higher your insurance costs will be.

Where you work and the number of business locations also impact the cost of insurance. For example, a restaurant with multiple locations will likely have higher insurance costs than a small home-based business.

Your industry is another crucial factor in determining the cost of insurance. Different industries have different levels of risk, and insurance costs will reflect this.

Your experience as a business owner also plays a role in determining the cost of insurance. More experienced business owners may be able to get lower insurance rates due to their track record of safety and responsible business practices.

Here are some factors that help determine the cost of business insurance, listed out for easy reference:

Buying online is a convenient option for purchasing business insurance. You can buy business insurance 100% online with NEXT in about 10 minutes.

To start, you'll click "Get Instant Quote" on their website. This will guide you through a series of basic questions about your business and operations.

You'll be asked to provide some information about your business, which will help NEXT provide a customized insurance quote for recommended coverage. If you like what you see, you can adjust the package limits and make your purchase.

Your coverage will begin after payment, and you'll have access to your certificate of insurance. This process is easy and affordable, making it a great option for many business owners.

If you need more assistance, you can call, email, or live chat with a Next rep. However, the online process is straightforward and can be completed in just a few minutes.

Here are the steps to buy business insurance online with NEXT:

Buying through an Agent is a straightforward process. You can find NEXT agents in every state, ready to help you understand local requirements and coverages.

To start, you'll need to provide information about your business and its specific needs. This will help the agent assess your requirements and provide you with policy options.

The agent will explain the coverage details and answer any questions you may have. They'll help you choose the most suitable policy for your business.

Once you make a decision, the agent will assist you in completing the necessary paperwork. They'll also help complete the purchase, making the process as smooth as possible.

Progressive insurance has an "A+" rating from AM Best, indicating a strong financial outlook and ability to pay future claims. This is a rare feat for a large insurer, which often scores poorly on reports like the one from The Crash Network.

The Hartford stands out as the ideal business insurance company for small businesses that need a business owner's policy (BOP). A BOP brings together several types of coverage under one policy, making it a convenient and cost-effective option.

You can save around 25% on premiums by choosing a BOP over buying individual coverages separately. For example, general liability coverage for a software business costs $25.75 per month, but as part of a BOP, it costs $72.58 per month.

If you have international business interests, consider Chubb's International Advantage Package or Foreign Package. These packages offer support for businesses with international interests, such as sending employees overseas or importing/exporting products.

Here are some insurance companies that offer a range of business insurance products, including general liability insurance, professional liability insurance, and commercial property insurance:

Nationwide Corporate Group is a great choice for business owners with several company vehicles. It offers a range of coverage options, including new vehicle replacement cost and roadside assistance.

Nationwide was initially launched as the Farm Bureau Mutual Automobile Insurance Company in 1926 and changed its name to Nationwide in 1955. It issues policies in 47 states.

One of the unique features of Nationwide's commercial auto insurance is its telematics program. This program tracks vehicle use and driver habits, and business owners can qualify for a 10% discount.

Nationwide doesn't disclose typical pricing for commercial auto coverage, and it doesn't have an online quote tool. This means business owners will need to work with an agent to get a quote.

The company has a strong rating from AM Best, with an "A" rating. However, it received a "C" rating from The Crash Network, which is a typical grade for a large insurer.

Here are some key features of Nationwide's commercial auto insurance:

Travelers is a leading provider of commercial auto insurance in all 50 states. It has a long-standing reputation, founded in 1864 and today one of the largest providers of commercial and personal insurance products.

Travelers has a stellar "A++" rating from AM Best, indicating that it's a financially sound insurer. This rating is a testament to the company's stability and ability to pay out claims.

You can purchase a variety of optional add-ons with Travelers, such as auto lease gap coverage and blanket additional insured protection. This protection eliminates the need to list each covered person.

Travelers doesn't offer online quotes, and you can only get additional pricing details by working with an agent. This may be a drawback for some business owners who prefer to shop around online.

Here are some key facts about Travelers:

With the NAIC, Travelers' commercial auto complaint index was 0.3 for 2023, meaning the company received fewer complaints than is typical for a company of its size.

Liberty Mutual is a well-established insurance company that's been around since 1912. It offers robust coverage options and industry-specific insurance packages for business owners with larger fleets.

One of the standout features of Liberty Mutual is its fewer-than-usual complaints for its commercial auto segment. In 2023, its commercial auto complaint index was 0.72, which is lower than typical for its size.

However, customers who are used to a digital insurance experience may be frustrated by Liberty Mutual. It has limited online functionality, and all claims must be submitted over the phone.

If you're looking for a company with a strong rating, Liberty Mutual has an "A" rating from AM Best. But it's worth noting that its other ratings are less positive, including a "D+" rating from the Crash Network.

Here are some key pros and cons of Liberty Mutual:

Berkshire Hathaway Group is a financial holding company that offers commercial auto insurance through its subsidiaries. It has stellar financial stability ratings, earning an "A++" rating from AM Best.

Berkshire Hathaway has a lengthy list of commercial auto coverage options and add-ons through its subsidiaries. This includes online tools and quotes from some of its subsidiaries, but not all.

Here are some key pros and cons to consider:

Berkshire Hathaway is a large company with dozens of subsidiaries, including Berkshire Hathaway Homestate Companies, Guard Insurance Companies, Three and biBerk. We were able to get quotes through biBerk, which was more expensive than other options.

Chubb is a well-established insurance company that offers a wide range of products to suit various needs. They have a home business discount available, which can be a great perk for freelancers and small business owners.

Chubb is also a leading provider of global insurance coverage for companies that do business outside of the U.S. This makes them a great option for businesses with international operations.

One of the downsides of using Chubb is that their online quote isn't available for all types of coverages, which can make it more difficult to get a quote. Additionally, Chubb premiums can be more expensive than those of their competitors.

Here are some of the key insurance products offered by Chubb:

Chubb is particularly useful for businesses in hard-to-insure industries, such as construction, where they offer specialty insurance.

Progressive has been around for decades, launching in 1937 and expanding to offer a range of personal and commercial insurance products.

The company has a strong financial outlook, with an "A+" rating from AM Best, indicating that it's likely to be able to pay out its future claims. This is a great sign for policyholders.

Progressive is known for its commercial auto insurance, which is the top in the country, covering business cars, trucks, and trailers in all 50 states. This is a big advantage for businesses in the transportation industry.

You can get several benefits from buying a Progressive commercial auto insurance policy, including 24/7 policy service and claims adjusters who receive special training in business auto claims. This can be a big help in case of an emergency.

Progressive also offers "any auto coverage", which means you can be covered for any vehicle that you or your employees own for business purposes. This can be a relief for businesses with multiple vehicles.

The average cost for a Progressive commercial auto insurance policy is around $165 per month, although truck insurance costs significantly more, ranging from about $561 to $795 per month.

Here's a breakdown of the types of insurance products you can buy through Progressive:

Progressive is transparent about its average policy premiums, which is a big plus. However, aside from commercial auto, Progressive doesn't offer many types of coverages directly, instead partnering with other carriers.

Progressive has a strong financial outlook, earning an "A+" rating from AM Best.

This rating indicates that AM Best believes Progressive is likely to be able to pay out its future claims.

The company's financial stability is a significant factor in its rating, as it shows that Progressive has a solid foundation to support its customers.

Progressive has one of the highest ratings for a large insurer, according to The Crash Network's report.