Businesses require insurance that offers financial protection in case of accidents or legal actions; some lenders and clients may also require this protection.
Insurance premiums depend on industry, policy type and company size. Here are a few top providers that meet NerdWallet’s criteria for affordability, shopping ease and customer satisfaction – including general liability and business owner policies.
Nationwide
Nationwide is a top provider of comprehensive business insurance policies with an impressive selection of policies available to businesses of all types and sizes. Coverage types for businesses range from worker’s compensation and commercial automobile coverage, to its unique business owner’s policy (BOP), which combines various forms of protection into a single policy at lower cost than purchasing individual policies for each aspect of protection.
Nationwide’s general liability coverage protects businesses against claims for property damage or bodily injury caused by their operations or products, while also offering specialization such as errors and omissions insurance for licensed professionals and commercial umbrella policies with additional coverage beyond standard policy limits.
Workers’ compensation coverage from this provider covers employee injuries or illnesses caused by performing their duties at work, while other important coverages include commercial automobile and cyber liability policies to help cover losses due to data breaches or digital disruptions that impact a business’ ability to operate effectively.
Nationwide has earned high customer service and value-for-money ratings from customers, earning high marks across several categories including customer service and value for money. Their online quote process allows for you to apply and purchase policies directly through them; some types of coverage may require meeting directly with an agent; their low number of complaints to the NAIC are another added advantage, along with J.D. Power and ConsumerAffairs ratings that have received great marks as well.
Hiscox
When searching for business insurance, it’s essential that you find a provider with your back. The most dependable providers understand the risks specific to your industry and can help protect against costly claims, offering flexible options tailored specifically to you as well as customer reviews that point in the right direction.
Hiscox has gained an outstanding reputation for its wide array of commercial policies. Customers can quickly obtain quotes and make purchases online via their website, while coverage includes general liability, professional liability, cyber security liability coverage short term liability workers’ compensation coverage as well as various tools and resources to assist small businesses manage risk effectively.
Your Business Owner’s Policy (BOP) covers general liability, property insurance and business income coverage. The property component covers damage to furniture and equipment in up to five locations while liability coverage reaches up to $2 Million per occurrence and $10 Million overall; finally business interruption coverage provides reimbursement of lost revenues when operating temporarily in another location.
Hiscox is a premier insurer of small businesses and offers an extensive portfolio of business insurance policies. Their reputation for outstanding support and coverage make them a go-to option for entrepreneurs and business owners. Their online platform makes obtaining quotes easy while their extended business hours provide support to busy entrepreneurs.
Chubb
Chubb is a leading business insurance provider offering an expansive selection of policies tailored specifically for businesses of all sizes. Their vast product portfolio covers general liability, workers’ compensation, professional liability and property coverage options; additionally they also offer risk management guidance along with personalized customer service and superior claims handling capabilities.
Your online quote process with Farmers Insurance is fast and straightforward, only taking minutes. All that is needed to obtain a quote is some basic information about your business such as its revenue and assets; after which the website will show your annual premium cost. Please be aware that certain policies such as business interruption and extra expense coverage cannot be purchased online and require speaking to an agent for purchase.
Based on your industry, additional coverage may be necessary to protect against certain risks. Retail businesses might require product recall and cyber insurance for data loss protection; professional services firms might need directors and officers (D&O) liability coverage in case their role in an action leads to legal expenses and financial losses related to litigation or regulatory proceedings.
When choosing business insurance providers, it is crucial to take their reputation and financial stability into account. NerdWallet’s rating system evaluates companies based on customer service quality, financial strength (AM Best rating), shopping experience and coverage options available. For more information visit our detailed guide of business insurance. Rosalie Murphy is an award-winning small-business writer at NerdWallet; her work has been featured by The Associated Press, MarketWatch and Entrepreneur among others.
Business Owners Policy (BOP)
BOPs provide small and midsize businesses with key insurance coverage at an economical cost, including general business liability and property coverage in one package policy. While BOPs typically cost less than individual policies, they don’t cover every risk faced by businesses and might not provide adequate protection in case of disaster.
When purchasing a BOP, it is important to take into account both the value and type of your property as well as your industry – for instance a software company has different liability risks than a bicycle repair shop. Furthermore, consider additional coverage such as workers’ compensation or cyber liability as options.
Setting higher insurance limits can save money on your BOP premium. On the other hand, however, be aware that a higher deductible means paying out-of-pocket more in case of a claim.
The Hartford is an experienced commercial insurer offering coverage options such as data breach, professional liability and workers’ comp to your BOP policy. Their user-friendly online shopping experience makes their BOP an appealing option for small-business owners. Chubb also offers BOP coverage that extends accounts receivable protection as well as business interruption protection within its larger package policy; its shopping process can also be completed quickly online.
