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The Best Business Insurance Providers

The 7 Best Business Insurance Providers

Where Can You Find the Best Insurance for Your Small Business?

In our increasingly litigious society, it's wise to get the right coverage to protect you in the event that someone falls while visiting your business, your location is damaged during adverse weather conditions, or an employee is injured while on the job. In fact, many states - and many industries - require such coverage just to remain in operation.

However, getting the best policy for your needs can be a frustrating process. Insurance is one of those areas where you spend money on a product you hope you'll never need, yet you're grateful to have it when the unexpected occurs. How can you tell exactly what types of coverage you need and how much? Rather than going directly to a local agent, who may not have the small business expertise to help you answer those questions, you may want to start the process online.

Friday, September 17th

2021 Business Insurance Provider Reviews

Hiscox Review Top Consumer Reviews Best-In-Class Blue Ribbon Award 5 Star Rating

Hiscox

5 Star Rating Top Consumer Reviews Best-In-Class Blue Ribbon Award

Hiscox has long earned our highest rating for business insurance. The company has been around for over 100 years, and more than 300,000 small businesses have been insured through their policies. These clients have nothing but glowing praise to offer for Hiscox's speed in getting coverage in place and for top-notch service throughout the entire term of service. Most small businesses will find that Hiscox is exactly what they need.

Thimble Review 4.5 Star Rating

Thimble

4.5 Star Rating

If you've ever wished for the ability to get business insurance as a freelancer, contractor or event planner without being locked into lengthy contracts and expensive premiums, you're going to love Thimble. This is the only insurer we've found that lets small businesses and service providers get immediate coverage for the timeframe of their choosing - even for just an hour or a weekend! Thimble has a stellar reputation, offers unmatched transparency in their online quote process, and is a terrific alternative to traditional business insurance plans. This is one of two insurers that earns our highest recommendation.

Allstate Review 4 Star Rating

Allstate

4 Star Rating

Allstate has vastly improved their user experience for business owners shopping for insurance. As long as you enter accurate information about your company, you should have no problem getting a quote through their website. Allstate specializes in customized packages for a variety of industries, so that you're only paying for the coverage you need.

USAA Review 3 Star Rating

USAA

3 Star Rating

USAA is an option for business owners who are active duty or retired military, as well as their spouses and children. They offer 7 basic types of coverage, though some companies may find that USAA redirects them to a third-party insurance partner for their policies. Unfortunately, this insurer's rating with the BBB has dropped over the years, and we recommend that you consider quotes from several different insurers before committing to coverage through USAA.

CoverWallet Review 3 Star Rating

CoverWallet

3 Star Rating

CoverWallet has moved up in our rankings since our last evaluation, mostly due to an improved reputation with the BBB. This referral service offers an impressive array of coverage types ranging from basic General Liability policies to industry-specific policies like Marine and Liquor Liability. However, the lengthy online application process still left us needing to speak with an advisor to actually get a quote, and some customers had issues with policies being canceled with no notice.

General Liability Insure Review 2.5 Star Rating

General Liability Insure

2.5 Star Rating

General Liability Insurance is an agency that can connect you with various types of coverage for your business. But, on your journey to get the right policy for your needs, this platform will pass you along to more than one third-party company before you're insured. Your experience is more likely to be hassle-free if you choose a higher-ranked service in our review.

netQuote Review 2 Star Rating

netQuote

2 Star Rating

netQuote is an insurance referral service: if you enter your information for a quote here, be prepared to get almost immediate calls and emails from agents in your area. Both agencies and customers complain in equal measure about this service: insurance agents pay for fake (or uninterested) leads, while businesses just wanting a basic quote on coverage wind up being contacted by pushy representatives. This is our least favorite resource for getting business insurance quotes.

Compare the Best Reviews

Continued from above...

Many of the largest names in the insurance industry offer a wealth of information on their websites, to help narrow down what kind of policy is best for your company so that you don't purchase coverage you don't need. Better yet, there are many options for getting an insurance quote online without any pushy sales tactics.

As you consider the different options for getting business insurance coverage, here are several criteria to keep in mind:

  • Convenience. How easy does the site make it to get what you need, both with respect to information and actual quotes? Will you have to speak to an advisor before getting coverage?
  • Reputation. Has the service or company been rated by the Better Business Bureau? What do previous business clients have to say about their experience during the application process and once the policy has been issued?
  • Types of Insurance Offered. Will you get the coverage you need among the coverage types available? Are you limited to basic liability plans or can you get a policy that is specific to your industry?

TopConsumerReviews.com has reviewed and ranked the best business insurance providers available today. We hope this information helps you get the coverage you need to protect your company from expensive lawsuits, liability claims, and other unforeseen situations!

The Best Business Insurance Providers Compare Business Insurance Providers Compare Business Insurance Provider Reviews What are the best Business Insurance Providers Best Business Insurance Provider Reviews

Business Insurance Provider FAQ

There are two main areas of coverage: business liability and commercial property. The former is used in the event that someone holds your company liable for injury, damages or loss; the latter covers damaged or stolen business property, plus any buildings you own (not lease).
Unless you've got money to burn, you need insurance coverage to protect you from any number of unexpected situations: a slip-and-fall at your store, an employee injury at your warehouse, or damage to a customer's home during a project, just to name a few. Lawsuits, medical bills, and property damage claims get expensive, and business insurance helps mitigate those risks and costs.
That will depend on several factors, including but not limited to state laws where your business operates and any licensing requirements for your specific industry. If you have employees, you'll likely be required to have workers' compensation coverage, and any vehicles owned by your business (and not you as an individual) need a commercial auto insurance policy.
That also depends on your state and your industry. At a minimum, expect that you'll need general liability insurance (which is often required as part of a client contract or commercial lease), plus workers' comp if you have employees and commercial auto if your company owns vehicles. Beyond that, you'll need to consider how your business operates and what specific types of policies might be required or just a good idea (such as Liquor Liability if you own a bar).
As with any other type of insurance, your premiums for business policies depend on many factors: the size of your company and number of employees, desired coverage limits, annual revenue and business location. However, most small businesses pay $65/month on average for General Liability coverage, $99/month for Business Owner Policy (which bundles property insurance with general liability), and $111/month for Workers Compensation.
It's true that most insurers only offer standard one-year policies, with prorated refunds if you cancel before the 12 months are up. But, with more and more people working in non-traditional ways (gig economy, freelancers, event specialists, and so on), the business insurance industry is evolving to keep up. There's at least one company that specializes in business insurance with short-term options: hourly, daily, monthly, depending on the company's needs.
Typically, yes! The premiums for your policy are a business expense and can be deducted like any other cost.
Absolutely. Some of the biggest names in the insurance industry allow business owners to get quotes directly through their websites. Other insurers specialize in online-only service, allowing you to get your quote, policy, and proof of coverage with just a few clicks. Of course, you should do your due diligence and select an insurer with a strong reputation before committing to a business insurance policy.
The Best Reviews of Business Insurance Providers