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In a world becoming more legally sensitive, protecting your company from accidents, property damage, or injuries is critically important. It plays a pivotal role in safeguarding a business against a a myriad of risks. And in many states and industries, it's not just a good idea but something you have to do.
Even where it's not required, business insurance is a popular idea. In today's world, companies operate in an environment fraught with risks, ranging from natural disasters and accidents to legal liabilities. Without insurance, these events could lead to substantial financial burdens that might cripple or even bankrupt a business. Insurance policies act as a financial cushion, ensuring that a business can recover and continue operations.
Friday, February 23rd
If you've ever wondered about getting business insurance as a freelancer, contractor, or event organizer without getting stuck in never-ending contracts and sky-high premiums, you're in for a treat with Thimble. This unique provider stands out as the only one we've encountered that allows small businesses and service providers to grab instant coverage for the precise duration they need - whether it's just an hour or a weekend. Thimble boasts an excellent reputation, offers unmatched transparency throughout its online quote process, and serves as a fantastic alternative to conventional business insurance plans. In fact, it's the top insurer that we heartily recommend.
With a history of over a century and over 18 years in the US insurance market, Hiscox is known for its ability to cost-effectively streamline and expedite the process of acquiring business insurance for various business types. Over time, Hiscox has successfully insured more than 500,000 small businesses, and its clients typically praise the quick coverage acquisition process and the excellent service they received throughout their policy terms. However, some recent customer feedback indicates they are no longer as pleased with Hiscox as in the past. But, if you want stability and experience, Hiscox is still a solid choice for business insurance.
BizInsure, founded in 2007, is a modern player in the insurance industry with a focus on business insurance solutions. Geared towards serving small and medium-sized enterprises, the company provides a wide range of coverage options, including general liability, professional liability, business owners' policies, commercial auto, and workers' compensation. Utilizing digital tools, BizInsure offers a user-friendly platform for clients to explore insurance options, obtain quotes, and streamline the application process. While not as long-standing as some industry giants, BizInsure's commitment to simplifying and digitizing insurance procedures positions it as a noteworthy choice in the contemporary insurance landscape, especially for small and medium-sized businesses.
The Hartford, in business for over two centuries since its establishment in 1810, is one of the oldest and most trusted insurance providers in the United States. They offer a broad spectrum of insurance products, including auto, home, business, workers' compensation, group benefits, and specialty lines such as marine and surety bonds. With a focus on reliability, The Hartford has earned an "A+" rating from the Better Business Bureau and is a Fortune 500 company, indicating their financial strength and commitment to customer service. Their extensive experience and diverse insurance offerings make The Hartford a reputable and dependable choice for both personal and business insurance needs in the marketplace.
CoverWallet has climbed in our rankings since our last assessment, primarily due to an enhanced reputation with the BBB. This referral service provides a wide range of coverage options, spanning from fundamental General Liability policies to industry-specific ones like Marine and Liquor Liability. The extensive online application process leads, in most cases, to an instant quote. CoverWallet needs to make more progress with customer service, but it's still a decent way to get business insurance.
USAA dropped for a second time in our rankings as a viable choice for entrepreneurs with active duty or retired military affiliations, as well as their spouses and children. While they have a selection of 7 fundamental coverage types, some businesses may encounter instances where USAA offers inferior customer service. Also, expect to be redirected to a third-party insurance partner for your policy needs. Because this insurer's standing with the BBB and Trustpilot has shown a downward trend over time, we recommend that you solicit quotes from various insurance providers prior to settling on USAA for your coverage.
InsuranceBee, founded in 2010, is a relatively newer player in the insurance industry. They specialize in providing professional liability insurance for a wide range of professions, including consultants, freelancers, and small business owners. Their modern and client-centric approach places them as a niche insurer, catering to professionals who require professional liability protection. However, a nearly-total lack of feedback makes it feel like a risky choice to go with InsuranceBee over a more established provider of business insurance.
Allstate has experienced a significant decline in ratings from customers since the last time we reviewed their business insurance services. Their business insurance quoting website is confusing and time-consuming to use and it may even give you a quote from another insurance company that isn't Allstate itself. We're seriously nonplussed by Allstate's process, and we think it would be wise to look into other business insurers first.
Founded in 2016, Next Insurance focuses on providing insurance solutions for small businesses and self-employed individuals. Their coverage options include general liability, professional liability, commercial auto, and workers' compensation, suitable for the needs of various professions and industries. Next Insurance aims to streamline the insurance process by offering a user-friendly digital platform, allowing customers to get quotes and purchase policies online. Unfortunately, despite these lofty goals, Next Insurance fails in almost every regard. We recommend you look elsewhere for business insurance coverage.
netQuote claims to be an online insurance marketplace offering referrals to local insurance agents across a range of categories including auto, home, health, business, and life insurance. However, its fine print states that by filling out their one-page quote form, you're authorizing up to 8 insurance agents to contact you not just with quotes but also with marketing materials sent by phone, text, or email. We advise you to skip netQuote completely.
The insurance needs for any business can vary depending on its size. For example, small businesses often have different challenges compared to larger ones. Meeting the insurance needs that big companies can handle with lots of resources can be harder for small businesses. That's because small businesses don't have as many employees, accountants, and lawyers.
The legal landscape is another area where business insurance is indispensable. Liability claims and lawsuits are commonplace in the business world. Without adequate insurance, legal expenses and settlements can pose existential threats to a company. Insurance policies focused on professional liability, general liability, and other specific risks mitigate the financial impact of legal challenges, allowing a business to focus on their core activities rather than litigation.
But figuring out the right insurance can be confusing. After all, it's not an "exciting" business expense, protecting yourself against situations that you hope don't happen, but it's a big help when unexpected things do.
So, how can you figure out the exact coverage and how much you need? Instead of going to a local agent right away, who might not know a lot about small businesses, people are increasingly turning to online searches to find an insurance company with knowledge and specialty in the business world.
As you look into different places to get business insurance, keep these things in mind:
Today's market has a bunch of top business insurance providers, and the experts at Top Consumer Reviews have researched and ranked some of the best-known names in the industry. Our goal is to help you get the coverage your company needs to protect it from expensive lawsuits, liability issues, and unexpected problems.
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