Top 10 Business Insurance Providers
By Amanda Reyes | Published: Not Applicable | Category: Business Insurance
About Business Insurance
Business insurance protects companies from financial losses resulting from operational risks, such as property damage, liability claims, or employee injuries. Coverage types vary widely to address diverse business needs and potential exposures.
How We Evaluated
Providers were evaluated based on coverage options, financial strength ratings, customer service reputation, pricing competitiveness, and digital accessibility for quotes and policy management. Scores reflect a composite assessment across these key areas.
Rating Criteria
- → Coverage Options
- → Customer Service
- → Financial Strength
- → Pricing/Value
- → Digital Experience
The Best Business Insurance
Next Insurance
Visit Website →An insurtech company focused on providing simple, affordable, and tailored insurance for small businesses and self-employed individuals via an entirely online platform.
Target Audience
Small Businesses, Micro-Businesses, Self-Employed Professionals, Contractors, Retailers
Service Offerings
General Liability
Core liability coverage tailored by profession.
Professional Liability (E&O)
Coverage for errors in professional services.
Workers' Compensation
Covers employee work injuries.
Commercial Auto
Insurance for business vehicles.
Tools & Equipment Insurance
Inland marine coverage for business property.
Scorecard (Overall: 8.0 / 10.0)
Pricing Model
Customized
Transparent, competitive pricing with instant online quotes. Monthly payment options often available.
Pros
- + Fast, fully online quote and purchase process
- + Competitive pricing, tailored for small businesses
- + User-friendly platform and mobile app
- + Instant certificates of insurance
Cons
- - Newer company with less history than traditional carriers
- - Coverage options may not be as comprehensive for complex risks
- - Financial strength ratings are good but may not match legacy insurers (Backed by reputable carriers like Munich Re)
Verdict
"Ideal for small businesses and self-employed individuals who prioritize speed, affordability, and a seamless digital experience for standard coverages."
CNA Financial
Visit Website →A major commercial insurer focused on providing specialized insurance solutions for businesses across various industries, primarily through independent agents.
Target Audience
Mid-Sized Businesses, Large Businesses, Specific Industries (Construction, Healthcare, Technology, Professional Services)
Service Offerings
Industry-Specific Solutions
Tailored coverage programs for specific sectors.
- Deep expertise in target industries
Professional Liability (E&O)
Specialized E&O for various professions.
Management Liability
D&O, EPLI, Fiduciary coverage.
Cyber Insurance
Protection against cyber threats.
Scorecard (Overall: 7.2 / 10.0)
Pricing Model
Customized
Pricing reflects specialized coverage and risk expertise, obtained via agents.
Pros
- + Strong industry specialization and expertise
- + Wide range of commercial insurance products
- + Good financial strength (A rating from AM Best typical)
- + Offers risk control services
Cons
- - Primarily serves mid-to-large businesses
- - Less focus on small 'Main Street' businesses
- - Works through independent agents, limited direct interaction
Verdict
"A strong contender for mid-sized and larger businesses in specific industries needing tailored coverage and expert risk management."
Liberty Mutual
Visit Website →A large global insurer offering a wide range of business insurance products, including strong workers' compensation and commercial package policies.
Target Audience
Small Businesses, Mid-Sized Businesses, Large Corporations
Service Offerings
Workers' Compensation
Comprehensive coverage with risk control and claims management.
- Focus on return-to-work programs
Commercial Package Policy (CPP)
Customizable package of coverages for larger businesses.
Business Owner's Policy (BOP)
Standard package for smaller businesses.
Commercial Auto
Coverage for business fleets.
Scorecard (Overall: 7.4 / 10.0)
Pricing Model
Customized
Quotes available through independent agents, captive agents, or directly online for some small business products.
Pros
- + Broad range of products for various business sizes
- + Strong workers' compensation offerings
- + Multiple channels for purchasing (agent, direct)
- + Good financial strength (A rating from AM Best typical)
Cons
- - Customer service reviews can be inconsistent
- - Can sometimes be more expensive depending on the risk
Verdict
"A versatile provider suitable for many businesses, particularly those looking for robust workers' compensation coverage and flexible purchasing options."
State Farm
Visit Website →Largest US property and casualty insurer, offering business insurance primarily through its extensive network of captive agents.
Target Audience
Small Businesses, Main Street Businesses
Service Offerings
Business Owner's Policy (BOP)
Package policy for small businesses.
Commercial Liability Umbrella
Additional liability protection above underlying policies.
Workers' Compensation
Coverage for employee injuries (availability varies by state).
Commercial Auto
Insurance for business vehicles.
Scorecard (Overall: 7.6 / 10.0)
Pricing Model
Customized
Quotes obtained exclusively through State Farm agents.
Pros
- + Exceptional financial strength (A++ AM Best rating typical)
- + Vast network of local agents providing personalized service
- + Strong brand recognition and stability
- + Good customer satisfaction ratings generally
Cons
- - Must work through a captive agent (no direct online quotes/purchase)
- - Coverage options may be less specialized than some competitors
- - Digital tools primarily agent-focused
Verdict
"A reliable option for small businesses that value a personal relationship with a local agent and prioritize financial stability."
Progressive Commercial
Visit Website →Known primarily for commercial auto insurance, Progressive also offers BOP, general liability, and other coverages, often directly or through agents.
Target Audience
Small Businesses, Contractors, Trucking Businesses, Businesses with Vehicle Fleets
Service Offerings
Commercial Auto Insurance
Leading provider for various types of business vehicles.
- Covers trucks, vans, cars
- Specialized coverage for truckers
Business Owner's Policy (BOP)
Bundled property and liability.
General Liability
Third-party liability protection.
Professional Liability
Coverage for service-based errors or negligence.
Scorecard (Overall: 7.8 / 10.0)
Pricing Model
Customized
Often competitive, especially for commercial auto; online quotes available for some products.
Pros
- + Market leader in commercial auto insurance
- + Competitive pricing, particularly for auto
- + Good online tools and direct purchase options for some policies
- + Strong financial stability
Cons
- - Broader business coverage options may be less extensive than some competitors
- - Service experience can vary
Verdict
"An excellent choice for businesses where commercial auto insurance is a primary need, offering competitive rates and convenient online access."
Travelers
Visit Website →One of the largest commercial property casualty insurers in the US, offering extensive products and risk control services for businesses of all sizes.
Target Audience
Small Businesses, Mid-Sized Businesses, Large Corporations, Specific Industries (Construction, Technology, Public Sector)
Service Offerings
Business Owner's Policy (BOP)
Package policy combining key coverages.
General Liability
Core liability protection.
Cyber Insurance
Coverage for cyber risks and data breaches.
Surety Bonds
Bonds guaranteeing contractual obligations.
Risk Control Services
Resources and expertise to help businesses manage risk.
Scorecard (Overall: 7.8 / 10.0)
Pricing Model
Customized
Quotes generally provided via independent agents, tailored to specific business risks.
Pros
- + Very broad range of coverages and industry specializations
- + Excellent financial strength (A++ AM Best rating typical)
- + Strong risk control resources
- + Large network of independent agents
Cons
- - Customer service ratings can be mixed
- - Primarily works through agents, less direct online functionality for complex policies
Verdict
"A leading choice for businesses needing comprehensive coverage options, specialized industry expertise, and risk management support, typically accessed via agents."
Nationwide
Visit Website →A large, diversified insurance company offering a broad suite of business insurance products for various industries and sizes, often through agents.
Target Audience
Small Businesses, Mid-Sized Businesses, Specific Industries (e.g., Agriculture, Contractors)
Service Offerings
Business Owner's Policy (BOP)
Combined property and liability coverage.
Commercial Auto
Coverage for business vehicles.
- Telematics options may be available
Workers' Compensation
Covers employee work-related injuries.
Specialty Programs
Tailored insurance for specific industries like farms and ranches.
Scorecard (Overall: 7.6 / 10.0)
Pricing Model
Customized
Quotes typically obtained through agents, pricing varies by risk profile.
Pros
- + Strong financial stability (A+ AM Best rating typical)
- + Wide range of insurance products available
- + Offers specialized industry programs
- + Strong agent network for personalized service
Cons
- - Digital experience might not be as seamless as some competitors
- - Customer service experiences can vary depending on the agent
Verdict
"A solid, reliable choice for businesses seeking a wide array of coverages and preferring to work with a local agent."
Hiscox
Visit Website →Specializes in small business insurance, particularly for professional services, consultants, and technology firms, offering tailored policies and a strong online platform.
Target Audience
Small Businesses, Micro-Businesses, Consultants, Freelancers, Professional Services
Service Offerings
Professional Liability (E&O)
Covers claims of negligence or errors in professional services.
- Industry-specific tailoring
General Liability
Protection against third-party injury or property damage claims.
Cyber Security Insurance
Covers costs associated with data breaches and cyber attacks.
Business Owner's Policy (BOP)
Bundled property and liability coverage for small businesses.
Scorecard (Overall: 8.0 / 10.0)
Pricing Model
Customized
Competitive pricing for target professions, often with online quote options.
Pros
- + Excellent online quote and purchase process
- + Specializes in professional services and small businesses
- + Competitive pricing for target markets
- + Tailored E&O policies
Cons
- - Limited appetite for high-risk industries or large businesses
- - Coverage options may be less broad than larger carriers
Verdict
"A great option for small businesses, consultants, and tech startups needing core coverages like E&O and GL, with a convenient online experience."
Chubb
Visit Website →A global leader recognized for its specialized coverage options, catering to businesses of all sizes, including complex and international risks.
Target Audience
Small Businesses, Mid-Sized Businesses, Large Corporations, Multinational Companies
Service Offerings
Customized Industry Solutions
Tailored insurance programs for specific industries like technology, finance, and manufacturing.
Cyber Insurance
Comprehensive coverage for data breaches and cyber threats.
- Incident response services included
Management Liability (D&O, EPLI)
Protection for directors, officers, and the company against management-related lawsuits.
Global Casualty
Liability coverage for businesses operating internationally.
Scorecard (Overall: 8.4 / 10.0)
Pricing Model
Customized
Reflects tailored coverage and high service levels; generally positioned as premium.
Pros
- + Superior coverage breadth and depth
- + Exceptional financial strength (A++ AM Best rating typical)
- + Excellent claims service reputation
- + Expertise in complex and international risks
Cons
- - Typically higher premiums than average
- - May be overly comprehensive for very small/simple businesses
Verdict
"Top-tier provider for businesses needing specialized, robust coverage and willing to pay a premium for quality and service."
View Top Ranked Provider
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The Hartford
Visit Website →A leading provider known for its wide range of business insurance products, particularly strong in small business coverage and workers' compensation.
Target Audience
Small Businesses, Mid-Sized Businesses
Service Offerings
Business Owner's Policy (BOP)
Combines general liability and property insurance into one package.
- Customizable coverage
- Industry-specific endorsements available
Workers' Compensation
Covers medical expenses and lost wages for employees injured on the job.
- Strong claims management
- Risk management services
General Liability
Protects against third-party claims of bodily injury or property damage.
Commercial Auto
Covers vehicles used for business purposes.
Scorecard (Overall: 8.2 / 10.0)
Pricing Model
Customized
Quotes tailored based on business size, industry, risk factors, and coverage needs.
Pros
- + Strong reputation, especially for small businesses
- + Wide range of customizable coverages
- + Excellent financial stability (A+ AM Best rating typical)
- + Good customer service and claims handling
Cons
- - Can be more expensive than some competitors
- - Digital tools may lag behind some newer insurtechs
Verdict
"Excellent all-around choice, particularly strong for small businesses seeking comprehensive coverage and reliable service."
Final Recommendation
Choosing the right business insurance provider depends heavily on your company's size, industry, specific risks, and preference for service interaction (agent vs. online). Leading providers offer strong financial backing and broad coverages, while newer entrants excel in digital convenience and competitive pricing for smaller businesses.