Best Small Business Insurance Providers for you

While carefully planning how to reduce risk in your business, no amount of research and preparation can protect you from every single threat. To avoid these risks, buying a small business insurance policy is advisable.

Small Business Insurance: Types and Best Providers

What is Small Business Insurance?

This form of risk management protects you and your small business from financial loss in an accident or crisis. Small business insurance is a paid policy you can take out to protect your business and yourself.

This includes financial liability protection in case of property damage, injuries, worker’s compensation claims, lawsuits, or any other losses that may occur while running a business.

Types of Small Business Insurance

The type of business insurance depends on your business risk and factors such as state laws, minimum requirements, and client contracts.

The types of small business insurance are as follows.

General Liability Insurance

General liability insurance covers various claims, including bodily injury, property damage, personal or advertising injury, medical payments, and damages to premises rented to you.

Workers Compensation Insurance

Workers’ compensation insurance covers the medical cost and portion of lost wages to an employee who has sustained work-related illness or injury.

 Commercial Property Insurance

protects your physical assets, building, equipment, tools, inventory, furniture, and personal properties. And also covers financial losses due to property damages from fire, theft, or loss.

Commercial property insurance coverage ranges from basic to comprehensive.

Business Income Insurance

This is also known as business interruption insurance. This is one of the most common types of coverage most small businesses need. Business interruption insurance will help cover loss of income or operating expenses like mortgage or rent, loan payment, taxes, and payroll if a disaster strikes, such as fire, flood, theft, building collapse, or civil authority incident, and your business is required to shut down for a while.

Commercial Auto Insurance

This protects your cars, trucks, or vans used for business purposes in case of damages, injury, or liability claims, including property and liability trailer exposure, loading and uploading exposure, hired vehicle coverage, and non-owned vehicle coverage.

Business Owner`s Policy

Business owners’ policies cover customer injury, property damage, product-related claims, and commercial building and movable property coverage. This coverage type is essential for owners of restaurants, retail stores, and wholesalers. However, the business owner’s policy does not cover employees.

Commercial Umbrella Insurance

Commercial umbrella insurance helps pay for an extra layer of liability protection by covering costs that go beyond your liability coverage limits.

Cyber Liability Insurance

Data breaches and ransomware, extortion software that locks you out of your device or encrypts your data until you pay a ransom, can cause actual harm to your customers and your business. Cyber liability insurance helps to inform customers about an attack, compensate them in case of a claim, and pay for free credit monitoring for affected customers.

Best Small Business Insurance Providers

When choosing a small business insurance provider, you will generally want to consider your needs, financial capability, and risk before looking for a company that meets your needs. Below are some of the best small business insurance providers you should consider using.

Liberty Mutual

This is one of the biggest insurance providers in the world. And the sixth largest for property and casualty insurance. Their coverage options include

  • General liability
  • Workers Compensation
  • Commercial auto and fleet
  • Environmental liability
  • Management liability
  • Health care liability
  • Excess and surplus
  • Business owners` policy
  • Professional liability


Nationwide has been in business for almost a hundred years. They are one of the best when it comes to small business insurance. They provide coverages like

. Workers Compensation

. Commercial auto

. Business income

. Employment practices liability

. Cyber liability

. Errors and omission

. Business owner`s policy

. Crime insurance

. Accounts receivable

Progressive Commercial

They are best known for their commercial auto coverage. however, they offer a full range of small business insurance services. Coverage options include

. Business owner`s policy

. Cyber insurance

. Professional liability

. General liability

. Employment practice liability

. Commercial auto

. Commercial property

State Farm

State Farm offers industry-specific insurance for every growth stage of your business. Their coverage options Include.

. Contractors` policy

. Commercial auto

. Business owner`s policy

. Workers Compensation

. Liability umbrella

The Hartford

They Are one of the oldest small business insurers in the United States. It started as a fire insurance company but expanded to offering a wide range of customizable small business insurance options.

. General liability

. Worker`s compensation

. Commercial auto

. Commercial property

. Business income

. Cyber liability

. Business owner`s policy

. Industry-specific insurance policies

. Professional liability


Travelers are known for providing commercial property addition, they also provide coverage options like.

. General liability

. Commercial property

. Worker`s compensation

. Business income and extra expenses

. Cyber liability

. Business owner`s policy

. Professional liability

. Employment practice liability

. Commercial umbrella

. Commercial auto

Frequently Asked Questions

What are the Benefits of Small Insurance?

Hard work and courage are the foundation of building a successful business. But in today’s society, business owners need more than a great idea to keep their business profitable and running yearly. Business owners need the right insurance to protect their companies against risks, losses, and damages.

Here are some of the benefits you stand to enjoy.

Helps Businesses win more Clients.

Trust is the currency of today’s economy, and insurance coverage builds trust and confidence in a business. Many customers may choose to work with companies they can rely on. Having insurance can reinforce customer satisfaction and provide compensation if anything goes wrong, a win-win for the business owners and their customers

Helps Businesses attract and retain the best Talents

Purchasing the right insurance policy for your business benefits employees and the business. People prefer to work with companies that protect their best interests, safety, and future. An employment package that includes disability insurance, general liability insurance, and health insurance attracts the best talent.

Protects your Business against the Damaging effects of Lawsuits and claims.

Small business insurance may cover the cost of lawsuits and legal claims in case of injury, damage, or suit against a business from their employees or clients. Without an insurance policy, business owners will pay for damages from their own pockets. Lack of insurance could be devastating for the business.

Which Clients Need Small Business Insurance?

Businesses that may benefit significantly from business insurance coverage include those that

. operate from a physical location

. Engage with clients face to face.

. Working logistics and transportation

. Have at least one employee

. Work with physical goods and production

. Operate in high-volume and Cash production

. Transfer customer and data over the internet

. Work in the building and construction industry

What`s the cost of Small Business Liability Insurance

Small Business Liability insurance cost differs. Every business’s insurance needs are unique. The insurance premium a business pays may vary depending on the size of the business and the risk covered.

For example, the premium a business with three employees pays for general liability insurance will be less than that of a business with ten employees.

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