Best Small Business Insurance Companies 2024 – Top 10 Cheapest

Reviewed by Jazmin Castello - MBA
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State Farm

Editor’s Choice

5 stars



Best for car insurance policy

5 stars

The Hartford-1

The Hartford

Best for purchasing a business owner’s policy

5 stars

Every small business owner needs protection in the form of quality insurance for any unexpected emergencies. The right insurance policy can protect your business from potential lawsuits and fines from damaged property. If you get into an accident while driving a business vehicle, your personal insurance policy won’t cover the claim. You need to examine the right business owner policy based on the size of the business and the industry, among other factors. This guide highlights some of the best business insurance providers of 2021.

Best Small Business Insurance Companies in 2024

Features Of Best Small Business Insurance Companies – State Farm

Here are a few to consider:

  • It offers nationwide types of insurance coverage
  • You get different insurance products based on your business stage
  • A nationwide network of agents
  • Many discounts for policyholders
  • Committed to customer convenience with a user-friendly mobile app

Best Small Business Insurance Companies 2024 – Top 10 Cheapest

State Farm

State Farm is one of the best overall small business insurance companies because of its ability to offer small business insurance policies. It provides different insurance products based on your business stage such as start-up, growing, or mature.

  • There are many discounts for policyholders
  • You get various types of coverage with other endorsements and add-ons
  • It is committed to customer convenience with a user-friendly mobile app
  • The company has local agents
  • It has a special world network of agents
  • The online quoting system is not available for mobile or manufactured homesMany agents can write across state lines

This insurance company offers nationwide insurance coverage that makes it the best overall insurance company. It is known for commercial auto and home insurance, with over 100 products, including financial services, banking, and commercial insurance. The State Farm agents are business owners themselves who understand the needs of other small business owners. It also provides business insurance for certain industries, employment practices liability insurance, and errors and omissions liability. The pricing of State Farm’s commercial insurance policy is affected by different factors such as location, industry, and business owners’ policy limits. 


This company offers many interesting discounts and features. It is a good choice for drivers who want a good network of agents for personal service. The insurer provides rideshare insurance in most states. 

  • The company makes it easy to file claims
  • Offers rideshare insurance in many states
  • Generous perks include accident forgiveness and new car replacement
  • It provides both user-based and pay-per-mile insurance options for drivers to help save money
  • It has poor ratings for customer service and customer loyalty
  • The rates from Allstate can cost more compared to other insurance

Allstate Insurance offers the standard coverages you need from a commercial auto insurer. It is best known for its car insurance policies and various financial services, therefore a great choice if you want an accessible one-stop company. The company provides rideshare insurance for Uber and Lyft drivers. Its coverage includes liquor liability insurance, rental reimbursement, physical damage, and roadside assistance. The company provides accident forgiveness insurance as an add-on for your policy, whereby it won’t result in a premium increase even if the accident was your fault. It is part of the errors and omissions insurance if you are sued for negligence.

The Hartford

The Hartford is the best for its excellent customer service, discounts, and many insurance policies. Its general business liability insurance policy is quite strong as it protects small business owners from lawsuits and fees from damaged business property. 

  • It has an online claim reporting
  • Can offer professional online quotes
  • State and city-specific insurance requirement guide
  • Has a network of over a million health care providers to help injured workers
  • You cannot see basic information like premiums or deductibles immediately
  • Cost information is only available by applying

This insurance company offers coverage options for commercial auto, flood, workers compensation, and renters insurance. It provides liability coverage for home-based businesses and data breach insurance, also known as cyber insurance. You can request a small business insurance quote for your customer needs using Hartford’s website or by phone. You can learn about different packages for unique industries on the website. The company provides discounts for long-term plans with additional protection, such as protection against damage to computers or hardware and temperature changes.


Travelers offer individual and business insurance products, including commercial auto coverage, renters, landlord, and wedding insurance. It helps you prepare for the risks, identify the risks, and recover faster.

  • Fast, efficient, and fair services
  • Has solid financial strength
  • Has the expertise in any industry to help invest correctly
  • Supports over 20 industry specializations
  • A++ rating from A.M. best
  • The website is harder to navigate and has many insurance policies
  • The cost and features depend much on the industry and operations

The company offers solutions to specific industries like finance, healthcare, technology, and construction. It has a wide variety of business insurance options across the industry, including commercial liability insurance, commercial property insurance, business income, major medical insurance, and extra expense coverage. This insurance provider has competitive pricing but charges higher than smaller agencies due to its brand. You can easily find a free quote as it is designed to meet the needs of companies in several industries.


Coverwallet is best suited for businesses that need all types of business insurance without the hassle of applying to multiple companies. They have access to many insurers, making it the best online insurance resource for all businesses.

  • You can get free quotes 
  • They have several policies under a single umbrella
  • An easy platform to navigate
  • Offers great customer service
  • Provides helpful information
  • The courts are not always timely

This company acts as a third-party connecting with multiple insurance companies. They work towards helping businesses get approved for whatever type of insurance they need. The company offers several insurance coverages include general liability, workers compensation insurance, small business owners’ policy, commercial property, professional liability coverage, umbrella insurance, and commercial auto insurance. This company has competitive prices in almost every coverage. It makes it convenient and hassle-free to obtain business insurance. 


Chubb offers small businesses a variety of insurance solutions like workers comp, accident, health, and product recall. It allows business owners to manage their employee benefit plans like a health insurance through their carriers. 

  • Their website is easy to navigate 
  • It insures companies of different sizes
  • The small business insurance company has flexible options for supplemental coverage
  • Has general liability coverage for over 1,000 business types
  • You must purchase the cover through an agent
  • There are no online contests

This company offers a BOP plan that a small business can use with up to $30 million in revenue. Its industry-specific general liability policies offer tailored coverage to small businesses of all types and sizes. Their insurance plan covers various accidents like employee dishonesty, data breaches, property damage, and personal and advertising injury. It also has products for consumers like auto, travel, life, and cyber liability insurance. It is also one of the better options for small businesses that travel abroad and do businesses internationally with its foreign packaged to protect their interests. 


Nationwide is one of the best small business insurance providers offering business liability, property coverage, and business auto insurance. It has policies that protect against equipment failure, theft, business interruption insurance, and workers comp insurance. It is our choice for the best commercial business insurance coverage 

  • Nationwide has flexible payment terms that allow the user to pay either a monthly or annual premium
  • It has excellent customer service reviews for customer satisfaction based on JD Power’s 2018 US small business insurance companies study
  • Offers online quotes and claim reporting
  • The company doesn’t have basic pricing available on its site 
  • There is no online chat in the application 

This insurance company covers commercial property, professional liability, general liability insurance, workers’ compensation, and business income insurance. It has focused on simple and straightforward insurance solutions with high risk and special needs for general liability. The business income feature helps small business owners with cash flow if they temporarily shut down due to lost business income. The company helps businesses establish retirement and employee benefit programs. It serves different industry specialties, including retail stores, professional services, auto services, medical clinics, and contractors.

What Insurance Do You Need for a Small Business?

The best small business insurance depends on the type of business and your specific risks. All small businesses need general liability insurance that protects you if a customer gets hurt at your place of business. You also need commercial property insurance, workers compensation insurance, commercial auto insurance, and professional liability insurance.

What Does Small Business Insurance Cover?

Small business insurance provides financial protection to businesses and their owners if an accident involves the business owner, employees, customers, or property. You can claim up to $35,000 for customer bodily injury or property damage. If the claim leads to a lawsuit, the general liability claim can cost $75,000 or more to defend and settle. Commercial general liability insurance covers accidents or injuries to your customers at your business. The business property insurance covers damage to your business facilities or inventory, while worker’s compensation insurance covers work-related accidents or injuries to employees while on the job.

What Does Small Business Insurance Not Cover?

Small business insurance may protect your company against legitimate losses, but it doesn’t protect against damages caused by negligence or fraud. It also doesn’t cover you if you misrepresent the nature of your business or misclassify your employees to reduce premiums. Most commercial property insurance policies don’t protect a small business owner from losses from natural disasters like floods, hurricanes, or earthquakes unless the coverage is especially hard to protect against this event. 

See More:  Best Homeowners Insurance Companies

Frequently Asked Questions (FAQs)

Do you need small business insurance for your LLC?

Answer: Registering as an LLC doesn’t protect your business from risks. You need small business insurance to keep business owners covered from any devastating financial losses.

What insurance is best for small business owners?

Small businesses are suited by a business owner’s policy (BOP) that covers the most common insurance needs. This insurance is commonly tailored for specific industries and can be combined with supplemental coverage when needed.

What is the average cost of general liability insurance?

The average cost depends on the industry, location, and types of coverage. A sole proprietor can pay as little as $20 per month for basic coverage, while major corporations pay thousands in monthly premiums.

What is commercial business coverage?

This is a broad type of insurance policy designed to protect businesses from risk. The types of business insurance include commercial property, general liability, workers compensation, and professional liability claims.

How do you choose the best small business insurance companies?

Consider policy details, industries covered, exclusions, and price to assess the overall value. You can also evaluate customer experience based on third-party customer satisfaction ratings such as J.D Power and BBB. The small business insurance costs can be higher if you choose higher coverage limits and lower deductibles.

What is commercial auto insurance for small businesses?

This insurance is important for small business owners who use their vehicles for business purposes such as driving to work sites, delivering goods, or meeting clients.



Billy Graham is a Highly skilled copywriter/editor with over 8+ years of experience working for content mills, direct clients, and SEO marketing agencies alike. Possesses extensive expertise in crafting unique copy, exceeding editorial goals, and delivering first-rate client-focused service in results-driven content production. Specialties include gaming, branded content, short-form to long-form copywriting, call-to-action, buying guides, how-to – articles, product reviews, and comparisons, copy editing, proofreading, complete QA, and in-depth research.


Jazmin Castello holds a Master's degree in Business Management, owns two companies, and has also published a self-help book. When she is not working or writing, she likes to spend time with her family and to travel.

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