Top 10 Small Business Insurance Companies

Do you own a small business and are you thinking of getting business insurance? Learn more about the top 10 small business insurance companies that are available today in this article!

✔ Last updated: 2020-11-23

It is essential to do some business planning before opening a business. You must plan for the worst possible outcome, and there no way to know what the future holds. So you have to prepare for as many adverse outcomes as possible. And that’s when business insurance comes. Learn more about the importance of business insurance for small businesses now.

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Service Provider

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★★★★★
100+ Ratings

✔ Industry-leading care
✔ Highly rated claims service
✔ Specialized packages

★★★★★
100+ Ratings

✔ Specialized coverage by profession
✔ Offers coverage for home-based businesses

★★★★★
100+ Ratings

✔ Affordable liability
✔ Inexpensive professional liability

★★★★
100+ Ratings

✔ Online claim services
✔ Offers policy management online

★★★★
100+ Ratings

✔ Covers international transactions
✔ Offers coverage for international trips

★★★★
100+ Ratings

✔ More than $1 million in revenue
✔ Provides BOPs for businesses
✔ Offers accounts receivable coverage

★★★★
100+ Ratings

✔ Reduced rates for bundling coverage types in a BOP
✔ Paying annual premiums in full upfront
✔ Using electronic funds transfer
✔ Opting for paperless statements

★★★
100+ Ratings

✔ Competitive premiums
✔ Strong financial rating
✔ 24/7 claim reporting
✔ Roadside assistance
✔ Loan gap coverage
✔ Rental reimbursement
✔ Hybrid/electric vehicle discount

★★★
100+ Ratings

✔ Broad range of coverage types for small business owners
✔ Offers general liability policy
✔ Offers employee benefits

★★★
100+ Ratings

✔ Fidelity and commercial crime
✔ Employment practices liability insurance (EPLI)
✔ International coverage
✔ Ocean marine

Is Business Insurance Required?

If your small business has employees, then you should know that most states will require to have workers’ compensation and unemployment insurance. Depending on where your business is located, you might also be required to have disability insurance.

But if you do now have any employees, you might want to opt to specific coverage such as a business owners policy or BOP. A basic BOP will cover for general liability, damage to property, and business income.

How Much Should I Pay for Business Insurance?

Just like any other insurance policies, the cost for small business insurance will depend on a lot of factors such as your business location, type, annual revenue, size and years in business. The cost can also be determined by which small business coverage options are perfect for your business, and coverage limits, and even deductibles.

Top Reasons Why You Should Have Business Insurance

If you are a new business owner, you might be wondering why you should invest in protecting your business and assets. Well, here are the top reasons why you should consider getting business insurance:

1. Legal Requirement – As we have stated above, if you have at least one employee, you would need to provide a worker’s compensation, unemployment insurance and disability insurance. Also, if you are renting a place for your business, your landlord may require you to hold renter’s insurance.

2. People These Days Like to Sue – People are becoming sue-happy these days. No matter what type of business you start, there would be a chance that you would encounter someone, at some point, that is unhappy with the business or service that you provide, and will engage you in a lawsuit.

If you do not have liability insurance, handling a lawsuit could be hard for a small business, even if the business were not found liable.

3. Can Protect Your Business in the Event of a Disaster – Having business insurance will protect your business from the most common disasters like fire, theft or even vandalism.

Picking the Right Small Business Insurance

When it comes to picking the perfect insurance for your business, the Insurance Information Institute recommends the following:

1. You must assess your risk, including every business property, equipment, and inventory.
2. Talking to a professional who knows the insurance industry is a wise move.
3. Make sure that the insurers that made your list have a good reputation, licensed and in a good financial condition to pay for claims when needed.
4. Use comparable coverage, exclusions, deductibles and limits when comparing rates.
5. Keep the rates low by implementing a risk management program that will minimise the losses from theft, injuries and fires.
6. Reviewing your risks and insurance every year is highly recommended.

 

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