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Insurance coverage is just as necessary for your small business as it is when you are driving your car. Incidents can happen suddenly, and you must ensure you are protected.

To avoid unexpected costs and big payouts, make the right move for your business and get insured today. Below are our top choices for the best small business insurance of 2023. 

What’s the best small business insurance?



Learn MoreOn StateFarm’s Website
Overall Best Choice

We chose StateFarm as our overall best pick for small business insurance because they offer many types of coverage through a wide network of agents nationwide. For the most part, StateFarm agents are business owners so they can relate to the needs of small-business owners.

For non-specific business insurance policies, StateFarm is worth checking out.



Learn MoreOn Nationwide’s Website
Best for General Liability Insurance

We chose Nationwide as the best option for a general liability insurance provider.

Nationwide specializes in 14 business industries, including medical clinics, food industries, farms, and retail. Their business insurance focuses on quick and easy solutions for business owners and their issues due to their specialty departments.

This is ideal for all businesses, especially those considered high-risk for general liabilities.


The Hartford

Learn MoreOn The Hartford’s Website
Best for Workers Compensation

The Hartford is the second-largest workers’ compensation insurance provider nationwide.

They offer special benefits such as pay-as-you-go plans so that you are not over or underpaying on premiums. The Hartford is also affiliated with more than a million healthcare providers to help injured workers nationwide.

This insurance firm also follows strict state-specific guidelines for policyholders in different states while providing prescription drug benefits to injured workers by affiliating with more than 65,000 pharmacies nationwide.

The Hartford is the way to go for the best workers’ compensation insurance.



Learn MoreOn Hiscox’s Website
Best for Independent Contractors

Hiscox is best for independent contractors and freelancers because they have uniquely designed productsfor these workers. They have policies that are micro-business specified and have coverage in 49 states nationwide.

Hiscox is based in Bermuda, with U.S. headquarters in Atlanta. They have nine locations across the U.S. but they also do business with 14 other countries around the globe. They boast customized business solutions in 180+ industries, including salons, acupuncturists, hair stylists, fitness instructors, consultants, janitors, therapists, and more.

If you are an independent contractor or freelancer, Hiscox is worth an inquiry.



Learn MoreOn Traveler’s Website
Best for Commercial Property Insurance

Travelers are among the most experienced insurance providers in the commercial property space and have been ranked among the top commercial property insurance companies for many years.

They reserved bragging rights as the number-two commercial property insurer in 2021, so there is something to be said there. 

They also specialize in 25 business industry solutions, including transportation, manufacturing, construction, retail, and more. Travelers operate in the U.S., Canada, and the U.K.

Due to their experience in insurance, your first stop for commercial property insurance should be Travelers.


Liberty Mutual

Learn MoreOn Liberty Mutual’s Website
Best for Business Owners Policy

We chose Liberty Mutual as the best business owners policy (BOP) insurer because of their claims process.

They have made it especially easy to claim as a business owner because they have a built-in business owner’s policy system through their mobile app that streamlines the entire process. They offer cost-effective BOP policies with 24/7 assistance.

Liberty Mutual offers business insurance through independent insurance agents across the U.S. and have good business owner policy options. Additionally, they offer an array of other insurances, including commercial auto, inland marine, workers comp, umbrella coverage, and more.

They also offer business solutions for 12 industries such as construction, public entities, wholesale, healthcare, financial institutions, and real estate.

Liberty Mutual may be your insurer if you are very busy and want a time-effective method of making claims.



Learn MoreOn Progressive’s Website
Best for Commercial Auto Insurance

Progressive holds the running track record for commercial auto insurance issuer. Progressive has the most experience in this space among the rest of the insurance world. Due to this, they offer discounted rates when you open a commercial auto policy combined with general liability and business owners’ policies.

Progressive is the top commercial auto insurer in the entire country and offers commercial trucking insurance in all 50 states. They also offer other types of insurance, including general liability, workers comp, cyber insurance, professional liability, and others.

Their insurance solutions department specializes in 62 professional industries such as gym workers, yoga instructors, beauty salons, auto mechanics, and many more.

One of their biggest perks is offering discounted rates on commercial auto insurance when combined with general liability insurance, even through another carrier on the market.

Look no further than Progressive for commercial auto insurance and open up a policy today.

What is the average cost of business insurance?

Small business insurance costs vary depending on the industry, state, and types of coverage.

Things like coverage limits, deductibles, amount of employees, and additional coverage are all factored into the policy prices. Plus, every insurer will have different price points. This requires a bit of inquiry and the gathering of additional quotes.

The bottom line

Small business insurance is extremely important to secure the financial future of your business. Things can happen suddenly, and it is better to be prepared than caught off guard by a lawsuit, enormous medical bills, or equipment coverage.

We have done the hard work for you already. All you need to do is pick up the phone and get quotes on the company and coverage that works for you and your business. 

If you need more guidance on covering your business needs, we are here to help. 

Information provided on Entrepreneur Guide is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, we do not recommend or advise individuals to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results

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