Our top picks of timely offers from our partners

More details
Americor Debt Relief
Learn More
Terms Apply
Our top pick for customer satisfaction and, Americor has lower fees than some competitors
Choice Home Warranty
Learn More
Terms Apply
Protects 25+ systems & appliances. Free quote + $50 off + 1 month free
LifeLock
Learn More
Terms Apply
Helps protect your data and online identity. Take advantage of up to 52% off the first year. Get protected today.
UFB Secure Savings
Learn More
Terms Apply
Up to 5.25% APY on one of our top picks for best savings accounts plus, no monthly fee
LendingClub High-Yield Savings
Learn More
Terms Apply
Our top pick for best savings accounts for its strong APY and an ATM card with no ATM fees
Select independently determines what we cover and recommend. We earn a commission from affiliate partners on many offers and links. This commission may impact how and where certain products appear on this site (including, for example, the order in which they appear). Read more about Select on CNBC and on NBC News, and click here to read our full advertiser disclosure.
Insurance

Here are the best insurance companies to protect your small business

We considered customer satisfaction, financial strength and availability when determining the top small business insurance companies.

Share

If you're a business owner, you likely need some form of insurance to cover your work. Whether you have a fleet of vehicles to insure or just need liability coverage for freelance work, having the right coverage for your business can be a lifeline if you ever face a lawsuit, theft, disaster or other unexpected events.

Getting the right coverage can help you be sure you'll be able to take on whatever comes your way in business. Ahead, CNBC Select reviews the best small business insurance companies to consider to protect your business. (Read our methodology for more information on how we choose the best business insurance companies.)

Best small business insurance companies

Compare business insurance companies

Best for variety of plans

Nationwide Business Insurance

  • Cost

    The best way to estimate your costs is to request a quote

  • Policy highlights

    Nationwide offers insurance policies for small and large businesses alike in a variety of industries. A number of insurance types also help business owners to tailor their coverage.

  • App available

    Yes

Pros

  • Highly rated for customer satisfaction and financial strength
  • Wide variety of industries and coverages sold

Cons

  • App doesn't support business policy management

Nationwide's business insurance offers customers a wide array of business coverage options in a variety of industries with the financial strength of a large insurer. It's rated third-highest for small business insurance customer satisfaction and has an A+ rating from AM Best for financial strength.

Best for independent contractors

Next Business Insurance

  • Cost

    The best way to estimate your costs is to request a quote

  • Policy highlights

    Next covers small businesses in dozens of industries, and a number of different coverage types to choose from. Quotes and claims online make the process quick and digital-friendly.

  • App available

    Yes

Pros

  • Wide variety of policies available and quotes are available online
  • Certificate of insurance available online immediately

Cons

  • Not ranked for customer satisfaction

Next Insurance brings the business insurance experience into the modern era with online quotes and claims, and a mobile app allows you to access your policy documents from your phone. It offers many different coverage types that can be tailored to independent contractors' and self-employed people's needs.

Best for small businesses

The Hartford Business Insurance

  • Cost

    The best way to estimate your costs is to request a quote

  • Policy highlights

    The Hartford has been offering insurance policies for over 200 years and insures over 1 million small businesses. It offers coverage for a variety of industries and is highly rated for customer satisfaction.

  • App available

    Yes

Pros

  • Quotes available online
  • Highly rated for customer satisfaction

Cons

  • App doesn't support business policy management

The Hartford has over 1 million small business clients and has been in business for over 200 years. It's easy to estimate how much you'll pay, both with online quotes and average annual premiums for several coverage types listed on their website.

Best for medium-sized businesses

Chubb Business Insurance

  • Cost

    The best way to estimate your costs is to request a quote

  • Policy highlights

    Chubb's business insurance is available to companies with up to $30 million in revenue. It offers a variety of services to businesses in a number of industries, and a number of coverage enhancements for business owners' policies to customize coverage.

  • App available

    Yes

Pros

  • Quotes available online
  • Highly rated for customer satisfaction

Cons

  • Certificates of insurance must be requested

Chubb offers a number of policies that can be tailored to medium-sized businesses with up to $30 million in revenue. Working with businesses in all sorts of industries and offering dozens of coverage types, Chubb's business insurance can fit your company's specific needs. Chubb ranked second for customer satisfaction in J.D. Power's small business insurance customer satisfaction survey.

Best for customer satisfaction

State Farm® Business Insurance

  • Cost

    The best way to estimate your costs is to request a quote

  • Policy highlights

    State Farm Business Insurance offers coverage to over 300 industries and is highly rated for financial strength and customer satisfaction.

  • App available

    Yes

Pros

  • Variety of coverage types and industries
  • Rated A++ for financial strength by AM Best

Cons

  • Online quotes only available in Wisconsin, Texas, Colorado and California
  • Above average NAIC complaint index

State Farm was J.D. Power's top pick for small business insurance customer satisfaction, scoring 856 points out of 1,000. Additionally, the company earned an A++ rating from AM Best for financial strength, though it does have an above-average complaint index through the National Association of Insurance Commissioners (NAIC).

Best for worker's compensation coverage

Travelers Business Insurance

  • Cost

    The best way to estimate your costs is to request a quote

  • Policy highlights

    Travelers is highly ranked for financial strength and has a below average complaint index with the NAIC. It offers unique features like TravPay, which links to payroll to your worker's compensation policy, and TravComp, which can help handle worker's compensation claims.

  • App available

    Yes

Pros

  • Rated A++ for financial strength by AM Best, and below average NAIC complaint index score
  • Unique features can help manage worker's compensation

Cons

  • Online quotes aren't available for business policies

Travelers is rated A++ for financial strength by AM Best, and has a very low complaint index score according to NAIC. Its worker's compensation coverage stands out with unique tools including TravPay, which can help streamline worker's compensation by linking payroll to your policy. And, in the case of a worker's compensation claim, the TravComp feature can help streamline the process.

Best for commercial auto coverage

Progressive Commercial Insurance

  • Cost

    The best way to estimate your costs is to request a quote

  • Policy highlights

    With business insurance available in 49 states, Progressive offers coverage across the US. And, with other business policies available, it's possible to bundle all the coverage you need with one insurance company.

  • App available

    Yes

Pros

  • Offers business insurance in 49 states and a variety of types of insurance in dozens of industries
  • Below average complaint index by the NAIC

Cons

  • Not a top 10 pick for customer satisfaction per JD Power commercial insurance study

Progressive is one of the largest commercial auto insurers by market share according to NAIC. In addition to its commercial auto insurance, it offers a number of other business coverages and has a strong financial strength rating with a below-average complaint index score.

FAQs

Business insurance covers businesses from the financial losses associated with unexpected events, such as property damage, lawsuits, property damage, theft, personal injury and more. While there are many different policies that cover specific situations and scenarios, one of the most popular types of business insurance coverage is a business owner's policy (BOP).

A BOP combines general liability, commercial property and business interruption insurance into one policy. Property covered generally protects the company's property from things like fire or theft. Liability coverage can protect your business from personal injury claims or defective products, like if someone were to slip and fall at your place of business. Business interruption insurance can cover the losses if your business is damaged in a catastrophe.

While the business owner's policy is the main business insurance type, there are several other coverages available, including:

  • Worker's compensation: Protects your business from employee workplace illness or injuries. It's often required for businesses with employees, though can vary by state.
  • Professional liability: Covers negligence and inaccurate statements not covered by general liability insurance. It's sometimes also called errors and omissions insurance, or E&O insurance.
  • Commercial auto insurance: Covers any cars or vehicles your business owns.

There are several reasons for having business insurance. Firstly, anything can happen when you're in business, from lawsuits to natural disasters. Having a business insurance policy can help keep your business afloat if you face any of these obstacles.

In some cases, small business insurance might be required. In many states, businesses with employees need to have worker's compensation insurance.

Whether or not liability insurance is required will depend on the type of work you do, and where your business operates.

But, that doesn't change the fact that it might be helpful to have. If you do work where someone could potentially sue you for professional negligence or for injuries or damages, liability insurance could help cover the costs. According to The Zebra, an insurance comparison site, there are about 12 million contract lawsuits filed against small businesses per year, with the average liability suit costing about $54,000. A small business liability policy could help cover that cost.

Bottom line

Business insurance can help your business stay afloat no matter what comes your way. Evaluating your options based on customer satisfaction, financial strength, and the types of insurance sold can help you find the right fit for your needs.

Our methodology

To find the best business insurance companies, CNBC Select collected hundreds of data points on more than a dozen companies offering business insurance.

When selecting the best business insurance companies, we looked at ratings on customer satisfaction from J.D. Power's small business insurance customer satisfaction study. We also compiled data from AM Best's financial strength ratings, which measure an insurance company's financial ability to pay on debts. We also considered complaint index ratings from the National Association of Insurance Commissioners. Finally, we considered the variety of industries insured and the number of types of coverages sold.

After considering the features above, we sorted the best business insurance companies by the best overall, best for small businesses, best for medium-sized businesses, best for independent contractors, best for customer satisfaction, best for worker's compensation coverage and best for commercial auto coverage.

Catch up on CNBC Select's in-depth coverage of credit cardsbanking and money, and follow us on TikTokFacebookInstagram and Twitter to stay up to date.

Subscribe to the CNBC Select Newsletter!

Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
Find the right savings account for you
Learn More
Terms Apply
Help your money grow by finding the savings account that offers the best rates and features for you
Chime
Learn More
Terms Apply
Chime offers online-only accounts that minimize fees plus, get paid up to 2 days early with direct deposits