Small business insurance can prevent a bad day from becoming your business's last day.
The key is getting the right amount of coverage for the right price from a provider who understands your needs and makes it easy to apply, buy a policy and file claims.
Founded in 1926 as an auto insurance company, Nationwide has expanded in nearly every corner of the market and is now one of the largest providers of business insurance in the U.S. Its broad variety of plans made us choose Nationwide as one of the best insurance companies for small businesses.
- Covers a variety of industries including food service, retail, auto repair, photographers, wholesalers and consulting offices.
- Offers accounts receivable coverage, which protects against losses if your customer fails to pay.
- App doesn't support business policy management
Pros and cons of Nationwide small business insurance
- Broad variety of coverage types, including cyber liability, employment practices liability, management liability and fleet coverage for commercial vehicles.
- Specialized coverage for numerous industries, including retail, contractors, auto services, wholesale and food service
- Rated above average for small commercial insurance by J.D. Power
- Doesn't disclose rate information on website
- Can't always buy a policy online
- Receives more complaints than expected, according to NAIC
Nationwide small business insurance plans
A few of the main business insurance products offered by Nationwide include:
Business owner's policy
A business owner's policy (BOP) combines several types of coverage into a single policy. Nationwide's standard BOP includes commercial property insurance, business liability insurance, business income insurance and equipment breakdown insurance.
Because this policy bundles several types of insurance, it can be cost-effective compared to buying individual policies for each coverage type.
General liability insurance
Also called business liability insurance, this covers you if someone is injured at your business or their property is damaged by your company or services.
Commercial property insurance
Commercial property insurance covers damage to the building where you do business, as well as surrounding property (like fences and sheds) and assets within the building (like furniture and inventory).
Commercial auto insurance
Commercial auto insurance covers drivers and vehicles used to conduct your business, as well as injuries or damage an employee may cause while driving.
Workers' compensation
Workers' compensation covers your business if an employee is injured on the job or dies as a result of operating equipment at your business. Workers' compensation can cover medical expenses or pay out death benefits.
How does Nationwide compare to other small business insurance?
Here's how Nationwide stacks up against some of CNBC Select's other top picks for small business insurance.
Nationwide vs. ERGO NEXT
- Wide variety of policies available and quotes are available online
- Certificate of insurance available online immediately
- Prices start at $19 per month
- Not available in all states
Both Nationwide and ERGO NEXT offer business insurance coverage for multiple industries, including contractors, retail, food and beverage and more.
ERGO NEXT lets you get a quote and purchase your policy completely online, while Nationwide may require you to get in contact with an agent to complete your enrollment.
But if you prefer an in-person inexperience, Nationwide is the better choice: While it has hundreds of branches across the U.S., ERGO NEXT Insurance is a digital-only operation.
Nationwide vs. Hiscox
- Offers directors and officers (D&O) liability insurance, an option not available with every insurer
- Short-term liability insurance available for small businesses, as well as BOP insurance for contractors and freelancers
- Policies start at $22.50 a month, making them a good fit for those wanting affordable coverage
- Not available in Alaska
While Nationwide handles clients big and small, Hiscox caters to home businesses, with lower rates and customizable coverage for solo entrepreneurs.
Hiscox has a much higher volume of complaints, however: According to the NAIC, the Atlanta-based insurer has more than eight times the number of complaints about commercial liability than its competitors and almost 40 times more about commercial property insurance.
How do I get Nationwide business insurance?
You can apply for Nationwide business insurance online. You'll be walked through a series of prompts to collect info on your business and insurance needs. Depending on the plan and the state you live in, you may be able to complete enrollment online or an agent will get in touch.
You can also visit a Nationwide agent in your area or call 888-490-1549.
Nationwide business insurance FAQs
FAQs
Do you need general liability insurance to run a business?
General liability insurance isn't required to run a business but it's recommended. Not only can it protect your business's finances under covered circumstances, but some clients may require you to have it.
What does business insurance cover?
Business insurance coverage depends on the policy you select. For example, workers' compensation can cover the medical bills of employees who are injured while doing the job.
Should my small business have business income insurance?
Business income insurance provides you with income in the event your business has to shut down temporarily due to a covered loss (like from a fire or other disaster). It can be helpful for some businesses whose operations would be completely devastated by certain losses.
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Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every insurance article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of small business insurance products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Our methodology
When reviewing business insurance, CNBC Select uses a variety of criteria, including affordability, availability, types of coverage, the variety of industries insured and customer service.
In addition, we also considered market share and scores from J.D. Power's U.S. Small Commercial Insurance Study, the National Association of Insurance Commissioners' complaint index and A.M. Best's financial strength ratings.
Sample insurance rates may come from a variety of sources, including the provider and state insurance agencies.
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