Small-business insurance is coverage that limits your company’s financial losses in case of property damage, injuries, lawsuits or other claims your business might face.
How much NerdWallet shoppers pay for business insurance
Here are some recent business insurance policies secured by NerdWallet shoppers through our partner Coverdash
$20.83/mo
This Painting Contractor business in Ohio secured a General Liability policy from Chubb
$22.92/mo
This Travel Agency business in Florida secured a Professional Liability policy from The Hartford
$28.42/mo
This Event Planning Services business in Arkansas secured a Business Owner's Policy policy from The Hartford
$43.58/mo
This Graphic Design Services business in Delaware secured a Cyber policy from Coalition
$37.33/mo
This Massage Parlor business in Utah secured a Workers' Compensation policy from AmTrust
$23.14/mo
This Retail business in Oregon secured a General Liability policy from Chubb
$20.83/mo
This Painting Contractor business in Ohio secured a General Liability policy from Chubb
$22.92/mo
This Travel Agency business in Florida secured a Professional Liability policy from The Hartford
$28.42/mo
This Event Planning Services business in Arkansas secured a Business Owner's Policy policy from The Hartford
$43.58/mo
This Graphic Design Services business in Delaware secured a Cyber policy from Coalition
$37.33/mo
This Massage Parlor business in Utah secured a Workers' Compensation policy from AmTrust
$23.14/mo
This Retail business in Oregon secured a General Liability policy from Chubb
How to get your quote
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What is business insurance?
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Business insurance protects your business finances in case of a sudden major expense. Without it, you might have to cover repairs, legal fees or settlement costs out of pocket.
For example: Say there’s a fire at the warehouse where you store your inventory. It’s damaged by smoke and water from the sprinklers. If you have property insurance, you can file a claim. Your insurance company can pay out to help you cover the cost of replacing your stock.
How do you get business insurance?
Follow these steps to determine your insurance needs and get coverage.
- Find out what coverage you legally have to have. Some business insurance, like workers’ compensation, is required by law. Check the workers’ compensation regulations in your state to make sure you’re in compliance. Be on the lookout for industry-specific regulations as well — for example, state law might require lawyers to carry legal malpractice insurance.
- See whether any of your contracts require insurance. Landlords, lenders and contractors may require certain types of coverage, especially general liability insurance, before they’ll do business with you.
- Talk to an insurance agent, if you want one. If you’re unsure about what kinds of business insurance you need, a licensed business insurance agent can help you evaluate your risks. Some insurance companies only sell policies through agents. Captive agents can only sell one insurer’s policy, like State Farm. But independent agents can sell policies from a wide variety of insurance companies.
- Get quotes. Getting insurance quotes can help you understand how much insurance might cost. Every insurer uses slightly different formulas to calculate your risks, so make sure you get several to
- Buy a policy. You might be able to do this online.
- Reassess your needs regularly. As your small business hires employees, adds locations or grows its product line, your insurance needs will grow too. Check on your insurance policies every year to make sure they still provide the best coverage for you.
How much does small-business insurance cost?
Business insurance costs can vary widely depending on:
- What your company does. Some industries are inherently riskier than others. For example, you’re more likely to get injured on a construction site than in an accounting office.
- How many employees you have. Unfortunately, every employee could get injured or have an interaction with a customer that leads to a lawsuit.
- Where you’re located. Risk can vary by location. For instance, some states have higher risk of natural disaster and some ZIP codes have higher risk of burglary.
- How public-facing your business is. When you have lots of clients or customers, you have more exposure to injuries and lawsuits.
- Your claims history. Businesses that have filed claims in the past often pay more for coverage in the future.
- What policies you need to buy. Some types of insurance are more specialized, and that tends to make them more expensive.
To get a ballpark figure, get a quote from an online business insurance company. They can usually show you a price estimate in a matter of minutes, based on some basic information about your business.
The best way to find cheap business insurance is to get quotes from several different providers and choose the best option for you.
Our picks for the best business insurance
Chubb
Best for buying a BOP online
Pros
- Simple online shopping experience that most businesses can likely complete in a few minutes.
- BOP includes business interruption and extra expense coverage.
- Fewer complaints than expected about liability coverage and far fewer than expected about property coverage.
Cons
- If you have more than $2 million in annual revenue, you'll need to talk with an agent or shop elsewhere.
- Can’t get commercial auto insurance online.
Chubb is a longstanding insurer that makes it easy to buy a business owner’s policy online. Its BOP even includes a few types of coverage that don’t come standard: business interruption insurance and extra expense coverage, plus coverage for accounts receivable. If your annual revenue is over $2 million, though, you’ll have to work with an independent insurance agent to get a policy.
Read full review
- General liability insurance.
- BOP.
- Business property insurance.
- Business interruption insurance.
- Professional liability insurance.
- Umbrella insurance.
- Workers’ comp.
- Cyber insurance.
Chubb is a longstanding insurer that makes it easy to buy a business owner’s policy online. Its BOP even includes a few types of coverage that don’t come standard: business interruption insurance and extra expense coverage, plus coverage for accounts receivable. If your annual revenue is over $2 million, though, you’ll have to work with an independent insurance agent to get a policy.
Read full review
- General liability insurance.
- BOP.
- Business property insurance.
- Business interruption insurance.
- Professional liability insurance.
- Umbrella insurance.
- Workers’ comp.
- Cyber insurance.
Chubb is a longstanding insurer that makes it easy to buy a business owner’s policy online. Its BOP even includes a few types of coverage that don’t come standard: business interruption insurance and extra expense coverage, plus coverage for accounts receivable. If your annual revenue is over $2 million, though, you’ll have to work with an independent insurance agent to get a policy.
Ergo Next
Best for online business insurance
Ergo Next sells all the business insurance policies most entrepreneurs need online. You can shop using highly specific industry-tailored packages — for fitness professionals, contractors, Amazon sellers and more — and buy several policies in one transaction. Ergo Next also offers a digital certificate of insurance, which should make it easy to quickly prove you have insurance when a client or landlord asks.
Read full review
- General liability insurance.
- BOP.
- Commercial property insurance.
- Professional liability insurance.
- Commercial auto insurance.
- Tools and equipment insurance.
- Commercial property insurance.
- Umbrella insurance.
- Workers’ comp.
- Cyber insurance.
- Liquor liability insurance.
- Product liability insurance.
- Contractor license bonds.
Ergo Next sells all the business insurance policies most entrepreneurs need online. You can shop using highly specific industry-tailored packages — for fitness professionals, contractors, Amazon sellers and more — and buy several policies in one transaction. Ergo Next also offers a digital certificate of insurance, which should make it easy to quickly prove you have insurance when a client or landlord asks.
Read full review
- General liability insurance.
- BOP.
- Commercial property insurance.
- Professional liability insurance.
- Commercial auto insurance.
- Tools and equipment insurance.
- Commercial property insurance.
- Umbrella insurance.
- Workers’ comp.
- Cyber insurance.
- Liquor liability insurance.
- Product liability insurance.
- Contractor license bonds.
Ergo Next sells all the business insurance policies most entrepreneurs need online. You can shop using highly specific industry-tailored packages — for fitness professionals, contractors, Amazon sellers and more — and buy several policies in one transaction. Ergo Next also offers a digital certificate of insurance, which should make it easy to quickly prove you have insurance when a client or landlord asks.
Travelers
Best for specialized coverage
Pros
- Offers many types of commercial insurance, including specialized coverage like key person insurance and surety bonds.
- You can access your certificate of insurance and track your claims through an online portal.
- Fewer complaints than expected about liability coverage and property coverage.
Cons
- You can’t get a quote or purchase a policy online.
Travelers earned high marks from NerdWallet for its financial strength, low number of customer complaints, wide variety of coverages and customer support features. You can’t get a quote or buy a policy online. But it’s a good idea to start a relationship with an agent if your business needs more than a BOP and commercial auto insurance anyway. And independent agents sell Travelers policies, so they can offer you multiple quotes. If Travelers offers the best coverage for the best price, it’s a solid choice.
Read full review
- General liability insurance.
- BOP.
- Business income and extra expense coverage.
- Commercial property insurance.
- Professional liability insurance.
- Commercial auto insurance.
- Workers’ comp.
- Cyber insurance.
- Management liability insurance.
- Employment practices liability insurance.
- Umbrella insurance.
- Equipment breakdown insurance.
- Specialized coverage for industries like agriculture and energy.
Travelers earned high marks from NerdWallet for its financial strength, low number of customer complaints, wide variety of coverages and customer support features. You can’t get a quote or buy a policy online. But it’s a good idea to start a relationship with an agent if your business needs more than a BOP and commercial auto insurance anyway. And independent agents sell Travelers policies, so they can offer you multiple quotes. If Travelers offers the best coverage for the best price, it’s a solid choice.
Read full review
- General liability insurance.
- BOP.
- Business income and extra expense coverage.
- Commercial property insurance.
- Professional liability insurance.
- Commercial auto insurance.
- Workers’ comp.
- Cyber insurance.
- Management liability insurance.
- Employment practices liability insurance.
- Umbrella insurance.
- Equipment breakdown insurance.
- Specialized coverage for industries like agriculture and energy.
Travelers earned high marks from NerdWallet for its financial strength, low number of customer complaints, wide variety of coverages and customer support features. You can’t get a quote or buy a policy online. But it’s a good idea to start a relationship with an agent if your business needs more than a BOP and commercial auto insurance anyway. And independent agents sell Travelers policies, so they can offer you multiple quotes. If Travelers offers the best coverage for the best price, it’s a solid choice.
Cincinnati Insurance
Best for working with an agent
Cincinnati Insurance had far fewer complaints than expected about both its commercial liability and commercial property policy. We also gave it top marks for financial strength. On top of that, the company offers a variety of coverage types — like cyber insurance, hired and non-owned auto insurance and equipment breakdown coverage — as enhancements. That means you can tack them onto policies you’re already planning to buy and get some additional coverage without springing for a whole additional policy.
You can’t buy a Cincinnati policy online, but if your independent agent suggests it, the company should be a good choice. We haven’t written a review of Cincinnati Insurance yet.
- General liability insurance.
- BOP.
- Commercial property insurance.
- Professional liability insurance.
- Commercial auto insurance.
- Workers’ comp.
- Cyber insurance.
- Employment practices liability insurance.
- Umbrella insurance.
- Business income insurance.
Cincinnati Insurance had far fewer complaints than expected about both its commercial liability and commercial property policy. We also gave it top marks for financial strength. On top of that, the company offers a variety of coverage types — like cyber insurance, hired and non-owned auto insurance and equipment breakdown coverage — as enhancements. That means you can tack them onto policies you’re already planning to buy and get some additional coverage without springing for a whole additional policy.
You can’t buy a Cincinnati policy online, but if your independent agent suggests it, the company should be a good choice. We haven’t written a review of Cincinnati Insurance yet.
- General liability insurance.
- BOP.
- Commercial property insurance.
- Professional liability insurance.
- Commercial auto insurance.
- Workers’ comp.
- Cyber insurance.
- Employment practices liability insurance.
- Umbrella insurance.
- Business income insurance.
Cincinnati Insurance had far fewer complaints than expected about both its commercial liability and commercial property policy. We also gave it top marks for financial strength. On top of that, the company offers a variety of coverage types — like cyber insurance, hired and non-owned auto insurance and equipment breakdown coverage — as enhancements. That means you can tack them onto policies you’re already planning to buy and get some additional coverage without springing for a whole additional policy.
You can’t buy a Cincinnati policy online, but if your independent agent suggests it, the company should be a good choice. We haven’t written a review of Cincinnati Insurance yet.
Progressive
Best for commercial auto insurance
Pros
- Fewer than expected commercial auto insurance complaints filed with state regulators based on its market share.
- Specialized insurance products for truckers, including owner-operators, motor carriers and driver carriers.
- 24/7 roadside assistance available as an add-on service, provided by a third party.
Cons
- More complaints than expected about commercial liability and commercial property insurance.
- Other types of insurance might be underwritten by other insurance companies, not Progressive.
Regulators received fewer complaints about Progressive, relative to its market share, of any of the large auto insurers we cover. It had the largest share of the commercial auto insurance market by far in 2024, according to the most recent data from the Insurance Information Institute.
Progressive’s commercial auto insurance policies can cover cars, trucks, buses, limousines and other business vehicles. The company also offers access to a network of car and truck repair shops and around-the-clock service by phone or online.
Read full review
- Commercial auto insurance. (Underwritten by Progressive)
- General liability insurance. (Available for purchase through Progressive’s website, but may be underwritten by other insurers)
- BOP. (Available for purchase through Progressive’s website, but may be underwritten by other insurers)
- Professional liability insurance. (Available for purchase through Progressive’s website, but may be underwritten by other insurers)
- Workers’ comp. (Available for purchase through Progressive’s website, but may be underwritten by other insurers)
- Cyber insurance. (Available for purchase through Progressive’s website, but may be underwritten by other insurers)
- Employee health insurance. (Available for purchase through Progressive’s website, but may be underwritten by other insurers)
Regulators received fewer complaints about Progressive, relative to its market share, of any of the large auto insurers we cover. It had the largest share of the commercial auto insurance market by far in 2024, according to the most recent data from the Insurance Information Institute.
Progressive’s commercial auto insurance policies can cover cars, trucks, buses, limousines and other business vehicles. The company also offers access to a network of car and truck repair shops and around-the-clock service by phone or online.
Read full review
- Commercial auto insurance. (Underwritten by Progressive)
- General liability insurance. (Available for purchase through Progressive’s website, but may be underwritten by other insurers)
- BOP. (Available for purchase through Progressive’s website, but may be underwritten by other insurers)
- Professional liability insurance. (Available for purchase through Progressive’s website, but may be underwritten by other insurers)
- Workers’ comp. (Available for purchase through Progressive’s website, but may be underwritten by other insurers)
- Cyber insurance. (Available for purchase through Progressive’s website, but may be underwritten by other insurers)
- Employee health insurance. (Available for purchase through Progressive’s website, but may be underwritten by other insurers)
Regulators received fewer complaints about Progressive, relative to its market share, of any of the large auto insurers we cover. It had the largest share of the commercial auto insurance market by far in 2024, according to the most recent data from the Insurance Information Institute.
Progressive’s commercial auto insurance policies can cover cars, trucks, buses, limousines and other business vehicles. The company also offers access to a network of car and truck repair shops and around-the-clock service by phone or online.
Other great business insurance companies
We highly rate the following insurance companies. Their offerings fall short of our top picks for different reasons. For instance, they may lack coverage options or not let you buy all your policies online. But if you get a competitive quote from one of these insurers, it’s probably a good choice.
Philadelphia Insurance got high marks for financial strength and few complaints. The company doesn’t sell workers’ comp insurance, though, and you’ll have to buy a policy from a Philadelphia agent.
The Hartford offers online quotes for a wide variety of business insurance types. You can buy some of its policies online. You’ll need to work with an independent agent for others, though. Read review.
CNA sells policies through independent insurance agents. We gave the company high marks for its financial strength and relatively few complaints to regulators — but it ranked near the bottom in J.D. Power’s customer satisfaction ratings.
American Family sells policies online, which is still rare for a longstanding insurance company. So is the fact that it offers customer service beyond business hours. But its financial strength — while good— is less than our top picks.
Auto-Owners has an excellent financial strength rating and expected numbers of customer complaints. The company sells insurance through independent agents. You’ll have to work with that agent or make a phone call to file a claim.
How we choose the best business insurance companies
NerdWallet’s editorial team rates business insurance companies based on:
- Financial strength. We use ratings from AM Best, the leading credit rating agency for the insurance industry, to measure each company’s financial stability. The stronger an insurer’s position, the more likely it is to be able to pay out claims after a disaster or financial crisis. Insurers must have a good or excellent rating to make our list.
- Customer complaints. The National Association of Insurance Commissioners (NAIC) aggregates complaints that policyholders make to their state insurance departments. We analyze these data to determine commercial liability and commercial property lines of business. If a company has fewer complaints than we’d expect given their market share, it earns a higher rating.
- Shopping experience. Insurers should make it easy to get a quote and buy a policy. What’s “easy” depends on the buyer, though. For some, it means buying online fast. For others, it’s getting personalized advice from an insurance agent. So, we consider whether each insurer sells policies online, through independent agents or both. We give lower scores to insurers with captive agents since you can’t get multiple quotes from them.
- Customer service and claims. We look for companies that clearly explain how to file and track a claim, download your certificate of insurance and reach customer support. We consider third-party customer satisfaction ratings from J.D. Power and Trustpilot to help with these evaluations.
Other business insurance companies we consider
NerdWallet’s editorial team evaluated more than 20 business insurers. The best choice for you will offer the coverage you need for the lowest cost. Get multiple quotes, then compare your options.
Here are the rest of the commercial insurers we rate in order of their star rating. Click on an insurer’s name to read our review, if we’ve written one.
- Allstate sells commercial auto insurance online, but refers buyers to other companies for other policies. 4.5 stars.
- Geico sells commercial auto insurance online, but refers buyers to other companies for other policies. 4.5 stars.
- biBERK is a Berkshire Hathaway subsidiary that sells common policies, like general liability insurance and workers’ comp, online. It received far more complaints than expected about its commercial liability and property policies than expected given its size. 4 stars.
- Erie Insurance sells policies through independent agents, but doesn’t offer business owner’s policies. 4 stars.
- Farmers You can get basic coverages like general liability, commercial auto and umbrella insurance through a captive Farmers agent. It only operates in 36 states and scored poorly in J.D. Power’s customer satisfaction ratings. 4 stars.
- Nationwide is a great choice for additional services, like retirement plans, and specialty coverage like surety bonds. But its financial strength is good (not excellent), and you can’t buy a policy online. 4 stars.
- USAA is a credit union that works with eligible military families. It’s a good choice if that’s you. If not, their coverage is a non-starter. 4 stars.
- Hiscox sells general and professional liability insurance online and via other insurers, like Geico. The company got many more complaints than expected about liability and property coverage, though. 3.5 stars.
- State Farm agents can sell most types of business insurance, but its online features are limited and you’ll have to go through your agent to file claims. 3.5 stars.
- Liberty Mutual sells virtually every type of business insurance, including policies for highly specialized industries. But the company got far more complaints than expected about its commercial liability policies. It was the lowest rated insurer in J.D. Power’s customer satisfaction ratings as well. 3 stars.
- AIG sells policies through independent insurance agents, but had far more complaints about liability and property claims than we’d expect for a company of its size. 2.5 stars.
- Three is another Berkshire Hathaway company. It targets small-business owners who want many types of insurance coverage in just one policy. Not rated.
- Pie Insurance sells workers’ comp in 39 states and Washington, D.C. Not rated.
Some third-party websites let you compare and buy policies from insurance companies. We don’t rate these online brokers since they don’t underwrite policies. But if you want to compare quotes, buy coverage and manage your policy online, consider these options:<br>
- Coverdash, which offers basic coverage types but not commercial auto insurance.
- Huckleberry sells lots of types of insurance, including liquor liability and employment practices liability coverage. You’ll have to file claims through your insurer, not Huckleberry.
- Simply Business sells sole proprietor workers’ comp along with other common types of business insurance. Like Huckleberry, policyholders have to file claims elsewhere.
- Thimble, which specializes in short-term policies that can cover you for just a month or a single event at a time.
Frequently asked questions
If your business has employees, performs services for a fee, has an office or storefront, or sells products, you need business insurance. What policies you need and how large those policies should be will vary depending on what your business does, how many people you employ and lots of other factors.
Business insurance can cover financial losses due to property damage, lawsuits, injuries to customers or employees, work stoppages and many other events. Different types of policies protect against different kinds of risks. Most businesses need several types of coverage.
The cost of business insurance depends on what your company does, where you’re located, how many employees you have and how much space you occupy, among other factors. Get quotes from several different insurance providers to find the best price.
Most business insurance policies spell out specific exclusions, which are events that they won’t cover. Read your policies closely to understand what’s covered and what isn’t. Business insurance doesn’t cover losses beyond the policy’s limit, which is the maximum amount your insurance company will pay out in a certain period of time.
You need small-business insurance if a state law, a lease, a business loan application or another type of business agreement requires you to have it. Workers’ compensation insurance and commercial auto insurance are often required by law. Check your state’s regulations and read all of your agreements closely to find out what coverage you need.
Methodology
Business insurance ratings methodology
NerdWallet rewards business insurance companies for reliability and good service. We calculate star ratings based on scores in about a dozen categories. These include:
- Each company's financial strength.
- How many complaints customers made relative to its market share.
- How easy it is to get coverage.
- How accessible customer service is.
Learn more about how we rate small-business insurance companies.
Our editorial team routinely fact-checks and updates these data points. We also adjust our scoring on an ongoing basis. This helps our star ratings reflect changing industry norms. For instance, in 2026, we began evaluating how easy insurers make it to add an additional insured.
Our ratings are a guide. But insurance policy details and prices can vary widely. We encourage you to shop around and compare several insurance quotes.NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.
Insurer complaints methodology
One key factor in our star ratings is how many complaints insurance companies get. Here's how we arrive at that score.
Disappointed customers can file a complaint with their state's insurance department. The National Association of Insurance Commissioners (NAIC) collects, analyzes and groups complaints by business line and insurance company every year. A business line is a specific type of coverage, like workers’ comp.
Then, the NAIC calculates a complaint ratio for each company. It divides the company's share of complaints by its share of total premiums for each line of business. It then adds these ratio values to their official complaint index.
- A complaint ratio of 1 means a company received about the expected number of complaints relative to its size.
- A ratio of 2 means it received twice as many complaints as expected.
- A ratio of 0 means it received half as many complaints as expected.
NerdWallet obtains the raw NAIC data every year. We aggregate results at the company level and fact-check these results. Then we calculate a three-year average of each insurer's complaint ratio and convert it to a score for our star ratings.
Business insurance star ratings consider complaints about two lines of business: commercial liability and commercial property. We analyze complaint data on commercial auto and workers' comp policies too. But we don't currently incorporate these into our ratings since they're less universal.