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A- (Excellent)
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Fact Checked
Fact Checked
Updated: Jul 1, 2024, 5:19am
We analyzed the official complaint records of 28 insurers and found that Allianz and Clear Blue are the best small business insurance companies.
Small business insurance will cover your company from a variety of issues, like workplace injuries, stolen business property, fire, severe weather and lawsuits. But with so many options available, finding the right policy can be challenging. We’ll help you identify the best small business insurance companies to meet your needs.
Tailored policies for thousands of professions
A- (Excellent)
Company | Company - Logo | Forbes Advisor Rating | Forbes Advisor Rating | Complaint level | Learn More CTA text | Learn more CTA below text | LEARN MORE |
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Allianz | 5.0 | Extremely low | View More | ||||
Clear Blue Insurance Co. | 5.0 | Extremely low | Compare Quotes | Compare rates from participating partners via Simply Business' website. | |||
Allstate | 4.8 | Very low | View More | ||||
Farmers Insurance | 4.8 | Extremely low | Compare Quotes | Compare rates from participating partners via SmartFinancial's website. | |||
Acuity, A Mutual Insurance Co. | 4.4 | Very low | Compare Quotes | Compare rates from participating partners via SmartFinancial's website. | |||
CNA | 4.4 | Very low | Compare Quotes | Compare rates from participating partners via SmartFinancial's website. | |||
Travelers | 4.4 | Very low | Compare Quotes | Compare rates from participating partners via Simply Business' website. | |||
Frankenmuth Insurance | 4.2 | Very low | Compare Quotes | Compare rates from participating partners via SmartFinancial's website. | |||
The Cincinnati Insurance Cos. | 4.1 | Extremely low | Compare Quotes | Compare rates from participating partners via SmartFinancial's website. | |||
Westfield Insurance | 4.1 | Very low | Compare Quotes | Compare rates from participating partners via SmartFinancial's website. | |||
Chubb | 4.0 | Very low | Compare Quotes | Compare rates from participating partners via SmartFinancial's website. |
We evaluated complaint data for commercial liability and commercial property insurance collected by the National Association of Insurance Commissioners. Our editors are committed to bringing you unbiased ratings and information. Our editorial content is not influenced by advertisers. You can read more about our editorial guidelines and the methodology for the ratings below.
Extremely low
A+ (Superior)
While Allianz may be better known for insuring large global enterprises, small businesses can also take advantage of its insurance industry acumen.
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Extremely low
A- (Excellent)
Clear Blue provides business insurance through partner agencies, not directly to small businesses. Available coverage types include all the essentials such as general liability, inland marine, commercial property and employment practices insurance.
Extremely low
A+ (Superior)
You probably know Allstate for its auto and homeowners insurance but the company also sells business insurance with a stellar complaint track record. An Allstate agent can help you select the coverage that’s right for your particular business.
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Extremely low
A (Excellent)
You’ll find a wide variety of commercial coverage types and the assistance of a Farmers agent.
Very low
A+ (Superior)
Acuity works through local agents to provide insurance for a wide variety of businesses, from hotels to auto repair shops to retailers and restaurants.
Very low
A (Excellent)
CNA has an excellent complaint track record. With over 300 coverage types available from CNA, you’ll have plenty of options to find the right business insurance fit.
Very low
A++ (Superior)
As one of the largest insurers for commercial insurance on our list, Travelers also boasts very few complaints about its business insurance. Its wide range of commercial insurance solutions are available through independent agents.
Very low
A (Excellent)
Frankenmuth has customized, business-specific insurance packages for operations such as retail stores, manufacturing and small offices. Frankenmuth is a regional carrier operating in 15 states in parts of the Midwest and Southeast.
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Very low
A+ (Superior)
Cincinnati Insurance sells its coverage through local independent agents who will tailor coverage to fit the needs of a business. Cincinnati’s business insurance is available in most states.
Very low
A (Excellent)
Selling business insurance in 21 states, Westfield Insurance has a notable track record for low complaints.
Very low
A++ (Superior)
Chubb’s small business insurance targets small businesses with up to $30 million in revenue.
When buying small business insurance, your coverage decisions depend on your business’s type, size and specific risks. Common types of small business insurance include general liability, commercial property, and workers’ compensation insurance.
General Liability |
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Commercial Property |
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Workers’ Compensation |
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Commercial Auto |
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Errors & Omissions |
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Inland Marine |
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Cyber Liability |
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Short-Term Liability |
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Medical Malpractice |
Low
A+ (Superior)
ASK THE EXPERT
Jason Metz
Insurance Lead Editor
Amy Danise
Insurance Managing Editor
Michelle Megna
Insurance Lead Editor
I recommend starting with a business owners policy (BOP). It combines three essential small business insurance types: liability insurance, commercial property insurance and business interruption insurance. It’s usually cheaper to buy a BOP than purchasing each coverage type separately.
Insurance Lead Editor
A BOP won’t cover everything, so I recommend adding more coverage types as necessary. For example, a BOP won’t cover car accidents. If you get into an accident with your work vehicle, you’ll need to add commercial auto insurance. Similarly, if you have employees, you’ll need to add workers’ comp insurance in most states.
Insurance Managing Editor
I think it’s a smart move to reassess your business risks every year. As your business grows, you’re bound to take on more risks, such as buying new equipment or adding more responsibilities for your employees. For example, you can add equipment breakdown insurance to cover equipment like refrigerators, computer systems and manufacturing equipment.
Insurance Lead Editor
We recommend looking at several factors to determine how much small business insurance you need, such as:
The average cost of small business insurance is $57 per month, according to Insureon. That’s for a business owner’s policy (BOP), which bundles general liability insurance, commercial property insurance and business interruption insurance. It’s generally cheaper to buy a BOP rather than buying each policy separately.
Your small business insurance costs depend on several factors:
The best way to find cheap business insurance is to compare business insurance quotes from several different insurers. You can find business insurance quotes online or by speaking with an independent insurance agent.
Type of policy | Average monthly cost |
---|---|
$42 | |
$57 | |
$61 | |
$45 | |
$75 | |
$145 | |
$147 | |
Source: Insureon |
Compare Free Quotes From Top Insurers at Simply Business. Get a Policy in Under 10 Minutes.
We ranked business insurance companies based on complaint data for commercial liability and commercial property insurance in 2020. Complaint data is based on complaints upheld by state insurance departments in every state and collected by the National Association of Insurance Commissioners.
Business Insurance Made Simple
Company | Forbes Advisor rating |
---|---|
Erie Insurance | 3.7 stars |
Auto-Owners Insurance | 3.6 stars |
Axis Insurance Co. | 3.5 stars |
State Farm | 3.0 stars |
Accredited America | 2.9 stars |
American Family Insurance | 2.6 stars |
Nationwide | 2.5 stars |
Utica First Insurance Co. | 2.0 stars |
Tokio Marine | 1.8 stars |
The Hanover Insurance Group | 1.4 stars |
AmTrust Financial | 1.1 stars |
Liberty Mutual | 1.1 stars |
Markel Insurance Co. | 1.1 stars |
Berkshire Hathaway Inc. | 1.0 stars |
Frank Winston Crum Insurance Co. | 1.0 stars |
1.0 stars | |
The Hartford | 1.0 stars |
The vast majority of small businesses would suffer financially if they were sued or experienced a devastating loss, such as losing inventory in a fire. For those businesses, commercial insurance is a must.
Without small business insurance, you’d have to pay for the legal costs of lawsuits and find a way to pay for damage to your business property. General liability insurance and commercial property insurance are good places to start. Commercial auto is important if you have cars, trucks or vans that you use for business.
And workers’ compensation insurance is required in most states.
Certain types of accidents are generally excluded from small business insurance policies, including floods and earthquakes. You can typically buy separate policies to cover these types of problems, such as a commercial flood insurance policy.
Small business insurance also excludes coverage for fraudulent and intentional acts that you commit. For example, if you assault a customer, general liability insurance won’t cover your legal costs.
It’s a good idea to get business insurance for your LLC. That’s because business insurance covers your business assets. For example, if someone slips in your store and gets injured, general liability insurance can pay for medical bills as well as legal costs if you get sued because of the accident.
While business insurance is essential for high-risk industries, such as manufacturing and construction, it’s also a good idea if you’re in a lower-risk industry, such as freelancing or bookkeeping. For example, if you get hit with a copyright infringement claim for one of your digital ads, your general liability insurance can cover your legal costs.
A good place to start is with a business owners policy (BOP). It bundles three essential coverage types: general liability insurance, commercial property insurance and business interruption insurance. Combined, these three policies cover problems like accidental injuries and property damage, reputational harm, damaged or stolen business property, and income replacement if you can’t open your business due to a problem covered by your policy.
But a BOP alone may not cover all your needs. You may need to buy other types of small business insurance to cover the risks that affect your company. For example, if you have a work vehicle, a BOP won’t pay for repairs if you get into a car accident. You’ll need to add commercial auto insurance. It’s a good idea to speak with your insurance agent to make sure your business insurance policy meets the specific demands of your industry.
Yes, remote businesses need business insurance to cover risks such as lawsuits, accidents and stolen business property. For example, if you own business property like computers and office furniture, you’ll need commercial property insurance to cover problems like theft and fire.
Your remote business may need other types of small business insurance. For example, if you visit clients, you’ll need commercial auto insurance. Or if you store sensitive data, such as client’s contact information and credit card numbers, you’ll want to consider cyber liability insurance.
You need a business owners policy (BOP) if you want coverage for problems like lawsuits, lost business income and damage and theft of your business property. Without a BOP, you’ll have to cover these problems out-of-pocket, which could be financially devastating to your small business.
You can add other coverage types to your BOP. For example, if you drive a vehicle for work purposes, add commercial auto insurance.
Get Forbes Advisor’s ratings of the best insurance companies and helpful information on how to find the best travel, auto, home, health, life, pet, and small business coverage for your needs.
As a former claims handler and fraud investigator, Jason Metz has worked on a multitude of complex and multifaceted claims. The insurance industry can be seemingly opaque, and Jason enjoys breaking down confusing terms and products to help others make well-informed decisions.