Best Small Business Insurance of 2023: Your Ultimate Guide

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.

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 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.

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.

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.

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.

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.