The 5 Best Small Business Insurance Companies

It’s virtually impossible for any small business to completely avoid workplace incidents, regardless of their efforts. Small business insurance steps in to shield companies from unforeseen circumstances, provided they have appropriate coverage. Explore the top small business insurance providers and what sets them apart below.

In compiling our list of the top small business insurance companies, we extensively reviewed factors such as application approval time and industry support. We prioritized providers that offer a diverse range of coverage options and boast readily accessible customer support teams. Additionally, our top selections were chosen for their streamlined claims processes and comprehensive worker’s compensation coverage in case of accidents.

1. Embroker: Best Small Business Insurance Provider Overall

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Embroker offers a comprehensive range of coverage options for business owners, ensuring all insurance needs are met. While the array of plans may feel daunting, their fast application process and inclusion of employee and health benefits are definite advantages. However, determining the final cost can be uncertain until you’ve assembled a package. With the addition of a mobile app, Embroker could further enhance its already diverse set of features. Overall, Embroker stands out as one of the top choices for small business insurance due to its extensive offerings and efficient service. For a detailed assessment, check out our complete Embroker review.

To begin the claims process, start by contacting your personal broker or reaching out to Embroker through chat. They will assist you in navigating the claims procedure and advise you on the required photos or documentation. For more significant claims, an adjuster may be required to conduct further review. Your claim’s progress will be conveniently tracked through your account dashboard, keeping you informed every step of the way.

2. Next Insurance: Best Small Business Insurance for Fast Coverage

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Next Insurance exclusively serves small businesses, aiming to deliver fast and transparent coverage solutions. Bundling multiple policies can lead to cost savings, and upon approval, customers receive complimentary digital certificates for proof of coverage. While the company may not offer specialized coverage for certain business models, and the claims process can occasionally be sluggish, it’s important to note that Next Insurance operates in select states, so applicants should verify coverage availability beforehand. Next Insurance presents a hassle-free insurance package tailored for small businesses, potentially offering significant savings compared to competitors. Explore our Next Insurance review for further insights.

Business owners have the option to file a claim either online or by calling Next Insurance’s hotline. Once the details of the incident are provided, the agent will gather the necessary photos and documentation to process your claim. Typically, decisions on most claims are made within 48 hours.

3. Hiscox: Best Small Business Insurance for Specialized Coverage

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Hiscox stands out with top-notch general liability insurance tailored for small businesses. Beyond that, it provides a range of standard policies and specialized coverage options like medical malpractice or cybersecurity to suit specific needs. With a 14-day full refund policy, there’s reassurance if plans need adjustment. While focusing primarily on businesses with ten employees or fewer, it’s worth noting that coverage is unavailable in Alaska. Although the claims process is effective, resolutions can take time. With over a century of experience, Hiscox has curated insurance solutions for over 180 professions, making it likely that you’ll find everything necessary for your small business needs.

It may take approximately one day for Hiscox to acknowledge your submitted claim, and a few additional days for the insurance provider to assign you an agent. Following this, you might wait up to another week to verify your coverage and an additional two weeks for a decision to be reached.

4. The Hartford: Best Small Business Insurance for Worker’s Compensation

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With over one million satisfied customers, The Hartford is renowned for providing top-tier small business liability insurance. Its standout feature includes worker’s compensation packages tailored to match both your company’s needs and state requirements. While offering coverage across various business sectors, it’s important to note that The Hartford does not operate in Alaska, New Jersey, or Hawaii. Completing the application process online may not be an option, and members should be vigilant for potential price hikes post-enrollment. Amidst its extensive coverage options, The Hartford excels particularly in providing the best worker’s compensation insurance for small businesses.

Upon reporting a claim via phone or online, The Hartford connects you with an experienced claim handler to assist you throughout the process. Due to its extensive customer base, it may take several weeks to receive a final decision.

5. Allstate: Best Small Business Insurance for Physical Office Locations

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With over 9,000 locations nationwide and an online platform, Allstate offers extensive accessibility for its services. However, the presence of physical buildings may contribute to higher policy costs, and online claim submission is not available. Despite these limitations, Allstate provides an impressive array of coverage options, including protection against natural disasters. It’s worth noting that qualification criteria may vary across states, adding a layer of complexity to the application process. Nevertheless, the widespread presence of Allstate offices fosters personalized connections and allows for interactions with individuals who comprehend the intricacies of your business operations.

While it’s feasible to file or monitor a claim online, Allstate prefers the telephone system as its primary method. Before commencing the process, you’ll navigate through automated prompts. Additionally, many local offices are available to assist with claims. Following an initial consultation, Allstate agents will assess damages and prepare an estimate for repairs.

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