Best Small-Business Insurance 2023: Compare Companies and Coverage

The top small-business insurance providers have strong financial stability and a low number of customer complaints.

This type of insurance safeguards your business and its assets in the event of property damage, injuries, lawsuits, or other potential claims arising from your work.

It’s important to choose an insurance company that offers easy coverage options and a seamless claims process so you can focus on running your business.

To determine the best insurers that meet these standards, NerdWallet analyzed their financial strength, customer complaint records, digital features, and customer service channels. Below are the top choices for small-business insurance.

Travelers: Best overall business insurance provider


  • Offers comprehensive commercial insurance policies, including specialized coverage such as surety bonds and key person insurance.
  • Received fewer complaints for commercial auto and property insurance to state regulators than expected for a company of its size.
  • Provides online access to your certificate of insurance and claims tracking.


  • To obtain a quote and purchase a policy, you must go through an independent agent.

Why we recommend it:
Travelers is an excellent choice for small businesses due to its high financial strength ratings, low number of complaints from customers, extensive coverage options, and various customer service features. However, it only offers policies through independent agents, which could be a drawback for some. Nevertheless, if you are looking for personalized service and don’t mind the lack of online purchasing, Travelers could be the perfect option for your business. To learn more, check out NerdWallet’s review of Travelers’ business insurance.

Next Insurance: Best online business insurance provider


  • Received fewer complaints to state regulators about commercial property and auto insurance than expected for a company of its size.
  • Offers up to 10% discount if you buy multiple policies.
  • Provides a digital certificate of insurance that you can easily share with anyone requiring proof of insurance.


  • Lacks specialized coverage options such as directors and officers insurance.

Why we recommend it: Next Insurance offers a streamlined and user-friendly online experience for purchasing a wide range of essential business insurance policies. Its industry-specific coverage packages make it easy to find the right insurance for your business, and the digital certificate of insurance simplifies the process of proving coverage.

However, if you require specialized coverage options, you may need to look elsewhere. NerdWallet has provided a detailed review of Next Insurance for your reference.

Chubb: Best business owner’s policy


  • Chubb has received fewer complaints about commercial property insurance than expected for a company of its size, and received high customer satisfaction scores in a recent study by J.D. Power.
  • Offers business interruption insurance, extra expense coverage, and accounts receivable coverage that are not always included in a BOP.
  • Provides a user-friendly online shopping experience, including the ability to purchase policies online with the help of a bot.


  • Online shopping is limited to businesses with less than $1 million in annual revenue.

Why we recommend it: Chubb offers unique coverage options, a streamlined online shopping experience, and has a strong reputation for customer satisfaction. While online shopping is limited to smaller businesses, Chubb’s policies can be tailored to meet the needs of a variety of industries.

Other business insurance companies

The right insurance for your business will depend on your industry, company size and location, among other factors. The following insurers didn’t make our list of top choices, but their unique offerings may make them a good fit for you.

NerdWallet recommends getting business insurance quotes from several providers so you can find the best coverage at the best price.

Allstate offers a business owner’s policy online and other types of insurance via agents. Read NerdWallet’s review of Allstate business insurance.

biBERK sells several key types of business insurance online, but not all policies are available in all states. Read NerdWallet’s review of biBERK business insurance.

Farmers operates in 36 states, offering basic coverages like general liability, commercial auto and umbrella insurance. Read NerdWallet’s review of Farmers business insurance.

Geico sells its own commercial auto insurance and other types of insurance, like general and professional liability, via Hiscox. Read NerdWallet’s review of Geico business insurance.

Hiscox can give you an online quote for most types of business insurance, and you may be able to purchase some policies online. Read NerdWallet’s review of Hiscox business insurance.

Huckleberry sells policies from other insurers online and suggests policies

What kinds of business insurance are there?

There are many different types of business insurance that protect against particular kinds of risk.

Type of insuranceWhen it protects your businessWho needs itFind a provider
General liability insuranceIf a third party or their property is harmed as a result of your business activity.All businesses. May be required by a landlord or contractor.FIND PROVIDER
Commercial auto insuranceIf you’re in an auto accident while working or in a company vehicle.Businesses that use vehicles in their operations. May be required by law.FIND PROVIDER
Workers’ compensationIf an employee is injured on the job.Businesses with employees. Required by law in most states.FIND PROVIDER
Professional liability insuranceIf a client accuses you of making a mistake or giving them bad advice. This is also known as errors and omissions insurance.Businesses that provide services for a fee. May be required by law or industry regulation.FIND PROVIDER
Commercial property insuranceIf your manufacturing or retail space, office, or assets like equipment or inventory are damaged and need to be repaired or replaced.Businesses with owned or rented space or a significant amount of property. May be required by a landlord.FIND PROVIDER
Business interruption insuranceIf your business can’t generate revenue for a period of time.Most businesses with recurring expenses.FIND PROVIDER

General liability insurance and commercial property insurance — and in some cases, business income insurance — are often packaged and sold as a business owner’s policy, or BOP.

BOPs are fairly standardized, but you may be able to add certain endorsements. For instance, The Hartford offers data breach coverage as an add-on, and State Farm will allow you to add professional liability coverage to a BOP.

A BOP may provide enough coverage for some small businesses that don’t have employees.

What business insurance coverage do you need?

Consider your business risks. Think about the types of risks your business faces, such as property damage, lawsuits, or cyber attacks. Evaluate how likely these risks are to occur and how much they could cost your business if they do happen. This can help you determine what types of insurance coverage you might need to protect your business.

Assess your business assets. Take stock of your business assets, including equipment, inventory, and property. Consider how much it would cost to replace or repair these assets if they were damaged or destroyed. This can help you determine how much property insurance you might need.

Evaluate your business structure. The type of business structure you have, such as sole proprietorship, partnership, or corporation, can affect your insurance needs. For example, if you have employees, you may need workers’ compensation insurance, and if you provide professional services, you may need professional liability insurance.

Consider your budget. Insurance premiums can be a significant expense for small businesses, so it’s important to consider what you can afford. Look for ways to save on premiums, such as bundling policies or raising deductibles, but make sure you’re still adequately covered.

Review and update your insurance regularly. As your business grows and changes, your insurance needs may also change. Make sure to review your policies regularly and update your coverage as needed.

How much does business insurance cost?

That’s right! It’s important to compare quotes from multiple providers to find affordable business insurance.

Keep in mind that the cheapest option may not always provide the coverage you need, so be sure to evaluate the coverage limits and exclusions carefully before making a decision.

Working with a licensed commercial insurance agent can also help you navigate the process and find the best coverage for your business.

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