It is a well-known fact that no amount of planning and research can protect you from all the risks involved in running a business. Hence, there is always a need for small business insurance. Insurance companies for small businesses offer a paid policy that you can take out to protect your business; these policies include financial liability protection, property damage, lawsuits, workers’ compensation claims and so on.
However, there are many different companies that offer different types of insurance policies, so it is essential to be careful when selecting the best one for your business. This guide discusses the 6 best insurance for small businesses you should consider.
6 Best Insurance for Small Businesses
The Hartford
Hartford is one of the oldest and most efficient insurance companies for small businesses; it started as a fire insurance company many decades ago, but today, it offers a wide variety of insurance services.
The services are customisable, so you can get what suits your business needs at a budget-friendly price. The best part is that they offer most of their services online, so you can access many things from the comfort of your home instead of always visiting a physical branch.
Their services include:
- Commercial auto.
- General liability.
- Business income.
- Workers’ compensation.
- Cyber liability.
- Commercial property.
- Industry-specific insurance policies.
- Professional liability.
- Business owner’s policy.
Pros
- Pay-as-you-go billing options.
- Start claims online.
- 2nd-highest financial strength rating.
- Over 1 million small businesses are insured.
- Access to a network of over 1 million providers.
Cons
- Same-day coverage is not always available.
- Poor J.D. Power ranking.
See also: 10 Best Car Insurance Companies in Nigeria
State Farm
State Farm has been meeting the insurance needs of small businesses in many ways since 1935. It offers insurance coverage for almost any type of business and has one of the highest rankings for customer satisfaction in JD Power 2023.
Statefarm is independently owned, so it is not just an insurance company; it is also a small business. Therefore, they have an understanding of small business needs. Their services include:
- Liability umbrella.
- Workers’ compensation.
- Contractors policy.
- Business owners policy.
- Commercial auto.
- Surety and fidelity bonds.
Pros
- Customisable business owner’s policies.
- Highest financial strength rating.
- Many coverage options.
Cons
- You must speak with an insurance agent to start your business insurance policy.
Liberty Mutual
Liberty Mutual is another exceptional insurance provider for small businesses. It is one of the biggest in the world and is recognised as the 6th largest property and casualty insurance company, coupled with the fact that it offers a diverse range of insurance services. As a small business, Liberty Mutual can provide all the coverage you need to keep your business safe.
Their services include:
- Workers’ compensation.
- General liability.
- Equipment breakdown.
- Management liability.
- Environmental liability.
- Health care liability.
- Excess and surplus.
- Commercial auto and fleet.
- Inland marine.
- Ocean Marine.
- Mergers and acquisitions.
- Small business owner’s policy.
- Professional liability.
Pros
- Wide selection of coverage options and discounts.
- You can get a 30% discount by participating in its RightTrack UBI program.
- Better pricing than competitors in multiple categories.
Cons
- Middling claims and customer service ratings.
Chubb
Chubb is a highly experienced insurance provider that functions globally and is very efficient; it has low complaints and a solid financial position. Chubb is one of the best providers of professional liability insurance and commercial COP. It is very accessible to small businesses in different industries and can offer the core policies your business needs. These policies include:
- Personal accident insurance.
- Reinsurance and life insurance.
- Supplemental health insurance.
- Commercial property.
- Personal property.
- Casualty insurance.
Pros
- Multiple policies are available.
- Robust Financial strength.
- 24/7 call center.
Cons
- No app for commercial lines
- Unclear process for COI
- You may need to finish the quoting process with an agent
Nationwide
This insurance company has also been in business for many decades; they have great experience providing coverage for diverse types of small or big businesses. Nationwide was first established as a Farm Bureau mutual automobile insurance company. They used to provide coverage for cars and farmers, but today, they offer numerous insurance services, which include:
- Commercial auto.
- Commercial property.
- Workers’ compensation.
- Business income.
- Crime insurance.
- Commercial umbrella.
- Accounts receivable.
- Employment practices liability.
- Inland marine.
- Errors and omissions.
- Business liability.
- Cyber liability.
- Equipment breakdown.
- Business owner’s policy.
- Builder’s risk.
Pros
- Available 24/7.
- Strong financial rating.
- Convenient quoting process.
Cons
- You need to speak to an agent to finalise and bind a policy.
Travellers
This is one of the most efficient insurance companies for small businesses due to its flexible policies. Travelers places so much value on customer satisfaction and even has a special client advocacy department to ensure all its customers get the quality services they desire.
Travelers have a dedicated retail store business owner’s policy, which targets clothing and accessories, auto parts, art supply stores, appliances and furniture.
Their coverage options include:
- Cyber liability.
- Workers’ compensation.
- General liability.
- Commercial umbrella.
- Employment practices liability.
- Commercial property.
- Commercial auto.
- Business income and extra expense.
- Professional liability.
- Business owner’s policy.
Pros
- Wide range of coverages available.
- 24/7 availability.
- In-house claims.
Cons
- No mobile app for commercial customers.
- No online quotes.
See also: Home Insurance In Nigeria: 6 Amazing Benefits of Protecting Your Home
Finding the best place to get insurance is a very crucial part of running a small business; the insurers we have listed so far in this guide are some of the best in the industry, no doubt; however, they all have their advantages and downsides, and they offer different insurance coverage. Their prices are also expected to vary, so at the end of the day, it all boils down to what you want.
Your preference will be a deciding factor in choosing which insurance is best for your small business. So select from these 6 exceptional insurance companies and protect your business as early as possible.
