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Small Business Insurance Quotes: Compare & Guide

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SMALL BUSINESS INSURANCE

  • Business Insurance For Small Business: What It Is And Why You Need It

  • The Risk of Small Businesses And The Insurance Coverage Necessary for Each Type

  • Small Business Health Insurance Plans: What Your Employees Can Expect

  • Our Great Research: Small Business Insurance Companies You Must Know


Building and managing a small business is both daunting and exciting, whether you run a food truck or a local cafe. On one hand, you get full autonomy over your brand. Not to mention, you can easily divide your work into manageable chunks.  On the other hand, running one involves a lot of risk and uncertainty. 

So, while you can continue to hope for uninterrupted growth and sales, it pays to have a little foresight by making sure that your ventures are well-protected. This is where insurance for small business owners comes in. 


BUSINESS INSURANCE FOR SMALL BUSINESS OWNERS: WHAT IT GIVES AND WHY YOU NEED IT

There are two things that are certain in the world of business normally: taxes and losses. 


If you want to soften the blow of the latter, one of the best things that you can do as an entrepreneur is to invest in a good, cheap small business insurance policy. Once you compare small business insurance quotes online through this page and find a cheap small business insurance coverage that will help you weather through some of the storms that come with a new or small business ownership, which will hopefully grow in to a bigger business if you calculate your steps well!


In their most basic structure, insurance for businesses is created for the purpose of protecting your business - including a business income, commercial property, risks and movable assets - against external and internal damages and losses. 


Don't worry, we've got all the details below, so you can understand why small business owners should get insurance for their businesses. Some main reasons: 


           1. It will lessen the impact of your business losses

(not to mention, give you peace of mind)

As rewarding as managing your own business may be, it does come with a substantial amount of headache and stress. At every turn, you will be presented with the possibility of risks and losses. 

Of course, you can continue to do your best and hope that every decision turns to monetary gains for you. However, let’s be real for a second and address the threat of risks that can translate to losses. A wrong decision can easily spin out of control and cause you to lose every veritable penny you have invested. All this can be avoided, of course, if you do yourself a favor and put your mind at ease with an iron-clad insurance policy. 


2. There are people working for you

Be it a dozen working bees or a single loyal person on your payroll, once you hire someone else for their skills, one of the things you should consider is securing employee insurance for business owners. One of the most basic types that is available to you on the market is workers comp insurance for small business. 

As a rule of thumb, not every business is required to ensure insurance for their workers. To confirm where you stand on this, representatives from some of the best workers comp insurance for small business will be glad to assist you. 


3. You have a subject-matter expert on your payroll 

Building on the previous item, if you have someone who holds a vital role in your business, one important thing that you need to secure is health insurance for small business with one employee. In the event of injury, death, and illness of said person (this can cover you as the business owner too), your business will be protected. 

As you recuperate and/or search for a replacement, you can rest assured that your business will not suffer the brunt of the problem. 

THE RISK OF SMALL BUSINESSES AND THE INSURANCE COVERAGE NECESSARY FOR EACH TYPE

By now we’ve covered the “what” and “why” of securing insurance. But before you start searching for the best small business insurance, let’s learn about your options first. 

The first thing that you need to know is that there are three main things that every small business owner fears the most: 

  • Theft
  • Force majeure
  • And liability (give or take a few other variables, of course). 

Frightening as they are, these potential risks can occur during the normal course of your business dealings. However, the good news is that you can mitigate their effects by thinking ahead and securing insurance for your small business. 

In the next section, you’ll learn how a good small business insurance coverage can put your mind at ease regarding these three risks, as well as others. Looking at the bigger picture, you may choose from the following plans of attack:

           1. Insurance for Property Damage

Natural disasters or force majeure are unforeseen threats that can cause losses within your business. While these may be few and far between, the gravity of the damages that these disasters can spell the end for your business. We’re talking about natural calamities such as fire, flood, earthquake, and the like here. 

As you might imagine, the damages that these calamities can cause are staggering. In just a moment, you might lose everything in the fire or water or rubble, as the case may be. At best, the extent of the damage may be remedied with you covering for the losses out of your own pocket. (Of course, if you were to be honest, this is not exactly an ideal situation too)

The best insurance for small business owners should include a policy that covers for the damages in events such as this. After all, the last thing that you want to happen is to cover for the damages yourself and end up filing for bankruptcy. 

Carefully mapping out the possibilities may just save your business when the time calls for it. With the right insurance policy, you can have your business up and running again in record time. 


2.Insurance for Legal Liability

Without small business liability insurance, you leave your business open to lawsuits and claims made by third parties. Just think about it: one small slip in from a recently mopped floor in your place of business can snowball into a lawsuit that can stretch over months or years. 

Plenty of businesses have closed down simply because of injuries that their customers (and even employees) have sustained in their store. Needless to say, medical expenses as well as damages can cause an exorbitant amount of money, an amount that you might not be able to shoulder by yourself. 

However, with the right backing and under the influence of small business liability insurance companies, you may just be able to prepare ahead. Settlements, legal fees, and other necessary awards covered by the best general liability insurance for small business might just be your savior. 

>> Small business liability insurance cost

Even the cheapest general liability insurance small business can be just what your business needs. Your average small business liability insurance cost will range between $300 and $650 a year. However, in general, the costs will be determined based on the perceived level of risk of your business, as well as the level of coverage the business required. This means to say that a business that deals with heavy machinery will pay a bigger premium compared to a 2-person IT team that requires a cheap home based business insurance.


3. Insurance for Employees

Whether you run a 2-man team or have more than a dozen employees in your payroll, it pays to secure small business health insurance for them (and yourself). Not only will you boost morale within your team, but you can also make sure that your team is healthy, happy, and have access to the right medical aid. 

As a small-time business owner, you may be considering the logistics of securing small business medical insurance. Aside from the human aspect of it, ensuring that your employees stay healthy with the aid of a comprehensive health insurance for small business owners should be one of your priorities as a business owner. If not that, then just consider how much time and effort is needed to hire and train multiple heads regularly. 


SMALL BUSINESS HEALTH INSURANCE COST

As with most things, you may want to consider paying your premium for a group plan. Small business group health insurance are often shouldered by the employer but a small amount of the premium can be deducted from the employees. 

The average small business group health insurance cost in 2019 was approximately $400 per month with a $3,000 deductible, that in comparison to $450 per month if you go for an individual plan, with a $4,500 deductible. 



COMPARE CHEAP SMALL BUSINESS INSURANCE QUOTES

Get all the best quotes from leading providers in a click of a button!

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SMALL BUSINESS HEALTH INSURANCE PLANS: WHAT YOUR EMPLOYEES CAN EXPECT

Let’s explore insurance for employees a bit more. 

So, say you’re one of the luckier small business owners who can afford to share the brunt of the work with your employees. If this is the case, you might be wondering the extent of the coverage that you can offer. There are certain requirements from your state, of course. These include coverage for short-term disability programs, time-off for voting, among other things. 

Cheap small business insurance, however, mostly do not include retirement plans, vision and dental plans, life insurance, and even sick leave and paid vacations. Including these in your compensation package will be entirely up to your discretion. 



OUR GREAT RESEARCH: SMALL BUSINESS INSURANCE COMPANIES THAT YOU MUST KNOW

If there’s one takeaway here, it’s this: small businesses are vulnerable. 

Risks loom at every corner and you can easily lose your whole business at a devastatingly fast turn of events. 

Fortunately for you as a small business owner, you can now easily shop around and compare small business insurance quotes online through this page find a cheap small business insurance coverage that is also broad enough and cover your business needs from a reliable and trusted company. 

You can start by checking out our cheap business insurance research and find yourself a good small business insurance for as little as $5 through innovative companies, such as Thimble.

And you can also take a good look at this section, where we’ve listed 7 of the most sought-after brands and small business insurance companies that you should consider. 

SMALL BUSINESS INSURANCE COMPANIES 2020

CompanyBest ForAverage Cost
Chubb small business insuranceInternational small business$28 to $180 a month
Thimble small business insurance
Home based businesses and IT professionals
$30 per month (cheapest policy available for $5)
Next small business Insurance 
Construction and fitness businesses and millennials looking for fast low cost coverage online
$29 per month, starts from $11 a month for fitness professionals
GEICO small business insuranceBest for cheap ridesharing and commercial auto insuranceFrom $50 a year for hired and non owned auto liability
Hartford small business insuranceBest overall choice for small businesses $1,000 a year
State Farm small business insuranceBest for multi-coverage option$22 to $179 a month
Progressive small business insuranceBest for transportation and delivery businesses $20 to $180 a month
Hiscox small business insuranceBest for home-based and self-employed business owners $29 a month, starting $19 a month
Nationwide small business insuranceBest for conservative business owners who want to mitigate risks and losses$20 to $180 a month
USAA small business insuranceBest insurance option for those who are serving or have served in the US military$20 to $130 a month


CHUBB SMALL BUSINESS INSURANCE: 10/10

- High customer ratings: Chubb barely have any customer complaints

- 90% of the businesses renew their policies with them

- Covers businesses of all sizes

- Provides an excellent claims experience

- One of the broadest coverages available in the market making sure that you won't be left uncovered while thinking you are

- Online option is less friendly

INSURANKS RATING: 10/10


THIMBLE SMALL BUSINESS INSURANCE: 9.5/10

  • While covering over 100 sectors, Thimble mainly covers home-based tech/IT businesses so costs for other sectors might be higher
  • Thimble offers instant flexible short-term cheap small business general liability insurance policies, starting from one hour
  • Thimble offers small business general liability insurance policies from $5
  • Provides a great online experience

INSURANKS RATING: 9.5/10


NEXT SMALL BUSINESS INSURANCE: 9.5/10

  • Fast and easy online experience
  • Live free certificates of insurance online
  • Easy to add extra certificate holders online (free to add one extra)
  • No cancellation and administrative fees
  • Customer service reps are all licensed insurance agents
  • While most of its claims are handled in-house, some are handle by a third part company, which makes the process longer

INSURANKS RATING: 9.5/10


THE HARTFORD SMALL BUSINESS INSURANCE: 9.5/10

If you want the best possible option for workers’ compensation policies, Hartford is your best bet. Aside from this, it also offers a plethora of insurance products in its menu, including general and professional liability insurance. Discounts, 24/7 support, expedited claims - these are just some of the reasons why we’ve chosen Hartford as the best overall option for small businesses. 

Hartford's average small business insurance cost is approximately $1,000 a year, with a median cost of $600 a year. For your accurate Hartford small business insurance cost, compare quotes through this page. 

Pros: 

> Offers location-specific guides for insurance requirements

> Offers policy discounts for bundle purchases

> Offers a pay-as-you-go workers’ compensation scheme 

Cons: 

> Tedious insurance application process

> Not the cheapest option

INSURANKS RATING: 9.5/10


HISCOX SMALL BUSINESS INSURANCE: 9.5/10

Hiscox is our choice for “Best for home-based and self-employed business owners". If you have 5 or less people on your team, this might just be the best option for you. It has a diverse offering that can span a variety of industries - from gyms to salons to therapists. So, regardless of the nature of your business, Hiscox small business insurance is an excellent choice. 

In particular, Hiscox specializes in small business insurance for home-based businesses. With a coverage limit of up to $2 million, they offer pretty attractive packages for you and your small team. 

Hiscox small business insurance cost starts from $19 per month and averages $29 a month.

Pros: 

> Availability of discounts for multiple policies

> Quick and easy quoting and application online

> Easy, smooth claim process online 24/7

> Policies specifically designed for small businesses

> Global coverage

> Coverage is adjustable to many sectors and industries

Cons: 

> Company is not based in the US (no local agents available)

> Some offers are completed through partners 


INSURANKS RATING: 9.5/10


STATE FARM SMALL BUSINESS INSURANCE: 9/10

Closely behind Hartford as our Best Overall choice, State Farm probably has the best multi-coverage policy option in the insurance market. It does so through its nationwide network of agents. So, for searches like “small business insurance near me,” you can always count on a State Farm agent near you. With agents as business owners themselves, State Farm has truly established itself as an insurance company that understands its audience and what it offers. 

State Farm's average small business insurance cost ranges from $22 to $179 per month, depending on different risk factors such as location, industry, employees, payroll, gross income, policy limits, deductible, claims history and more. To get the best small business insurance quotes, we advise you to compare quotes through this page from the most trusted small business insurance providers.

Pros: 

> Has a nationwide network of agents

> Uncomplicated insurance policies

> Comprehensive policies with the possibility of add-ons

Cons: 

> Subpar customer service representatives


INSURANKS RATING: 9/10

COMPARE CHEAP SMALL BUSINESS INSURANCE QUOTES

Get all the best quotes from leading providers in a click of a button!

In partnership with:

Identity logo

In partnership with:

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PROGRESSIVE SMALL BUSINESS INSURANCE: 8/10

When it comes to small business insurance policies for transportation and delivery businesses, Progressive can be considered as the expert in this field. It handles auto claims best. 

If your business is geared towards this, we’re sure there’s a Progressive small business insurance policy that will be a great fit for you. They also have commercial auto endorsements that you can tailor to your needs. 

Progressive small business insurance cost ranges from $20 to $180 per month on average, with a national average of $46 per month for professional liability policies and $85 per month for workers compensation. 

To learn more about the different insurance policy options available to you and get the best quotes from Progressive and other great companies, you can compare cheap small business insurance quotes online from this page.

Pros: 

> Availability of discounts on commercial vehicle insurance

> Insurance policies can be in combination with general liability or a business owners policy

> Quick and easy application online

Cons: 

> Discounts are only available in specific states

> Lack of online chat assistance


INSURANKS RATING: 8/10


GEICO SMALL BUSINESS INSURANCE: 8/10

Relatable and known for its humorous ad antics, GEICO has amassed over $28 billion assets in all of its years in business. The company has a rating of AA+ from Standard and an A++ from A.M. At the moment, it widely distributes its offerings into six products - namely rideshare, commercial auto, professional and general liability, workers’ compensation, and business owner’s policy. However, it is best known for the insurance product sold directly through: their commercial auto policy and rideshare. 

GEICO has a small business insurance quote calculator online as well. 

Average GEICO small business insurance cost is approximately $500 a year, however commercial auto insurance cost starts from $50 a year for hired and non owner auto insurance liability. This makes it among the cheapest small business insurance policy options in the market for commercial auto insurance. To get the best quotes for your business needs, compare quotes from GEICO and other great companies through this page.

Pros: 

> Stable and reliable insurance company

> Provides discounts upon proof of sterling driving record

> Responsive and helpful customer service representatives

> Provides further discount to government and military employees

Cons:

> No insurance agents (is it a disadvantage though?)


INSURANKS RATING: 8/10



NATIONWIDE SMALL BUSINESS INSURANCE: 8/10

We get it - insurance claiming can be a tedious process. This is true especially when there is a question of liability involved. Nationwide small business insurance is as straightforward in the matter general liability insurance claims as possible, making it ideal for businesses everywhere. Nationwide's general liability insurance policy can help you reap a minimum of $1 million. It offers policies to more than 14 industries, and yours could be one of them. 

Nationwide small business insurance cost ranges from $20 to $180 per month, depending on many factors.

To get the best small business insurance quote from Nationwide and other great small business insurance companies, compare quotes through this page easily.

Pros:

> Above average customer satisfaction rating

> Includes investment services such as surety bonds

> Easy and expedited online claims

> Expedited and thorough follow-through, especially for general liability claims 

Cons:

> Still requires calls despite online application availability

> There’s an alarming number of dissatisfied customers


INSURANKS RATING: 8/10


USAA SMALL BUSINESS INSURANCE: 7.5/10

USAA small business insurance is a dedicated insurance option for those who serve (or have served) in the U.S. military. USAA's services are also available to family members who own small businesses. Known for its affordable rates and reliability for any type of insurance, including small business insurance.

USAA small business insurance cost is $20 per month and can go up to $130 per month, you have a wide range of options with USAA insurance policies. It also offers individual policies that you can tailor based on your business needs. 

Pros:

> Offers competitive coverage options for veterans and their families

> Insurance policies are customizable based on your business needs

> Financially stable and reputable 

Cons: 

> Insurance is offered through third-party companies


INSURANKS RATING: 7.5/10



Sources and References: 

cheap business insurance

food business insurance

https://www.investopedia.com/terms/b/business-liability-insurance.asp

https://smallbusiness.chron.com/types-company-risk-protection-insurance-16873.html

https://www.nerdwallet.com/blog/insurance/reviews/aarpthe-hartford-auto-insurance-review/


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