Cheap Business Insurance Quotes Online From $5/mo

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3 Cheapest Business Insurance Companies Review

Cheap Business Insurance Quotes: Compare Online & Save in a Few Simple Steps

Building a business from scratch isn’t easy. On average, it takes 5 – 8 years for a startup to become profitable. Making a business successful takes a lot of time, skill, and effort. With that said, those who have succeeded in establishing their business, no matter how small, have grasped a very significant achievement in life.

 

But here’s a thing, imagine that flames engulfed a new coffee shop completely. Of course, there’s nothing to do but start from scratch. Starting from the bottom up after successfully building a business isn’t what many would want to do.

 

But aside from fires, lawsuits from customer personal injuries and commercial vehicle accidents can cause a business to get back to square one. Why? Each time any of these happen, a business might pay $3,329 or more as compensation according to the Institute of Legal Reform.

 

If risks businesses face are bullets, then enterprise insurance is the vest that protects them from possible harm. Getting insured doesn’t necessarily mean that a business will survive but it will ensure that there’s a good chance of surviving when trouble comes. In this article, we’ll show how much business insurance is on average, where to get low-cost business insurance, and many more!

 

Cheap Business Insurance Companies: Comparison

It’s always best to research before contacting any carrier, insurance broker, or insurance agent. There are many carriers that attract customers by claiming to offer cheap commercial insurance and easy application and claims processing. However, upon getting payment, they’ll deny any claim a customer files.

 

Below are the cheapest business insurance companies for 2021 of all sizes, both cheap small business insurance companies, and insurers that cover larger enterprises and even international corporations. We based our research on factors like affordable business insurance rates, customer satisfaction ratings, features, user-friendliness, how comprehensive is the coverage, how tailored it is to your business’s needs, the financial strength of the insurer, and more.

 

Who Has The Cheapest Business Insurance?

Only work with the best cheap business insurance companies. Get quotes from carriers with excellent customer reviews, AM Best rating, and BBB rating. Speaking of getting quotes from the best cheap commercial insurance companies, we suggest the ones in the table below:

Company Average Business Insurance Cost Per Month Best for
CoverWallet $22
One-stop shop for affordable small business insurance online – from comparison to policy management!
Thimble $30 (cheapest policy available for $5!) Home-based businesses and IT professionals
Next Insurance $29 (starts from $11 for fitness professionals) Construction and fitness businesses as well as millennials looking for fast low-cost coverage online
Hiscox $29 (starts from $19) Independent contractors looking for comprehensive coverage that is tailored to their industry at affordable rates
The Hartford $42 Workers Compensation
GEICO $33-$62 Commercial auto-rideshare
Progressive $53 Commercial auto
Allstate $30-$99+ SMBs looking for tailored coverage
Travelers $46-$180+ Commercial property
State Farm $21-$180+ Best overall
Chubb $28-$180+ International businesses
USAA $21-$130+ Military community
Farmers $43-$130+ Small business retail insurance
Embroker From $42 Startups

* Costs may vary depending on the size of yourbusiness, its sector, location and other factors.

 

As you can see, the cheapest business liability insurance that we have found is Thimble , a very affordable general liability insurance for small businesses, with super affordable small business insurance online policies on-demand starting from as low as $5, great flexibility and excellent online experience. It is very easy to get instant low-cost small business insurance quotes online with them as well. However, their average rate per month is $30, and you may find even cheaper business insurance rates than that on a monthly basis with other providers.

 

The cheapest small business insurance on average per month that we’ve found on the research is $21 per month from both USAA and State Farm. Rates always vary and can get lower or higher depending on the specific business, its size, the industry, and many other factors. So if you are looking for cheap insurance for business, the best tip we can give you is to compare business insurance quotes online through CoverWallet to find the cheapest business insurance for your specific business risks and needs. With an average general liability insurance cost of $22 per month on their quoting engine, you might find out that you’ll pay even lower rates in some cases!

 

Cheapest Business Insurance Companies Review

 

CoverWallet Business Insurance

 
Insuranks rating 10/10
Best for One-stop shop for affordable small business insurance online – from comparison to policy management
Year Founded September 2015 and acquired by AON at 2020
CEO Inaki Beringuer (former)
Headquarters 101 Avenue of the Americas 18th Floor New York, NY 10013 United States
Customer Support (646) 844-9933
AM Best Rating A ( excellent)
BBB Rating A+
Number of Complaints 158
 

Why Get Insured by CoverWallet?

  • Finds the companies with the most competitive prices through its online business insurance quote comparison platform
  • Has a live chat system so that customers can easily find help from insurance agents
  • Online certificate of insurance
  • Fast and easy to use
  • Affiliated with the top carriers in the United States
  • An AON company
  • Very high customer satisfaction reviews and ratings
  • Provides business insurance quotes with a variety of coverage options and numerous industries covered
  • Personal finance advisor
  • Our top choice

Why Take CoverWallet with a Grain of Salt?

  • Not an insurance company but an insurance broker with all the resources to help businesses find the best cheap business insurance quotes online

CoverWallet isn’t an insurance company. But it is legit nonetheless. CoverWallet takes pride in providing competitive digital insurance quote comparison and online policy management solutions to businesses across the U.S. In 2020, it was acquired by Aon. CoverWallet’s best value lies in its online quote comparison platform, which makes looking for cheap insurance for small business online extremely easy such as:

  • General liability
  • Workers comp
  • Business owners policy
  • Commercial property
  • Professional liability
  • Commercial auto
  • Umbrella
  • Directors and officers
  • Employment practices liability
  • Fiduciary liability
  • Cyber liability
  • Inland marine
  • Product liability
  • Special events
  • Liquor liability

Those working with CoverWallet enjoy an easy online insurance application process plus the support of online insurance agents. In addition, through MyCoverWallet, customers can easily pay, download proof of insurance, access policy documents, quickly purchase optional coverages, and find the contact info of a carrier to make a claim.

 

Read More: CoverWallet Reviews

 

Chubb Business Insurance

 
Insuranks rating 9.5/10
Best for International companies
Year Founded 1882
CEO Evan G. Greenberg
Headquarters 1133 6th Ave, New York, NY 10036, United States
Customer Support 41-43-4567600 and chubbaccess@chubb.com
AM Best Rating AA+ ( superior)
BBB Rating A-
Number of Complaints 7
 

Why Get Insured by Chubb?

  • Numerous specialized insurance for different business type, size, products sold, and operations
  • Brings customers to knowledgeable agents
  • Offers insurance solutions for multinational businesses
  • Customers can file a claim anytime and anywhere
  • High customer ratings: Chubb barely have any customer complaints
  • 90% of the businesses renew their policies with Chubb
  • 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

Why Take Chubb with a Grain of Salt?

  • Some customers reported Chubb tried to mislead them with their company’s group insurance plans
  • Online option is less friendly: only general liability, cyber insurance, BOP, and professional liability are available online for purchase

Chubb started as a family-run insurance company in Switzerland for merchants. But now, Chubb is one of the most established carriers having $31,000 employees and a revenue of $35.9 million as of 2020. Chubb offers commercial insurance solutions. Its business insurance caters to the needs of small, medium, and large businesses in 28 industries. Chubb’s insurance programs are numerous and can be generalized into the following categories:

  • Accident and health insurance
  • Commercial general liability
  • Commercial package
  • Cyber insurance
  • Environmental insurance
  • Excess and surplus insurance
  • Global casualty insurance
  • International insurance solutions for thriving businesses
  • Marine cargo insurance
  • Management liability insurance
  • Medical liability insurance
  • Product recall insurance
  • Property insurance
  • Small business insurance

Chubb is a wonderful option for small, medium, and large businesses as it has numerous specialized policies that provide excellent protection depending on the type of products sold and the nature of business operations. In terms of customer service, Chubb excels by allowing customers to find an agent or pay for premiums through the Chubb website. What’s more? The company provides insurance for international businesses in 54 countries.

 

Thimble Business Insurance

 
Insuranks rating 9.5/10
Best for Home-based businesses and IT professionals
Year Founded 2015
CEO Jay Bregman
Headquarters New York City
Customer Support hello@verifly.com
AM Best Rating A+ ( excellent)
BBB Rating A+
Number of Complaints 53
 

Why Get Insured by Thimble?

  • Offers the coverages small businesses absolutely need
  • Simple and fast insurance application
  • Thimble offers instant flexible short-term cheap small business general liability insurance policies that provide coverage for hours, days, or weeks.
  • Thimble offers small business general liability insurance policies from $5 which makes it a very affordable business insurance online option
  • Provides a great online experience

Why Take Thimble with a Grain of Salt?

  • Insurance products Thimble provides might not efficiently cover the risks specialty businesses have
  • While covering over 100 sectors, Thimble mainly covers home-based tech/IT businesses so costs for other sectors might be higher

The majority of customers only want to get cheap commercial insurance in a straightforward fashion – no fancy product names and terms that are hard to understand. Time wasted is money wasted and spending countless hours with an insurance agent is lost productivity.

 

Thimble recognizes this concern. That’s why even though its insurances aren’t as many as the companies above, Thimble is one of the cheapest business insurance companies in the USA with about 50 employees, 23 investors, and a valuation of $22 million.

 

Products Thimble offers best fit the needs of the smallest businesses such as computer shops, computer technicians, software developers, and programmers. Insurances customers may buy from Thimble are:

  • Commercial general liability
  • Small business insurance
  • Business owners policy
  • Professional liability/ errors and omissions
  • Equipment breakdown
  • Drone insurance
  • Commercial property
  • Event insurance

Thimble assures customers that getting insured won’t take more than an hour. Also, the policies it offers generally apply to all risks small businesses face. With that said, if it’s cheap business insurance quotes, Thimble should be on everybody’s list.

 

Next Business Insurance

 
Insuranks rating 9.5/10
Best for Construction and fitness businesses as well as millennials looking for fast low-cost coverage online
Year Founded 2015
CEO Guy Goldstein
Headquarters 75 California Ave, Palo Alto, CA 94304, United States
Customer Support 1-855-222-5919 and support@nextinsurance.com
AM Best Rating A- (excellent)
BBB Rating A+
Number of Complaints 13

 

Why Get Insured by Next?

  • 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
  • Offers a lot of ways for customers to enjoy discounts
  • Policies that always fit the needs of small businesses
  • Insures customers within 5 minutes
  • Next doesn’t implement deductibles on its general liability insurance

Why Take Next with a Grain of Salt?

  • While most of its claims are handled in-house, some are handled by a third party company and makes the process longer

Next claims to be the leading insurtech company in the United States. This might be true as Next is known for winning a lot of funding projects from big-name companies for the purpose of bringing better services for small business owners. Right now, Next’s valuation is estimated to be more than $250 million. This company’s rapid growth is further attested by the growth of its 1,000 employees.

 

Just like Thimble, Next covers the smallest business owners such as those running food trucks, computer shops, amusement arcades, catering business, and many more. Products Next offers are:

  • General liability coverage
  • Workers compensation coverage
  • Professional liability insurance
  • Commercial auto insurance
  • Commercial property insurance
  • Business owners policy
  • Hired and non-owned vehicle insurance
  • Equipment and tools insurance
  • Liquor liability insurance
  • Business insurance

Next offers discounts to give customers the best commercial insurance coverage. For example, bundling general liability and liquor liability insurance allows one to enjoy a 5% discount. Aside from discounts, Next also allows customers to enjoy getting a certificate of insurance and name additional insured without any additional charges.

 

Take time to check out Next general liability insurance as it’s very comprehensive. General liability coverage from Next doesn’t only cover legal cost and injury compensation but will also cover customer medical cost, libel, slander, and defamation.

 

Hiscox Business Insurance

 
Insuranks rating 9.5/10
Best for Independent contractors looking for comprehensive coverage that’s tailored to their industry at affordable rates
Year Founded 1901
CEO Aki Hussain
Headquarters Pembroke Parish, Bermuda
Customer Support 1-866-424-8508 and customer.relations@hiscox.com
AM Best Rating A – excellent
BBB Rating A-
Number of Complaints 12

 

Why Get Insured by Hiscox?

  • Online quoting and purchase
  • Coverage can be customized for a variety of sectors
  • Global coverage (claims have to be filed in the US/Canada)
  • Available in all 50 states
  • 24/7 online claims filing
  • 14-day money-back guarantee (if there weren’t any claims or losses)
  • In case of an accident where someone who is not you or your employees were injured, your Hiscox business general liability insurance will cover relevant medical costs for every person that was injured, with up to $5,000 per person

Why Take Hiscox with a Grain of Salt?

  • A lot of existing customers report that they experienced issues in terms of claims filing with Hiscox

Hiscox offers some of the most useful property and casualty insurance products among the best business insurance companies in the United States. Established businesses aren’t the only ones benefiting from Hiscox but also small ones too, especially sole proprietorships. Operating in the global insurance market, Hiscox employs 3,000 people and holds a revenue of $3.76 billion.

Hiscox’s commercial auto coverage is very remarkable. While most companies draw a line between commercial car insurance and personal car insurance, Hiscox gives customers the liberty to get their vehicles insured as a commercial car and as a personal car.

A lot of customers find Hiscox’s certificate of insurance remarkable. This is because customers can easily add their client’s names or landlord names to it. In addition, Hiscox policyholders only need to provide their email address and policy number to get their certificate of insurance.

 

The Hartford Business Insurance

 
Insuranks rating 9.5/10
Best for Workers Compensation
Year Founded 1810
CEO Christopher J. Swift
Headquarters 690 Asylum Avenue Hartford, CT 06155
Customer Support 855-440-1078 and customer complaint portal
AM Best Rating A+ ( superior)
BBB Rating A+
Number of Complaints 163
 

Why Get Insured by The Hartford?

  • Offers insurance solutions to small and big businesses
  • Employee benefits insurance is very comprehensive
  • Easy online quoting
  • Provides up to $2 million per occurrence limit for every general liability business insurance claim with a $4 million policy aggregate limit
  • 4.8 stars rating from 18,000 insured businesses
  • Offers workers comp in partnership with more than 1 million healthcare providers in the United States

Why Take The Hartford with a Grain of Salt?

  • Constantly experiences disputes with customers

When it comes to commercial and property insurance, The Hartford is one of the cheapest commercial insurance companies that come to mind. The Hartford offers solutions for small and big businesses and strives to maintain responsive customer service. This helped The Hartford employ 19,500 people and achieve revenue amounting to $20 billion.

 

Its commercial insurance is open for large and small businesses. The Hartford small business insurance offers general liability insurance, business property insurance, and business income insurance. Also, The Hartford offers specialized insurance products for large businesses – General Liability Choice®, Property Choice®, and Workers Compensation insurance.

 

The best thing about The Hartford is that it puts a lot of effort into resolving disputes with customers. In this sense, the company is highly dedicated to making sure that customers can understand why their claims were denied, why their rates suddenly increased, and so on.>

 

Geico Commercial Auto Insurance

 
Insuranks rating 8/10
Best for Commercial auto-rideshare
Year Founded 1963
CEO Todd Combs
Headquarters Chevy Chase, Maryland, United States
Customer Support (800) 841-2964 and customer service portal
AM Best Rating A++ ( superior)
BBB Rating A+
Number of Complaints 178
 

Why Get Insured by Geico?

  • In partnership with Hiscox for commercial property insurance and other business insurance products because it underwrites commercial auto policies only
  • Extremely strong financially with an A++ credit rating
  • Offers general liability insurance with per-occurrence limit starting at $300,000
  • In partnership with Berkshire Hathaway for its workers comp insurance

Why Take Geico with a Grain of Salt?

  • Has too many claims complaints from customers

Many people know Geico for its catchy advertisements that often involve its mascot, The Geico. One of the company’s strongest traits is its unique approach to marketing that, nevertheless, would be for nothing without its quality insurance solutions. A lot of people turn to Geico for commercial auto insurance, pet insurance, and personal auto insurance.

 

Since Geico puts most of its efforts into car insurance solutions, its business insurance might not compare to the products of other best cheap commercial insurance companies like Chubb or Hartford. Nonetheless, it provides the coverage customers need. Geico small business insurance offers the following in partnership with Hiscox and Berkshire Hathaway:

  • Commercial liability insurance
  • Professional liability insurance
  • Cyber liability insurance
  • Workers compensation
  • Medical malpractice

Geico excels as one of the best cheap commercial insurance companies for commercial auto. The rates are pretty low but the customer service is top-notch. Add the fact that Geico’s terms are very flexible and we can say that it’s the best commercial insurance agency for covering a business’s vehicles.

 

State Farm Business Insurance

 
Insuranks rating 9/10
Best for Best overall
Year Founded 1922
CEO Michael L. Tipsord
Headquarters Bloomington, Illinois, United States
Customer Support 800-782-8332 and customer service portal
AM Best Rating A++ ( superior)
BBB Rating B
Number of Complaints 538
 

Why Get Insured By State Farm?

  • High customer satisfaction ratings
  • Financially strong
  • 24/7 phone and online claims service
  • Customers can track their claims process
  • Efficient customer service
  • Has specialized contractor’s coverage

Why Take State Farm with a Grain of Salt?

  • Received complaints about unfairly denied claims
  • Offers discounts in selected locations

State Farm’s rates can be higher than other companies. Nonetheless, it still counts as one of the best cheap commercial insurance companies. Why? State Farm offers small business coverage whose usefulness is more than what the customers pay for. Coverages from State Farm cover all types of risks – from accidents to economic breakdown, natural disasters, employee dishonesty, etc. And so, it’s no wonder that it continues to be one of the strongest carriers in the United States with at least 50,000 employees and 19,000 agents.

 

Insurance solutions State Farm has in store for small businesses are commercial auto, business owner’s policy, contractor’s policy, workers compensation, and fidelity and surety bonds. There’s also State Farm liability insurance and life insurance coverages for businesses and their employees.

 

Working with State Farm is very easy as it has a lot of agents. In this sense, it is very easy for a customer to find someone to help with claims filing. In addition, State Farm customers can call different telephone lines based on what they want State Farm to do for them.

 

Travelers Commercial Insurance

 
Insuranks rating 8.5/10
Best for Commercial property insurance
Year Founded 1853
CEO Alan D. Schnitzer
Headquarters New York, United States
Customer Support 1-877-754-0481 and customer service portal
AM Best Rating A++ ( superior)
BBB Rating A
Number of Complaints 182

 

Why Get Insured by Travelers?

  • Provides more than the usual minimum for its general liability insurance
  • Has tailored insurance solutions for the unique risks each business faces
  • Commercial auto insurance rates are lower than the national average
  • MyTravelers® for Business allows policyholders to pay, make a claim, view policy changes, and do other things without the help of customer support staff
  • Excellent customer ratings
  • Financially strong

Why Take Travelers with a Grain of Salt?

  • Travelers rates can sometimes become too expensive for their customers

Many compliment Travelers for its auto and home insurance solutions. But not many talks about its business insurance that’s equally great. Travelers provide coverage to all kinds of businesses and ensure that rates are fair and processing claims is quick and easy. Right now, Travelers employs more than 30,000 professionals and has a revenue of $32 billion.

 

Travelers offer insurance solutions for small and big businesses in the construction, energy, finance, healthcare, manufacturing, real estate, technology, and transportation industries. Particularly, coverages it offers to solve problems business owners might face are:

  • Commercial auto and trucking
  • Management liability
  • Professional liability
  • Surety bonds
  • Cyber liability
  • Property
  • Workers compensation
  • General liability insurance
  • Small business owner’s policy

What we like about Travelers is that it offers coverage based on the business industry and with this, all specialty and non-specialty businesses are covered. Another thing, there’s also the Travelers “claim central” which simplifies claims filing and tracking. All in all, Travelers is a good company despite the fact that its rates are slightly higher than others.

 

Progressive Commercial Insurance

 
Insuranks rating 8/10
Best for Commercial auto
Year Founded 1937
CEO Tricia Griffith
Headquarters Mayfield, Ohio, United States
Customer Support 1-800-444-4487 and customer service portal
AM Best Rating A+ ( superior)
BBB Rating D –
Number of Complaints 1,313
 

Why Get Insured by Progressive?

  • Customers that fit Progressive’s preferred market, have good credit, had no tickets or accidents, and have had a higher credit score prior to insurance are absolutely sure to enjoy the cheapest rates for their commercial auto policy.
  • Helps customers get all the custom coverages that best fit their business in different states except Hawaii
  • Offers custom limits that best answer the costs a business owner has foreseen

Why Take Progressive with a Grain of Salt?

  • Some customers reported that Progressive has a habit of suddenly increasing rates

Many applaud Progressive’s commercial auto insurance. Rates are great, there are no spikes in fees, and filing a process is very easy. In terms of financial stability, Progressive doesn’t disappoint. As of 2020, Progressive’s revenue reached $42.7 billion and its employees reached 45,000.

 

Progressive’s business owner’s policy is very remarkable since it provides protection for equipment breakdown, damaged stocks, and damage to business property. For those who only want to get one kind of coverage, then there’s Progressive small business insurance having stand-alone coverages such as:

 

  • Commercial auto
  • Cyber liability
  • General liability
  • Professional liability
  • Workers comp

Businesses with risks that Progressive specializes in will enjoy cheap and stable rates. The company even offers very generous commercial auto insurance coverage if the customer’s business isn’t involved in road accidents and carries out periodic vehicle maintenance.

 

Allstate Business Insurance

 
Insuranks rating 8/10
Best for SMBs looking for tailored coverage
Year Founded 1931
CEO Thomas J. Wilson
Headquarters Northfield Township, Illinois, United States
Customer Support 1-800-255-7828 and customer service portal
AM Best Rating A+ (superior)
BBB Rating A+
Number of Complaints 908
 

Why Get Insured by Allstate?

  • Allstate agents take time to know their customers and strive to build a long-term relationship
  • Property coverage in Allstate business insurance accounts for the most common disasters businesses face such as a vehicle crashing into the building, theft, fire, vandalism, and sprinkler leakage
  • Commercial auto insurance has rental car coverage
  • Allstate® mobile app allows customers to pay and manage insurance policies
  • Fair customer ratings
  • Underwrites esurance business insurance policies

Why Take Allstate with a Grain of Salt?

  • The only way to file a claim is to call Allstate or an Allstate agent

Those who have worked with Allstate say that the company makes everything easier with its extensive agent network. Each Allstate agent easily recognizes the unique needs of different customers. And so, it’s impossible to get an insurance policy that fails to cover the risks a particular business faces.

 

Coverages from Allstate are very comprehensive. For example, Allstate business auto insurance is made up of liability coverage, collision coverage, comprehensive coverage, underinsured/uninsured motorist coverage, and rental car coverage. However, commercial auto insurance is only one of the many excellent business insurance coverages the company offers. There’s also:

  • Property coverage
  • Business interruption coverage
  • Liability coverage
  • Equipment breakdown coverage

Some say that Allstate doesn’t offer the cheapest commercial insurance quotes. However, we think this isn’t the case. It’s true that a first-time customer might see that Allstate’s rates are expensive. However, if one really thinks about it, Allstate’s rates are actually cheap as there are incentives for customers which pave the way to save money on premiums. Also, Allstate agents never close a deal without educating their clients completely. Simply put, they make sure everything is a win-win situation for all even for customers who don’t make a claim successfully.

 

USAA Business Insurance

Insuranks rating 7.5/10
Best for Military community
Year Founded 1922
CEO Wayne Peacock
Headquarters San Antonio, Texas, United States
Customer Support 001-210-498-2722 and customer service portal
AM Best Rating A+ + (superior)
BBB Rating A+
Number of Complaints 838

 

Why Get Insured by USAA?

  • Good customer ratings
  • Financially strong
  • Variety of advanced, broad, and customizable coverage options and packages that cover any risk a business might face
  • Very cheap rates for customers who qualify for USAA business insurance
  • Provides legal advice when policyholders face a lawsuit
  • USAA is a non-profit and distributes any excess revenues to its members

Why Take USAA with a Grain of Salt?

  • An exclusive company, only takes in US military personnel, veterans, and their direct families
  • Policies are underwritten by a third party, which adds some risk to you as a customer

USAA is the go-to carrier for United States military personnel and veterans and their direct families. The company offers very low premiums for these people. Life insurance and auto insurance are where USAA mostly shines. However, none says that its business insurance is bad. For a quick profile, USAA has 32,000 employees and a revenue of $40 billion.

One thing to remember though is that USAA’s business insurance isn’t available for all. Just like its other policies, only businesses that veterans or military personnelown can get USAA business insurance. The company isn’t inclusive and this is a trait that we don’t like. Nonetheless, for those who are eligible, USAA is a wonderful partner as it provides:

  • General liability insurance
  • Workers compensation
  • Business owners policy
  • Professional liability
  • Cyber liability
  • Umbrella
  • Commercial auto

We find USAA great because its policies immediately apply to the most common risks that businesses face. This means that filing a claim will be fast and easy. Specialized businesses may not benefit a lot. However, USAA still manages to keep up with the competition by offering fast claims processes, transparent underwriting, and low-cost business insurance quotes for businesses owned by active and veteran military personnel.

 

Farmers Business Insurance

 
Insuranks rating 6/10
Best for Small business retail insurance
Year Founded 1928
CEO Jeff Dailey
Headquarters California, United States
Customer Support 1-888-327-6335 and customer service portal
AM Best Rating BBB+ – good
BBB Rating A-
Number of Complaints 387

Why Get Insured by Farmers?

  • Reputable customer service

Why Take Farmers with a Grain of Salt?

  • Has a lot of customer complaints in BBB

 

Farmers started by insuring rural farmers. But its humble beginnings are overshadowed by its success in the insurance market. Right now, Farmers don’t only work with people in the agriculture sector but also with other customers who want to get business insurance, life insurance, car insurance, and home insurance. Farmers insurance currently employs $12,740 employees.

 

Farmers business insurance caters to the needs of different businesses regardless of industry, size, and specialty operations. Coverages for customers are:

  • Property
  • Liability insurance
  • Crime coverage
  • Commercial auto
  • Workers compensation
  • Umbrella
  • Grouped life insurance
  • Loss control coverage

However, those above aren’t the only coverages customers can avail. If the customers wish for it, Farmers also provide specialty insurance programs such as:

  • Wholesaler’s insurance
  • Retail store insurance
  • Restaurant and food truck insurance
  • Church insurance
  • Office insurance
  • Manufacturing insurance
  • Auto-service insurance
  • Education, charity, and non-profit organization insurance

Embroker Business Insurance

 
Insuranks rating 7/10
Best for Startups
Year Founded 2015
CEO Matt Miller
Headquarters San Francisco, California, United States
Customer Support 844-436-2765 and success@embroker.com
AM Best Rating A+ – excellent
BBB Rating A-
Number of Complaints 150
 

Why Get Insured by Embroker?

  • Customers can get insured in 15 minutes
  • Customizable policies
  • Offers Specialized professional liability insurance for lawyers and law firms
  • 1st digital insurance carrier in the USA

Why Take Embroker with a Grain of Salt?

  • Very limited insurance programs for large businesses
  • Not an insurance company but an insurance broker

Embroker strives to keep rates very stable for customers. Therefore, it’s a solid option for people who are afraid of ending up working with a carrier that suddenly increases rates. Additionally, Embroker also offers on-the-go insurance products such as business owner’s policy, EPLI, commercial crime, tech errors and omissions, standard professional liability, and directors and officers liability.

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What is Business Insurance?

Also referred to as commercial insurance, business insurance protects businesses from unexpected financial, physical, and intellectual property damage or loss.

 

Business insurance comes in many varieties. For example, there are business insurances that the policyholder can customize, buy as stand alone policies, or have for hours, weeks, or months.

 

When looking for cheap commercial insurance, think about the most probable risks your business might face in the future, how much money you want to get from your insurance policy, what discounts you can get, whether or not it’s possible to cancel your policy anytime, how easy it is to process and file claims, and whether or not you can get a refund. Here are some questions that will help you brainstorm for other considerations.

  • Would small business insurance be applicable to my business? Am I operating a small business or a larger one?
  • What services does my business provide?
  • Who is my business helping?
  • What industry is my business in?
  • Where is my business operating?
  • How many employees does my business have?
  • What are the costliest risks my business can face in the future?
  • How many assets do I need to protect with insurance?
  • How long has my business been around?

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How Much is Business Insurance?

There are two general types of business – SMEs and large businesses. SMEs literally means small and medium-sized businesses – those employing 1 – 200 people and usually operating in their localities. It’s important to know which is which as both don’t pay the same cost for insurance.

 

Large businesses pay more than $1,000 a month for their insurance policies, primarily because they face a lot of risks and need to cover a lot of assets. On the other hand, SMEs get business insurance for as low as $152 a month. Note that these figures are just an estimated cost of insurance that carriers offer as a business owner’s policy.

 

Insurance for small businesses and large businesses consists of insurance products each having numerous coverages – property insurance, liability insurance, and commercial auto insurance.

  • Commercial Property insurance – provides money for reimbursement, repair, and replacement of tangible or intangible business property.
  • Liability insurance – protects a business by answering the cost of lawsuits such as attorney fees, filing fees, and compensation to the plaintiff. Coverages in liability insurance are general liability, products liability, premises liability, professional liability, employer’s liability, and directors’ and officers’ liability.
  • Commercial auto insurance – provides money when the business’s vehicle gets involved or causes an accident and the driver, employees, and other concerned parties sustain injuries as a result. Coverages in commercial auto insurance are commercial auto liability, bodily injury liability, property damage liability, personal injury PIP), uninsured/underinsured motorist, and comprehensive coverage.

So how much does liability insurance cost as well as the others we mentioned in the above bullet? These tables show the cost of common coverages.

 

Liability Insurance Cost

Liability Insurance Coverages Cost Per Month Cost Per Year
General liability $35.79 $429.48
Professional liability $54 $648
Product liability $0.30 per $100 revenue $3.6 per $100 revenue
Premises liability $24 $288
Employer’s liability $98 $1,176
Directors and officers $290.75 $3,489

Commercial Auto Insurance Cost

Commercial Auto Coverages Cost per Month Cost per Year
Commercial auto insurance auto liability coverage $79 $950
Gap $27 $324
Umbrella $20.67 $248
PIP/no-fault coverage $138 $11.5
Uninsured/underinsured motorist $12 $144
Comprehensive coverage $14.17 $170

Commercial Property Insurance Cost and Others

Cost per Month Cost per Year
Commercial Property $41.66 $500
Business Interruption $100 $1,200
Inland Marine $15 $180
Ocean Marine 0.1% – 2.5% of cargo value 0.1% – 2.5% of cargo value

 

We can also determine the pricing of business insurance based on business organization – limited liability corporations, sole proprietorships, partnerships, and corporations. The cost of business insurance for each is:

  • LLC insurance cost $47.40 a month or  $568.80 a year
  • Sole proprietorships can get insurance for as low as  $39.58  a month or $474.96 a year
  • Partnerships and corporations pay $53  monthly or  $636  annually for their insurance policies

* Business insurance cost for LLC, sole proprietorship, etc. is an estimate of all the policy limits and coverages availed, namely liability insurance, commercial property insurance, workers comp, commercial auto, commercial property, and optional policies.

 

How Much is Small Business Insurance Cost?

An absolute figure is hard to determine as there are a lot of factors to consider. And so, to give you a better understanding of the pricing, we made a table showing the cost of insurance for different small businesses and professions.

 

Cost per Month Cost per Year
Sawmills $37 $444
Physician assistants $45 $540
ATV and UTV rentals $43 $516
Doula $28 $336
Athletic trainers $36 $432
Garage door installers $42 $504
Driving instructors $43 $516
Paddleboard rentals $30 $360
Crypto Mining $29 $348
SEO consultants $36 $432
Magicians $27 $324
Windshield repair businesses $30 $360
Property managers $42 $504
Lawyers and law firms $45 $540
Franchisors $45 $540
Hog farms $47 $564
Telecommunications companies $40 $480
Gymnastics clubs and teams $35 $420
Commercial kitchens $42 $504
Construction project managers $40 $480
Dental Hygienists $34 $384
Marina insurance $50 $600
Boat builders $50 $600
Real estate developers $38 $456
Cricket $36 $432
Broadcasters $45 $540
Audiologists $28 $336
Signage installers $49 $558
Scaffolding contractors $37 $444
Quarries $50 $600
Writers $34 $408
Telehandler $65 $780
Robotics businesses $30 $360
Refrigeration engineers $40 $480
Greengrocers $25 $300
Cold storage facilities $29 $348
Distributors and wholesalers $45 $540
Cardiologists $38 $456
Anesthesiologists $35 $420
Shuttle bus $40 $480
Motorcycle dealers $34 $408
Real estate appraisers $35 $420
Thrift stores $32 $384
Vacation rentals $48 $576
Rock climbing instructors $30 $360
Honey producers $33 $396
Real estate appraisers $35 $420
Sonographers $39 $468
Weight loss clinics $46 $552
Race car drivers $54 $648
Shipping companies $44 $528
Environmental engineers $37 $444
Radiologists $29 $348
Obstetricians $36 $432
Churches and religious organizations $35 $420
Bodyguards $39 $468
Foster care facilities $34 $408
Notary public $39 $468
Paratransits $48 $576
Travel agencies $45 $540
Tour operators $38 $456
Tour guides $34 $408
Mining companies $85 $1,020
Staffing agencies $44 $528
Sporting goods stores $37 $444
Food manufacturers $70 $840
California contractors $40 $480
Parachuting instructors and schools $45 $540
Band insurance $33 $396
Actuaries $43 $420
Salvage yards $49 $588
Pottery businesses $35 $420
House sitters $40 $480
Publishers $39 $468
Printing businesses $45 $540
Lyft drivers $40 $480
Uber drivers $40 $480
Tobacco shops $55 $660
Tarot readers $38 $456
Wind turbines $110 $1,320
Wind turbine technicians $46 $552
Fire sprinkler contractors $38 $456
Flight instructors $42 $504
Tire shops $40 $480
Electric vehicle charging stations $51 $612
Street fairs $37 $444
Cryotherapy centers $92 $1,104
Tutors $38 $456
Valets $51 $612
Real estate brokers $47 $564
Etsy sellers $33 $396
eBay sellers $41 $492
Pawn shops $45 $540
Boat towing businesses $40 $480
Go-Kart tracks $92.24 $1,106.88
Fabricators $41 $492
Hunting lease and clubs $103 $1,236
Commercial fishing $65 $780
Volleyball $30 $360
Ice skating rinks $41 $492
Demolition contractors $120 $1,440
Blacksmiths $59 $708
Storage rentals $45 $540
Skate parks $55 $660
Roller skating rinks $40 $480
Tailors $34 $408
Tanner $39 $468
ATM business $50 $600
Scuba diving instructors $42 $504
Music therapists $33 $396
Race tracks $83 $996
Airsoft fields $90 $1,080
Scooter rentals $52 $624
Ski resorts $70 $840
Paintball $80 $960
Archery instructors $30 $360
Archery ranges $50 $600
Nannies $60 $720
PR agencies $42 $504
Fishing guides $82 $984
Tai Chi instructors $38 $456
Home daycare $33 $396
Art therapists $45 $540
Marriage counselors $57 $684
Nutritionists $42 $456
Recording studio $45 $540
Music teacher $38 $456
Summer and sports camps $48 $576
Umpires $48 $576
Toy hauler $58 $696
Subcontractor insurance $46 $552
Commercial condo $46 $552
Mobile phone shop $45 $540
Toy shops $39 $468
Subguard insurance $20,833 $250,000
Sound engineers $38 $456
Carpet shops $46 $552
Shoe stores $38 $456
Hair stylist $48 $576
Hair salon $47 $564
Barber shop $46 $552
Home gyms $30 $360
Paint store $50 $600
Candy business $37 $444
Department store $40 $480
Bike rentals $35 $420
Hardware stores $46 $552
Horse trailers $35 $420
Auctioneers and auction houses $41 $492
Gym equipment $31 $372
Golf instructor $22 $264
Dog groomers $32 $384
Kennels $33 $396
Dog boarding facilities $37 $444
Dog daycare facilities $45 $540
Cattery $25 $300
Pet boarding facilities $39 $468
Dog trainers $30 $360
Convenience store $36 $432
Tavern $90 $1,080
Public house $85 $1,020
Oil and gas contractors $91 $1,092
Water restoration contractors $71 $852
IT Contractor $42 $504
Other IT businesses $50 $600
Water treatment plants $58 $696
Renewable energy plants $190 $2,280
Commercial solar panel $27 $324
Solar power plant $180 $2,160
Solar panel installation contractor $50 $600
Jet ski rentals $34.16 $41
Plastering and stucco contractor $54 $648
Waterproofing contractor $60.41 $725
Flooring contractor $60 $720
Swimming pool contractor $38 $456
Tile contractor $58 $696
Paving contractor $60 $720
Boxing instructor $32 $384
Boxing gym $38 $456
Masonry contractor $58 $696
Spin Instructor $26 $312
Upholstery $33.33 $400
HVAC Installer $37 $444
Siding Installer $57 $684
Surveyor $60 $720
Civil engineer $64 $768
Mechanical engineer $21 $252
Electrical engineer $38 $456
Videographer $22 $264
Flea Market $33 $396
Photographer $39 $468
Food Vendor $35 $420
Hot Dog Cart $56 $672
Hot Air Balloon $97 $1,164
Balloon Business $16.33 $199
Consultant $34 $408
Lactation Consultant $23 $276
Engineering Consultant $42 $504
Management Consultant $32 $384
Contractors $40 $480
Musical Instruments $15 $180
Musician $34 $408
Bobtail $30 $360
Unladen $82 $984
Non-Trucking Liability $40 $475
Food Truck $39.36 $472.32
Restaurant $60 $720
Retail $29 $348
Home Cooking $25 $300
Bakery $35 $420
Barber Shop $64 $768
Personal Trainer $29 $348
Yoga Teacher $28 $336
Yoga Studio $28 $336
Cleaning Business $45 $540
Janitorial $35 $420
Electrician $35 $420
Commercial Drone $50 $600
Tradeshow $63 $756
Car Wash $60 $720
Tractor $54.16 $650
Gym $39 $468
Laundry Business $46 $552
Small Artisan $39 $468
Dance Studio $37 $444
Farmers Market Vendors $35 $420
Crafters $47 $564
Candle Makers $63 $761
Soap Makers $39 $468
Maid / House Cleaner $37 $444
Excavator $83 $996
Carpenter $40 $480
Tradesman $60 $720
Handyman $57 $684
Vendor $30 $360
Dog Walking Businesses $33 $396
Startup Company $28 $336
Roofing $292 $3,504
Construction $73 $876
Heavy Equipment $256 $3,072
Skid Steer $67 $804
Filmmaking $56 $672
Garagekeepers $96 $1,152
Pet Sitting $26 $312
DJ $21 $252
Auto repair shop $49 $588
Warehouse $93 $1,106
Garage $113 $1,356
Dump Truck $438 $5,250
Bed and Breakfast $70 $840
Hotel, Motel & Resort $84 $1,008
Catering $47 $564
Gas Station $100 $1,200
Grocery Store $41 $492
Coffee Shop $45 $540
Face Painting $13 $156
Makeup Artist $26 $312
Permanent Makeup $49 $588
Spa $46 $552
Bodywork $35 $420
Beauty Salon $32 $384
Tanning Salon $46 $552
Beauty Therapist $22 $264
Nail Salon $43 $516
Cosmetologist $33 $396
Esthetician $57 $684
E-Commerce $65 $780
Home Based Business $25 $300
Pool Cleaning Businesses $38 $456
Tattoo Shop $35.92 $431.04
Painting $44 $528
Real Estate Investor $46 $552
Real Estate Agent $39 $468
Security Guard $105 $1,260
Security Dog Company $35 $420
Web Developer $35 $420
Web Design $30 $360
Lawn Care $48 $576
Plumbing $50.08 $600.96
Gas Engineer $34 $408
Snow Plow $550 $6,600
Beauty Business $36.12 $433.34
Library $30 $360
Bartenders $43 $516
Chiropractors $52 $624
Bars $180 $2,160
Nightclub $190 $2,280
Acupuncturists $31 $372
Alternative Therapists $26 $312
Physical Therapists $45.07 $540.84
Reflexology $16 $192
Aromatherapy $19 $228
Hypnotherapy $30 $360
Massage Therapists $18 $216
Taxi Services $78 $936
Carting & Garbage Collection $47 $564
Martial Arts Studios $295 $3,538
Martial Arts Instructor $43 $516
Graphic Design $33 $396
Architects $34 $408
Personal Chefs $76 $912
Golf Course $42 $504
Coworking Space $40 $480
Poultry Farm $80 $960
Fish Farm $38 $456
Juice Bar $53 $636
Zoo $45.42 $545
Petting Zoo $45.42 $545
App Developer $30 $360
Butcher Shop $38 $456
Horse Farm $83 $996
Horse Boarding Facility $30 $360
Interior Design $44 $528
Art Galleries & Museums $46 $552
Gardening $38 $456
Landscaping $48 $576
Pizza Delivery $50 $600
Food Delivery $40 $480
Wineries $43.21 $518.52
Other wine businesses $40 $480
Ice Cream Shop $33 $396
Ice Cream Truck $60 $720
Ice Cream Van $67 $804
Brewery $93.33 $1,119.96
Microbrewery $67 $804
Photo Booth $33 $396
Distillery $45 $540
Book Shop $38 $456
Antique Shop $38 $456
Venue $51 $612
Playground $88 $1,036
Amusement Park $128 $1,536
Water Park $44 $528
Theme park $115 $1,380
Amusement Arcade $46 $552
Software Dev Business $43.16 $517.92
Pilot $82 $984
Flight School $208 $2,496
Engineer $38 $456
Computer Repair Shop $33 $396
Roof Cleaner $100 $1,200
Pressure Washing Business $60 $720
Welding Business $29 $348
Locksmiths $63 $756
Window Cleaners $54 $648
Gutter Cleaners $42 $504
Glaziers $37 $444
Fire Alarm Installers $56 $672
Drywall Business $28 $336
Appliance Repair Businesses $33 $396
Carpet Cleaners $35 $420
Alarm and CCTV Installers $30.41 $365
Veterinary Clinics $96.66 $1,159.92
Tow Truck Businesses $448 $5,376
Boat Repair $16.66 $200
Boat detailing $37.50 $450
Boat Rental Businesses $41.67 $500.04
Media Professionals $35 $415
Cargo Van Businesses $275 $3,300
Ice Cream Van Businesses $142 $1,329
Commercial Sprinter Van Businesses $135.83 $1,630
Passenger Van Businesses $200 $2,400
Camper Van Rental Businesses $120 $1,440
Delivery Van Businesses $112.39 $1,348.68
Home Inspectors $47 $564
Softball Teams $349 $4,188
Car Haulers $810 $9,720
Hockey Teams $47 $564
Sports Teams $30 $350
Baseball Teams $45 $540
Car Rental Businesses $50 $600
Basketball Trainers $45 $540
Basketball Players $52 $624
Basketball Camps $162 $1,944
Vending Machine Businesses $38 $456
Flatbed Trailer Businesses $191.66 $2,300
Commercial Trailer Businesses $300 $3,600
Dump Trailer Businesses $140 $1,680
Food Cart Businesses $45 $540
Limousine Businesses $80 $960
Sports Facilities $25 $300
Hot Shot Truckers $212 $2,544
Food Trailers $47.80 $573.60
Car Dealers $36 $432
Social Workers $69 $828
Equipment Rentals $47 $564
Box Truck Businesses $125 $1,500
Soccer Teams $40 $480
Moving Company $104.16 $1,250
Sole Proprietors $39.58 $474.96
Bounce House Businesses $41.66 $500
Freight Brokers $108.33 $1,300
Bulldozer Businesses $85 $1,020
Forklift Businesses $256 $3,072
Bookkeepers $25 $300
Concession Businesses $30 $360
Certified Public Accountants $38 $456
Tree Service Businesses $25.83 $309.96
Amazon Sellers $41 $492
Firefighter $153.30 $1,533
Law Enforcer $59.66 $716
Furniture Store $45.05 $540.62
Pharmacists $69.50 $834
Deli Stores $52 $624
Home Watch Businesses $32.33 $500.29
Pet Store $42.79 $513.58
Charity $38 $456
Gift Shop $49 $588
Fashion Store $103 $1,236
Small Fashion Store $37 $444
Jewellery Store $69.66 $835.92

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