Homepage > Cheapest Business Insurance Quotes Online, Cost & More
So, you’ve established your dream business... mazel tov!
Hours and hours of hustle and hard work has led you to this moment and your ideas have came to fruition. Satisfying, right?
But you don't want to risk it all to unexpected financial loss.
And that's where business insurance comes in to the picture. By being aware of the expected business insurance cost for your business and our help in finding you the best cheap business insurance coverage for your venture, you can maintain business coverage without breaking the bank.
When we compare cheap business insurance quotes online ahead of buying one, we save even more on our business expenses and reduce them to the minimum possible without compensating on our business coverage levels.
Whether it's low cost small business insurance quotes that you are after, small business insurance, larger business, corporate and enterprise insurance or maybe you're just looking for cheap business insurance coverage for a coffee shop you recently started, or any other commercial operation that you started or consider starting out - all types of commercial operations benefit from free business insurance quotes comparison online from the best business insurance companies that help you get the best, cheapest business insurance coverage for your commercial requirements to protect your source of income.
Commercial insurance protects yourself, your employees, and your business from unexpected risk and financial loss. And with so many business insurance companies out there, it can get challenging to find the best commercial insurance coverage, plans and rates for your specific business needs, as well as the best and most trusted companies...
Especially with COVID-19 still being around which makes things even more puzzling...
But guess what? It can be easier.
We have compiled this extensive business insurance guide for all those looking for cheap business insurance quotes from the best business insurance companies, as a source of information to make use of ahead of getting a business insurance policy. By leveraging it wisely, you can:
Below you can find the average business insurance cost for some of the best cheap business insurance companies and coverage options.
The following are the cheapest business insurance companies and plans for 2021 of all sizes, both cheap small business insurance companies and insurers that cover larger enterprises and even international corporates. 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 precise business needs, financial strength of the insurer and more to pinpoint the best cheap commercial insurance companies.
| Company | Average Business Insurance Cost Per Month | Best for |
|---|---|---|
| CoverWallet | Varies; low cost | Small business insurance online one stop shop 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 in 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 your business, its sector, location and other factors.
As you can see, the cheapest general liability insurance for small business that we have found is Thimble, a very affordable general liability insurance for small business option, with on-demand policies starting from as low as $5, high flexibility and excellent online experience. It is very easy to get instant online quotes with them as well. However, their average rate per month is $30, and you can find even cheaper option than that.
The cheapest small business insurance on a monthly basis that we've found on our research is $21 per month from both USAA and State Farm.
Rates always vary depending on the business, the best tip we can give you is to compare business insurance quotes online on CoverWallet to find the cheapest business insurance for your specific business risks and needs, you might find out that you'll pay even a lower rate on some cases.
| Business insurance type | Average cost per month | Average cost per year |
|---|---|---|
| General Liability | $30 | $360 |
| Workers' Comp | $85 | $1,000 |
| Business Interruption | $100 | $1,200 |
| Business' Owners | $100 | $1,200 |
| Commercial Auto | $85 | $1,000 |
| D&O | $105 | $1,240 |
| Commercial Property | $63 | $750 |
| Product Liability | mostly included in general liability insurance policies | mostly included in general liability insurance policies |
| Inland Marine | $15 | $180 |
| Ocean Marine | %0.1-%2.5 of cargo value | %0.1-%2.5 of cargo value |
| Contractors | $40 | $480 |
| Musical Instruments | $17 | $200 |
| Bobtail | $30 | $360 |
| Non-Trucking Liability | $40 | $475 |
| Food Truck | $42 | $500 |
| Restaurant | $171 | $2,050 |
| Retail | $50 | $600 |
| LLC | $54 | $650 |
| Home Cooking | $30 | $360 |
| Bakery | $40 | $480 |
| Barber Shop | $30 | $360 |
| Personal Trainer | $25 | $300 |
| Yoga Teacher | $17 | $200 |
| Yoga Studio | $46 | $550 |
| Online Yoga Class | $13 | $150 |
| Cleaning Business | $42 | $500 |
| Janitorial | $42 | $500 |
| Electrician | $50 | $600 |
| Commercial Drone | $50 | $600 |
| Car Wash | $60 | $725 |
| Tractor | $55 | $650 |
| Gym | $55 | $650 |
| Laundry Business | $46 | $550 |
* Rates vary depending on the business
** Average Rates for a typical general liability insurance
General liability insurance for small business cost about $30 per month, or $360 per year normally, give or take. The vast majority of small business owners don't pay more than $49 per month for general liability insurance policies.
- One stop shop online for small businesses from personalized small business insurance quotes comparison to policy management
- Surprisingly cheap business insurance quotes online
- Fast & easy to use
- Partners with top business insurers
- An AON company
- Very high customer satisfaction reviews and ratings
- Wide variety of coverage options and industries covered
- Personal finance advisor
- Our top choice
INSURANKS RATING: 10/10
Read More: CoverWallet Reviews
- 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: only GL, cyber insurance, BOP and professional liability are available online
INSURANKS RATING: 9.5/10
INSURANKS RATING: 9.5/10
INSURANKS RATING: 9.5/10
- 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 claim filing available
- 14 days 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
INSURANKS RATING: 9.5/10
- Easy online quoting
- Provides up to $2 million coverage for every general liability business insurance claim and $4m for the policy aggregate
INSURANKS RATING: 9.5/10
- High customer satisfaction ratings
- Financially strong
- 24/7 claims service available by the phone and online
- Received complaints about unfairly denied claims
- Offering discounts in few states only
INSURANKS RATING: 9/10
* Excellent customer ratings
* Financially strong
INSURANKS RATING: 8.5/10
- In partnership with Hiscox for most business insurance products and underwrites commercial auto policies only
- Extremely strong financially with A++ credit rating
- Has too many claims complaints from customers
INSURANKS RATING: 8/10
- Progressive commercial has excellent customer ratings
INSURANKS RATING: 8/10
- Fair customer ratings
- Also underwrites esurance business insurance policies
INSURANKS RATING: 8/10
- Good customer ratings
- Financially strong
- Variety of advanced, broad, customizable coverage options and packages that cover any risk a business might face
- Only available for military personnel, veterans and their families
- Underwritten by a third party, which adds some risk to you as a customer
INUSRANKS RATING: 7.5/10
* Mediocre customer satisfaction ratings
* Offers good bundle discounts
INSURANKS RATING: 6/10
Now when you have a broad overview of how to get cheap business insurance and what it looks like, we are ready to move forward. It is crucial to understand the various types of business insurance, and have common questions answered, as knowledge is power for all business owners. This will be covered in the next few sections.
Also referred to as commercial insurance, business insurance is a coverage product that is designed to protect businesses from unexpected financial, physical and intellectual property damages and loss.
Business insurance comes in many shapes and "flavours", and each commercial insurance type protects against different forms of commercial risk and liability that businesses may face.
When thinking about the plan that will be most beneficial to your business as well as its price, which is not less important, it is important however to analyze what you are looking to achieve through your business insurance, what kind of safety net your business needs, what you would like your business to be covered from, what risks and liabilities that specific business may face, factors that determine business insurance rates, and more.
Here are some of the questions business owners should ask themselves when considering getting business insurance coverage:
Be sure to keep note of these things as you continue to read. Not every type of plan will be of benefit to your business, and we want you to get the coverage your business needs, nothing less or more.
A simple one million dollar general liability business insurance policy costs $500-$1,200 a year, depending on your business type, size, industry, location, number of employees, products, revenue, and several other factors that determine your business insurance rates.
This is fairly simple. Just follow these steps:
Most businesses require liability insurance. General and professional liability insurance are the 2 most widely used liability insurance types for small businesses. That said, certain businesses may require other types of commercial insurance coverage (as listed below), these can sometimes be bundled in to a single Business Owners' Policy (BOP) at discounted rate.
Commercial General Liability (CGL) insurance policy covers three main risks:
In today's litigious society, it is essential to protect yourself and your company from lawsuits and liability claims. Small accidents, broken contracts, disgruntled employees are all common occurrences that could potentially end in a lawsuit. That does not mean you will necessarily lose the lawsuit; however, absurd legal fees will hurt your business and distract you from important administrative and organizational work. Business liability insurance will cover any incidentals and allow you to focus on operating your company without fear of it being damaged by liability claims. This type of insurance is typically a “first line of defense” for companies as it covers the more general losses a company may face. The median cost of a commercial general liability policy is $500/year.
general liability insurance cost
As per The Small Business Association, small business general liability insurance cost ranges from $60 to $170 per month. It's always a good idea to shop around for small business public liability insurance quotes though and find the best business insurance near you or the best that serves your area.
Read more: Commercial General Liability (CGL) Insurance Cost
Get all the best quotes from leading providers in a click of a button!
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While it is very important to protect your business, it is also essential that you protect your space and the roof over your company’s head. How?
Regardless of whether or not the property in which you operate your business out of is owned or leased, property insurance is essential. In addition to covering the physical building, this type of insurance also covers the equipment and inventory within your office space from unexpected occurrences like fires, storms, or theft. Often times, mass-destruction natural disasters such as earthquakes or floods are not covered in property insurance, so if you live in an area prone to natural disasters, make sure to discuss this with your insurer; additional coverage is often available for an added cost. So how much should you expect to pay for commercial property insurance? It really depends on the value of the building and your location, among other factors. The median cost, however, is around $750/year.
To learn more, visit our Commercial Property Insurance Guide.
Also known as Workman's Compensation Insurance. It is important to pay attention closely to the details of this type of policy as it is typically a law that you provide your employees with this coverage. Workers’ comp insurance covers sickness, injury, or death (and the consequential lost wages) that an employee may encounter while on the job. This should be purchased as soon as the first employee is hired! Not only can you face a high financial burden if someone is hurt on the job without coverage, but you may also be fined by your government if this policy is compulsory! Need another reason to purchase this plan? Employees or potential employees often find the benefits of these plans attractive and thus this may help you recruit the best team. On average, a workers compensation insurance plan will cost you $85/month.
Now time to think about the services you are providing. Are you selling a physical product? If so, listen up because Product Liability Insurance is a necessity for you.
Read more: Workers Compensation Insurance
We know. You spend endless amounts of time ensuring that your customers receive only the best from your company. However, even if you are certain your product is completely safe, misused products can often be dangerous; there is always a risk when someone is utilizing your product and accidents can happen. It is important that you are prepared in case of this event or it may cost you BIG time. In 2012, product liability lawsuits resulted in an average award of $3,439,035! Yes, you read that right. In order to protect your company from potential lawsuits, you should invest in a product liability insurance plan. This will cover legal fees, medical expenses, and business damages.
Product liability insurance cost depends on the product you are selling and its associated risk: a paintball gun will cost more to insure than a doll. For low-risk items, you can expect to pay about $0.25 for $100 of revenue. For higher risk items, you may pay 10 times that amount.
Learn more: Product Liability Insurance & Completed Operations Coverage
Directors and Officers Liability Insurance covers directors and officers, as well as their families, for claims made against them as they serve on a board of directors or as an executive of a company. This coverage comes in the form of legal fees and settlement costs. A few reasons a claim may be brought against a director includes fraud, misuse of funds, or misrepresentation of assets. Essentially, these policies function to cover these “management errors and omissions,” or claims that result from managerial decisions that have adverse financial consequences. This policy allows those in decision-making roles to not have to worry about the financial burden of a lawsuit brought against them and instead focus on business operations.
It is important to note, however, that the policy may not cover many cases of “intent.” This includes embezzlement or other situations where a person knowingly tries to leverage personal profit at the expense of the company.
So who should purchase this plan? Only larger companies? No! Any company that has a board of directors should consider purchasing a D&O policy. This plan is a bit pricier, with the median cost coming to $1,240/year.
Read more: Directors & Officers (D&O) Insurance
There are a number of different facets of running a business, each with their own associated risk. It is important to account for each one as any accident could otherwise end up costing your company big time. We have just a few more types of insurance plans to cover before we wrap it all up…
Got a car or vehicle associated with your company? Unfortunately, there are risks involved with it too. You may want to consider investing in:
If your business owns and operates vehicles, you want to be protected in case an accident occurs. Commercial car insurance policy is slightly similar to personal auto insurance. However, it covers your business’ vehicles at large rather than just the individual employees who may be driving. Additionally, commercial vehicle insurance plans can cover everything from cars to vans to food trucks, among many other vehicles. The average commercial auto insurance cost is around $1000/year.
Read more: Commercial Auto Insurance
In the event of a catastrophe, business operations can cease, leading to loss of income and employee instability within your business. Business interruption insurance will compensate companies for intrinsic damages that occur during these times. This includes covering lost profits, training fees for new employees, and, if need be, a move to a temporary location. Business interruption insurance can either act as a standalone plan or an addition to a property insurance policy. So who can purchase this plan? Those who operate out of a commercial location- in other words, if you work from home, you likely would not qualify for a business interruption insurance policy. The average business interruption insurance cost is $1,200/year.
Read more: Business Interruption Insurance
Business Interruption Insurance COVID-19 Legislation
Do you operate a bar, brewery, vineyard, catering service, restaurant, coffee shop or other business that profits by manufacturing, selling, or serving alcoholic beverages? If so, it is imperative that you get liquor liability insurance. Inebriated patrons are much more likely to be involved in an accident, infusing this industry with inevitable risk. While you may not be able to able to control your customers, you can protect your business for liquor-related claims by purchasing liquor liability insurance. It is important to note, however, that not everyone needs to purchase one of these licenses. For example, if your office throws a party and alcohol is present, your general policy will likely cover any accidents that occur. This is because your company does not profit off of selling alcohol. If you are in the business of purchasing a liquor liability insurance plan, however, the cost will heavily depend on the business you run. For example, a bar can expect to may far more than even a restaurant or catering company.
Business Owner's Policy, also known as BOP insurance, combines several essential business insurance policy coverages, both commercial property and liability risks, in to one policy that mostly provides significant savings in comparison to getting each of these policies separately.
Learn more about Business Owners Policy (BOP) Insurance through our extensive guide.
Marine insurance, also known as maritime insurance, is a type of commercial insurance that covers damage and loss caused to cargo, ships, boats, yachts, terminals and any marine vehicle that transfers property from one point to another point through the ocean/sea.
Read more: Ocean & Inland Marine Insurance
Get all the best quotes from leading providers in a click of a button!
In partnership with:
In partnership with:
Okay that basically sums it up! Business insurance is incredibly multifaceted, and not every type of plan will apply to your business or benefit your company. To review, here are the types of commercial insurance policies and coverage options we just covered:
While some are standalone business insurance policies, others typically act as add-ons to a more general plan. Be sure to keep this in mind.
What Comes Next?
The first place to start when developing a business insurance strategy is to lay out your potential risks. Do you operate business-owned vehicles? Do you have office space? Do you have employees? How many? These types of questions can help you develop a list of your “responsibilities”, or what your business is liable for. Ultimately, this will not only help you determine which plans are best suited for your company but will also help you gauge the amount of money you will be investing in these plans.
The truth is that accidents and conflicts are often inevitable, so while trying to avoid them is always the goal, the best preparation is a solid insurance plan. Upon developing your list of “responsibilities”, you should begin to look at what risks you would like to insure. Ask yourself, in the worst of scenarios, how can my business be damaged by an accident or a lawsuit? After you’ve thought carefully about this question, it is time to look into how best minimize damage to your business if these scenarios were to occur. This is where Insuranks comes into play. Using our simple layout, you can efficiently find competitive quotes on various insurance packages. Thus, the often-intimidating concept of “business insurance” can be broken down and solved in smaller, simpler components. Although it all may seem like a lot now, getting insurance plans for your business now will pay off in the long run…an accident can cost your company greatly, even millions, if you are unprepared.
Hard sale, watch out. They do anything to close the sale.
Haven't had the best experience with Simply Business, if I put it nicely. They will call you non-stop after you complete your quoting process to get you to buy through them, even when clearly mentioning that you are currently busy. So I signed up for public liability insurance coverage eventually. When every 1 year period has ended, my premium rate was increased - double the regular rate which was charged elsewhere - without even one claim from my end! I prefer CoverWallet, better rates and I have the peace of mind that my rates are not constantly doubling year after year...
Paul Burns Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
It has been 70 days since I made a claim on the roof of my building. No one from the company will return calls. We are in hurricane season and located in Louisiana. My building is tarped to secure it.
Fast, professional and extremely efficient service.
It was very easy and smooth to work with Simply Business online. The deal I got was really good.
Not all those who wander are lost.
Disclosure: Insuranks.com is an independent educational comparison service and an advertising-supported publisher. Some of the companies/offers that appear on the website are from our partners which we may receive compensation from. This may influence which companies/offers we write about and where and how it appears on the site. However, this does not impact our assessments. We solely highlight companies, products, and offers that can help you make smarter insurance decisions.
