Running a business comes with financial risks. A customer could be injured at your location, an employee could suffer a workplace injury, a professional mistake could lead to a lawsuit, or a cyberattack could interrupt operations and expose sensitive information.
That is why choosing the best business insurance company is an important financial decision for many U.S. business owners.
The right policy can help protect a company from covered losses involving liability claims, property damage, employee injuries, professional errors, commercial vehicles, and cyber incidents. But coverage and premiums can vary significantly between insurers.
This guide compares some of the best business insurance companies in the USA, major types of coverage, typical costs, and what to consider when requesting business insurance quotes.
Best Business Insurance Companies in the USA
There is no single insurer that is best for every company. A technology consultant, construction contractor, retail store, restaurant, and transportation business can have completely different insurance requirements.
Here are several major providers worth comparing.
1. The Hartford
The Hartford is a major commercial insurance provider offering coverage for small and midsize businesses.
Businesses can consider products such as:
- Business Owner’s Policy (BOP)
- General liability insurance
- Workers’ compensation
- Professional liability insurance
- Commercial auto insurance
- Commercial property coverage
One advantage is the ability to combine multiple forms of business protection instead of purchasing every policy independently.
According to The Hartford’s current customer data, its small-business customers average about $141 per month for a BOP, $68 for standalone general liability, $86 for workers’ compensation, and $62 for professional liability. These are averages from its customers—not quotes or guaranteed prices. (The Hartford)
2. Chubb
Chubb offers a particularly broad commercial insurance portfolio and may be worth considering for companies with more complex risks.
Its small-business products include:
- Business Owner’s Policy
- Workers’ compensation
- Cyber insurance
- Commercial auto
- Umbrella insurance
- Management liability
- Professional liability
Chubb says its BOP serves eligible small businesses with up to $30 million in revenue across more than 500 business classes. Optional enhancements can address risks involving privacy and data breaches, equipment breakdown, employment practices and other exposures. (Chubb)
That breadth can make Chubb particularly relevant for professional services, technology companies and other businesses needing coverage beyond basic general liability.
3. NEXT Insurance
NEXT focuses strongly on small businesses and provides a digital insurance purchasing experience.
Coverage options include general liability, professional liability/E&O, workers’ compensation, commercial property, commercial auto and Business Owner’s Policies. NEXT says eligible customers can purchase coverage online after answering several questions and obtain a certificate of insurance digitally. (ERGO NEXT Insurance)
This can make it attractive to contractors, consultants and other small-business owners looking for a relatively streamlined online quote process.
4. Progressive Commercial
Progressive Commercial deserves particular attention from businesses that operate vehicles.
It offers commercial auto coverage for vehicles ranging from cars and vans to pickups, trailers and large commercial trucks. Progressive also provides access to general liability, workers’ compensation, professional liability and Business Owner’s Policies. (Progressive Commercial)
A contractor operating several work trucks, for example, may want to compare Progressive with other insurers when building a broader commercial insurance package.
What Types of Business Insurance Do You Need?
Business insurance is an umbrella term covering several different policies.
The right combination depends on the company’s operations, employees, property, vehicles, contracts and professional responsibilities.
General Liability Insurance
General liability insurance is one of the most common types of commercial coverage.
It generally addresses certain third-party claims involving bodily injury, property damage and other covered liability exposures.
For example, imagine a customer slips inside a store and is injured. A resulting claim could potentially involve medical expenses, legal defense costs or a settlement, subject to the policy’s terms.
Businesses should compare:
- Per-occurrence limits
- Aggregate limits
- Deductibles
- Exclusions
- Additional insured provisions
- Industry-specific endorsements
Progressive describes general liability as protection addressing areas such as bodily injury, property damage, completed operations and advertising injury arising from the business. (Progressive Commercial)
Business Owner’s Policy
A Business Owner’s Policy, or BOP, combines important business protections into one package.
A typical BOP brings together commercial property and general liability protection, with other coverage depending on the policy.
This can be useful for eligible:
- Retail stores
- Offices
- Professional businesses
- Technology companies
- Service businesses
- Restaurants
The Hartford notes that many LLCs choose a BOP because it combines general liability with commercial property and business-income protection. (The Hartford)
Businesses should still examine each insurer’s policy carefully because BOP coverage is not identical across carriers.
Professional Liability Insurance
Businesses providing professional advice or services should consider professional liability insurance, sometimes called Errors and Omissions or E&O insurance.
This coverage can be relevant when a client alleges that a professional error or omission caused a financial loss.
Potential buyers include:
- Consultants
- Accountants
- Marketing agencies
- Technology consultants
- Designers
- Software companies
- Other professional-service businesses
When comparing professional liability policies, look at coverage limits, deductibles, exclusions, covered services and claims-made provisions.
Workers’ Compensation Insurance
Workers’ compensation is particularly important for companies with employees.
It generally provides eligible benefits relating to work-related injuries and illnesses, although legal requirements vary by state and business circumstances.
Pricing can depend heavily on:
Payroll + employee classifications + industry + state + claims history.
A software company with office employees has a very different workplace risk profile from a roofing or construction company.
Chubb, for example, currently offers workers’ compensation alongside programs involving return-to-work support, medical bill management and other claims-related services. (Chubb)
Commercial Auto Insurance
Personal auto insurance should not automatically be assumed to cover vehicles being used commercially.
Companies using cars, vans, trucks or other vehicles for business purposes may need commercial auto insurance.
It can be particularly important for:
- Contractors
- Delivery companies
- Transportation businesses
- Cleaning companies
- Construction businesses
- Service businesses
Premiums can depend on vehicle type, location, driving records, mileage, claims history and selected coverage limits.
Cyber Liability Insurance
Cybersecurity has created another important category of commercial risk.
A ransomware attack, compromised employee account, data breach or other cyber incident can potentially create legal, operational and financial expenses.
Depending on the policy, cyber insurance may address certain expenses involving incident response, data restoration, legal services, notification, privacy liability and business interruption.
Chubb currently offers cyber coverage alongside its broader small-business insurance portfolio. (Chubb)
Businesses storing customer information or depending heavily on digital systems should consider cyber exposure when reviewing insurance needs.
How Much Does Business Insurance Cost?
There is no fixed price for business insurance.
The Hartford’s current small-business customer averages provide one useful reference point:
| Coverage | Average Monthly Cost |
|---|---|
| General Liability | $68 |
| Professional Liability | $62 |
| Workers’ Compensation | $86 |
| Business Owner’s Policy | $141 |
These figures are specific to The Hartford’s small-business customer data and should not be treated as national averages or expected quotes. (The Hartford)
Your actual premium could be substantially higher or lower.
What Determines Business Insurance Premiums?
Insurance companies evaluate the risks associated with each company.
Industry
A construction company generally presents different liability and injury exposures from a marketing agency.
Higher-risk industries can therefore face higher premiums.
Business Location
State laws, local risks and other geographic factors can influence pricing.
Number of Employees and Payroll
Employee count and payroll can be especially important when pricing workers’ compensation.
Revenue
Revenue can help an insurer understand the scale of the company’s operations.
Claims History
Previous insurance claims can affect underwriting and premiums.
Coverage Limits
Higher limits generally provide greater potential financial protection but can also increase premiums.
Deductible
Choosing a higher deductible can sometimes reduce the premium, but it increases the amount the company may have to pay when an applicable claim occurs.
How to Compare Business Insurance Quotes
The cheapest business insurance quote is not automatically the best policy.
Imagine that Insurer A charges $800 per year while Insurer B charges $1,100.
The $800 policy initially appears better.
But if the cheaper policy provides lower limits or excludes an exposure important to your business, the additional $300 could potentially buy meaningful protection.
When comparing quotes, review:
Premium: What is the annual cost?
Coverage limits: What is the maximum amount available under applicable coverage?
Deductible: How much might the business have to pay?
Exclusions: What is specifically not covered?
Endorsements: Can additional protection be added?
Claims process: How are claims reported and handled?
Compare policies with similar coverage whenever possible.
How to Get Business Insurance Quotes Online
Many insurers now allow eligible businesses to start or complete a quote online.
Prepare information including:
- Business name
- ZIP code and location
- Industry
- Services provided
- Annual revenue
- Number of employees
- Payroll
- Claims history
- Vehicles
- Business property
- Desired limits
NEXT says its online process can produce coverage after a short questionnaire, while Progressive advertises online commercial insurance quoting for multiple business products. (ERGO NEXT Insurance)
More complicated businesses may benefit from working with a licensed commercial insurance agent or broker.
Business Insurance for LLCs
Creating an LLC does not mean a company no longer needs insurance.
The legal structure and insurance coverage perform different functions.
An LLC can still face:
- Customer injury claims
- Professional negligence allegations
- Property damage
- Employee injuries
- Cyber incidents
- Commercial vehicle accidents
Depending on the operation, an LLC might need general liability, professional liability, workers’ compensation, commercial property, cyber insurance and commercial auto coverage.
Business Insurance for Contractors
Contractors can have particularly significant liability exposure because they frequently work at customer properties, operate vehicles and use expensive tools and equipment.
A contractor may need:
General liability + workers’ compensation + commercial auto + tools/equipment coverage + commercial property + umbrella insurance.
Customers or general contractors may also require a Certificate of Insurance before allowing work to begin.
Business Insurance for Technology Companies
Technology businesses should consider risks beyond physical property damage.
A software company, SaaS provider or IT consultant could potentially face claims involving professional mistakes, service failures, cybersecurity incidents or compromised customer information.
This makes professional liability and cyber insurance particularly relevant alongside traditional business coverage.
Technology companies should review contractual insurance requirements when determining appropriate policy limits.
How Much Coverage Does a Small Business Need?
There is no universal coverage limit.
A company should evaluate its:
- Industry
- Revenue
- Assets
- Employees
- Contracts
- Customer interactions
- Vehicles
- Professional services
- Cyber exposure
- Potential lawsuit severity
Landlords, lenders and business clients may also require specific coverage limits.
Companies with substantial liability exposures can discuss commercial umbrella insurance and higher limits with a qualified insurance professional.
Frequently Asked Questions
What is the best business insurance company in the USA?
There is no single best insurer. The Hartford, Chubb, NEXT, Progressive Commercial and other providers serve different types of businesses. Compare coverage, exclusions, limits, premiums and claims services before selecting an insurer.
How much does small business insurance cost per month?
Costs depend on the business and coverage. As one current example, The Hartford reports customer averages of approximately $68 per month for standalone general liability and $141 for a BOP. Individual quotes can vary substantially. (The Hartford)
What insurance does an LLC need?
Depending on its operations, an LLC may need general liability, professional liability, commercial property, workers’ compensation, commercial auto, cyber insurance or other specialized policies.
Can I get business insurance quotes online?
Yes. Several insurers offer online quote processes for eligible small businesses. Complex risks may require additional underwriting or assistance from an insurance professional.
Is a Business Owner’s Policy worth considering?
A BOP can be useful for eligible businesses needing both property and liability coverage. However, companies should verify what a particular BOP includes and whether additional policies are required.
Conclusion
Finding the best business insurance companies in the USA requires more than comparing advertised monthly prices.
The Hartford, Chubb, NEXT and Progressive Commercial offer different strengths across general liability, Business Owner’s Policies, professional liability, workers’ compensation, commercial auto and cyber insurance.
Start by identifying the company’s major financial risks. Then request comparable quotes and examine the premium, deductible, policy limits, exclusions, endorsements and claims support.
For businesses seeking stronger protection, it can also be worth evaluating professional liability, cyber coverage, commercial auto and umbrella insurance instead of relying solely on basic general liability.
Ultimately, the best business insurance policy is not necessarily the cheapest. It is coverage that appropriately matches the company’s risks while remaining financially sustainable as the business grows.
This article is for general informational purposes only and does not constitute insurance, legal or financial advice. Insurance availability, coverage, exclusions and pricing vary by insurer, state and individual business. Review policy documents and consult a licensed insurance professional before purchasing coverage.