Insurance Is Essential To Growth
Business insurance is not only a requirement in some states in the United States but also a matter of necessity. Without insurance, business owners can incur huge costs because of unfortunate events. Business insurance goes a long way in covering the expenses related to property damage and liability claims. Legal claims and damages that face a business can be financially draining in many cases. Through insurance, entrepreneurs can find peace of mind so they can focus on the core aspects of their business. Getting insured is therefore highly recommended to all companies regardless of their size.
Where To Find Business Insurance
There are numerous companies in the United States offering business insurance. Finding suitable insurance for your business goes beyond getting the right policy. Getting business insurance from the right company is one of the wisest business decisions you will make.
Which insurance companies are the best and why? This highly informative piece will review some of the best insurance companies worth considering. But before delving into this review, we would like to enlighten you on the following:
- The aspects of business insurance
- The differences between home or car insurance and business insurance The differences between personal liability and business insurance
- New online advancements in signing up for insurance, and
- All the big brand names in the insurance industry in the United States
Let’s dive in
What Are Some Aspects of Business Insurance
Business insurance is unique. Businesses face different risks daily. Business insurance cushions your business from these risks. This type of insurance protects your business’ financial assets, physical and intellectual property from threats such as:
- Theft
- Income losses
- Lawsuits
- Damage of property
- Vandalism
- Accidents and illnesses faced by employees.
Some types of insurance that your business may consider include:
- Property insurance: This type of insurance covers your business inventory, furniture, and other equipment in the event of theft, fire, or other natural occurrences like storms.
- Professional liability insurance: This kind of insurance covers your business against legal claims that may result from mistakes or failure to perform.
- Home-based businesses: Those operating businesses from their homes also need additional cover for their inventory and equipment.
- Product liability insurance: Businesses that manufacture products explicitly carry this type of insurance. It protects your business from lawsuits that may arise from damages caused by your products.
- Business interruption insurance: This type of insurance compensates a business for income lost if regular business hours are interrupted.
- Vehicle insurance: All vehicles used for business must be insured. You can get comprehensive automobile insurance or third-party insurance coverage.
- Employee insurance policies: Such policies cover your employees in the event of work-related illnesses and injuries. It can also compensate the employee’s family in the unfortunate incident of loss of life.
- A data breach or cyber insurance: This type of insurance covers your business if personally identifiable information gets stolen or lost.
When choosing the right insurance coverage for your business, several factors come to play. Consider the industry your business is in, its size, location, and the number of employees.
State Farm is known for providing fantastic home and car insurance services in the U.S. Their excellent customer service is praised by many. Interestingly, this superb service extends to business insurance too. Many business owners say State Farm is the best choice for small businesses.
- Business owners policy
- Professional liability
- Individual Health
- Small business life
- Business and commercial auto
- Workers’ compensation
- Commercial liability umbrella
- They have flexible policies that you can change as your business grows and its needs diversify.
- They have dedicated insurance agents that help you acquire policies that suit your business.
- They have policies designed for your business in whichever stage it’s in, including a startup or changing ownership.
- They have a wide range of policies suitable for small businesses.
- Their website is relatively easy to use and lets you get a quote or buy a policy online.
- They have affordable rates for basic coverage. The rates go higher as the policy gets more complex.
- Based on AM Best and Standard & Poor’s ratings, they have financial strength and stability.
- They offer a 24/7 claims service on the phone or online.
The estimated average cost for a business insurance policy from State Farm lies between $22 and figures above $179 per month. The price difference depends on the nature of your business, the likelihood of risk, and the limits of the policy.
Differences Between Home or Car Insurance and Business Insurance
Business insurance is different from home or residential insurance in the following ways:
- Home insurance covers a limited number of people. This can be an individual, couple, or family. On the other hand, business insurance covers several parties depending on the business structure.
- Business insurance covers many types of risks. Home insurance generally covers against liabilities your premises may suffer during unfortunate events.
- Residential insurance is standardized. But business insurance can be tailored to address the common risks businesses face.
- With business insurance, you’ll need multiple policies for different businesses. For instance, you’ll need separate coverage for your office space and another for your warehouse or factory. However, home insurance covers your entire property.
Additionally, business insurance is different from car insurance in that:
- Business insurance is complex and includes several policies. Car insurance, on the other hand, covers vehicles specifically.
- Commercial car insurance is one of the business insurance policies that cover vehicles used for business against any losses that may occur during their usage.
Nationwide is among the best insurance companies on our list due to their exceptional policies, especially for small businesses. The beauty of it is that Nationwide has simple and less complicated policies that are ideally what small businesses need. Nationwide is an Ohio-based insurance company that has served over one million small businesses in the U.S. They provide numerous types of business insurance:
- General liability (most popular policy)
- Commercial property insurance
- Workers’ compensation
- Commercial auto insurance
- Business owners policy (offers small businesses with several types of business insurance under one banner)
- Cyber liability
The cost of business insurance policies at Nationwide depends on factors like the industry you operate in, claims history, location, gross sales, number of employees, and policy limits. On average, the price of policies lies between $22 to $179 per month.
- They are financially stable.
- They can custom-make policies that suit your business.
- They have excellent customer service.
- They have live representatives offering quick and professional support.
- They make it easy for you to register for their services and get a quote.
To be certain about the cost, you can request a quote online. To do this, you will:
- Go to Nationwide’s website.
- Choose “Business” on the top menu.
- Then choose “Start your Quote.”
- You will be required to answer a few questions about your business.
- After this, you can get your free quote.
Which Industries Does Nationwide Serve?
- Contractors
- Retails stores
- Service industry
- Wholesalers and distributors
- Food and Beverage
- Self-storage facilities
- Medical clinics
Differences Between Personal Liability and Business Insurance
The major difference between personal liability and business insurance is that the former covers individuals while the latter covers businesses.
Personal liability policies offer financial protection for you and your family. They provide coverage to pay for claims of bodily injuries and property damage that you may sustain in a case where you or residents of your household are responsible. A good example is when your child throws a ball over the fence and breaks your neighbor’s windshield.
On the other hand, business insurance policies protect financial assets and intellectual and physical property when costly business-related claims arise.
Differences Between Home or Car Insurance and Business Insurance
Business insurance is different from home or residential insurance in the following ways:
- Home insurance covers a limited number of people. This can be an individual, couple, or family. On the other hand, business insurance covers several parties depending on the business structure.
- Business insurance covers many types of risks. Home insurance generally covers against liabilities your premises may suffer during unfortunate events.
- Residential insurance is standardized. But business insurance can be tailored to address the common risks businesses face.
- With business insurance, you’ll need multiple policies for different businesses. For instance, you’ll need separate coverage for your office space and another for your warehouse or factory. However, home insurance covers your entire property.
Additionally, business insurance is different from car insurance in that:
- Business insurance is complex and includes several policies. Car insurance, on the other hand, covers vehicles specifically.
- Commercial car insurance is one of the business insurance policies that cover vehicles used for business against any losses that may occur during their usage.
Another well-recognized company in the insurance industry is Liberty Mutual. They provide business insurance for companies of all sizes, whether small, medium, or large. It would interest you to learn that they serve Fortune 500 corporations. They have an excellent reputation for providing policies that suit businesses in manufacturing and agriculture. However, they are not only limited to this sector. They’ll offer you the best property and liability business insurance in the U.S.
What Types Of Business Insurance Does Liberty Mutual Offer?
Liberty has over 50,000 employees and more than 800 offices across the universe that work tirelessly to give you the following kinds of business insurance:
- Property insurance
- Mergers and acquisitions
- Equipment breakdown insurance
- Excess liability insurance
- Inland marine insurance
- Ocean marine insurance
- Third-party administration
- Workers’ compensation
- Umbrella
The estimated cost for a business insurance policy at Liberty Mutual is $16 to over $99 per month. These rates depend on the usual differences like your business and its operations.
- They offer inclusive policies that protect employees, customers, and your business from unfortunate events.
- They are the best business insurance provider for companies in the manufacturing and agriculture sectors.
- They have cost-friendly policies for small businesses.
- They custom-make unique business insurance policies.
- They have a wealth of experience in the industry. Their blog is an excellent place to learn more on topics of interest.
- You can be confident they’ll settle your claims quickly and easily.
Differences Between Personal Liability and Business Insurance
The major difference between personal liability and business insurance is that the former covers individuals while the latter covers businesses.
Personal liability policies offer financial protection for you and your family. They provide coverage to pay for claims of bodily injuries and property damage that you may sustain in a case where you or residents of your household are responsible. A good example is when your child throws a ball over the fence and breaks your neighbor’s windshield.
On the other hand, business insurance policies protect financial assets and intellectual and physical property when costly business-related claims arise.
Chubb is one of the best insurance companies in the marketplace. Chubb is ranked as the world’s largest publicly traded property and liability insurer. This company offers several outstanding personal and business insurance policies. Chubb has a stellar reputation for providing excellent services and swiftly paying out on claims, saving you much hassle. They are indeed second to none.
Chubb is known for offering unique types of insurance in comparison to other companies in the market currently. They offer policies along the following lines:
- Trade credit
- Political risk
- Surety
- Product recall
- Professional liability
- Medical liability
- Management liability
- Railroad liability
- Marine
- International solutions (ideal for middle-sized companies)
- Global casualty
- Excess and surplus
- Environmental
- Cyber
- Accident and health
Chubb has premiums priced at a rate that small businesses can afford. The rate you’ll acquire depends on your industry, location, gross sales, employees or Payroll, policy limits, endorsements, experiences, and claims history. On average, a business insurance premium at Chubb costs between $29 to over $179 per month.
- They are an ideal choice for businesses that need international coverage.
- They have excellent customer service.
- They have a wide range of unique insurance services that your business can benefit from.
- They have a system that allows you to report claims 24/7. They respond quickly and professionally to these claims.
- They offer policies that suit businesses of all sizes.
- Chubb gives you value for your money.
Progressive is on our list as one of the best insurance companies because of its acumen in providing commercial auto insurance. They also offer several other business insurance policies such as business owner’s policy, general liability, professional liability, cyber insurance, and workers’ compensation. Over one million commercial vehicles in the United States purchase their coverage from Progressive. Your business vehicles are well covered by competitive comprehensive coverage from Progressive. They offer policies for the following:
- Commercial trailers
- Cars and SUVs
- Tow trucks
- Trucks
- Pickup trucks
- Box trucks and
- Van insurance
Why Make Progressive Your Top Choice For Commercial Auto Insurance?
- They have affordable rates.
- They have attractive discounts for businesses that pay their premiums in advance.
- They are very supportive.
- They have 24/7 commercial auto service.
- It is easy to change your policy. For instance, when you want to include another driver or vehicle.
- They work on claims promptly. This way, your vehicle can get back to business soon enough.
If you maintain a good driving record, your business can pay as low as $116 per month for your business auto insurance. This rate is roughly 19% cheaper when compared to national rates for full-coverage vehicle insurance. Progressive offers friendly rates for Commercial auto insurance.
What’s more, if you pay your premium in advance, you can get up to 15% off as a discount. Please note that the State you live in impacts the amount you pay for Progressive insurance.
Another company on our list is Travelers. According to the National Association of Insurance Commissioners, Travelers takes second place as the most significant writer of business insurance. What’s so good about this company is that they have made it their mission to transform the risks your business goes through into advantages.
Travelers support businesses in over 20 industries, including:
- Building and Construction
- Financial services
- Energy
- Health
- Manufacturing
- Real Estate
- IT
- Retail
- Transport and many more
Travelers offer both industry-specific policies and general policies with over 160 years of experience in the industry. Some general business insurance solutions you can find are:
- General liability
- Commercial auto insurance
- Workers’ compensation
- Surety bonds
- Cyber liability insurance
- Commercial property insurance
- Professional liability insurance
- Environmental liability
- Inland marine insurance
- Boiler and machinery insurance, etc.
Why Choose Travelers Insurance?
- They have one of the best workers’ compensation and general liability coverage.
- They serve businesses in multiple states.
- They offer fair, quick, and effective services.
- They have expert knowledge and offer solid investment advice.
- They have good ratings. This includes an A rating from Better Business Bureau and an A++ financial strength rating from AM Best.
The Hartford has received a commendable ranking as the best business insurance company for businesses in all industries and sizes. This company has over two centuries of experience in the industry! They have protected over one million businesses during this period. The Hartford provides any kind of policy your business may need. Some of the policies you may find at the Hartford include:
- Commercial property insurance
- General liability insurance
- Business income insurance
- Professional liability insurance
- Data breach insurance
- Commercial auto insurance
- Commercial umbrella insurance
The Hartford can be your preferred business insurance company because:
- It provides industry-specific policies that suit whatever kind of business you own.
- It allows you to customize the packages to suit your business needs.
- It offers insurance policies for all 50 states in the U.S.
- It has the best workers’ compensation policy.
- Their customer service is excellent.
How Is The Hartford Pricing
The price of insurance policies at The Hartford may vary based on certain factors such as the location of your business and the number of employees. You will need to apply for a free quote online to know the specific cost.
Once you decide which type of business insurance is suitable for your business, you can estimate the cost that depends on the factors mentioned above. For instance, you can calculate the premiums for your worker’s compensation insurance with this formula:
Annual Payroll per $100 X Experience Modification Number X Workers Classification Code RateMoreover, they have a Business Owner’s Policy with friendly packages for startups and small businesses.
Allstate is also on our list of best business insurance companies, and with good reason. This company focuses on providing quality personal car insurance; they have great products that benefit businesses in specific industries. Those businesses include:
- Professional firms
- Healthcare
- General service
- Retail businesses and
- Foodservice
Allstate has been providing insurance in the U.S. since 1991; you can trust them.
Why Choose Allstate For Business Insurance?
- They can customize a Business Owner’s Policy for you, including extras like home-based business coverage, outdoor signs coverage, inland marine cover, employee dishonesty insurance, equipment breakdown, and a data breach cover.
- They have skilled insurance agents spread throughout the country who are ready to give you solutions that suit your business.
- They give you the ability to get a quote online and manage your policy using the Allstate mobile app.
- They have attractive discounts for customers who pay their BOP and auto insurance on a lump sum.
The amount of money you pay for Allstate coverage for your business depends on several factors, such as:
- Your industry
- The policy you choose
- The limits of your coverage
- The deductibles
- The assets you have
- Number of employees
- Size of your Payroll
- The nature of claims you’ve had in the past
Allstate doesn’t reveal a rough estimate of the costs for its policies on the website. To get a picture of this, you will need to speak to an agent who will prepare a personalized quote that meets the needs of your business.
