Young latino couple smiling outside their business that is now protected thanks to commercial insurance. Concept: best small business insurances
Suzanne Llanera
By: suzanne_llanera
Read in 9 minutes

Best Small Business Insurances

You started your own small business because you want to be your own boss, you’re very good at running and managing it and have a good source of decent income with promising growth. Being an entrepreneur generally comes with certain risks, are you prepared for any eventuality? In other words, are you aware of the best small business insurances available in the market?

Even though insurance is rather important, there are many small businesses that still don’t have one. We get it, it can be really expensive to pay for small business insurance, but it is important in order to protect your business.

Get Your Assets, Employees And Business Covered

Many small business owners agree with us, they know insurance is important and yet, a great majority of them continue to run their businesses exposed to risks that could spell disaster for their assets and employees.

Avoid being a part of this group.

It’s a whole lot better to be safe than sorry.

As you work on the financial plans for your business, make sure you take into consideration allocating some money for some of the best small business insurances.

The Best Small Business Insurances

There is a long list of business insurances, but you only need to take those that will cover the risks that are inherent to the nature of your particular business.

You, more than anybody else, can identify these risks.

To help you get a good grasp of business insurances so that you can get proper and adequate coverage, here’s a list of some types of insurances:

  • Workers’ Compensation Insurance

This will get you covered for medical expenses and lost wages should any of your employees get injured or ill while on the job, or any other costs resulting from accidents that are work-related.

  • General Liability Insurance

It is your protection against 3rd party claims of physical injury or property damage while using any of your products or service or while in your store or business premises.

This is one of the best small business insurances that will help you cover costs and lawyer’s fees for which your business may be legally responsible.

  • Disability Insurance

This is what will provide income to an employee who is unable to perform his/her work due to a disability. Take note that each insurance provider has specific rules regarding what constitutes disability and how a person may be eligible to receive this insurance.

  • Unemployment Compensation Insurance

If, through no fault of theirs, people lose their jobs and they meet other eligibility standards, these persons will receive benefits from these types of insurances.

  • Health Insurance

Health Insurance reimburses the insured for medical and surgical expenses incurred from illness or injury; sometimes, this is paid directly to the hospital or care provider. Most employers use this as part of the benefits and perks package to attract top-quality employees.

  • Commercial Property Insurance

It is one of the best small business insurances that will protect your commercial property, business equipment, and machinery from such risks as theft, fire or natural disasters.

  • Commercial Auto Insurance

This is the type of insurance that covers various types of business vehicles, from food trucks to company cars, vans and service utility vehicles, used in business to work. It also includes its drivers and sometimes the equipment these vehicles may carry.

  • Employment Practices Liability Insurance

Known in the industry as EPL Insurance, this provides coverage to employers and business owners against employee claims alleging discrimination (based on sex, race or age), wrongful termination, harassment, and intimidation or even failure to promote an employee.

This is just a small list of the many types of insurances you can find out there. For the most part, though, if you are running a traditional small business engaged in the marketing of everyday consumable goods or some special service, you will most likely just need a few.

To know a bit more about the most important insurances, read Insurance For Your Small Business.

10 Companies That Offer the Best Small Business Insurances

In any case, to help you further in choosing the insurance provider that will  suit your business, here is a list of good insurance companies that offer the best small business insurances:

  • Progressive Commercial

It is reputedly America’s No. 1 commercial auto insurance and is a Fortune 200 company. They carry a full range of options for businesses that seek for the best small business insurances.

They offer: General Liability, Commercial Auto, Professional Liability, Cyber Insurance, Business Owners Policy, and Workers Compensation.

  • Nationwide

They service over a million small businesses around the globe and it’s the 7th largest commercial insurance provider in the States.

Some of their most popular business insurances are: Workers’ Compensation, Businessowners Policy, Employment Practices Liability, Business Income, Business Liability, Crime Insurance, Cyber Liability, Commercial Property, Equipment Breakdown, Umbrella Insurance, Commercial Auto, Accounts Receivable and Builder’s Risk.

  • Hiscox USA

It’s been a leading insurance company ever since 1901. The Hiscox Group has presence in 13 countries. They offer, among others, General Liability, Professional Liability, and Property Insurance.

  • AllState

Founded in 1931, Allstate is a company that not only offers insurance protection, but they’re also very committed to the community: they help rebuild after catastrophes and support social programs with a good cause.

They offer: Business Owners Policy, Property Insurance, Liability Insurance, Auto Insurance, amongst others. They have packages that are specially designed for different types of Businesses.

  • Zurich Insurance

Zurich is a company that was founded in Switzerland and started their North America Branch in 1912. They help businesses in more than 210 countries.

They have a very competitive portfolio of small business insurances, like: Property Insurance, Small Business Liability Insurance, Builders Risk Insurance, Commercial Auto Insurance, Umbrella Insurance, and Workers’ Compensation.

  • The Hartford

They’ve been helping businesses since 1810, they started as a fire insurance company, but they’ve grown to offer much more. They have been named a World’s Most Ethical Company 11 times over and they have several Human Achievement Programs. They offer Business Property Insurance, General Liability Insurance, Business Income Insurance, Workers’ Compensation Insurance, and Commercial Auto Insurance.

  • State Farm Insurance

It is the biggest Casualty and Auto Insurance provider in the United States and is ranked 33rd in 2017’s Fortune 500.

Some of their products are: Business Owners Policy, Business & Commercial Auto, Individual Health, Commercial Liability Umbrella, Professional Liability, Workers’ Compensation, and Employment Practices Liability.

  • Farmers’ Insurance

They have been committed, since 1928, to provide industry-leading and first-rate insurances and customer service.

They offer several coverage types: Property, Liability, Crime, Auto, Workers’ Compensation Umbrella and Loss Control.

  • Chubb Limited

They operate in 54 countries and territories, they are the largest commercial insurer in the United States.

They offer different kinds of insurances, but for small businesses they offer: Business Owners Policy, Workers’ Compensation, Management & Professional Liability, Cyber Enterprise Risk Management and a Foreign Package (for businesses that do business and travel overseas).

  • Insureon

They are not an insurance company. Still, we decided to put them on our list because they are worth looking into: they’re an agency that helps small businesses by garnering, sorting out and comparing quotes from various insurance sources. They have several tools that can help you find the best small business insurances.

Protect your Business

Now that you know what are some of the best small business insurances, it’s time you take action. You need to protect your assets, your employees and your business in general.  

Should you find yourself in a sensitive situation where you might need additional funds to get adequate coverage, do not hesitate to apply for a loan with Camino Financial. We have been in the business of helping small business owners and entrepreneurs like yourself with low-interest rate loans and fast and easy processing of loan applications.

What’s even more important, we understand small business owners’ needs.  We’ll be happy to help you with whatever you need.

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qualify for a loan