The Best Business Insurance Provider
Out of the 56 business insurance providers we researched, Nationwide comes out as the winner due to its specialized policy options and first-rate customer service.
Editor’s Choice – Nationwide
What makes Nationwide our top choice is their comprehensive policy that offers the protection you need to respond to unexpected events and disasters. Another perk that stands out is the fact that they have one of the strongest financial ratings in the industry. But what makes Nationwide a true winner is their exceptional telephone support where you can speak with a dedicated expert who specializes in business policies. While most of the competition doesn’t offer many online tools and resources, Nationwide has got that covered. Even better, you may be eligible for several discounts depending on where you live. With all of these components, it’s no wonder why people choose Nationwide for business insurance.
The Best Small Business Insurance
CNA ranks as our number one choice when it comes to small business insurance mostly because their sole focus is on business insurance alone. With over 110 years of experience, CNA delivers comprehensive insurance solutions in more than a dozen different business industries. Their policies are flexible for your specific business, meeting all of your needs.
Choosing the Right Business Insurance
Most business insurers deliver a broad selection of policies and coverage options to meet the needs of many different kinds of businesses. However, few insurers excel in every type of business insurance product. For example, a company might deliver top-quality commercial auto policies, but offer relatively inflexible business liability policies. To speed up the research process, the lists below are designed to help business owners identify the best companies for several different business insurance products.
How We Chose the Best Business Insurance Provider
We compiled 56 business insurance providers and chose the 11 best companies to review based on 45 business insurance features.
What Business Insurance Features Matter Most and Why
Basic Coverage refers to business insurance policy options that cover broad risks common to most industries and to most business operations, both large and small. General liability coverage protects businesses in the event that an employee or another business representative causes property damage or injury to a third party. Business property coverage protects buildings, business equipment, and other property from unexpected damage from fire, vandalism, and other events.
A business owner’s policy, or BOP, includes both of these Basic Coverage options in one comprehensive policy. The Basic Coverage category also includes commercial auto and workers compensation coverage. Basic Coverage is a very important category to virtually every business looking for all-around protection for their business operations.
Most Important Basic Coverage Features
- Business Owner’s Policy (BOP) – A Business Owner’s Policy (BOP) that covers property, income, equipment, and other basic business insurance needs is available.
- Commercial Auto – You can get insurance coverage for your commercial vehicles.
- General Liability – General property damage, bodily injury to persons for whom you are legally liable, medical payments, or other similar coverage options are available.
- Property – A policy that compensates a business when property is lost or damaged is available.
- Workers Compensation – A policy that protects your employees from unexpected injuries is available.
Additional Coverage refers to specialized policy options designed to cover risks that not all businesses face. Additional Coverage includes options for product liability risk, errors and omissions liability risk, and personal and advertising injury liability risk. It also includes coverage for data breaches, equipment breakdown, and business crime, for example.
Additional Coverage policy options are generally combined with policy choices in the Basic Coverage category to create a comprehensive policy that meets a business’s all-around needs. Additional Coverage is a pretty important category for medium- and large-size businesses and businesses of any size that face special risks not covered by standard general liability and property policies.
Most Important Additional Coverage Features
- Business Crime – A policy that protects businesses from events like robbery, employee theft, embezzlement, forgery, and other similar activity is available.
- Data Breach – A policy that helps protect businesses in the event of a data breach is available.
- Equipment Breakdown – A policy that covers equipment from breakdown or damage is available.
- Loss of Income – A policy that covers your losses when you stop working is available.
- Medical Payments – A policy that covers medical expenses resulting from injuries for whom you are liable is available.
- Personal & Advertising Injury – A policy that covers copyright infringement, claims of slander and libel, or other similar activity is available.
- Product Liability – A policy that protects companies who manufacture or distribute products from liability associated with faulty products is available.
- Professional Liability – A policy that covers professional advice or protects service businesses from claims of negligence (errors and omissions) is available.
Claims encompasses the methods available to policyholders to file an insurance claim on their policy. The category includes both standard telephone claims filing and online claims filing tools that enable policyholders to manage a claim from start to finish from their home or office.
A 24/7 claims center enables policyholders to get telephone claims assistance at any time of the day or night. Claims also includes the option to visit a local agent in person to file a policy claim. Claims is a fairly important category for virtually all policyholders, even though some will never end up filing a claim.
Most Important Claim Features
- 24/7 Claims Center – You can reach the claims center 24/7.
- Agent – You can file a claim in person with an agent.
- Online – You can file a claim online.
- Phone – You can file a claim by phone.
Payment Options covers the various methods by which policyholders can make a payment on their small-business insurance policy. This category includes paper check, debit card, and credit card payment methods and online, telephone, and mail submission methods.
Payment Options also includes one-time full premium payments and recurring monthly payments. Since maintaining your insurance protection depends on timely payment of your premium, the Payment Options category rates as a very important category for all policyholders.
Most Important Payment Option Features
- Automatic Monthly Payments – You can choose to have your premium automatically deducted from your account each month.
- Check – You can pay your premium with a check.
- Debit/Credit Card – You can pay your premium with a debit or credit card.
- Mail – You can pay your premium by mail.
- One-Time Payment – You can pay your full premium amount in one payment.
- Online – You can pay your premium online.
- Phone – You can pay your premium by phone.
Industry Protection covers the package policies insurers offer to businesses in specialized industries like contracting, hospitality, retailing, or auto repair. These package policies combine options from both the Basic Coverage category and the Additional Coverage category to create a comprehensive policy that covers all common industry risks.
Industry Protection packages typically offer some flexibility to modify the policy options to meet a given business’ special needs. This category is important to small businesses and new business owners who may not be familiar with their business insurance options and need some assistance creating a comprehensive policy.
Most Important Protection Features
- Auto Service – Insurance packages designed for auto service providers are available.
- Contractors – Insurance packages designed for contractors are available.
- Food Services – Insurance packages designed for food service companies are available.
- Hospitality – Insurance packages designed for the hospitality industry are available.
- Manufacturers – Insurance packages designed for manufacturers are available.
- Nonprofit – Insurance packages designed for nonprofit organizations are available.
- Professional Offices – Insurance packages designed for professional offices are available.
- Real Estate – Insurance packages designed for real estate companies are available.
- Retailers – Insurance packages designed for retailers are available.
- Wholesale – Insurance packages designed for wholesale organizations are available.
Learning Materials includes all the online resources business insurance companies provide to current and prospective policyholders for the purpose of learning about insurance, business insurance policy options, claims filing procedures, online account management tools, and policy payment options. The Learning Materials category includes insurance glossaries, articles, educational videos, policy guides, and buyer’s guides, typically organized into a knowledge base on the company website.
This category also includes resources like FAQS and blogs published by the insurer. Learning Materials is important to new business owners seeking a first policy and anyone looking to modify their current policy or looking for a new business insurance company.
Most Important Learning Materials
- Blog – The company provides a blog discussing useful industry-related topics.
- FAQs – The company provides a list of answers to frequently asked questions.
- Glossary – The company provides access to a glossary of common terms.
- Knowledge Base – The company provides a knowledge base of detailed help articles.
Online Tools encompasses various website features provided to assist current and prospective policyholders. This category includes policy quote tools and agent locator tools, which are primarily useful to prospective customers.
Online Tools also includes the policy management features and document-viewing tools made available to current policyholders. Online Tools is an important category to business owners who value easy online access to policy information.
Most Important Online Tools
- Agent Locator – A tool is available online that helps you locate the nearest agent.
- Policy Management – You can view policy details, update contact information, or manage your policy in other ways online.
- Quote Tool – You can start a business insurance quote online.
Support includes the methods available to policyholders for contacting their business insurance company to ask questions and access general customer support services. This category includes both direct telephone assistance and email assistance. It also includes customer support provided through social media services like Facebook and Twitter.
Policyholders use these contact methods to get explanations of policy features and options, to get assistance with bill payment and online account management tools, and to learn more about the process for filing a policy claim. Although some policyholders never end up needing to use any Support options, they are very important in the event that a problem arises.
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