⏰ Estimated read time: 13 minutes
Best business owner’s policy: Chubb
- Received fewer commercial property insurance complaints to state regulators than expected for a company of its size.
- Simple online shopping experience.
- BOP includes business interruption and extra expense coverage.
- Online shopping is only available to businesses with less than $1 million in annual revenue.
Best online business insurance: Next
- Received fewer commercial property and commercial auto insurance complaints to state regulators than expected for a company of its size.
- Up to 10% discount if you buy more than one policy.
- Provides a digital certificate of insurance that you can share with anyone who needs it.
- Business owners will need to shop elsewhere for specialized types of coverage like directors and officers insurance.
Best for commercial auto insurance: Progressive
- Fewer than expected commercial auto insurance complaints filed with state regulators between 2018 and 2021 based on its market share — which is the largest by a wide margin, according to the Insurance Information Institute.
- Specialized insurance products for truckers, including owner-operators, motor carriers and driver carriers.
- Commercial auto insurance includes roadside assistance, including the cost of towing.
- Progressive refers shoppers to other companies for additional types of business insurance. If you have to file a claim, you’ll work with those companies, not Progressive.
Best for short-term coverage: Thimble
- Policies available one job, month or year at a time.
- If you’re a contractor or you manage contractors, you can use Thimble’s Certificate Manager tool to ensure that everyone has compliant coverage.
- Thimble’s unique “event insurance” policies include liquor liability and general liability coverage.
- No customer support by phone or on weekends.
Best for professional liability insurance: Hiscox
- You can get a quote and purchase a professional liability insurance policy online.
- E&O insurance covers work done overseas.
- Hiscox can connect shoppers to medical malpractice insurance through a third-party partner.
- State regulators received more complaints about Hiscox’s general liability, commercial property and commercial auto coverage than would be expected for a company of its size.
Best for working with an agent: Travelers
- Offers virtually every type of commercial insurance, including specialized coverage like key person insurance and surety bonds.
- Received fewer commercial property insurance complaints and far fewer commercial auto insurance complaints to state regulators than expected for a company of its size.
- You can access your certificate of insurance and track your claims through an online portal.
- You’ll have to connect with an independent agent to get a quote and purchase a policy.
Best for additional business services: Nationwide
- Nationwide was the top-rated insurer for customer satisfaction in J.D. Power’s 2023 Small Commercial Insurance Study.
- Wide variety of coverage types, including specialty products like surety bonds.
- Nationwide also offers other business financial services, like employee retirement plans and a high-yield business savings account.
- You can get a quote but not purchase a policy online.
Other business insurance companies
- Allstate offers a business owner’s policy online and other types of insurance via agents. Read NerdWallet’s review of Allstate business insurance.
- biBERK sells several key types of business insurance online, but not all policies are available in all states. Read NerdWallet’s review of biBERK business insurance.
- Farmers operates in 36 states, offering basic coverages like general liability, commercial auto and umbrella insurance. Read NerdWallet’s review of Farmers business insurance.
- Geico sells its own commercial auto insurance and other types of insurance, like general and professional liability, via Hiscox. Read NerdWallet’s review of Geico business insurance.
- Huckleberry sells policies from other insurers online and suggests policies based on your industry. Read NerdWallet’s review of Huckleberry business insurance.
- Liberty Mutual sells virtually every type of business insurance, including policies for highly specialized industries. Read NerdWallet’s review of Liberty Mutual business insurance.
- Pie Insurance sells workers’ comp and can give you an online price estimate for a policy. Read NerdWallet’s review of Pie business insurance.
- State Farm agents can sell most types of business insurance, but online features are limited. Read NerdWallet’s review of State Farm business insurance.
- The Hartford offers online quotes for a wide variety of business insurance types, and the company received high marks for its financial strength. Read NerdWallet's review of The Hartford business insurance.
- Three targets small-business owners who want many types of insurance coverage in just one policy. Read NerdWallet’s review of Three business insurance.
- USAA works with military families. Read NerdWallet’s review of USAA business insurance.
- CoverWallet can help you purchase just about any type of insurance, then manage all your policies on one digital platform. Read NerdWallet’s review of CoverWallet.
- Simply Business is owned by Travelers, but lets you compare insurance policies from a variety of providers and buy them online. Read NerdWallet’s review of Simply Business.
What kinds of business insurance are there?
Type of insurance
When it protects your business
Who needs it
Find a provider
If a third party or their property is harmed as a result of your business activity.
All businesses. May be required by a landlord or contractor.
If you’re in an auto accident while working or in a company vehicle.
Businesses that use vehicles in their operations. May be required by law.
If an employee is injured on the job.
Businesses with employees. Required by law in most states.
If a client accuses you of making a mistake or giving them bad advice. This is also known as errors and omissions insurance.
Businesses that provide services for a fee. May be required by law or industry regulation.
If your manufacturing or retail space, office, or assets like equipment or inventory are damaged and need to be repaired or replaced.
Businesses with owned or rented space or a significant amount of property. May be required by a landlord.
If your business can’t generate revenue for a period of time.
Most businesses with recurring expenses.
What is a business owner’s policy?
- General liability insurance.
- Commercial property insurance.
- Business income insurance is usually but not always included.
What business insurance coverage do you need?
- Find out what coverage is required by law. Some business insurance, like workers’ compensation, is required by law. Check the workers’ compensation regulations in your state to make sure you’re in compliance. Be on the lookout for industry-specific regulations as well; for example, state law might require lawyers to carry legal malpractice insurance.
- Find out if your contracts require insurance. Landlords, lenders and contractors may require certain types of coverage before doing business with you.
- Talk to a professional. If you’re unsure about what kinds of business insurance you need, a licensed commercial insurance agent near you can help you evaluate your risks.
- Get an online quote. Lots of online business insurance providers ask questions during the quote process and suggest certain kinds of coverage as a result. For instance, if you say your business works in a professional services industry, they might recommend professional liability insurance. Getting a quote can highlight certain risks and help you understand how much insurance might cost.
How much does business insurance cost?
- What your company does.
- How many employees you have.
- Where you’re located.
- How public-facing your business is.
- Your claims history.