What is the best type of insurance for a small business?


Editorial team Published on

The best small business insurance provider overall is The Hartford, which stands out for its comprehensive business owner's policies (BOPs), excellent digital management tools, and customizable add-ons like data breach coverage.

Top Small Business Insurance Providers

  • The Hartford: Best for established businesses and digital management, offering seamless online claims and customizable packages.
  • Nationwide: Best for general liability customization, allowing you to add specific endorsements like fire legal liability or advertising injury.
  • Hiscox: Best for sole proprietors and micro-businesses, featuring quick online quotes and affordable rates often under $30 a month.
  • Next Insurance: Best for fast, 100% digital coverage, offering instant same-day certificates of insurance tailored to specific trades and gig workers.
  • Cincinnati Insurance: Best for rate stability, offering a unique three-year commercial package policy that locks in your premium rates.

Common Coverages You May Need

  • General Liability: Protects against third-party claims for bodily injury, property damage, or advertising harm.
  • Business Owner’s Policy (BOP): Combines general liability and commercial property insurance at a lower bundled cost.
  • Workers’ Compensation: Required in most states if you have employees, covering work-related injuries or illnesses.