Small businesses have a lot of responsibilities and tasks, so they might not immediately consider buying insurance. But it’s crucial not to put off this decision, as unexpected events, like a lawsuit from an employee, can cost the business more than what it would otherwise pay toward the business insurance premium. So, to avoid such situations, it’s best to look into the top insurance providers for small businesses and select one that suits their needs.
Nationwide
The company offers a variety of insurance coverage options for small businesses in different domains or industries. Its business owner’s policy (BOP) includes commercial insurance for small businesses, general liability, equipment breakdown insurance, and business income coverage.
Opting for the BOP is the best way to acquire commercial insurance for small businesses, as a stand-alone policy might be unavailable. In addition to this, Nationwide provides a diverse range of coverages, including directors’ and officers’ liability, errors and omissions (E&O), workers’ compensation, commercial auto, employment practices liability, farm and ranch, and cyber liability.
Customers or small business owners can get quotes for most types of insurance, including general business liability insurance. Once they receive these quotes, they can search for a local independent agent or initiate the insurance process.
Policyholders can submit and track claims through their online accounts for policy management. Alternatively, they can contact Nationwide’s claims line. That said, they might have to call the service line or the agent for any policy changes.
Nationwide currently offers policies in all 50 states and Washington, D.C. It has a solid A+ AM Best Rating with an above-average customer satisfaction rating.
Hiscox
The company offers a host of small business insurance plans. These include general liability insurance, BOPs, cybersecurity, and professional liability insurance. Hiscox also partners with third parties and other insurance companies to offer more alternatives. These include short-term professional liability, short-term general liability, employment practices liability, directors and officers’ liability, commercial auto, commercial umbrella, and workers’ compensation.
Although Hiscox does not have a stand-alone commercial property policy, small businesses can get coverage from the BOP. Alternatively, they can look into the insurer’s wholesale brokers.
The company offers personalized coverage for home-based businesses. Unfortunately, it does not cover farm and ranch insurance. Customers can contact Hiscox in multiple ways, depending on the nature of the request. For instance, the customer can call the insurer via an agent to report claims or fill out a form online.
Small business owners can request online quotes for general business liability insurance. Alternatively, customers can obtain quotes by consulting a licensed agent or calling the company’s customer service. They can also make policy changes and account updates online, including adding a new authorized individual or changing the company address. However, small business owners will need to make a phone call to make necessary coverage changes or get billing updates. Hiscox is currently available in 49 states and Washington, DC. It does not offer its services in Alaska.
Allstate
The company has standard business insurance offerings. That said, it does not have as many options, such as directors and officers (D&O) liability, farm and ranch insurance, and workers’ compensation, as its competitors. Though the company does not provide workers’ compensation policy, customers can obtain the coverage via a different carrier with the help of an agent. Here, they will have to get the BOP to get commercial property insurance, which combines business interruption with extra expense, general liability, equipment breakdown, and commercial property coverage.
That said, Allstate does offer different endorsements to extend the business’ scope of coverage. This includes a home-based business endorsement to cater to credit card and off-premises coverage. Customers and policyholders can contact Allstate via their agent or call the company directly. They can also get a policy quote online or through the agent. Customers can easily update the policy information or submit a claim online.
Allstate offers its services in all 50 states and Washington, DC. It has an above-average J.D. Power customer satisfaction rating and an A+ AM Best Rating.
Chubb
Chubb’s small business insurance policies include professional liability, general liability, global insurance, and product recall insurance. Its BOP insurance is available for companies with a maximum revenue of $30 million. Chubb also offers a commercial package policy for companies seeking more comprehensive coverage than a BOP. Additionally, it has a foreign package policy for companies that occasionally send employees abroad or conduct international business. It also offers stand-alone commercial property coverage.
Customers can process payments and file claims online without logging into their Chubb account. That said, it is important to note that depending on the business’s annual revenue, the options for contacting the company to request a quotation vary. For instance, a small business with a revenue of less than $2 million can receive an application review and online quote. However, companies with a revenue exceeding $2 million will need to complete the basic online form, which will allow an agent to contact them or direct them to a local agent. The company offers its policies across the country, including Washington, DC.