2017 RANKING & REVIEWS
BEST BUSINESS INSURANCE QUOTES
Introduction: The Top Insurance for Small Business Offered by the Best Business Insurance Companies
Owning a small business is a major investment in time, money, and effort. Having insurance for business is essential for owners to protect that which they have put so much effort into creating.
While many business owners might not have any sort of idea regarding what type of insurance for small business is best for them, there are a number of ways to do a simple business insurance comparison to find the best option.
Award Emblem: Top 5 Best Business Insurance Companies
In this brief article, AdvisoryHQ will look at how to compare business insurance to find the best business insurance quote for your company. We begin by explaining what a business owners’ policy is before offering a comparative table of five of the top business insurance companies and their business insurance quotes.
In our FAQ section, we look at why it is important to do a business insurance comparison and how much money you could stand to save when you compare business insurance.
We also explain what characteristics to look for in the best business insurance companies and small business insurance quote. Finally, we offer a complete review of the top five business insurance companies.
What Is a Business Owners’ Policy?
If you are a new business owner, chances are that you know you need some sort of insurance policy. But what type of insurance for business do you need, and what coverage options will you receive?
A small business owner will most definitely need liability insurance, which will protect you and your company from any sort of physical, bodily, or property damage that you, your business, or your employees cause to third parties. On top of that, you will also need some sort of property insurance to protect your business from fires, floods, vandalism, or other occurrences.
If your company provides any sort of professional services, it is probably a good idea to invest in professional liability insurance for small business, also known as error and omission insurance. We all make mistakes, and this type of insurance for small business will keep you protected if something goes wrong.
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There are other types of insurance that need to be considered as well, including commercial auto insurance, renters’ insurance, worker’s compensation insurance, and others. Trying to manage a whole set of separate insurance for business policies is close to impossible. For that reason, many small business owners opt for an all-encompassing business owners’ policy.
A business owners’ policy is a set of different types of insurance for small business bundled into one, easier-to-manage policy.
According to Forbes magazine, a business owners’ policy “packages all required coverage a business owner would need. Often, BOPs will include business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance. Based on your company’s specific needs, you can alter what is included in a BOP. Typically, a business owner will save money by choosing a BOP because the bundle of services often costs less than the total cost of all the individual coverage’s.”
AdvisoryHQ’s List of the Top 5 Small Business Insurance Quote
List is sorted alphabetically (click any of the insurance for business names below to go directly to the detailed review section for that business insurance quote):
Top 5 Best Insurance for Small Business | Brief Comparison & Ranking
List of Small Business Insurance Firms
Free Quote on Website?
Custom Coverage Option
|Can customize business owners’ policy from dozens of business profiles|
Yes, by industry
|Will provide small business insurance quote from 35 or more agencies|
Yes, by industry
|Offer prepackaged industry specific business owners’ policy|
|Search for quotes by zip code|
|High reviews from customers|
Table: Top 5 Insurance for Small Business | Above list is sorted alphabetically
Why Should You Do a Business Insurance Comparison?
As with anything you purchase, it’s always important to take the time to research the different options that are available to you. Understanding the options that are available to you and the different coverage options is the first step to doing a successful and helpful business insurance comparison.
For example, let’s say that you run a small frozen yogurt business. You know that you need liability insurance, but decide to go with a more complete business owners policy. If you don’t do your research and compare business insurance offers, you might end up paying for certain types of insurance for small business that you don’t need.
Some business insurance companies may try to trick you into purchasing a business owners’ policy that includes several types of different types of insurance for a small business. Though a frozen yogurt business would need liability insurance, property insurance and perhaps business income insurance, it would probably wouldn’t need professional liability insurance.
Make sure to find which types of insurance are included in your small business insurance quote. Remember that as a business owner, you have the final word on what type of insurance for small business you decide on. If you feel that one small business insurance quote is on the high end, ask if your business insurance quote could be lowered by removing one type of insurance from your BOP.
Furthermore, taking the time to compare business insurance could very well save you major dollars. Instead of simply accepting the first offer you receive, it is always in your best interest to check with multiple companies.
However, it can take a lot of time to get a small business insurance quote from several different business insurance companies. Luckily, there are several websites that will help you do a thorough business insurance comparison.
Comparethemarket.com and Moneysupermarket.com are two quality websites that will get you a quality small business insurance quote. The business insurance quotes that they find for you come from several different business insurance companies and will give you a general idea of what the market rate is for the insurance options you are seeking.
What to Look for When You Compare Business Insurance
When you are comparing several different business insurance quotes, it is important to not just search for the cheapest option. While price is definitely an important factor in business insurance quotes, there are other factors that you need to take into account.
- Limits of Liability: This is the core of insurance for small business. It will tell you how much a company is willing to pay out in liability for any one claim and throughout the entirety of the policy.Obviously, business insurance quotes with higher limits of liability are preferable.
- Retentions: This is basically the business insurance term for deductibles. It will let you know how much you will have to pay out of pocket per each claim made on the policy.
- Admitted vs. Non-Admitted Carrier & Rating: According to Founder Shield, with business insurance quotes it’s important to find out “whether or not the carrier is ‘Admitted’ or ‘Non-Admitted’ along with the carrier’s A.M. Best rating. The rating system is similar to the standard letter grade with ratings ranging from A++ down to F. The higher, the better, although anything above an A- is what you should look for.”
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AdvisoryHQ’s Selection Methodology
What methodology does AdvisoryHQ use in selecting and finalizing the credit cards, financial products, firms, services, and products that are ranked on its various top-rated lists?
Please click here “AdvisoryHQ’s Ranking Methodologies” for a detailed review of AdvisoryHQ’s selection methodologies for ranking top-rated credit cards, financial accounts, firms, products, and services.
Detailed Review—Top Ranking Business Insurance Quotes
Below, please find the detailed review of each business insurance quote. We have highlighted some of the factors that allowed these business insurance companies to score so high in our selection ranking.
Allstate is a leader in the global insurance industry. You have most likely heard their commercials on TV. What fewer people realize, however, is that Allstate also offers quality insurance for a small business.
One of the unique features of small business insurance offered by Allstate is that you can customize your coverage depending on the type of business you run. They have a whole list of frequently selected types of business which will help you quickly gather a small business insurance quote.
Insureon is another of the best business insurance companies on the market. They offer a quality small business insurance quote that they gather from more than 35 of the leading business insurance companies.
Insureon advertises that they get you the best small business insurance quote in as little as 15 minutes. They resume the process by which they get you the best insurance for your business this way:
- Tell Insureon about your business.
- They look at quotes from more than 35 A-rated insurance companies.
- The company shows you the ones that best meet your needs.
- You pick your favorite policy.
- The coverage starts when you need it to start.
- You work with a dedicated account manager who will answer your questions and help you out as long as you have a policy with Insureon.
Nationwide is another recognized leader in the insurance industry. The insurance for small business that they offer is unique in that they have several packages of business owners’ policies. You can choose from an Auto BOP, a retail BOP, a food BOP, a service BOP, a service BOP, or choose to customize your business owners’ policy.
Progressive Commercial Review
Progressive Commercial is also one of the leading business insurance companies out there. With Progressive, you get access to quality options. One of the unique aspects of the BOP offered by Progressive is that you can include regular liability and professional liability into one policy. This is a great option for small business owners who offer professional services.
The Hartford Review
While their name may be less recognized than other bigger insurance companies, The Hartford also offers quality insurance for small business. With The Hartford, you can get a BOP that also offers protection and coverage for your business income. They also offer specialized coverage options depending on the type of business you run.
Conclusion—How a Small Business Insurance Quote Can Save You Major Money
Starting your own business is an exciting, though risky, adventure. Making sure that your business is protected through quality insurance for small business will protect your investment and give you the peace of mind that will help you run your business more successfully.
Taking the time to gather several business insurance quotes from different business insurance companies will make sure that you get the best deal for the best price with the best coverage options. In this article, we have given you all the information you need to get started in finding the best business insurance quotes for your particular business.
Whether you choose Allstate, Insureon, Nationwide, Progressive, The Hartford, or any other of the quality business insurance companies offering insurance for small business, you will find a quality tool to keep your business protected so you can dedicate time to the hard work of making your business grow.
AdvisoryHQ (AHQ) Disclaimer:
Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.
Note: Firms and products, including the one(s) reviewed above, may be AdvisoryHQ's affiliates. Click to view AdvisoryHQ's advertiser disclosures.