Where to Start Shopping for Business Insurance?
As a small business owner, you’ve got a lot of questions before you take the plunge and invest in business insurance. And rightly so – your company’s future depends on it. That’s why it’s important to start by asking the right questions about potential insurance carriers. Of course, the best place to start shopping for business insurance is with an independent insurance agent – but more on that later.
Choosing the right business insurance carrier can make all the difference in the world. After all, you need to know that you’re protected in case of an unforeseen claim. But it’s not just about selecting the right coverage – it’s equally important to choose a reputable insurance company that you can trust.
So, who are the best providers for small business insurance coverage in 2023? We’ve done the research and compiled a list of the top insurance providers for the most necessary and affordable types of coverage. From liability to workers’ compensation, we’ve got you covered. Let’s dive in and find the right coverage for your business.
General liability insurance
When it comes to protecting your small business, general liability insurance is often the first policy you’ll need. And with good reason – it covers common risks like bodily injury, property damage, and advertising injuries. Plus, it’s often a requirement for commercial property leases.
Let’s say someone slips and falls at your business, or you’re hit with a libel or slander lawsuit from a competitor. With a solid general liability policy, you can breathe easy knowing your legal fees and liability claims are covered.
Who should you turn to for the best general liability coverage?
The Hartford is definitely worth considering. With over 1 million small businesses served and a dozen nods as one of the world’s most ethical companies from the Ethisphere Institute, you can trust their expertise. Plus, they’ve got an A+ financial rating from AM Best and over 200 years of experience.
And if you’re looking for even more coverage, The Hartford offers a variety of other business insurance products – all sold through independent brokers and agents.
Here are our top carriers for general liability insurance:
Business owner’s policy
If you’re a savvy business owner, you know that bundling your insurance policies is a smart way to save some cash. And that’s where a business owner’s policy, or BOP, comes in handy. By combining general liability coverage with commercial property insurance, you’ll get comprehensive protection – all in one policy.
Who should you trust to provide the best BOP coverage?
Look no further than Liberty Mutual. With over a century of experience in business insurance and BOPs available for over 100 professions, they’re a top choice for smart business owners.
And if you’re ever hit with a claim, Liberty Mutual has your back. They offer 24-hour claims assistance and a quick, easy process that you can access online or through their app. Plus, they’ve got an A rating from AM Best, so you can trust their financial stability.
But that’s not all – Liberty Mutual goes above and beyond to help its customers stay safe. They offer over 1,000 downloadable safety resources to help you prevent accidents and reduce your risk. So when it comes to protecting your business with a BOP, Liberty Mutual is a clear choice.
Here are our top carriers for BOPs:
Professional liability insurance
As a professional service expert, you even the slightest mistake can lead to a dissatisfied client – and a potential lawsuit. That’s where professional liability insurance, also known as errors and omissions insurance (E&O), comes in. This type of coverage can help cover your legal expenses if a client sues you for an error in your work, like a missed deadline or mistake.
And if you’re in a profession where clients require this coverage, you’ll want to make sure you choose a carrier that’s known for high customer satisfaction. That’s where Hiscox comes in. With a customer satisfaction rate of over 95 percent, Hiscox has a long-standing reputation for delivering top-notch service to its customers.
But that’s not all – Hiscox has been in the business for over a century and has an A rating from AM Best, so you can trust their financial stability. And if you’re looking to bundle your coverage, Hiscox offers a range of other business insurance products to fit your needs.
When it comes to protecting your business with E&O insurance coverage, you should consider these companies:
Workers’ compensation insurance
When it comes to protecting your employees, workers’ compensation insurance is a must-have. Not only is it required by law in most states, but it also covers medical costs and income loss related to work-related injuries and illnesses.
If you’re looking for a provider to offer workers’ comp coverage, AmTrust Financial should be on your list. This company has been providing small commercial policies since 1998 and has an impressive A- rating from AM Best.
But that’s not all. AmTrust was also recognized as a “Best and Brightest Employer” for 2021 by the National Association for Business Resources. They offer experienced agents to help small business owners understand the process of buying workers’ comp insurance, including the various laws, class codes, and underwriting involved. Plus, their Loss Control Department includes Workplace Safety Training Resources to help minimize risks and employee injuries.
In addition to AmTrust, for top-notch workers’ comp coverage, consider:
Cyber liability insurance
Are you ready to defend against cyber risks and protect your business? Cyber liability insurance can help safeguard your business from the impact of data breaches and cyber-attacks. It covers expenses related to customer notification, data recovery, and fraud monitoring services for affected customers. Additionally, it can help you cover the costs of a lawsuit, including settlement costs and legal fees.
If you want a comprehensive cyber insurance and security company that reduces your cyber liabilities while insuring your business against cyber risks, look no further than Coalition.
Where to start shopping?
Established in 2017, Coalition provides its clients with free 24/7 monitoring, cyber risk assessments, employee training, and security services. Their proactive approach results in a low cyber claim rate of just 1.6% for their clients, compared to the market average of 6.2%.
Coalition is interesting because they are a newer, innovative carrier, but these carriers also provide excellent cyber liability:
Commercial auto insurance
Are you aware that commercial auto insurance is required in most states for business-owned vehicles? Well, it is. But that’s not a bad thing. This essential coverage can protect you from legal bills, medical expenses, property damage, vehicle theft, vandalism, and certain types of damage if your company-owned vehicle is involved in an accident.
Where to start shopping?
When it comes to carriers, look no further than Progressive. With a sterling A+ rating from AM Best and over 80 years of experience, Progressive is the largest provider of commercial auto insurance in the United States. Their coverage is available in every state, so you can have peace of mind no matter where your business takes you.
But that’s not all. Progressive also offers discounts on commercial auto insurance when combined with general liability or a business owner’s policy. Plus, if you pay your annual premiums upfront, you may qualify for additional discounts. And in case you have any questions or concerns, their customer support line is available 24/7.
So, for reliable and comprehensive commercial auto coverage, consider Progressive. Here are some other commercial auto insurance carriers to consider:
How do I find the right business insurance?
Are you a small business owner looking for business insurance coverage in 2023? You’re in luck! There are plenty of options available from various small business insurance companies. However, it’s important to note that the cost of business insurance should not be your only consideration when selecting the right coverage. You’ll also want to evaluate the policy’s coverage, limits, deductibles, and exclusions.
While comparing quotes online can be a helpful starting point, many business owners find it beneficial to consult with insurance experts who can offer insights into what different carriers have to offer. By leveraging their expertise, you can make a more informed decision and select the coverage that best suits your business’s unique needs.
So, don’t just settle for any old business insurance policy. Make sure you take the time to evaluate your options and seek out expert guidance to make the best decision for your business.
The bottom line
There is no reason for business owners to struggle to determine where to shop for their business insurance. Don’t worry, a licensed agent can help. They can provide valuable guidance to help you find the best coverage from the multitude of coverage types available.
Ready to get started? Begin your quote today and let us assist you in matching with A-rated insurance providers that meet your needs. With our help, you can ensure that your business is protected and prepared for whatever comes its the way.
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