Compare Business Insurance
Use MoneyGeek's guides and tools to compare options, get company quotes, and find the best business insurance policy for your unique situation.
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Best Business Insurance Comparison
To give you a head start, we've summarized our picks for the best small business insurance providers in the table below.
Business Insurance Company | MoneyGeek Rating | Average Monthly Cost | A.M. Best Rating | Customer Review Ratings |
|---|---|---|---|---|
Next | 97 out of 100 | $145 | A- | 4.7 out of 5.0 |
The Hartford | 91 out of 100 | $318 | A+ | 4.8 out of 5.0 |
biBerk | 90 out of 100 | $334 | A++ | 4.5 out of 5.0 |
Pie | 89 out of 100 | $189 | A- | 3.8 out of 5.0 |
Nationwide | 87 out of 100 | $339 | A | 3.2 out of 5.0 |
Thimble | 86 out of 100 | $287 | A | 4.4 out of 5.0 |
How We Scored and Calculated Costs For Providers
When rating companies we looked at overall costs for commercially required coverages, company reviews, industry reputation ratings like A.M. Best, additional coverage options, and speed of quote processes. Average costs were derived from businesses with employees from 1 to 100, required coverage types for most businesses, and five industries (including software development, contracting, cleaning, lawn care and business consulting). These scores and costs may not represent your particular needs so we recommend comparing quotes for yourself to find the best deal for you.
Compare Business Insurance By Coverage and Firm Type
While we have given an overall national list of the best companies in the U.S., the best option for you will depend on your desired coverage and business type. So below, we've provided you with resources to help you find personalized recommendations for your situation.
Compare Business Insurance Cost
Most businesses are required to have some form of general liability insurance, workers' compensation, and for some types of firms, a professional liability policy. So to help you see if you're getting a good deal when getting quotes, we've provided costs broken down by state for each of these coverage types.
Business Insurance Type | Monthly Cost | Annual Cost |
|---|---|---|
General Liability | $48 | $573 |
Workers Comp | $312 | $3,742 |
Professional Liability | $396 | $4,757 |
How We Calculated Costs
We based all cost estimates on businesses between 1-100 employees and five industries (including software development, contracting, cleaning, lawn care and business consulting). All state costs presented below also follow this methodology.
Compare Business Insurance Cost By State
Business insurance costs vary widely depending on your location due to state-specific requirements, differing property values, costs from accidents, and wages. So to clarify in more depth what it may cost for you, we've broken down costs for commonly required coverages for each state.
State | Monthly General Liability Cost | Monthly Workers Comp Cost | Monthly Professional Liability Cost |
|---|---|---|---|
Alabama | $49 | $284 | $337 |
Alaska | $38 | $443 | $514 |
Arizona | $42 | $233 | $342 |
Arkansas | $46 | $210 | $381 |
California | $113 | $320 | $395 |
Colorado | $38 | $211 | $354 |
Connecticut | $58 | $340 | $351 |
Delaware | $41 | $282 | $354 |
Florida | $47 | $320 | $406 |
Georgia | $46 | $247 | $396 |
Hawaii | $50 | $837 | $408 |
Idaho | $43 | $375 | $384 |
Illinois | $52 | $298 | $390 |
Indiana | $40 | $217 | $387 |
Iowa | $39 | $371 | $385 |
Kansas | $40 | $222 | $386 |
Kentucky | $36 | $264 | $394 |
Louisiana | $78 | $408 | $406 |
Maine | $41 | $401 | $384 |
Maryland | $38 | $295 | $394 |
Massachusetts | $53 | $236 | $395 |
Michigan | $37 | $184 | $383 |
Minnesota | $41 | $249 | $386 |
Mississippi | $44 | $326 | $416 |
Missouri | $42 | $292 | $391 |
Montana | $56 | $522 | $412 |
Nebraska | $37 | $289 | $380 |
Nevada | $50 | $483 | $472 |
New Hampshire | $50 | $262 | $389 |
New Jersey | $59 | $467 | $413 |
New Mexico | $40 | $367 | $389 |
New York | $109 | $380 | $442 |
North Carolina | $34 | $216 | $371 |
North Dakota | $43 | $251 | $396 |
Ohio | $39 | $230 | $394 |
Oklahoma | $37 | $347 | $359 |
Oregon | $40 | $266 | $388 |
Pennsylvania | $85 | $311 | $446 |
Rhode Island | $50 | $313 | $386 |
South Carolina | $41 | $304 | $381 |
South Dakota | $41 | $373 | $384 |
Tennessee | $37 | $210 | $392 |
Texas | $41 | $159 | $396 |
Utah | $39 | $199 | $390 |
Vermont | $46 | $361 | $472 |
Virginia | $34 | $186 | $387 |
Washington | $55 | $321 | $509 |
West Virginia | $47 | $241 | $400 |
Wisconsin | $41 | $422 | $387 |
Wyoming | $42 | $248 | $365 |
How To Compare Business Insurance Plans
Business insurance is much more complex than other personal policies and it can be confusing to know what you need as a small business and whether you're getting a good deal. So below, we've created an easy 4-step business insurance buying guide to help you find the best and cheapest coverage for your situation.
- 1
Research and Determine Coverage Needs
Before going into any comparisons, it is good to know what types of business insurance are available to you and which are required. This will allow you to not overpay for a policy or be convinced into excessive coverage by an agent. To help you start, below we've summarized the three most commonly required coverages for businesses:
- General Liability Insurance: Protects your business from liabilities for physical damages to property and people due to business operations or incidents on commercial property.
- Workers Compensation: This coverage applies only to employees and reimburses those working for you for any damages due to injury or illness on the job.
- Professional Liability Insurance: Different from general liability, it covers you for non-physical errors or negligence due to services you provide.
- Commercial Auto Insurance: If you use vehicles for business this covers you and your vehicle in the case of an accident while on the job.
However, there are also other options to consider to protect commercial property, income, data, products, and operations if a major event occurs. We recommend reviewing options with a business insurance agent to find out what your unique needs are.
- 2
Find Out Average Costs For Your Business
To see how much you're saving with any provider, researching costs particular to your business and the coverage you want gives a good frame of reference. You'll also want to look into any discount opportunities available to lower costs further.
- 3
Compare Providers Before Getting Quotes
Before getting quotes, look into top companies for both affordability and customer service reputations online. Explore for information using online guides, research into consumer forums, and industry research organizations like A.M. Best and J.D. Power to understand how good service is. You may also want to ask other similar businesses in your area about who they find to be reputable and affordable providers to get a more personal perspective.
- 4
Compare Multiple Quotes Through Different Avenues
Once you're armed with all of the information in the previous steps, it's time to start getting multiple quotes. While it is easy to do so online, we recommend also finding pricing through brokers and captive agents since rates will vary between each method. Be sure when choosing coverage that you're making apples-to-apples comparisons so you can truly see accurately how providers stack up.