The cheapest business insurance provider is Next, with a MoneyGeek score of 95 out of 100. MoneyGeek scored and ranked insurers based on monthly premiums for general liability, professional liability and workers' compensation insurance.

Next offers the cheapest average general liability insurance for 20-employee LLCs at just $29 per month on average. Next also provides the cheapest professional liability insurance for LLCs with 20 employees and sole proprietors without employees, priced at around $241 per month and $41 per month, respectively. Its competitive pricing makes Next a standout choice for cost-effective business insurance solutions.

TABLE OF CONTENTS

Why Trust MoneyGeek? We collected 3,068 small business insurance quotes and analyzed cost information to determine the cheapest business insurance companies for small businesses.

recency icon

Cost information for general liability, professional liability and workers’ compensation insurance was updated in 2023.

3,068 Quotes Analyzed
 
6Companies Compared
 
50Zip Codes

Cheapest Business Insurance

Next stands out as the cheapest business insurance provider. Its offerings for general liability coverage for LLCs with 20 employees and professional liability insurance for LLCs and sole proprietors are particularly competitive. Next’s affordability earned it a MoneyGeek score of 95 out of 100. However, Next does not offer the lowest rates for workers' compensation insurance or general liability insurance for sole proprietors.

The table below details the monthly costs of general liability, professional liability, and workers' compensation insurance for all the companies featured on our list. The table also includes MoneyGeek scores for each company representing their overall affordability.

How was this MoneyGeek score calculated?

Next95$29$25$241$41$200
Thimble91$66$22$1,838$47$149
The Hartford88$68$32$304$91$165
Nationwide88$47$35$349$121$195
biBERK86No Data$23$495$134$181
Hiscox84$126$29$349$126No Data

1
NextCheapest Overall
Score:95

5/5

General Liability Affordability for LLCs

3.7/5

General Liability Affordability for Sole Proprietors

5/5

Professional Liability Affordability for LLCs

5/5

Professional Liability Affordability for Sole Proprietors

1/5

Workers’ Compensation Affordability for LLCs

Geek Quick Take
Geek Quick Take
  • Exceptional affordability for general and professional liability insurance
  • High customer satisfaction but lower financial stability
  • Quick and efficient quote time
More About Next

We found that Next is the most affordable business insurance provider and excels in offering cost-effective general and professional liability insurance. With high affordability scores in these categories, it provides cheap general liability insurance at about $29 monthly for LLCs and $25 for sole proprietors. Next’s professional liability insurance is competitively priced at around $241 and $41 per month for LLCs and sole proprietors, respectively. While its workers' compensation insurance for LLCs is less competitive, at about $200 per month, Next's affordability and top-rated customer satisfaction make it an attractive choice for businesses seeking a balance between cost and quality. However, based on an A- AM Best rating, its financial stability score is lower than some competitors. Despite this, the company's swift quote time of just over a minute further enhances its appeal to businesses.

2
Thimble
Score:91

3.1/5

General Liability Affordability for LLCs

5/5

General Liability Affordability for Sole Proprietors

1/5

Professional Liability Affordability for LLCs

4.7/5

Professional Liability Affordability for Sole Proprietors

2.7/5

Workers’ Compensation Affordability for LLCs

Geek Quick Take
Geek Quick Take
  • Competitive general liability insurance for sole proprietors
  • Less affordable professional liability insurance for LLCs
  • Quick and efficient quote time
More About Thimble

Thimble ranks as the second-cheapest business insurance provider. The company provides general liability insurance at about $66 monthly for LLCs and a highly competitive $22 for sole proprietors. However, its professional liability insurance is relatively expensive for LLCs at a monthly average of $1,838 but remains cost-effective for sole proprietors at $47. Thimble's workers' compensation insurance for LLCs is reasonably affordable at around $149 monthly. Despite mixed customer satisfaction ratings, Thimble proves its commitment to efficient service with its excellent financial stability record and quick online quote process of just 42 seconds.

3
The Hartford
Score:88
4
Nationwide
Score:88
5
biBERK
Score:86

How To Get Cheap Business Insurance

As a small business owner, finding affordable business insurance coverage can be a key part of managing your operational costs. Here are some steps you can take to secure cheap business insurance coverage:

  1. 1
    Assess your business risk profile

    Evaluate the specific risks associated with your business type and industry. This step involves understanding the nature of your operations, the assets you need to protect and the potential liabilities you could face. By identifying these elements, you can pinpoint the types of coverage essential for your business, preventing you from overspending on unnecessary policies.

  2. 2
    Shop around and compare insurers

    Take the time to get quotes from multiple insurance providers to compare costs and coverages. Doing this will give you a better understanding of the market and help you find the most cost-effective coverage.

  3. 3
    Consider bundling policies if you need multiple types of coverage

    Many insurers offer discounts if you buy multiple types of insurance from them. A business owner's policy, or BOP, is a popular bundle that often includes general liability and property insurance and can be cheaper than buying policies separately.

  4. 4
    Minimize business risks

    Implementing a risk management plan can reduce the likelihood of claims, lowering your premiums. A risk management plan could include employee safety training or improving security measures.

  5. 5
    Review your policies on an annual basis

    As your business grows and changes, so do your insurance needs. Regularly reviewing your coverage ensures you're not over-insured or under-insured.

Remember, the cheapest policy may not always be the best for your business. It's important to balance cost with the quality and extent of coverage to protect your business adequately.

Cheap Business Insurance FAQs

As a business owner, finding affordable business insurance can reduce operational costs, freeing up resources for other critical areas of your business. View the answers to your questions below to better understand where and how you can get cheap business insurance.

Which company offers the cheapest business insurance?
What factors impact business insurance costs?
How can you get cheap business insurance?

About Melissa Wylie

Melissa Wylie headshot

Melissa Wylie is the Content and SEO Manager at MoneyGeek, with nearly a decade of editorial experience and six years of work in financial content focused on small businesses. She previously held SEO positions at Bankrate and LendingTree, with bylines on ValuePenguin and MagnifyMoney.

Wylie has a journalism degree from the University of North Texas. Her strong foundation in journalism helps her craft content that simplifies complex financial topics to help everyone feel confident when making decisions with their money.

Read Full Bio »
Insurance
Mortgage
Credit Cards
Loans
About MoneyGeekPressPrivacy PolicySitemap
Copyright © 2024 MoneyGeek.com. All Rights Reserved Terms of Use