In our study of commercial insurers, we found the best contractor business insurance is offered by The Hartford, biBERK, Simply Business, NEXT Insurance and Thimble. Each company has a great balance of affordability, tailored coverage options and a good customer service reputation.
Best Contractor Business Insurance
The Hartford, biBERK and Simply Business offer the best cheap business insurance for contractor companies, with rates starting at $45 monthly.
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Updated: September 29, 2025
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Business Insurance for Contractors: Key Takeaways
If you are in the contracting industry, you'll need business insurance coverage types including general liability, workers comp, professional liability and tools and equipment insurance.
The Hartford is the best business insurance company for contractors due to its overall low rates and specialized coverage programs designed for contracting.
biBERK provides the cheapest overall commercial insurance for contractor businesses at $173 monthly for comprehensive business coverage.
Best Business Insurance for Contractor Companies
| The Hartford | 4.74 | $176 |
| biBERK | 4.70 | $173 |
| Simply Business | 4.50 | $201 |
| NEXT Insurance | 4.43 | $234 |
| Thimble | 4.40 | $208 |
| Coverdash | 4.40 | $215 |
| Nationwide | 4.30 | $248 |
| Chubb | 4.30 | $250 |
| Progressive Commercial | 4.20 | $226 |
| Hiscox | 4.10 | $238 |
*We based all scores on a contractor business with two employees across professional liability, general liability, workers' comp and BOP policies.
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LEARN MORE ABOUT THE BEST BUSINESS INSURANCE
To find the right coverage for your cleaning business, check out the following resources:
1. The Hartford: Best Overall For Contractors
pros
2nd most affordable rates for contractors
Dedicated contractor, construction and egineering customer service team
Tailored business insurance options specific to contractors
cons
Not available in Hawaii or Alaska
COMPANY HIGHLIGHTS
The Hartford stands out for contractors due to their specialized underwriting, claims and risk engineering teams that focus specifically on addressing the needs of the construction industry backed by over 200 years of experience. They also offer contractor-specific coverages like their broad form endorsement and contractors' pollution liability that most carriers don't provide. In addition to this, they are the 2nd cheapest provider overall for the most needed coverages with an average monthly rate of $176.
2. biBERK: Cheapest Business Insurer For Contractors
pros
Cheapest rates for contractors overall
Automated online purchasing and contractor specific resources
Voted the most ethical business insurer
cons
Less affordable for professional liability and workers comp insurance
COMPANY HIGHLIGHTS
With average annual rates of $2,081 per year for the most commonly needed coverage for contractors, biBERK dominates as the cheapest provider for this group, specifically for BOP and general liability policies. In addition to this, you can save up to 20% using the company's online platform to buy a policy. biBERK also earned the BBB Torch award for ethics and offers additional risk management educational resources specific to contractors to help them avoid common issues in the industry.
Cheapest Business Insurance for Contractor Firms
Our research shows biBERK offers contractor insurance at $173 monthly on average for the most needed coverages, making it the most affordable choice overall for coverage. However, for workers comp and professional liability, you'll find better rates with NEXT and The Hartford respectively.
| biBERK | $173 | $2,081 |
| The Hartford | $176 | $2,114 |
| Simply Business | $201 | $2,408 |
| Thimble | $208 | $2,491 |
| Coverdash | $215 | $2,585 |
| Progressive Commercial | $226 | $2,707 |
| NEXT Insurance | $234 | $2,812 |
| Hiscox | $238 | $2,862 |
| Nationwide | $248 | $2,970 |
| Chubb | $250 | $3,005 |
Cheapest General Liability Insurance for Contractors
biBERK has the most affordable general liability insurance for contractor companies at $204 monthly. That's $52 less than the average contractor premium for this coverage type and $6 lower per month compared to the next cheapest provider.
| biBERK | $204 | $2,451 |
| The Hartford | $210 | $2,522 |
| Simply Business | $233 | $2,791 |
| Thimble | $235 | $2,815 |
| Coverdash | $259 | $3,110 |
Cheapest Workers' Comp Insurance for Contractors
For contractor businesses looking for cheap workers' comp insurance, NEXT stands out with the lowest average rates of $156 per month. The next most budget-friendly options are The Hartford, Thimble, Progressive Commercial and Simply Business.
| NEXT Insurance | $156 | $1,869 |
| The Hartford | $158 | $1,896 |
| Thimble | $159 | $1,909 |
| Progressive Commercial | $160 | $1,917 |
| Simply Business | $160 | $1,926 |
Cheapest Professional Liability Insurance for Contractors
The Hartford and Hiscox provide the most affordable professional liability insurance options for contractors, with an average monthly premium of $45. Both companies cost around $18 less per month than the industry average or a savings of 29%.
| The Hartford | $45 | $534 |
| Hiscox | $45 | $545 |
| Nationwide | $55 | $666 |
| Chubb | $85 | $1,018 |
| NEXT Insurance | $96 | $1,147 |
Cheapest BOP Insurance for Contractors
For contractors needing combined general liability and property coverage, biBERK's business owner's policy delivers the most affordable annual rate at $3,174. This beats The Hartford by $310 yearly, making biBERK the clear winner for this coverage type.
| biBERK | $265 | $3,174 |
| The Hartford | $290 | $3,484 |
| Simply Business | $349 | $4,192 |
| Thimble | $364 | $4,364 |
| Coverdash | $376 | $4,514 |
What Does Contractor Business Insurance Cost?
In general, contractor business insurance costs are the following for the four most popular coverage types:
- General Liability: $256 on average per month ranging from $222 to $298 depending on state
- Workers Comp: $166 on average per month ranging from $142 to $193 depending on state
- Professional Liability (E&O): $63 on average per month ranging from $55 to $74 depending on state
- BOP Insurance: $378 on average per month ranging from $325 to $439 depending on state
| BOP | $378 | $4,531 |
| General Liability | $256 | $3,067 |
| Professional Liability (E&O) | $63 | $759 |
| Workers Comp | $166 | $1,990 |
What Types of Insurance Is Does a Contractor Need?
Contractors need general liability insurance to cover common third-party injury and property damage claims, workers' compensation to protect employees and meet legal requirements, and professional liability coverage for possible errors or project failures. You'll also be required to get commercial auto insurance if you use and vehicles for business purposes and many clients also require performance and payment bonds to guarantee project completion. If you have a significant amount of valuable equipment, we also recommend getting tools and equipment insurance to cover any damages to them.
Below we summarize why each of these coverages are important for contractors:
- General Liability: State and federal law requires this coverage for independent contractors in construction, and most clients won't hire contractors without proof of coverage. We recommend $1-2 million per occurrence and $2-3 million aggregate for most contractors.
- Professional Liability: This covers contractors when clients claim their work was faulty, incomplete, or didn't meet specifications, protecting against workmanship lawsuits. For most contracting businesses, $500,000-$1 million per claim is sufficient coverage for common claims.
- Workers Comp: Legally required in most states when you have employees, covering medical expenses and lost wages for work-related injuries in the dangerous construction environment. Even sole proprietors may need coverage to protect income or meet business contract requirements.
- Commercial Auto: Essential because personal auto policies don't cover business use or requirements, and contractors frequently transport expensive tools and equipment between job sites. $1 million CSL (Combined Single Limit) policy is recommended for your vehicles, regardless of number.
- Tools and Equipment: Protects business property, tools, and equipment while at job sites, in transit, temporarily in storage, or during installation so you can continue working. We recommend having coverage that matches the replacement value of your tools and property which is typically somewhere between $25,000 to $100,000.
- Surety Bonds: Required for many commercial and government projects, performance bonds guarantee the contractor will complete work as specified while payment bonds ensure subcontractors and suppliers get paid. Limits depend on requirements and are based on your contract's overall value.
Business Insurance Coverage Recommendations By Contractor Company Type
Depending on the contracting industry you are in, your needs may vary widely. For example, if you are in debris removal you'll likely need some sort of environmental liability policy due to the risks associated. Contruction companies too may want to consider builders risk insurance to protect materials used during the course of a contract.
So below, we've summarized the coverage you need more specific to your contracting industry:
General Liability, Workers' Compensation, Commercial Auto, Equipment/Tool Coverage, Professional Liability, Umbrella Policy, Surety Bonds, and Cyber Liability | General Liability should provide $1-2 million per occurrence with $2-3 million aggregate to cover third-party bodily injury and property damage claims. Workers' Compensation must meet state-required minimums, typically ranging from $100,000 to $1 million depending on state requirements and employee count. Commercial Auto coverage should include $1 million combined single limit to protect company vehicles and hired/non-owned auto exposure. Equipment Coverage should equal the full replacement cost of all tools and equipment, typically ranging from $50,000 to $500,000. Professional Liability requires $500,000 to $1 million per claim to cover design errors and omissions in construction planning. Umbrella Policy should provide $5-10 million in excess coverage above primary policies for catastrophic claims. Surety Bonds are often required by clients, typically 10-15% of project value with performance and payment bond requirements. Cyber Liability should include $500,000 to $1 million coverage for data breaches and cyber attacks affecting business operations. | |
General Liability, Workers' Compensation, Professional Liability, Commercial Auto, Tools & Equipment, Completed Operations, Product Liability, and Cyber Liability | General Liability requires $2 million per occurrence with $4 million aggregate due to high fire and shock risks in electrical work. Workers' Compensation must meet state minimums with higher premiums due to elevated electrical injury risks and safety requirements. Professional Liability should provide $1-2 million per claim to cover electrical design errors that could cause fires or system failures. Commercial Auto coverage needs $1 million combined single limit with specialized tool coverage for service vehicles. Tools & Equipment coverage should range from $50,000 to $200,000 depending on specialized electrical equipment and tool inventory value. Completed Operations requires 10-year extended coverage to protect against electrical system failures long after project completion. Product Liability should include $1-2 million coverage for electrical components and materials installed during projects. Cyber Liability needs $500,000 to $1 million coverage for smart building systems and IoT electrical installations. | |
General Liability, Workers' Compensation, Professional Liability, Commercial Auto, Pollution Liability, Tools & Equipment, Completed Operations, and Product Liability | General Liability should provide $1-2 million per occurrence with $2-4 million aggregate to cover water damage and flooding claims. Workers' Compensation must meet state-required minimums with consideration for back injury risks from heavy pipe work. Professional Liability requires $1 million per claim to cover plumbing design errors that could cause water damage or system failures. Commercial Auto needs $1 million combined single limit with coverage for plumbing supplies and equipment transport. Pollution Liability should include $1 million per claim coverage for sewage backups and contamination from plumbing work. Tools & Equipment coverage should range from $25,000 to $100,000 for specialized plumbing tools and diagnostic equipment. Completed Operations requires 5-10 year coverage for potential leaks and water damage from completed plumbing installations. Product Liability should provide $500,000 to $1 million coverage for pipes, fixtures, and plumbing materials installed. | |
General Liability, Workers' Compensation, Professional Liability, Commercial Auto, Equipment Coverage, Pollution Liability, Product Liability, and Refrigerant Liability | General Liability should provide $1-2 million per occurrence with $2-3 million aggregate for property damage from HVAC installations. Workers' Compensation must meet state minimums with higher rates due to risks from working with refrigerants and heavy equipment. Professional Liability requires $500,000 to $1 million per claim for HVAC system design errors and efficiency failures. Commercial Auto needs $1 million combined single limit with specialized coverage for HVAC equipment transport. Equipment Coverage should range from $50,000 to $150,000 for HVAC tools, diagnostic equipment, and installation machinery. Pollution Liability requires $500,000 to $1 million per claim coverage for refrigerant leaks and environmental contamination. Product Liability should include $1 million coverage for HVAC units, ductwork, and system components installed. Refrigerant Liability needs specialized coverage of $500,000 to $1 million for EPA violations and refrigerant handling incidents. | |
General Liability, Workers' Compensation, Commercial Auto, Equipment Coverage, Completed Operations, Umbrella Policy, Product Liability, and Weather Delay Coverage | General Liability requires $2 million per occurrence with $4 million aggregate due to high fall risks and property damage exposure. Workers' Compensation must meet state minimums with significantly higher rates due to extreme fall hazards and injury frequency. Commercial Auto needs $1 million combined single limit with coverage for material transport and specialized roofing vehicles. Equipment Coverage should range from $75,000 to $250,000 for ladders, scaffolding, and specialized roofing equipment. Completed Operations requires 10-year extended coverage to protect against roof leaks and weather-related failures. Umbrella Policy should provide $5-10 million excess coverage due to high-value property damage potential from roofing work. Product Liability needs $1-2 million coverage for roofing materials, shingles, and waterproofing products installed. Weather Delay Coverage should include business interruption protection for weather-related project delays and material damage. | |
Concrete/Masonry | General Liability, Workers' Compensation, Commercial Auto, Equipment Coverage, Completed Operations, Environmental Liability, Product Liability, and Professional Liability | General Liability should provide $1-2 million per occurrence with $2-3 million aggregate for structural damage and construction defects. Workers' Compensation must meet state minimums with consideration for heavy lifting injuries and silica dust exposure risks. Commercial Auto needs $1 million combined single limit with coverage for concrete mixer trucks and heavy material transport. Equipment Coverage should range from $100,000 to $500,000 for concrete mixers, masonry tools, and heavy construction equipment. Completed Operations requires 5-10 year coverage for structural integrity issues and concrete/masonry settlement problems. Environmental Liability needs $500,000 to $1 million per claim for concrete washout and silica dust contamination issues. Product Liability should include $1 million coverage for concrete, mortar, and masonry materials used in construction. Professional Liability requires $500,000 to $1 million coverage for structural design errors and engineering consultation services. |
General Liability, Workers' Compensation, Commercial Auto, Equipment Coverage, Environmental Liability, Pesticide/Herbicide Liability, Tree Care Liability, and Completed Operations | General Liability should provide $1-2 million per occurrence with $2-3 million aggregate for property damage from landscaping and tree work. Workers' Compensation must meet state minimums with higher rates due to chainsaw injuries, falls from trees, and equipment accidents. Commercial Auto needs $1 million combined single limit with coverage for landscaping trucks, trailers, and equipment transport. Equipment Coverage should range from $25,000 to $100,000 for mowers, chainsaws, stump grinders, and landscaping tools. Environmental Liability requires $500,000 to $1 million per claim for soil contamination and chemical runoff from landscaping activities. Pesticide/Herbicide Liability needs $500,000 to $1 million per claim coverage for chemical application errors and environmental damage. Tree Care Liability should include $1-2 million coverage specifically for tree removal, trimming, and arborist services with property damage potential. Completed Operations requires 2-5 year coverage for plant warranty claims and landscaping installation failures. | |
General Liability, Workers' Compensation, Commercial Auto, Equipment Coverage, Pollution Liability, Professional Liability, Product Liability, and Lead Paint Liability | General Liability should provide $1 million per occurrence with $2 million aggregate for property damage from paint overspray and accidents. Workers' Compensation must meet state minimums with consideration for fall risks from ladders and scaffolding work. Commercial Auto needs $1 million combined single limit with coverage for paint supply transport and mobile equipment. Equipment Coverage should range from $15,000 to $50,000 for spray equipment, ladders, and painting tools. Pollution Liability requires $500,000 per claim coverage for paint fume exposure and chemical contamination issues. Professional Liability needs $500,000 per claim for color matching errors and surface preparation mistakes. Product Liability should include $500,000 to $1 million coverage for paint products and coating materials applied. Lead Paint Liability requires specialized coverage of $1-2 million for lead abatement work and RRP (Renovation, Repair, Painting) compliance. | |
Demolition/Debris Removal Contractors | General Liability, Workers' Compensation, Commercial Auto, Equipment Coverage, Environmental Liability, Umbrella Policy, Asbestos/Lead Liability, and Explosive Coverage | General Liability requires $2-5 million per occurrence with $4-10 million aggregate due to extreme property damage risks from demolition work. Workers' Compensation must meet state minimums with significantly higher rates due to extreme hazards from structural collapse and heavy machinery. Commercial Auto needs $1-2 million combined single limit with coverage for heavy demolition equipment and debris hauling vehicles. Equipment Coverage should range from $200,000 to $1 million or more for excavators, wrecking balls, and specialized demolition machinery. Environmental Liability requires $2-5 million per claim for asbestos, lead, and hazardous material contamination from demolition activities. Umbrella Policy should provide $10-25 million excess coverage due to catastrophic damage potential from demolition accidents. Asbestos/Lead Liability needs specialized coverage of $2-5 million for hazardous material abatement and contamination cleanup. Explosive Coverage requires $5-10 million specialized coverage for controlled demolition using explosives and blasting operations. |
Flooring Contractors | General Liability, Workers' Compensation, Commercial Auto, Equipment Coverage, Professional Liability, Product Liability, Completed Operations, and Installation Coverage | General Liability should provide $1 million per occurrence with $2 million aggregate for property damage during flooring installation. Workers' Compensation must meet state minimums with consideration for knee injuries and repetitive stress from flooring work. Commercial Auto needs $1 million combined single limit with coverage for flooring material transport and installation equipment. Equipment Coverage should range from $20,000 to $75,000 for sanders, nailers, and specialized flooring installation tools. Professional Liability requires $500,000 per claim for flooring design errors and subfloor preparation mistakes. Product Liability should include $500,000 to $1 million coverage for flooring materials, adhesives, and finishes installed. Completed Operations requires 5-year coverage for flooring installation defects, warping, and finish failures. Installation Coverage needs specialized protection for measurement errors and material waste from incorrect installations. |
Drywall/Insulation Contractors | General Liability, Workers' Compensation, Commercial Auto, Equipment Coverage, Professional Liability, Product Liability, Dust/Debris Coverage, and Completed Operations | General Liability should provide $1 million per occurrence with $2 million aggregate for property damage from drywall dust and construction debris. Workers' Compensation must meet state minimums with higher rates for repetitive lifting injuries and respiratory exposure risks. Commercial Auto needs $1 million combined single limit with coverage for drywall and insulation material transport. Equipment Coverage should range from $25,000 to $100,000 for lifts, sanders, spray equipment, and drywall tools. Professional Liability requires $500,000 per claim for framing errors and insulation installation mistakes affecting energy efficiency. Product Liability should include $500,000 coverage for drywall, insulation materials, and joint compounds used in construction. Dust/Debris Coverage needs specialized protection for cleanup costs and property damage from construction dust and debris. Completed Operations requires 3-5 year coverage for drywall cracking, insulation settling, and moisture-related issues. |
Security/Alarm Contractors | General Liability, Workers' Compensation, Professional Liability, Commercial Auto, Equipment Coverage, Technology E&O, Cyber Liability, and False Alarm Coverage | General Liability should provide $1-2 million per occurrence with $2-4 million aggregate for property damage during security system installation. Workers' Compensation must meet state minimums with consideration for electrical work risks and property access injuries. Professional Liability requires $1-2 million per claim for security system design errors and inadequate protection failures. Commercial Auto needs $1 million combined single limit with coverage for service vehicles and security equipment transport. Equipment Coverage should range from $50,000 to $200,000 for cameras, alarms, access control systems, and installation tools. Technology E&O requires $1-3 million coverage for software failures, system integration errors, and technology service mistakes. Cyber Liability needs $1-5 million coverage for data breaches affecting customer security systems and monitoring services. False Alarm Coverage should include protection against municipal fines and emergency response fees from system malfunctions. |
Solar Installation Contractors | General Liability, Workers' Compensation, Professional Liability, Commercial Auto, Equipment Coverage, Product Liability, Performance Guarantee, and Cyber Liability | General Liability should provide $2 million per occurrence with $4 million aggregate for roof damage and electrical hazards from solar installations. Workers' Compensation must meet state minimums with higher rates for roof work and electrical installation risks. Professional Liability requires $1-3 million per claim for solar system design errors affecting energy production and efficiency. Commercial Auto needs $1 million combined single limit with coverage for solar panel transport and installation equipment. Equipment Coverage should range from $75,000 to $300,000 for solar panels, inverters, and specialized installation equipment. Product Liability requires $2-5 million coverage for solar panels, inverters, mounting systems, and electrical components installed. Performance Guarantee needs coverage for solar system underperformance and energy production shortfalls over 20-25 years. Cyber Liability should include $500,000 to $2 million coverage for smart inverter and monitoring system cyber attacks. |
Specialty/Custom Contractors | General Liability, Workers' Compensation, Professional Liability, Commercial Auto, Errors & Omissions, Equipment Coverage, Artisan Coverage, and Materials Coverage | General Liability should provide $1-3 million per occurrence with $2-6 million aggregate depending on specialty work complexity and client requirements. Workers' Compensation must meet state minimums with rates varying significantly based on specific specialty trade risks and skill requirements. Professional Liability requires $1-2 million per claim for custom design errors and specialized construction technique failures. Commercial Auto needs $1 million combined single limit with coverage for specialized tools and custom material transport. Errors & Omissions should provide $500,000 to $2 million per claim for consultation services and custom project design mistakes. Equipment Coverage must equal the full replacement value of specialized equipment, often ranging from $50,000 to $500,000 or more. Artisan Coverage requires specialized protection for unique craftsmanship work and irreplaceable custom installations. Materials Coverage should cover high-value specialty materials during transport, storage, and installation phases of custom projects. |
BUSINESS INSURANCE GUIDES TO COVERAGE NEEDS
To learn more about whether you need different types of business insurance coverage:
How to Get the Best Cheap Business Insurance for Your Contractor Company
Here's a step-by-step method for finding the best and cheapest business insurance for your contractor company.
- 1
Decide on Coverage Needs Before Buying
Think about what could go wrong in your contractor business such as tools breaking on site and injuries from contract work. Talk with other contractor business owners about their experiences and consult with insurance agents for a second opinion.
- 2
Research Costs
Know what you should expect to pay before you start shopping. Look up typical business insurance costs for contractor companies your size, then identify which companies offer competitive rates. This homework gives you negotiating power and helps you spot a good deal when you see one.
- 3
Look Into Company Reputations and Coverage Options
Check out what real customers say about each insurer, especially regarding contractor firms. Read reviews on sites like Trustpilot and Google, or browse online forums where business owners share their claims experiences. While you're researching, dig into each company's coverage options to ensure they match your needs before comparing quotes.
- 4
Compare Multiple Quotes Through Different Means
Get business insurance quotes from at least three companies for your contractor organization and use different methods to get the best deal. An independent agent might find you a price that doesn't appear on a company's website. Online comparison tools are quick, but calling insurers directly sometimes unlocks discounts.
- 5
Reassess Annually
Your contractor business situation will change over time, influencing your rates and coverage needs. Repeat these steps annually to ensure you still have the best deal. Regular review helps you catch new discounts and adjust coverage as your business grows.
Best Insurance for Contractor Business: Bottom Line
The Hartford is the best insurer for contractor insurance, while biBERK offers the cheapest option overall. We also recommend getting quotes from Simply Business, NEXT and Thimble. For the best deal, consult agents and similar businesses, research costs and companies, and compare multiple quotes.
Contractor Insurance: FAQ
We answer frequently asked questions about Contractor business insurance:
Who offers the best contractor business insurance overall?
The Hartford leads contractor business insurance with a MoneyGeek score of 4.74 out of 5. biBERK follows closely as second place, delivering excellent value through competitive pricing and solid customer service performance.
Who has the cheapest business insurance for contractor firms?
Here are the cheapest business insurance companies for Contractor businesses by coverage type:
- Cheapest general liability insurance: biBERK at $204 monthly
- Cheapest workers' comp insurance: NEXT at $156 monthly
- Cheapest professional liability insurance: The Hartford at $45 monthly
- Cheapest BOP insurance: biBERK at $265 monthly
What business insurance is required for contractor organizations?
Workers' compensation insurance is mandatory for contractors with employees, and commercial auto insurance is required if you own business vehicles. General liability coverage and contractor bonds are essential for securing most client contracts.
How much does Contractor business insurance cost?
Contractor business insurance costs by coverage type are as follows:
- General Liability: $256/mo
- Workers Comp: $166/mo
- Professional Liability: $63/mo
- BOP Insurance: $378/mo
What kind of insurance should a contractor have?
Contractors need general liability insurance for third-party injuries and property damage, professional liability for service errors, workers' compensation for employee injuries, and commercial auto for business vehicles. Additional coverage may include tools/equipment protection, surety bonds for projects, and umbrella policies for extended liability limits.
How We Chose the Best Contractor Business Insurance
We selected the best business insurer for contractor companies based on the following criteria:
- Affordability (50% of score): The lower a company's costs compared to the competition based on our base profile for four core coverage types, the better the company performs.
- Customer service (30% of score): We scored providers on overall customer satisfaction using industry studies, customer review forum ratings and public forum sentiment analysis from sites like Reddit.
- Coverage (15% of score): We scored business insurance providers for this category based on the flexibility, payment and actual coverage options.
- Financial stability (5% of score): Using financial stability industry ratings from companies like AM Best and Moody's, we created an overall rating to judge how likely companies are to pay out claims compared to the competition.
All pricing in this article is based on the following base profile to represent the vast majority of small businesses in all states:
- Three-person business with two employees
- Coverage: $1 million per occurrence and $2 million total per year for all but BOP, which includes the same coverage plus $5,000 of business property coverage
- $150,000 in payroll
- $300,000 annual revenue
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
sources
- AM Best. "Hartford Fire Insurance Company." Accessed October 3, 2025.
- NEXT. "Customer Reviews." Accessed October 3, 2025.
- Trustpilot. "Thimble." Accessed October 3, 2025.