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Here are the best insurance companies to protect your small business

We considered customer satisfaction, financial strength and availability when determining the top small business insurance companies..

If you're a business owner, you likely need some form of insurance to cover your work. Whether you have a fleet of vehicles to insure or just need liability coverage for freelance work, having the right coverage for your business can be a lifeline if you ever face a lawsuit, theft, disaster or other unexpected events.

Getting the right coverage can help you be sure you'll be able to take on whatever comes your way in business. Ahead,  CNBC Select  reviews the best small business insurance companies to consider to protect your business. (Read our methodology  for more information on how we choose the best business insurance companies.)

Best small business insurance companies

• Best for variety of plans: Nationwide
• Best for independent contractors: Next Insurance
• Best for small businesses: The Hartford
• Best for medium-sized businesses: Chubb
• Best for customer satisfaction : State Farm
• Best for worker's compensation coverage: Travelers
• Best for commercial auto coverage: Progressive

Compare business insurance companies

Best for variety of plans, nationwide business insurance.

The best way to estimate your costs is to request a quote

Policy highlights

Nationwide offers insurance policies for small and large businesses alike in a variety of industries. A number of insurance types also help business owners to tailor their coverage.

App available

• Highly rated for customer satisfaction and financial strength
• Wide variety of industries and coverages sold
• App doesn't support business policy management

Nationwide's business insurance offers customers a wide array of business coverage options in a variety of industries with the financial strength of a large insurer. It's rated third-highest for small business insurance customer satisfaction and has an A+ rating from AM Best for financial strength.

Best for independent contractors

Next business insurance.

Next covers small businesses in dozens of industries, and a number of different coverage types to choose from. Quotes and claims online make the process quick and digital-friendly.

• Wide variety of policies available and quotes are available online
• Certificate of insurance available online immediately
• Not ranked for customer satisfaction

Next Insurance brings the business insurance experience into the modern era with online quotes and claims, and a mobile app allows you to access your policy documents from your phone. It offers many different coverage types that can be tailored to independent contractors' and self-employed people's needs.

Best for small businesses

The hartford business insurance.

The Hartford has been offering insurance policies for over 200 years and insures over 1 million small businesses. It offers coverage for a variety of industries and is highly rated for customer satisfaction.

• Quotes available online
• Highly rated for customer satisfaction

The Hartford has over 1 million small business clients and has been in business for over 200 years. It's easy to estimate how much you'll pay, both with online quotes and average annual premiums for several coverage types listed on their website.

Best for medium-sized businesses

Chubb business insurance.

Chubb's business insurance is available to companies with up to $30 million in revenue. It offers a variety of services to businesses in a number of industries, and a number of coverage enhancements for business owners' policies to customize coverage.

• Certificates of insurance must be requested

Chubb offers a number of policies that can be tailored to medium-sized businesses with up to $30 million in revenue. Working with businesses in all sorts of industries and offering dozens of coverage types, Chubb's business insurance can fit your company's specific needs. Chubb ranked second for customer satisfaction in J.D. Power's small business insurance customer satisfaction survey.

Best for customer satisfaction

State farm® business insurance.

State Farm Business Insurance offers coverage to over 300 industries and is highly rated for financial strength and customer satisfaction.

• Variety of coverage types and industries
• Rated A++ for financial strength by AM Best
• Online quotes only available in Wisconsin, Texas, Colorado and California
• Above average NAIC complaint index

State Farm was J.D. Power's top pick for small business insurance customer satisfaction, scoring 856 points out of 1,000. Additionally, the company earned an A++ rating from AM Best for financial strength, though it does have an above-average complaint index through the National Association of Insurance Commissioners (NAIC).

Best for worker's compensation coverage

Travelers business insurance.

Travelers is highly ranked for financial strength and has a below average complaint index with the NAIC. It offers unique features like TravPay, which links to payroll to your worker's compensation policy, and TravComp, which can help handle worker's compensation claims.

• Rated A++ for financial strength by AM Best, and below average NAIC complaint index score
• Unique features can help manage worker's compensation
• Online quotes aren't available for business policies

Travelers is rated A++ for financial strength by AM Best, and has a very low complaint index score according to NAIC. Its worker's compensation coverage stands out with unique tools including TravPay, which can help streamline worker's compensation by linking payroll to your policy. And, in the case of a worker's compensation claim, the TravComp feature can help streamline the process.

Best for commercial auto coverage

Progressive commercial insurance.

With business insurance available in 49 states, Progressive offers coverage across the US. And, with other business policies available, it's possible to bundle all the coverage you need with one insurance company.

• Offers business insurance in 49 states and a variety of types of insurance in dozens of industries
• Below average complaint index by the NAIC
• Not a top 10 pick for customer satisfaction per JD Power commercial insurance study

Progressive is one of the largest commercial auto insurers by market share according to NAIC. In addition to its commercial auto insurance, it offers a number of other business coverages and has a strong financial strength rating with a below-average complaint index score.

What does business insurance cover?

Business insurance covers businesses from the financial losses associated with unexpected events, such as property damage, lawsuits, property damage, theft, personal injury and more. While there are many different policies that cover specific situations and scenarios, one of the most popular types of business insurance coverage is a business owner's policy (BOP).

A BOP combines general liability, commercial property and business interruption insurance into one policy. Property covered generally protects the company's property from things like fire or theft. Liability coverage can protect your business from personal injury claims or defective products, like if someone were to slip and fall at your place of business. Business interruption insurance can cover the losses if your business is damaged in a catastrophe.

What are the main types of business insurance?

While the business owner's policy is the main business insurance type, there are several other coverages available, including:

• Worker's compensation: Protects your business from employee workplace illness or injuries. It's often required for businesses with employees, though can vary by state.
• Professional liability: Covers negligence and inaccurate statements not covered by general liability insurance. It's sometimes also called errors and omissions insurance, or E&O insurance.
• Commercial auto insurance: Covers any cars or vehicles your business owns.

What are the top reasons for having business insurance?

There are several reasons for having business insurance. Firstly, anything can happen when you're in business, from lawsuits to natural disasters. Having a business insurance policy can help keep your business afloat if you face any of these obstacles.

In some cases, small business insurance might be required. In many states, businesses with employees need to have worker's compensation insurance.

Do you need liability insurance to run a business?

Whether or not liability insurance is required will depend on the type of work you do, and where your business operates.

But, that doesn't change the fact that it might be helpful to have. If you do work where someone could potentially sue you for professional negligence or for injuries or damages, liability insurance could help cover the costs. According to The Zebra , an insurance comparison site, there are about 12 million contract lawsuits filed against small businesses per year, with the average liability suit costing about $54,000. A small business liability policy could help cover that cost.

Bottom line

Business insurance can help your business stay afloat no matter what comes your way. Evaluating your options based on customer satisfaction, financial strength, and the types of insurance sold can help you find the right fit for your needs.

Our methodology

To find the best business insurance companies, CNBC Select collected hundreds of data points on more than a dozen companies offering business insurance.

When selecting the best business insurance companies, we looked at ratings on customer satisfaction from J.D. Power's small business insurance customer satisfaction study . We also compiled data from AM Best 's financial strength ratings, which measure an insurance company's financial ability to pay on debts. We also considered complaint index ratings from the National Association of Insurance Commissioners . Finally, we considered the variety of industries insured and the number of types of coverages sold.

After considering the features above, we sorted the best business insurance companies by the best overall, best for small businesses, best for medium-sized businesses, best for independent contractors, best for customer satisfaction, best for worker's compensation coverage and best for commercial auto coverage.

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Best Insurance Companies for Small Business

As a small business owner, you’re constantly juggling many tasks. I know I always have a long list of to-do items that never seem to get completed. By the time I mark off one task, three more have been added to the list.

One aspect of owning a small business that often falls through the cracks is getting small business insurance. However, being properly insured is key to your business’s survival, similar to how having homeowners insurance is pivotal in protecting your home.

It only takes one mistake or lawsuit to result in a huge liability you may not be able to pay. Rather than watch your business disappear, you can get liability insurance to insure against many possible negative events.

While business insurance does cost money upfront, you pay the cost to spread out the risk. This way, the cost is more affordable over time. In the more rare case you’re hit with a significant liability due to an error or injury, the proper type of insurance should cover you up to the limits you chose as long as you’re following the rules in the policy.

Knowing where to get small business insurance and what policies to get can be overwhelming for someone that hasn’t ever looked into it before. For that reason, I put together this list of the best small business insurance companies to help you get started.

These companies can help walk you through what types of insurance you need and how to get started.

Overview of the best small business insurance companies

The best small business insurance company is the one that can meet your business’s insurance needs while providing great customer service and reasonable prices.

The best insurance company will meet your business where it is at, whether you are worried about specific professional liability insurance like cyber liability or just general liability . Here are a few companies you may want to check out.

Progressive Commercial

• Dump truck.
• Food truck.

They also sell standard business insurance options such as:

• General liability insurance and professional liability insurance .
• Workers compensation insurance.
• Contractors.
• Business owners policy.
• Cyber insurance.

To get a quote, you can fill out their online quote tool, find a local agent to contact, or call their toll-free number to talk to an expert. While your personal business insurance cost will vary, Progressive does say that last year (in 2019), the average cost of a 12-month business insurance policy through Progressive ranged from $46 a month for professional liability to $85 a month for workers’ compensation.

Learn more about Progressive or read our full review.

Nationwide focuses on insuring both regular small businesses and farm small businesses. In fact, they’re the number one farm and ranch insurer and number one in customer satisfaction with small commercial insurance.

They offer many policy types including:

• Business auto.
• Workers’ compensation.
• Business property, and more.

Progressive Commercial provides an easy way to view insurance options by the type of small business you run, such as photography, consulting, or contractors.

You can start a quote online or find a business agent to get your quote moving, as your personal cost will vary depending on the type of insurance you’re looking for.

Learn more about Nationwide or read our full review.

You’re likely familiar with State Farm’s personal insurance options, but the company offers small business insurance, too. Like with their personal insurance, State Farm uses a network of agents to provide service to its customers.

To get a small business insurance quote, you’ll have to find a local State Farm agent first. Your experience will likely be determined by how knowledgeable and responsive your local agent is. For people who find it important to have a face to face relationship with their insurance agent, State Farm definitely provides this.

State Farm sells several types of small business insurance including:

• Business owner policies.
• Business and commercial auto insurance.
• Individual health.
• Commercial and professional liability insurance.
• Worker’s compensation.

They also offer other types of business insurance that they’ll explore with you as your company grows and needs new coverages.

Learn more about State Farm.

The Hartford

If you’re looking for an insurance company to get a quick online quote, The Hartford may be a good option for you. You only have to fill out a few screens of information to get an initial quote. That said, you should talk to an agent to make sure you have all of the coverage you need.

The Hartford is a well-known insurance company, primarily for its auto and home insurance offerings that are exclusively available to AARP members. But in addition to property and casualty insurance, The Hartford also offers great small business insurance with lots of policies to choose from, online claim handling, and excellent customer service.

• Simple online quote generator
• Variety of policies available
• Coverage is available nationwide
• Must be a member of AARP (small business insurance excluded)
• Must talk to an agent before getting a policy

The Hartford offers several types of business insurance policies. These include:

• Business property.
• General liability.
• Business income.
• Commercial auto.
• Data breach insurance, and more.

They also sell specialized insurance types depending on your industry.

They very well could provide all of the business insurance options your small business needs. This would make it easier to track your insurance costs and any claims you may have to file.

The Hartford doesn’t make it easy to see how to get in touch with them if you have questions, but you can still do so. Options include finding a local agent you can talk to or calling their toll-free phone number by navigating to the appropriate pages on their website.

Learn more about The Hartford.

Chubb is a worldwide insurance company that could help you meet your small business insurance needs for international coverage. They have operations in 54 countries and territories and have 44 branch locations in the United States.

They display their insurance options in two main ways. First, they list the industries they support and the insurance options they sell to those industries. If you prefer to shop by insurance category, they display the wide variety of policy types they offer, too.

To give you an idea of what products they offer, some include:

• Accident and health.
• Commercial general liability.
• Cyber liability insurance.
• Environmental.
• Medical liability.
• Product recall.
• Professional liability.

Unfortunately, getting a quote through Chubb is a bit more difficult. Their website only refers you to an independent agent near you. There isn’t an option to get quotes online or over the phone.

For this reason, you may be best off checking to see if they provide the type of insurance you need. Then, contact an agent to get help understanding the specific options and coverages of the policies they sell.

Learn more about Chubb.

How I came up with this list

To come up with this list, I looked at a variety of small business insurance companies and picked a handful that offered a variety of options for different small businesses. I looked at the companies’ histories, the types of insurance they sell, the ways you can get quotes, their customer service rankings, and their financial stability.

Due to the wide variety of businesses and their different needs, you may find one insurer provides a better option for you. Another business may find a separate insurance company works better for them. That’s why you should always shop around and why I chose a wide variety of best small business insurance companies.

What is the cost of small business insurance?

Small business insurance coverage prices vary drastically based on many factors. Some of the most influential factors include:

• The type of insurance you purchase.
• How much coverage you purchase.
• The specific attributes and history of your business.
• The risk to the insurance company.
• The location of your business.
• The business’s claim history.

Some policies could be relatively inexpensive at just a few hundred or thousands of dollars per year. Others could be much more expensive.

How do you keep your small business insurance costs low?

As a small business owner trying to keep expenses under control, keeping insurance costs low is a valid concern. You can save money by shopping around to find the best prices on the insurance coverage you need.

Just make sure that any policy you purchase covers what you think it does. Policies can vary from company to company. A policy with a lower price may come with less coverage.

If you have several small business insurance policies, you may get a price break by keeping them all with one insurer. Check with your agent to see if you get any discounts for consolidating your policies with one insurer.

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• Business Insurance
• Small Business Insurance

Best General Liability Insurance for Small Business of 2024

Next Insurance provides excellent business owner's policies

If a customer at your business falls and injures themselves, your business could be held liable. A commercial general liability insurance policy protects businesses from losing money to lawsuits for negligent acts, including misleading advertising, that result in property damage or injury. General liability insurance is included in a business owner’s policy (BOP) or you can buy it as a standalone policy. 

We evaluated 19 national and regional insurers offering general liability insurance based on 53 criteria in the following categories: customer experience (25%), cost (25%), coverage (25%), accessibility (10%), financial stability (10%), and buying experience (5%). Three years of complaint data from the National Association of Insurance Commissioners (NAIC) and J.D. Power rankings were used to evaluate customer experience; AM Best ratings were used to evaluate financial stability. Here’s how the best general liability insurance companies measure up. 

Best General Liability Insurance Companies for Small Businesses of 2024

• Best BOP: Next Insurance
• Best for Easy Quotes: Hiscox
• Most Flexible Coverage: Thimble
• Best for Larger Small Businesses: Chubb Ltd
• Best Food Liability Insurance Endorsements: Nationwide
• Best for Quick Coverage: Huckleberry
• Best for High Coverage: Farmers
• Our Top Picks

Next Insurance

Huckleberry

• See More (4)

Other General Liability Insurance Companies

Final verdict, how general liability insurance works, factors influencing general liability insurance cost, methodology, best bop : next insurance.

Next’s business owner’s policies are affordable, easy to buy, and include business interruption coverage. You can save up to 10% when you bundle general liability and commercial property policies. And you have the option of applying entirely online or with the help of an advisor. For these reasons, Next also tops our list of the best small business insurance companies .

Offers a shareable live certificate of insurance 

Offers a BOP with business interruption coverage

Online quote and application with live chat support

Claims decisions may be made in 48 hours

Fewer specialized coverages than other insurers

Next Insurance offers an entirely online quote and application with same-day coverage available, and you can chat with the company live if you need help. Once you pay for your policy, you’ll get an instant, live certificate of insurance that you can easily update with additional insureds or share with clients. Next Insurance also offers a BOP that includes business interruption coverage. You can also get a standalone general liability policy with the company, which costs as little as $11 per month for some very small, low-risk businesses.  

Next also offers many basic commercial coverages, such as workers’ compensation, commercial auto, and professional liability. But Next is aimed at small businesses and offers fewer specialized coverages for industry-specific risks than a company like Chubb. 

General liability insurance from Next can cost as little as $11 per month, and more than 70% of Next’s customers pay less than $75 per month. Next also offers up to 25% in savings through various discounts. 

Best for Easy Quotes : Hiscox

Hiscox offers quick online quotes and customizable policies with a variety of coverages for small businesses. 

Robust coverage, including electronic data liability

Customize your policy with other common small business coverages

Fast online quotes and electronic policy documents

BOP only offered to businesses with 10 employees or fewer

BOP is not available in select states

Hiscox offers quick online quotes and sends your policy documents electronically so you can get coverage for your business quickly. Also, you may be able to reduce your premium by tailoring your coverage to the specific risks your business faces. The company’s general liability policy for small business covers up to $250 per day in lost earnings and includes electronic data liability coverage. Also, you can purchase most other coverages your business would need through Hiscox, including professional liability, medical malpractice, workers’ compensation, and commercial auto. 

Hiscox also offers higher general liability limits for small businesses than some competitors—up to $2 million. Zero-deductible plans are available, too. A business owner’s policy (which includes both general liability and commercial property coverages) is available from Hiscox for businesses with 10 employees or less. Hiscox is A-rated (Excellent) by AM Best for financial strength.

Most businesses will pay at least $30 per month for general liability insurance from Hiscox.  

Most Flexible Coverage : Thimble

Thimble Insurance

Thimble lets you buy coverage by the job, month, or year. You can modify or pause your coverage as needed, making it a great option for seasonal or event-based businesses. 

Flexible and temporary coverage available

Offers a comprehensive BOP with optional add-ons

All policies are occurrence-based

Doesn’t offer commercial auto

BOP limited to businesses with no more than $10 million in annual revenue

With Thimble, you can quickly get on-demand or monthly general liability coverage online, modify it as you go, and pause it for up to 30 days once. Thimble offers a business owner’s policy that includes business interruption insurance and commercial property insurance along with general liability. Also, you can add optional coverages like hired and non-owned auto or equipment breakdown. 

Thimble’s policies are occurrence-based, providing better coverage than claims-made policies. Occurrence-based policies cover you for incidents that occurred while the policy was in effect, even if you’ve since canceled your policy. 

However, you may not be able to get all the coverages you need from Thimble—the company doesn’t offer commercial auto policies, for example, or general liability policies to businesses with more than $10 million in annual revenue.  

Thimble works with insurers that are A-rated (Excellent) for financial strength with AM Best.  

Thimble’s general liability policies are available with $1 million or $2 million limits (per occurrence and aggregate). According to the company, on average, business owners pay around $42 a month or $504 a year for general liability insurance.

Learn more in our Thimble Business Insurance Review .

Best for Larger Small Businesses : Chubb Ltd

Chubb has high revenue limits, top-tier financial strength rating from AM Best, and a variety of coverages specific to small businesses. 

High revenue limits that allow for bigger small businesses

Rated A++ (Superior) for financial strength by AM Best

Few complaints with the NAIC relative to the company’s size

Offers coverage for foreign operations

No online quote for businesses with greater than $2 million in annual revenue

Chubb is the leading commercial lines insurer in the U.S. It offers standalone general liability coverage or a BOP for businesses with up to $30 million in revenue, which includes general liability insurance. You can get a foreign package if you have employees taking business trips overseas. Outside of its small business offerings, Chubb provides a full range of coverages for businesses of any size, including many specialty coverages other companies don’t offer. 

Chubb provides online quotes for some small businesses with less than $2 million in annual revenue, but if your business earns more than that, you’ll need to speak with an agent to get your quote. 

The company receives A.M. Best’s top grade for financial strength, A++ (Superior). And Chubb had relatively few complaints with the NAIC over the past three years, indicating few issues with customer satisfaction.  

Chubb offers small business general liability policies starting at $250 and business owner’s policies starting at $450. 

Best Food Liability Insurance Endorsements : Nationwide

Nationwide logo

Nationwide offers a highly specialized BOP for food-service businesses, such as restaurants, along with a general liability policy with a variety of endorsements . 

Offers specialized BOPs for food businesses

A+ (Superior) financial strength 

Many endorsements to its Food Service Program BOP

Must contact an agent to get a quote

Nationwide offers a general liability policy that you can customize with a range of food service endorsements, such as product liability, liquor liability, and hired and non-owned auto coverage. General liability policies offer up to $4 million in annual coverage, which is more than several competitors. Nationwide also offers comprehensive restaurant insurance through its Food Service Program BOP which is available to restaurants that bring in less than $5 million in revenue per location. It offers 10 restaurant-specific endorsements, including credit card forgery, spoilage coverage, and food contamination coverage. 

Nationwide has an A+ (Superior) financial strength rating from AM Best, but the company received more complaints than expected, according to the NAIC. Another drawback: You’ll need to speak with an agent to get a quote for your small business. 

Nationwide offers general liability policies starting at $300 annually and business owner’s policies starting at $350 annually. 

Best for Quick Coverage : Huckleberry

Huckleberry offers a five-minute purchase experience and live chat support.

Live chat support

Quick online quote and application 

Instant certificate of insurance

Offers several endorsements to a BOP

Not available in four states

Huckleberry offers live chat and phone support should you need it, but you can get a quote and application entirely online, and it takes five minutes or less for 95% of customers. You’ll get an instant certificate of insurance you can share once you pay for your policy. 

You can get a general liability policy from Huckleberry or opt for BOP, which includes business interruption coverage and offers many endorsements, including liquor liability, professional liability, equipment breakdown, and a restaurant endorsement. You can also get most other small business coverages you’ll need from Huckleberry, too, such as commercial auto.

Huckleberry’s general liability policies start at $34 per month, and the median annual premium is $700. Pricing for a business owner’s policy starts at $700 a year.  

Best for High Coverage : Farmers

Small businesses can get up to $10 million in annual coverage from Farmers, and the company offers several policies with multiple discounts.  

Up to $5 million in coverage for small businesses

Multiple discounts available

Free access to loss control resources

Doesn’t offer professional liability insurance

You have to talk to an agent to purchase your policy

Farmers is a great option for businesses that need a general liability policy with high limits but don’t need professional liability insurance (or already have it with another company). The company offers per-occurrence and aggregate annual limits of up to $10 million. You can also get a variety of discounts, including a 15% discount for being a corporation and several multi-policy discounts. Farmers also offers commercial auto, workers’ compensation, commercial property insurance, and cyber liability and employment practices liability coverages as well. You’ll need to speak with an agent to purchase your policy. 

Farmers does not disclose general pricing information. 

• Progressive
• The Hartford
• Liberty Mutual

Next and Hiscox are solid options for a general liability policy for most small businesses. Businesses that need temporary or more flexible coverage should go with Thimble, while larger small businesses or those with more specialized risks should go with Chubb. If you’re in an industry that requires higher general liability limits but doesn’t require professional liability insurance, Farmers is a good option. Food service businesses , such as restaurants, may find their needs best served by Nationwide. 

Compare business insurance quotes for general liability coverage from multiple companies before choosing a policy and company to go with. 

General liability insurance typically includes the following coverages:

• Bodily injury and property damage liability: This covers lawsuits brought against your business for claims of physical harm or emotional distress caused on your premises or by your operations. Product liability coverage may be included, which covers injuries caused by your product. However, acts such as negligence and misrepresentation resulting from your services are not covered.
• Personal and advertising injury: This covers offenses such as libel and slander, copyright infringement, and other advertising injuries. It also covers malicious prosecution, false arrest, and invasion of privacy. 
•  Medical payments: This coverage can go into effect even if the person harmed doesn’t sue. It covers an injured non-employee’s medical bills as a result of an accident occurring on the business premises or as a result of business operations. 

General liability policies specify a per-occurrence limit or individual claim limit, an annual aggregate limit , and a deductible. You should ensure you understand the exclusions in your policy and fill in any gaps with endorsements or additional coverages.

Your monthly premium for general liability insurance will vary not only based on the company and policy you choose, but also based on factors affecting your business’s risk. Commercial insurance companies tend to consider the following factors when they determine your policy cost:

Business Operations

If your business operates in a high-risk industry, like construction, you’ll pay more for general liability insurance than a low-risk business, such as a retail shoe store. 

If you run your business in a busy city, you might pay more for general liability insurance than a company operating in a less-populated rural area. 

Business Experience

Newer small businesses are likely to pay more for general liability insurance than established businesses since they have less experience managing risks. 

Claims History

If you’ve never filed a business insurance claim, that may indicate to insurers that you’re taking actions to prevent risk, which will likely lower your premiums. On the other hand, past claims could reveal to insurers that your business is risky, causing them to charge you more, in some cases. 

Policy Choices

The policy limits, deductibles, and any endorsements you choose will impact the price of your policy. A higher deductible means lower premiums, while higher limits or add-ons mean higher premiums. 

Frequently Asked Questions

Is general liability insurance required by law.

State laws don’t typically require general liability insurance, but it’s important coverage for businesses to have. What’s more, it may be required for licensure in some industries or as part of your contract. Fortunately, many of the best small business insurance companies offer affordable policies that include general liability coverage.

How Much General Liability Insurance Do I Need?

A $1 million per occurrence and $2 million aggregate annual limit is a common choice for small businesses. But if you face higher risks because of your industry, your location, or the customers you serve, you may want to consider higher limits for general liability insurance. Consult with one or more insurance agents if you need help determining your coverage needs.

What Are the Risks of Not Having General Liability Insurance?

If you don’t have general liability insurance, your business will have to pay for its legal defense and judgments if someone sues. Even if the lawsuit is dropped, you can spend thousands of dollars on legal fees. And if you’re required to pay a settlement, your business may have to fork over hundreds of thousands of dollars, which could bankrupt you.

When Should You Consider Buying General Liability Insurance?

Most businesses should consider buying general liability insurance, especially businesses that do any of the following:

• Serve customers or clients face-to-face
• Use third-party job sites 
• Access their customers’ property
• Use marketing techniques like logos and taglines
• Bid for contracts requiring general liability insurance

What Does General Liability Insurance Not Cover?

General liability insurance does not cover the following:

• Theft or damage to your business property
• Damage or harm that you or your employees intentionally cause
• Injuries to employees—you’ll need workers’ compensation for that
• Vehicles your business uses in its operations
• Professional acts of negligence or inaccurate advice—you’ll need professional liability insurance for that
• Any exclusions specific to your policy

To identify the best general liability insurance companies, we considered 19 national and regional insurers, as well as several online brokers, and compared them based on 53 unique criteria in six different categories. We weighted each category as follows to determine star ratings:

• Cost- and fee-related criteria: 25%
• Coverage: 25%
• Customer experience: 25%
• Accessibility criteria: 10%
• Financial stability: 10%
• Buying experience: 5%

AM Best financial strength ratings were used to evaluate financial stability. J.D. Power rankings from the U.S. Small Commercial Insurance Study and three years of NAIC complaint data were used to evaluate customer experience. 

Companies that make affordable coverage widely available, have a streamlined quote and application process, offer robust features, and have strong ratings for financial stability and customer satisfaction topped our list. We also considered available coverage limits (for individual claims and annual aggregates) and whether discounts are available. To learn more about how criteria contributed to star ratings, see our detailed methodology .

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8 Best Small Business Insurance Companies of 2024 | Money

Business insurance can protect your company and assets from a variety of risks, including expenses related to property damage, injuries sustained by employees, liability claims from third parties and even lawsuits.

While it’s advisable for all types of businesses to have general liability coverage, the decision to invest in additional coverage should depend on your industry, the location of your business, the number of employees you have and the amount of commercial assets you own.

Our writers and editors have invested hundreds of hours researching the best small business insurance policies. We vetted at least 15 providers for numerous data points each, including their qualification requirements, application process and funding options. Based on this research, we selected 5 top companies, including Chubb, State Farm and Travelers.

To find the right coverage for you, take a look at our top picks for the best small business insurance companies

Our Top Picks for the Best Small Business Insurance Companies

• Chubb – Best for customer satisfaction
• State Farm – Runner-up for customer satisfaction
• Travelers – Best for workers’ compensation
• Nationwide – Best for general liability insurance
• Progressive – Best for commercial auto insurance
• CyberPolicy – Best business insurance marketplace
• Thimble – Best for micro businesses
• Liberty Mutual – Best umbrella insurance

Best Small Business Insurance Reviews

• Offers a suite of business insurance products for small, mid-size and large enterprises
• Outstanding customer satisfaction ratings
• Few NAIC complaints for a company of its size
• Online quotes aren't available for every type of policy
• Businesses with more than $2 million in revenue must work with a local agent

Why we chose Chubb: Chubb is our pick for the best small business insurance company for customer satisfaction because it consistently ranks above the industry average in J.D Power’s Small Commercial Insurance Study. It also has an unusually low number of complaints with state regulators for a company of its size.

Chubb has been in the business insurance industry for almost 140 years. The company offers a host of commercial insurance products and services for businesses of all sizes and across multiple industries. Though Chubb is a major national insurer, the carrier still caters to small business owners and features a separate hub on its website just for small business insurance products.

Small business owners can purchase business owners policies, workers’ compensation insurance, liability coverage, cyber insurance and umbrella insurance. And if the business has a projected annual revenue of $2 million or less, owners can get an online quote through Chubb’s website without going through an agent.

That being said, business owners with other insurance needs must get in touch with a local agent to get a quote, as Chubb doesn’t offer online quotes for insurance products not listed in its small business hub.

• Insures more than 300 professions
• Highly customizable insurance policies
• Live chat support
• Not all insurance agents can cross state lines
• Claims are filed over the phone, not online

Why we chose State Farm: State Farm is our runner-up for customer satisfaction because of its top rating in the latest J.D Power’s Small Commercial Insurance Study. Moreover, the company has consistently ranked within the top three insurers for customer satisfaction over the last three years — though it has a higher NAIC complaint index than our top pick, Chubb.

State Farm was awarded 856 out of 1,000 points for customer satisfaction in J.D. Power’s Small Commercial Insurance Study, followed closely by other industry veterans like Chubb and Nationwide. For this study, J.D. Power surveyed 2,254 small businesses with 50 or fewer employees and examined their satisfaction across five categories, including billing and payment, claims, provider interaction, policy offerings and cost.

State Farm offers business insurance designed for independent contractors, restaurants, professional services, and retailers, with paperless billing and autopay options. Commercial insurance products include BOP bundles, surety and fidelity bonds and farm and ranch insurance.

The company’s extra liability coverage includes professional liability, errors and omissions liability, employment practices liability insurance (EPLI), not-for-profit liability insurance with EPLI, and condo and homeowners association directors and officers liability with EPLI.

Other coverage options include:

• Commercial Auto
• Inland Marine Insurance
• Workers’ Comp
• Group Life Insurance
• Retirement Plans

For a complete list of the types of businesses and organizations State Farm insures, check out its handy business insurance directory .

• Largest workers' compensation insurer in the U.S.
• A++ rating from A.M. Best for superior financial stability
• Broad network of local insurance agents across the country
• Commercial auto and trucking, cyber coverage and ocean marine policies
• Coverage availability varies by state
• You can only get quotes and file claims by phone

Why we chose Travelers: We chose Travelers as the best small business insurance company for workers’ compensation because of its excellent billing solutions and reputation as the leading underwriter of these types of policies.

Travelers sells workers’ compensation coverage that adapts to your business needs. The company’s risk control consultants — the people in charge of inspecting and assessing your insurance needs — can do in-person or virtual visits. Travelers also offers a flexible billing option through TravPay, a pay-as-you-go service that syncs your workers’ compensation premium payments with your payroll processing.

Travelers also holds a large market share for workers’ compensation policies, as well as the top two positions for commercial auto insurance. These statistics are a strong indicator of its popularity as a commercial insurer.

In addition to workers’ compensation coverage, small business owners have access to the following insurance products:

Business owner’s policy

• Professional liability
• Commercial umbrella
• Employment practices liability
• Management and professional liability
• Data breach
• Commercial auto
• Business income and extra expense
• Commercial general liability
• Commercial property
• Offers BOP insurance to businesses with up to $5M in annual revenue
• Business Solution Center offers cybersecurity advice and social media guides
• No disability insurance or major medical insurance
• No online chat support
• Nearly half of its subsidiaries have a high NAIC complaint index

Why we chose Nationwide: Nationwide is our choice as the best small business insurance company for general liability policies because it allows customers to enhance this coverage through a variety of endorsements, from liquor liability to personal and advertising injury coverage. This allows small business owners to tailor the policy to their specific industry.

Nationwide offers a wide array of products for small business owners, including business liability, commercial property, commercial auto insurance policies and workers’ compensation insurance.

Business owners can supplement Nationwide’s general liability insurance with additional coverage, including:

• Fire legal liability : Coverage against claims of negligence if you cause fire damage to a property you rent
• Auto liability : Covers short-term auto rentals and employees who use their personal car for business
• Umbrella policy : Adds increased coverage beyond the limits of other liability policies
• Employment practices liability insurance (EPLI) : Coverage against claims of wrongful termination, refusal to employ, invasion of privacy and defamation

Other liability endorsements include product and completed operations liability, directors and officers liability, liquor liability and personal and advertising injury coverage.

• Second-largest business auto insurer in the U.S.
• Discount for bundling multiple business insurance policies
• Policies cover a wide variety of risks and vehicle types
• No online support via live chat
• Discounts are not available in all states

Why we chose Progressive: Progressive is our choice as the best small business insurance company for commercial auto policies because it’s available in all 50 states and covers almost every type of commercial vehicle. Additionally, policyholders benefit from an unlimited travel radius (in most states) and may adjust coverage as needed at any time, free of charge.

Progressive stands out for its commercial vehicle insurance, which is available for commercial trucks, business cars, emergency vehicles, military vehicles, and a variety of SUVs, vans, trucks, buses, tractors and trailers. This policy generally covers liability, physical damages, medical payments, uninsured motorist, hired auto and non-owned coverage.

Progressive also offers business owner’s policies (BOP), general liability coverage, professional liability coverage, workers’ compensation, health insurance and cyber insurance.

• Discounts for bundling policies with the same carrier or across carriers
• Compare quotes from multiple carriers for policies starting at $10/mo
• Apply and submit claims online; coverage begins within 24 hours
• Available nationwide, but policies vary by state
• Claims must be submitted directly through each carrier's claims department

Why we chose CyberPolicy: We chose CyberPolicy as the best small business insurance marketplace because it partners with several leading carriers (some of which are featured on this list), simplifying the process of comparing business insurance quotes. Customers can also get discounts for bundling multiple policies, even if they purchase them through different carriers.

CyberPolicy is a marketplace for small business insurance policies that partners with some of the most prominent industry players — Chubb, Hiscox, Liberty Mutual, Nationwide and BiBERK — to provide a convenient, one-stop shopping experience. The company offers free quotes, and once you purchase a policy, coverage starts in as little as 24 hours.

CyberPolicy offers the following coverage options:

• Fidelity and crime
• Lessor’s risk only (LRO)
• Liquor liability

CyberPolicy’s customer service includes a licensed insurance advisor available via chat to help you decide on the best commercial insurance options for your business.

• Flexible policy terms with weekly, daily, or even hourly coverage
• Certificate of Insurance in 60 seconds
• Over 100 types of small businesses insured
• No options to call or chat
• Policies not available in NY or WA

Why we chose Thimble: Thimble is our choice as the best small business insurance company for micro business because of its flexible policy terms and affordable coverage. Small business owners can even purchase coverage by the hour, ideal for those who are self-employed or work on demand.

Thimble offers cost-effective monthly and as-needed general and professional liability insurance coverage for small businesses. It also caters to self-employed individuals, such as freelancers, personal trainers, pet sitters, event planners, photographers, landscapers, beauty professionals and all others in between.

Micro businesses — operations with fewer than 10 employees — can benefit from Thimble’s adaptable terms, including the ability to purchase coverage for whatever duration they require and extend, modify or cancel the policy straight from the Thimble app.

Thimble also offers the following coverage options:

• Drone insurance
• Event insurance
• File claims online or with the mobile app
• 24-hours claims assistance
• Crisis management support services
• Policies served by independent agents
• High NAIC complaint index in all of its subsidiaries

Why we chose Liberty Mutual: We chose Liberty Mutual as the best small business insurance company for umbrella insurance because its base umbrella policy offers up to $25 million in coverage and can be increased to $100 million. This is a great option for companies looking for complete liability protection.

Liberty Mutual’s umbrella insurance provides additional liability coverage beyond the limits of existing policies, including auto, watercraft and homeowners insurance. The company’s umbrella policy also includes crisis management support services, covering up to $250,000 in expenses related to media coverage and public relations consultancy.

Regarding customer service, Liberty’s specialized underwriters are trained to understand complex risks across a variety of industries, and their dedicated complex liability claims unit is experienced in navigating catastrophic losses.

Other companies we considered

The following companies did not make it to our top list but are still worth considering.

• Full online enrollment
• Specializes in insurance for small businesses and self-employed entrepreneurs
• Free and unlimited certificates of insurance
• Low NAIC complaint index
• Doesn't offer specialized insurance policies
• No dedicated agents
• Not suitable for larger businesses with more risk factors

NEXT Insurance uses AI and machine learning to optimize the insurance application process and match consumers with the most affordable policies. The company currently offers 15 business insurance products (availability varies by state).

Why NEXT Insurance didn’t make the cut : NEXT Insurance didn’t make it into our top picks because it solely caters to business owners who prefer a tech-driven service. And as your business grows, NEXT’s insurance products might not offer adequate coverage. That said, it’s a solid option for startups that only need the basics.

Simply Business

• Easy-to-use platform with a wealth of industry-specific resources
• Partnered with reputable carriers such as Axis, Harborway and Travelers
• Customer support is only available by phone and on weekdays
• Not a direct insurance provider

Simply Business is an online broker that provides quick online quotes from multiple insurers. The site is a good choice for those who would like to quickly compare quotes side-by-side or are still uncertain about the kind of coverage they should be getting.

Why Simply Business didn’t make the cut : Simply Business didn’t make it to our top list because its service is very similar to our top pick for the best insurance marketplace, but it doesn’t offer cross-carrier discounts.

• Long-standing business insurer with nearly 120 years of experience
• Wide range of policies tailored for smaller companies
• Online quotes and purchases are not available for all insurance products
• Coverage unavailable in Alaska
• BOP is unavailable in AK, DE, FL, KS, RI, WA and WV

Hiscox offers various policy options best suited for self-employed individuals or small businesses with few employees. The company’s BOP policy is currently limited to businesses that employ 10 people or less, such as consultants, recruiters, PR specialists, graphic designers, photographs and others.

Why Hiscox didn’t make the cut : Hiscox’s business owner’s policies (BOP) cater to a very specific commercial sector: professional services with less than 10 employees. Moreover, this policy is currently only available in 43 states and the District of Columbia.

The Hartford

• Provides workers' compensation insurance nationwide
• Discount for bundling policies
• Below-average rating in J.D. Power's Small Commercial Insurance Study
• No coverage in Alaska or Hawaii
• Can't file business claims on the app

The Hartford stands out for its comprehensive Business Owner’s Policy (BOP), a three-in-one policy that combines general business liability insurance, business property insurance and business income insurance. The BOP also includes protection from loss of income caused by fires, destructive winds, burglaries, bodily injury or property and personal and advertising injury.

Why The Hartford didn’t make the cut : The Hartford offers a host of business insurance products that can be tailored to each client’s needs. However, the company didn’t quite match up to our top picks in terms of customer satisfaction ratings or nationwide availability.

• No cancellation fees and prorated refunds if you cancel a policy
• Live chat support and online access
• Many of its products are offered through a partnership with Hiscox
• Commercial auto insurance doesn't cover semi-trucks and tractor-trailers
• Most subsidiaries have a high NAIC complaint index

Geico’s business insurance products include commercial auto, rideshare, general liability, professional liability, a business owner’s policy, and workers’ compensation. Its experience with auto insurance makes it a good choice for commercial auto coverage and rideshare coverage. However, these two products are some of their most expensive and lack online claim filing.

Why Geico didn’t make the cut: We excluded Geico from our top picks because all of its business insurance products (except commercial auto insurance) are underwritten and administered by another provider, Hiscox.

• Solid financial strength ratings and 100+ years of industry experience
• Cyber liability and media liability coverage
• Negative customer feedback online
• Dated online experience

Another well-established carrier, CNA has been around since 1897, when it began offering coverage to railroad industry employees. The company now sells a wide variety of insurance products — including fidelity and commercial crime business solutions and inland and ocean marine insurance — for businesses of different sizes.

Why CNA didn’t make the cut: CNA is a reputable insurance carrier, but users who’d like to learn more about its insurance products online might find the website a bit lackluster and challenging to navigate.

Business Insurance Guide

In the following guide, we explain how business insurance works and how it fits into your overall business plan . You’ll also find brief definitions of each type of business insurance coverage and how much each one costs, on average.

Once you understand the basics of business insurance, follow our step-by-step advice to ensure you’re purchasing the right amount of coverage at the best price.

How does business insurance work?

Business insurance works similarly to other types of insurance. Clients pay a monthly premium to an insurance carrier in return for the insurer agreeing to share a portion of the business’s risks. In the event of a covered loss, such as fire or flood that destroys the business’s premises, the business owner can then file a claim for reimbursement with the insurance company.

Once a claim is processed and the damages are assessed, the insurance company disburses the appropriate amount of compensation for the loss. How exactly a claim is processed will depend on the scale of the claim and the type of policy.

Types of small business insurance

Insurance companies offer diverse small business insurance products that are broadly categorized as property insurance and casualty insurance. These categories are sold by insurance agents individually or as riders/add-ons to existing policies, with some of these enhancements being legally mandated.

While the two categories cover the most common options, specialized coverage exists for sectors like agriculture, aerospace, real estate, and wine. There is also business income insurance, which protects against unexpected events that adversely affect activity and income, and employment practices liability insurance, which covers employer missteps that leave the business legally vulnerable.

General liability insurance

General liability insurance policies cover claims/lawsuits against businesses for bodily injury, property damage, medical expenses, death, slander or libel, plus legal fees, settlements, and eligible claim judgments.

Commercial property insurance

This type of coverage insures loss or damage to tangible business assets like property, tools, equipment, inventory, furniture, documents, landscaping due to equipment breakdown, vandalism, burst pipes, fire, and certain natural disasters.

Business Owners Policy (BOP)

A BOP bundles professional liability insurance with coverage of the property and for business interruption into one policy for small- or medium-sized businesses. It can cover lost income as well as extra expenses from covered losses and sometimes cyber security.

Cyber liability insurance

Covers data breach, cyberattack, and cyber-event expenses like direct losses, customer loss, legal costs – which are crucial for cyberattack targets like online retailers, services, fintechs and insurers.

Workers’ Compensation insurance

So-called “workers’ comp” covers medical care, lost wages, disability benefits if an employee is injured at work, and funeral/family compensation if they die, as legally required for most small businesses with employees.

Commercial auto insurance

This provides small business owners with liability coverage for bodily injury, property damage from business-owned vehicle accidents, damage to the vehicles. It can even extend to employees’ rental vehicles, or other non-owned vehicles that are used for business purposes.

Professional Liability/Errors & Omissions Insurance

This insurance covers covers professionals like lawyers, accountants, and consultants in the event that clients allege financial losses due to the professionals’ negligence, errors or omissions in services or advice.

Common Business Insurance Riders

The following riders (also known as floaters or endorsements) are among those that can be added to enhance policies and meet other business needs:

• Commercial property floater : This covers movable business property on or off the premises.
• Business interruption insurance : Provides financial protection to businesses in the event of an unexpected disruption or interruption to their normal operations, as in the case of natural disasters, fires or other catastrophic events.
• Key person coverage : Protects the business from the financial impact of losing a key employee or owner in the event of the key persons’ death or disability.

What isn’t covered by small business insurance

The best business insurance policies provide coverage for a wide range of risks, but certain losses and events are typically excluded from coverage. These may include:

• Intentional and criminal acts : The insurance company will deny a claim if it finds signs of intentional damage to property, or fraud or theft by the insured, an employee or a key person.
• Lack of maintenance or mitigation : Business insurance providers won’t cover damages caused by lack of maintenance. For example, this could be damages to a roof that had unaddressed filtration issues.
• Catastrophic damage : Commercial property insurance doesn’t cover damage from floods, earthquakes, wars or acts of terrorism because such events can affect many policyholders at once and lead to disastrous losses for insurance providers. In the case of flood or earthquake damage, you might need a separate insurance rider.

If your business is in need of financial help, the first step is to check whether you’re eligible for SBA funding programs . Businesses that suffer damages in a declared disaster can also apply for an SBA-backed disaster assistance loan to cover repairs, replacement of property, operating expenses and economic injury.

The next option is to secure funding from private lenders. Check out our best small business loans and startup business lines of credit for recommendations.

How much is small business insurance?

According to The Hartford , the average cost of business insurance ranges between $70 and $261 a month or $840 and $3,125 a year. The final cost will depend on your industry, the number of people you employ, the type of coverage you purchase and your claims history, if applicable.

The table below shows the average monthly premium for common types of business insurance policies, according to online insurance broker Insureon . We still encourage you to get quotes from different insurers, as your rate might differ significantly from the averages listed.

How to get small business insurance

As with buying personal insurance, spending a little time planning your business coverage upfront can pay off handsomely. These steps can save you time and money when comparing small business insurance costs and policies online.

1. Take stock of your business assets

Make a list of what the business owns, including property, equipment and inventory. Then, determine the value of those assets to ensure you buy sufficient coverage to repair or replace them if the worst happens.

2. Figure out how much coverage you need

Compile a list of all your business’s functions and activities. Then, determine which types and levels of coverage you’d need to cover the risks involved in each one.

3. Seek professional help

The coverage assessment we describe above is best completed with the help of an insurance professional. Seek an independent agent or marketplace specializing in business insurance and who represents a variety of insurers.

4. Compare quotes

The policies you compare should have the same, or similar, exclusions, deductibles and coverage limits. An agent or marketplace will be able to provide you with business insurance quotes from the companies they represent. Consider supplementing those with quotes from companies you reach out to yourself — including some of those on our list.

5. Look for policy bundling discounts

Many insurance companies offer discounted prices when you purchase multiple policies. Apart from the financial benefits, bundling coverage can also streamline the process of paying premiums, getting in touch with customer service and filing claims, saving you time and energy.

6. Review your business insurance regularly

Reviewing your business insurance coverage gives you a chance to assess how you’ve used your policies in the past and if you need to increase or lower your coverage limits. You may be able to drop coverage or increase deductibles to money on premiums.

Besides annual reviews, try to re-evaluate your business’s coverage level and policy type whenever business needs or circumstances change.

What documents do you need to get a business insurance policy?

The information and documents you need to take out a business insurance policy will vary based on the type policy or policies you want to purchase. Generally, you want to have the following on-hand:

• Business location, name and partners
• Business registration and incorporation documents
• Record of business assets and liabilities
• Bank information (if you don’t have a separate checking account for your business already, we recommend you take a look at Money’s best business checking accounts )
• Number of employees, if applicable
• Basic contact information for yourself and the company
• Health and safety policy documents
• Professional certificates, if applicable
• An estimate of your business’s revenue for the upcoming year
• Details about business operations and occupational hazards (for example, handling dangerous chemicals, performing onsite installations for clients, etc.)
• Information about the company’s vehicles and driver details (for commercial auto insurance)
• Insurance history, including existing insurance policies and prior claims

Latest News on Small Business Insurance

Though certain businesses, such as sole proprietorships, may get liability insurance without a business license, most businesses need a license in order to get the right coverage. Read our guide on how to get a business license to get started.

As a small business starting out, business networking can open up new opportunities, enhance your visibility and help you connect with the right employees and colleagues. Check out our tips for successful business networking for practical advice and guidance.

Losing valuable employees is expensive, it negatively impacts team morale and it can even harm customer relationships. Our guide on how to retain employees offers valuable advice on how to keep your most experienced employees on board.

Best Small Business Insurance FAQs

How much is small business liability insurance, what insurance is needed for a small business, what is small business insurance, what does professional liability cover, what is the cheapest small business insurance, how we chose the best business insurance companies.

Our methodology for choosing the best small business insurance providers focused on five key factors:

• Financial stability
• Business types and sizes covered
• Customer satisfaction
• The ease of applying for a policy and submitting a claim

To review customer satisfaction, we referenced J.D. Power’s 2022 U.S. Small Commercial Insurance Study as well as each company’s complaint index as reported by the National Association of Insurance Commissioners (NAIC).

Summary of Money’s Best Small Business Insurance

© Copyright 2024 Money Group, LLC . All Rights Reserved.

This article originally appeared on Money.com and may contain affiliate links for which Money receives compensation. Opinions expressed in this article are the author's alone, not those of a third-party entity, and have not been reviewed, approved, or otherwise endorsed. Offers may be subject to change without notice. For more information, read Money’s full disclaimer .

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Best Small Business Insurance in 2024

MoneyGeek ranked The Hartford as the best overall insurer for small business insurance, scoring 95 out of 100. The runner-up was biBERK, which scored a competitive 94.

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On This Page:

• Best Overall
• Best for Sole Proprietors
• Best for LLCs
• Best for Fast Quotes
• How Much Is Business Insurance?

Small Business Insurance FAQs

The Hartford's ranking as the best overall for small business insurance is due to its excellent customer satisfaction ratings and wide range of affordable insurance coverages. The company's professional liability insurance is $304 monthly on average for LLCs with 20 employees.

To find the best small business insurance, MoneyGeek considered factors like insurance type-specific affordability, customer satisfaction, financial stability, variety of coverages and quote response time.

Overall Best Small Business Insurance

The Hartford earned the top spot with a MoneyGeek score of 95 out of 100, excelling in professional liability insurance for LLCs, customer satisfaction and diverse coverage options. The insurer also offers swift quote times and robust financial stability.

Close behind with a score of 94, biBERK stands out for its strong financial stability, a broad range of coverages and affordable general liability insurance for sole proprietors, priced at an average of $23 monthly.

The table below shows the monthly cost of general liability, professional liability and workers' compensation insurance for each company on our list. We didn't collect sole proprietor cost data for workers' comp insurance as this coverage is typically required only for employers. The table also includes the overall MoneyGeek scores, reflecting how each insurer performed in our evaluation.

Cheapest Small Business Insurance

Next emerges as the cheapest business insurance provider on our list. It boasts the lowest general liability insurance cost for LLCs with 20 employees at $29 monthly on average. Additionally, Next offers the cheapest average professional liability insurance for LLCs and sole proprietors without employees, at $241 and $41 per month, respectively.

MoneyGeek's affordability score is derived from general liability, professional liability and workers' compensation costs to highlight the most cost-effective insurers. However, the overall cheapest insurer may not offer the best price for each individual type of coverage.

Best Small Business Insurance for Sole Proprietors

MoneyGeek ranks biBERK as the premier choice for small business insurance for sole proprietors without employees. Its competitive pricing, particularly for general liability insurance, coupled with strong financial stability, positions it as the top choice for single-person businesses seeking comprehensive and affordable coverage.

Best Small Business Insurance for LLCs With 20 Employees

The Hartford , favored for its cost-effective professional liability insurance at an average of $304 per month, is the top choice for LLCs with 20 employees. The company also excels in customer satisfaction, making it an ideal choice for many businesses. It's important to note that employee count is one of the main factors that influences small business insurance costs.

Best Small Business Insurance for Fast Quotes

Thimble is the best choice for fast business insurance quotes, with an average online quote time of 42 seconds. This speed makes Thimble the quickest among the companies we evaluated. If efficiency in obtaining an insurance quote is a priority for your small business, Thimble is the top option to consider.

How Much Is Small Business Insurance?

Small business insurance costs vary significantly based on the type of insurance and the specifics of the business. For instance:

• General liability insurance averages $28 per month for sole proprietors without employees, while for LLCs with 20 employees, it's around $67 per month.
• Professional liability insurance costs approximately $80 per month for sole proprietors without employees and around $705 per month for LLCs with 20 employees.
• Workers' compensation insurance , generally unnecessary for businesses without employees, is about $167 per month for LLCs with 20 employees.

Several factors commonly influence these costs:

• The industry of the business : High-risk industries typically have higher premiums.
• The size of the business : More employees or larger operations often increase costs.
• The location of the business : Some regions have higher insurance costs due to local laws or risk factors.
• The company's claim history : Businesses with more claims often pay more for insurance.
• The coverage limits and deductibles chosen : Higher limits and lower deductibles usually increase premiums.

Keep in mind that we’ve calculated average costs, and the actual insurance premiums for a specific business may vary depending on these factors and more.

Finding the best small business insurance can help you safeguard your business assets and secure financial stability. Find out what type of coverage your business needs and the best place to get a policy .

About Melissa Wylie

Melissa Wylie is a Content and SEO Manager at MoneyGeek. Melissa has worked in the financial content space since 2018 and has spent much of that time focused on all things small business.

Prior to joining MoneyGeek, Melissa held SEO positions at Bankrate and LendingTree. Melissa’s work has also appeared on LendingTree-owned websites ValuePenguin and MagnifyMoney.

Melissa began her career at American City Business Journals in 2015 as a reporter for the company’s women-focused publication Bizwomen. Melissa has a Bachelor of Arts in Journalism from the University of North Texas. Melissa relies on her foundation in journalism to craft content that simplifies complex financial topics to help everyone feel confident when making decisions with their money.

Melissa's other work can be read on LendingTree and Bizwomen .

How to Know if You Should Invest in Business Insurance

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Written by TurboTaxBlogTeam

• Published Mar 26, 2024

By Karen Doyle, Hiscox

The following content is for general informational purposes only and is not intended to provide legal or other professional advice. Individuals should consult with their professional advisors for advice on their obligations.  

Starting a business is expensive, and costs can spring up when you least expect it. It’s tempting to try to cut costs wherever you can when you’re trying to get your business off the ground. But in some cases, the money you spend could pay off for you in the long run. Business insurance is one of those costs.  

Here’s what you need to know about whether insurance is worth the money for your business. 

Table of Contents

What is business insurance .

Business insurance can protect your business from the costs associated with claims, lawsuits, cyber incidents, employee accidents, and more. When you purchase business insurance, you are paying the insurance carrier a monthly (or annual) premium (a fixed cost). In exchange, the insurance carrier agrees to pay for claims that you have that are covered under the policy, protecting you from what could be a much larger, variable – and usually unexpected – cost.  

What Kind of Business Insurance Do I Need? 

There are several different types of business insurance. Your needs will depend on the type of business you have and the type(s) of risks you face, but here are some of the most common types of business insurance.  

General Liability (GL) Insurance  

General liability insurance, sometimes called commercial general liability insurance, is the foundational coverage that nearly every business needs. It covers the costs associated with third party (i.e., somebody else’s) claims that your business caused them bodily injury or damaged their property. It’s sometimes referred to as ‘slip and fall’ insurance because it can cover injuries sustained if, for example, someone comes into your place of business and slips and falls on the floor.  

General liability also covers claims of libel and slander, and claims of advertising injury, which can include copyright infringement.  

Professional Liability (PL or E&O) Insurance 

Professional liability insurance is sometimes called errors and omissions or E&O coverage. It covers claims that you did something you shouldn’t have done (an error) or didn’t do something you should have done (an omission) in the course of your professional services and caused financial harm to someone as a result.  

If your business provides advice or performs professional services, you should consider professional liability insurance coverage. If you are sued for negligence, or for another covered reason, professional liability insurance coverage can pay the costs of a settlement or judgment, as well as the cost for you to defend yourself and your business.  

Here’s an example. Suppose you are a consultant, hired by a company whose sales are declining. You develop recommendations to stop the slide and increase the company’s sales. Some of your recommendations have been implemented, but sales continue to decline. The client company sues you, charging that you were negligent in performing your duties. A professional liability insurance policy could pay your defense costs, plus a settlement or judgment in the case.  

Cyber Security Insurance 

Cyber security insurance, sometimes called cyber liability or cyber risk insurance, protects businesses against financial losses that are computer- or technology-related. This can include data breaches, phishing or ransomware attacks, or because a laptop containing sensitive data was lost or stolen.  

Any business that has a website, uses email to communicate, accepts digital payments, or works with customer information should consider cyber security insurance. Consider what might happen if you or an employee were to click on an email link that turned out to be fraudulent, and you received a ransomware demand. Cyber security insurance could cover the cost of getting your data back, and also cover lost income for the time your system is unusable.  

Workers’ Compensation Insurance 

If you have employees, you’re probably required to have workers’ compensation insurance – it’s mandatory in nearly every state. Workers’ compensation insurance covers medical costs and lost wages if an employee becomes ill or is injured on the job.  

How Much Does Business Insurance Cost? 

The cost of business insurance varies and is based on several factors. Some of these factors include the size of your business (revenue and number of employees), the type of industry, your location, and the amount of coverage you want, as well as the kind of coverage you need.  

Here are some examples. General liability insurance for a consultant in Texas with a $200,000 annual payroll could cost about $350 per year for a policy that would pay up to $1,000,000 for each incident and up to $2,000,000 total per policy year. An IT consultant in California with $150,000 in revenue might pay about $441 per year for a professional liability policy with a $500,000 limit and a $5,000 deductible.  

The best way to find out how much insurance will cost is to answer a few questions about your business and get a quote .  

Is Business Insurance Worth It? 

Business insurance is a wise choice, whether you are just starting out, or have been in business for a while. A business insurance premium is a fixed cost which can protect you from a potentially much larger cost in the future. Consider the general liability policy for the consultant in the example above. It costs $350 per year. If you are sued and don’t have insurance, you may have to pay an attorney to defend you – something that could cost $350 per hour. You’d also have to pay any settlement or judgment.  

To determine if business insurance is worthwhile for your business, the first step is to find out how much it will cost. Get a quote for coverage for your specific business and compare that to the potential cost of a claim or lawsuit. You’ll probably find that business insurance is well worth the investment to protect your business and give you peace of mind.  

Is it a good idea to have business insurance? 

Yes. Having business insurance is a smart way to protect yourself and your business if you are sued. Even a lawsuit that is found to be without merit can be expensive to defend, so the right business insurance can give you peace of mind.  

What insurance is most important for a business? 

The type of insurance needed by a business depends on the type of business and the specific risks faced. Most businesses need general liability insurance, sometimes called commercial general liability. Most businesses that give advice or perform professional services for third parties have errors and omissions insurance, also known as professional liability insurance. Employers need workers’ compensation insurance and those businesses that use computers should have cyber security insurance.  

Should I shop around for business insurance? 

It’s always smart to compare when making a business purchase. When shopping for insurance, be sure you’re getting the right coverage for your business, and that you’re comparing ‘apples to apples.’ Policies differ, and the lowest-priced policy may not have all the coverage you need.  

Disclaimer: This information is provided to assist you in understanding the coverage we offer and does not modify the terms and conditions of any Insurance policy, nor does it imply that any claims is covered. Coverage is subject to underwriting, terms conditions, and limits of the policy.

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TechBullion

5 costly mistakes small businesses make when choosing insurance (and how to avoid them).

Small businesses face numerous challenges, and navigating the world of insurance is often among them. Whether it’s liability, property, or employee coverage, selecting the right insurance policies is crucial for safeguarding your business. However, rushing into decisions or overlooking essential details can lead to costly mistakes.

Many entrepreneurs underestimate the complexities of insurance, assuming that one-size-fits-all policies will suffice. However, the reality is that every business has unique needs and risks that require tailored coverage. This is where business insurance from THREE by Berkshire Hathaway comes into play. Understanding your specific requirements and finding a policy that addresses them adequately can mean the difference between smooth operations and financial turmoil in the event of an unforeseen incident.

Ignoring the Importance of Adequate Coverage

One of the gravest mistakes small businesses make is underestimating the importance of adequate insurance coverage. Some may opt for minimal coverage to save money initially, but this can be detrimental in the long run. It’s crucial to assess your business’s unique risks and invest in comprehensive coverage that shields you from potential liabilities. Whether it’s general liability, professional liability, or property insurance, ensure your policy provides sufficient coverage tailored to your needs.

Failing to Shop Around for the Best Rates

Another prevalent mistake is failing to shop around for the best insurance rates. Many small business owners stick with their current provider out of convenience or loyalty, without exploring other options. However, different insurance companies offer varying rates and coverage options, so it’s essential to compare quotes from multiple providers. Taking the time to research and negotiate can result in significant savings without compromising on coverage.

Overlooking the Fine Print

Small business owners often gloss over the fine print of their insurance policies, assuming all policies offer similar coverage. However, this oversight can lead to unpleasant surprises when filing a claim. It’s crucial to carefully review the terms, conditions, and exclusions of your insurance policy to understand what is and isn’t covered. Pay attention to limitations, deductibles, and any additional endorsements or riders necessary to customize the policy to your business’s specific needs.

Neglecting to Update Coverage as Business Grows

As your small business evolves and expands, so do your insurance needs. Many small business owners make the mistake of neglecting to update their insurance coverage accordingly. Whether you’ve hired additional employees, expanded operations, or acquired new assets, failing to adjust your insurance policies can leave gaps in coverage. Regularly reassess your insurance needs and update your policies to ensure adequate protection as your business grows.

Not Seeking Professional Advice

Navigating the complexities of insurance can be daunting for small business owners, especially those with limited experience in the industry. However, failing to seek professional advice can be a costly mistake. Insurance brokers or agents can provide invaluable expertise and guidance in selecting the right coverage for your business. They can help assess your risks, recommend appropriate policies, and negotiate with insurance companies on your behalf. Investing in expert advice can save you time, money, and stress in the long run.

Choosing the right insurance coverage is vital for the success and longevity of your small business. By avoiding these common mistakes and taking proactive steps to select adequate coverage, you can protect your business from unforeseen risks and liabilities. Remember to assess your insurance needs carefully, shop around for the best rates, review the fine print, update coverage as your business grows, and seek professional advice when necessary. With the right insurance strategy in place, you can safeguard your business and focus on achieving your goals.

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20 valuable small-business tax deductions

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Key takeaways

• Small business tax deductions help you lower your taxable income, which may lower what your business owes
• You can claim business deductions for utilities, rent, insurance, interest on a business loan, equipment and more
• You can't claim deductions for every business expense, including entertainment, charitable contributions or personal living expenses

Small business tax deductions can help you pay less in taxes for the year, putting much-needed capital back into your business bank account . In some cases, these tax deductions can save you thousands of dollars.

When claiming these deductions, you’ll want to consult a tax professional or use accounting software to ensure you’re filing your taxes properly. Follow this guide to learn more about which tax deductions you might be eligible for based on the IRS Tax Guide for Small Business .

What are small business tax deductions?

A small business tax deduction is a category of expenses that you can deduct from your taxable income when you’re filing your business taxes. In short, tax deductions can help your business save money because you’ll be paying taxes on less income.

Why should you use business tax deductions?

It might be easier to file taxes without thinking through which business expenses you can deduct. But if you claim business deductions, you could stand to save thousands of dollars on your tax bill. It can also help you keep your business finances organized since you’ll have to keep records of expenses.

Types of small business tax deductions

If your business spends money on the following spending categories, you could be eligible to claim it as a business deduction. Just be sure to check with a tax professional to ensure your business qualifies for it.

1. Utilities

Utility costs of your small business are tax-deductible, including water, electricity and phone. While your primary home landline is not deductible, any other phones your business might be using can get you tax deductions.

However, if you use the utilities for your home and business, you’ll need to estimate the percentage of utilities used for your business. This applies only if you are taking the home office deduction and using the regular method to claim actual expenses.

2. Marketing costs

All costs related to the marketing and promotion of your business are deductible. The marketing expenses that you can claim include:

• Business cards
• Online, print or TV advertising
• Website and logo design
• Website domain name
• Website hosting
• Business signs and flyers
• Email marketing hosting service

3. Insurance expenses

Insurance policies held by the small-business owner are tax-deductible. This includes health insurance, property insurance, business continuation insurance, liability coverage insurance, auto insurance , employee life insurance, malpractice insurance, business interruption insurance and compensation costs.

4. Business property rent or home office

If you rent or lease your business property, the expenses could be eligible for deductions from your taxes as long as you don’t have equity in the property. You can also deduct expenses related to operating your business out of your home as long as the space in your home is:

• The primary place where you conduct your business
• A place where you conduct business on a regular basis
• A place that you use exclusively for your business

You can calculate the amount of your tax deduction either by calculating the actual expenses such as mortgage, insurance and utilities that you use for your business or by using the IRS simplified method.

Regular method: You will need to calculate the percentage of expenses that are used for your business, such as 25 percent of utilities.

Simplified method: You simply take the square footage of your home and multiply it by a dollar amount set by the IRS. For 2023 tax purposes, you can deduct $5 per square foot up to 300 square feet total.

5. Loan interest

Small business loans are common, but did you know that the interest could be a business deduction? As long as the loan is from a legal, traditional lender and the money is used for covering business expenses, you could deduct the interest from your income tax. That said, you cannot deduct the interest on a personal loan, even if you use the personal loan for business expenses.

6. Transportation costs

When you have a vehicle for business use, the costs can be deducted from your income tax, either by deducting actual expenses or using the standard mileage rate.

Actual expenses: If you deduct the actual expenses, you can include these costs in your deduction:

• Depreciation
• Gas and oil
• License and registration
• Parking fees
• Car repairs

Standard mileage rate: If you deduct using the standard mileage rate, you’ll need to keep track of the mileage you travel for business. For 2023 taxes, you can deduct 65.5 cents per mile. For 2024 taxes, you can deduct 67 cents per mile.

If you have only one vehicle and use it for both personal and business needs, you need to separate the business use for mileage or actual expenses to be able to make a tax deduction.

7. Inventory expenses

If yours is a kind of business that manufactures goods or buys them for resale, you could make certain income tax deductions. The eligible deductions include the cost of raw materials, manufacturing and storage, and labor.

8. Equipment and machinery lease or purchase

The cost of leased or purchased equipment and machinery is deductible, whether it is a printer, a truck or a toolbox. However, since these are not one-time costs, they are usually depreciated over many years rather than only in a single tax year.

That said, if you take the equipment purchase or lease as a section 179 deduction, you may be able to deduct the entire amount during the first year that you place the equipment in service. For tax year 2023, the section 179 deduction is limited to $1,160,000.

9. Office equipment and supplies

These costs may be small, but they are still related to your business and, therefore, tax-deductible. Items including pens, paper, notebooks, desks, chairs and the expenses of office supplies and furniture can be deducted from your taxes as long as you keep track of them.

10. Travel costs

If your business requires you to travel frequently to seminars, trade shows, meetings or conventions, you can deduct these expenses from your taxes. Travel for business must keep you away from your regular place of business for more than a day’s work in order to qualify.

You can deduct the cost of travel to and from your destination, such as flights, taxis or renting a car. You can also deduct 50 percent of the cost of meals and lodging if your travel keeps you away from home and requires you to rest before you can continue traveling and working.

11. Labor costs

You can deduct payroll for employees and pay for independent contractors from your taxable income. If you are paying an independent contractor more than $600 in a tax year, you must also issue a form 1099-NEC, according to the IRS .

Labor deductions you can take include various forms of pay and employee benefits, including:

• Employee payroll
• Contractor payments
• Sick or vacation pay
• Property given to the employee as payment for their work
• Travel expenses, including flights, meals and lodging
• Health insurance plans
• Dependent care benefits
• Use of a business vehicle
• Continuing education expenses

12. Bad business debt

Bad business debt is any amount of money that you have lent to a customer, employee or supplier that you cannot regain from them. Have you made credit sales to customers but were never paid? You can claim these expenses as bad debt and deduct them from your income tax. But you do need to have proof that it was indeed a business debt and not a personal loan.

13. Retirement plan

As a self-employed small-business owner, you can open your own retirement account or an account for your employees and make regular contributions to it. The money that your business puts into your or your employees’ retirement fund is completely tax-deductible and can be claimed on your income tax form. You can claim tax deductions if the retirement plan is one of these types:

• Simplified Employee Pension (SEP) plans
• Savings Incentive Match Plan for Employees (SIMPLE) plans

14. Books and education expenses

Newspapers, magazines or books related to or necessary for the operation of your business can be deductible. As long as you can prove that these publications are a requirement for your business, you may be able to deduct the expenses of everything from a newspaper to cable television.

If you require higher education or professional training for your business, you can deduct these as education expenses. However, you cannot deduct the cost of education intended for a different career or a purpose unrelated to your business.

15. Business taxes

The taxes your business incurs are deductible from your income tax. These include sales tax, real estate tax, or other local, state or federal business taxes. Federal income tax is never deductible on your business tax return.

16. Business gifts

If you give holiday gifts or other presents to employees or clients, you can deduct up to $25 per person in a given tax year, according to the IRS . You don’t need to include branded gifts that cost less than $4 in the $25 limit. You do need to prove the business purpose for the gift, such as giving a small gift to clients as a thank you for doing business with you.

If you reward your employees with a bonus, the full amount of the bonus can be deducted since the bonus is considered a form of employee pay.

17. Repairs

You can deduct repairs to your equipment or office space as long as they were meant to fix something broken or damaged and not merely a restoration or betterment. This includes repairs made to a rental property if that is your business.

If you make repairs to equipment or property that improve the property’s value and condition, you can depreciate the cost of repairs over time. Consult a tax professional to make sure that you’re depreciating the cost of assets correctly.

18. Software

If your business uses software subscriptions to get work done, you can claim it as a business deduction. The catch is that the software has to be ordinary and necessary for conducting your business. This means that you must need the software subscription to operate your business and that the expense is common among similar businesses in your industry.

19. Business entertainment

You generally can’t take business deductions for activities considered entertainment for your employees or customers, according to the IRS travel and gift rules . You can deduct up to 50 percent of meal costs for employees even at entertainment events if the meals are charged separately from the entertainment costs. Even though most entertainment doesn’t qualify, you can take deductions for:

• Holiday office parties or picnics
• Entertainment used as a form of employee pay
• Business meetings, seminars or conventions
• Entertainment that you sell to customers, such as shows

20. Legal and professional services and fees

Sole proprietors can deduct fees related to legal or professional services as long as they are an ordinary and necessary expense for the business. You must need these services to conduct business in your industry. This includes fees related to preparing your business taxes for the year.

Business expenses you can’t deduct

You can’t deduct every business expense. The business expenses that you won’t be able to claim on your business taxes, according to the IRS Tax Guide for Small Business, include:

• Personal living expenses and purchases
• Charitable contributions
• Dues to clubs
• Activities considered purely entertainment
• Lobbying, bribes or political contributions
• Fines paid for breaking the law
• Payments and legal fees for sexual harassment cases if the case requires a nondisclosure agreement
• Federal income taxes

Bottom line

Businesses can take many tax deductions when filing their business taxes for the year, including deductions for travel, meal expenses, home office, rent, utilities, insurance and more. These deductions can help the business pay significantly less in taxes as it reduces its taxable income.

But be sure to consult a tax professional. Not all businesses can take deductions for every type of business expense. You’ll also want to consult IRS tax rules yearly, as the rules can change over time.

Frequently asked questions

What qualifies as a business write-off, how much can an llc write off, do you need an llc to write off business expenses.

Article sources

We use primary sources to support our work. Bankrate’s authors, reporters and editors are subject-matter experts who thoroughly fact-check editorial content to ensure the information you’re reading is accurate, timely and relevant.

Tax Guide for Small Business (For Individuals Who Use Schedule C) . IRS. Accessed on March 14, 2023.

About Form 1099-NEC . IRS. Accessed on March 25, 2024.

Question: Are business gifts deductible? . IRS. Accessed on March 14, 2024.

About Publication 463, Travel, Gift, and Car Expenses . IRS. Accessed on March 14, 2024.

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2023-2024 tax brackets and federal income tax rates

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10 Small Business Tax Deductions Worth Knowing

You can save money by writing off expenses such as insurance, travel, your home office and more.

10 Small Business Tax Deductions

Getty Images

For small business owners, there are a variety of tax deductions that can help them save money.

There's an old saying that it takes money to make money, and that's often the case for small business owners. It's common to incur expenses on everything from marketing and travel to supplies and insurance.

The good news is, you can write off a wide range of business expenses, and every deduction will help to reduce your taxable income.

Not sure where to start? Here are 10 small business tax deductions you don't want to miss.

1. Vehicle Expenses

If you use your car for business purposes, you might be able to deduct car-related expenses such as depreciation, toll payments, insurance, parking fees, registration fees, repairs and tires.

The IRS offers two ways to do so; using the standard mileage rate or deducting your actual car expenses.

If you opt for the standard mileage rate (65.5 cents per mile for tax year 2023), you calculate your deduction based on the miles you drive for business in a given tax year. If you opt for the actual car expenses method, you skip the mileage rate and itemize your actual car expenses.

"Whether you log miles for client visits, deliveries or business errands, the standard mileage rate can add up to significant deductions," Sean Lovison, a certified financial planner, CPA and the founder of Purpose Built, said in an email.

2. Travel Expenses

Travel expenses can be deductible if the purpose of a trip involves business. For example, if you're speaking at an industry conference out of town, you may be able to write off the:

• Cost of transportation to and from the conference.
• Transportation fares once you're at the destination.
• Baggage fees.
• Meals (50%).

The amount you can deduct, however, can vary based on the type of expense you're deducting and the percentage of the trip you spend on business activities. It's also important to note that a regular commute to the office won't qualify. "Commuting expenses are not tax deductible, even for business owners," Milla Liberson, an accountant, licensed tax expert and president of OnPoint Business Solutions, said in an email.

3. Home Office Expenses

Running your business from a dedicated space in your home on a regular basis can also qualify you for a deduction .

"If you have a dedicated workspace at home, the home office deduction can be one of small businesses's most powerful tax breaks," Lovison said.

You can opt for the simplified or actual expense deduction method. The actual expense method allows you to deduct direct expenses for the business part of your home in full. Plus, you can deduct a percentage of your home's overall expenses such as rent and utilities.

The simplified method, on the other hand, is when you multiply the square footage of the area you use for business, up to 300 square feet, by $5 to get your deduction.

4. Advertising and Marketing Expenses

Customers don't typically flock to a business unless it's promoting itself. Luckily, the IRS allows you to write off the money you spend bringing in and keeping customers. That said, your expenses have to pass the ordinary and necessary test.

"Spending money to get your business out into the world is an expense for almost every business," Christian Maldonado, CEO and founder of the US-based accounting firm Finsult, said in an email.

He explained that sometimes businesses use so many forms of marketing and advertising, that some of the expenses go under the radar.

"For example, tape with your business logo, online media buying, billboards, flyers, etc.," Maldonado said.

To avoid missing deductions , keep meticulous records of all of your advertising and marketing expenses throughout the year.

5. Work-Related Education Expenses

Have you been thinking about upskilling? You can write that off, too.

The IRS allows self-employed individuals to deduct expenses for education . The key requirement? The program has to help you maintain or improve the skills you need for your present work.

"Investing in yourself is investing in your business. The cost of courses, conferences and certifications directly related to your field can often be deducted," Lovison said. Deductible expenses can also include tuition, books, supplies, travel and certain transportation costs.

6. Insurance Premiums

Business insurance is also deductible. If you have policies in place that protect your business, you can generally deduct all the premiums you pay in a given tax year.

"Insurance is your safety net, and the premiums you pay for liability, professional indemnity and other essential business insurance policies are often tax-deductible," Lovison said.

7. Business Supplies and Materials

Supplies and materials are another deductible expense. For example, you can likely write off items such as paper, light bulbs, staples, printer cartridges, trash bags and cleaning products.

The key is that the items must be inexpensive, $200 or less, or consumed within a year. The IRS categorizes items that last longer or cost more as capital assets (which can't be deducted).

You can also deduct a variety of taxes that are directly attributable to your business. For example, state income tax on your gross business income, employment taxes you pay for employees, half of the self-employment tax and real estate taxes on business property can all be deductible.

9. Legal and Professional Fees

If you hire professionals to help you with different aspects of your business, such as an accountant or lawyer, you can deduct the ordinary and necessary fees they charge.

If the professional helps you with both business and personal matters, you can deduct only the fees for services related to your business.

10. Interest on Business Loans

Have you taken out a loan and used the proceeds on business-related expenses? If so, the IRS allows you to deduct the interest you paid on the loan during a given tax year.

However, if you use a loan for both business and personal expenses, the amount of interest you can deduct will depend on the percentage of the loan you use for your business. For example, if you spent 75% of a loan on your business and 25% on personal expenses, you could deduct 75% of the interest.

To ensure you deduct all you can and avoid mistakes, consider enlisting the help of a reputable tax professional.

"Tax laws are an ever-changing maze, and a seasoned tax advisor can guide you through it. Their expertise can maximize your deductions and ensure compliance," Lovison said.

How to Find a Reputable Tax Preparer

Liz Knueven March 25, 2024

Tags: money , personal finance , taxes , tax deductions , small business

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Compare the Top Cheap Life Insurance Policies

Affordable life insurance reviews, cheap life insurance frequently asked questions.

• Why You Should Trust Us

How to Pick a Life Insurance Policy that Fits Your Budget

Affordable life insurance: find the right life insurance for your budget.

Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate insurance products to write unbiased product reviews.

Life insurance is a great way to care for your family's short-term needs once you're gone. In the right circumstances, it can also be a retirement tool and build generational wealth for your descendants. Compare cheap life insurance options that fit your budget below. 

Best Cheap Life Insurance

• Ethos Life : Best for Guaranteed Coverage
• State Farm Life Insurance : Best for Customer Satisfaction
• Guardian Life Insurance : Best for Preexisting Conditions
• New York Life Insurance : Best for Whole Life
• Northwestern Mutual Life Insurance : Best for Customized Coverage
• USAA Life Insurance : Best for Military and Veterans
• Transamerica Life Insurance : Best for Foreign Nationals

Apply for life insurance online in just a few minutes with Ethos' simple application. No medical exams are required. Just answer a few health questions—many customers enjoy same-day coverage!

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. 100% online application process, quotes in minutes
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Coverage starts immediately once approved
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Term policies renewable up to age 94 for qualifying applicants
• con icon Two crossed lines that form an 'X'. No conversion options to turn term policies to whole life for no exam policies
• con icon Two crossed lines that form an 'X'. Whole life policy limits are lower

Bundling is standard, and agents often quote with multiple discounts.

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Best in JD Power customer service ratings
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Company offers a range of different insurance products to meet buyer needs
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Agents are knowledgeable about its products
• con icon Two crossed lines that form an 'X'. Life insurance products are conservative and limited
• con icon Two crossed lines that form an 'X'. Buyers may be subject to multi-year waiting periods before they qualify for full payouts on life insurance policies
• con icon Two crossed lines that form an 'X'. State Farm agents cannot offer alternative options if State Farm is unable to bind a life insurance policy

State Farm is one of the insurance industry's most prominent insurers offering auto, home, and other insurance. Bundling is standard, and agents often quote with multiple discounts. Its term, universal, and whole life insurance products are no exception.

• Life insurance products include term and permanent life
• Ranks highly for customer satisfaction

A++ (Superior)

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Offered nationwide
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Financial stability rating of A++ from AM Best
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No medical exam is available
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Unique coverage options like survivorship insurance and insurance for HIV applicants
• con icon Two crossed lines that form an 'X'. Although you can get an online quote, you will need an agent to purchase a policy
• con icon Two crossed lines that form an 'X'. Site pushes buyers towards term policies first
• Life insurance provider with online insurance calculator tool
• Survivorship insurance and no medical exam policy

Offers aggressive financial products and extensively trained agents.

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Strong life insurance options for financial planning and wealth building
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Policies available nationwide
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Knowledgeable life insurance agents
• con icon Two crossed lines that form an 'X'. May require a medical exam
• con icon Two crossed lines that form an 'X'. Buyers looking for more modest policies may not find the most competitive pricing

If you're preparing for a comfortable retirement or looking to build generational wealth, New York Life is one of the strongest options. If you have questions or genuinely want to understand your life insurance options, New York Life agents are among the most qualified professionals in the business.

• Life insurance provider with policies available across the US

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Strong financial stability rating
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. High customer satisfaction
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Company offers advising and financial planning
• con icon Two crossed lines that form an 'X'. No easy way to get a quote to compare prices
• con icon Two crossed lines that form an 'X'. Life insurance agents may not be able to effectively discuss the full range of available Northwestern Mutual life insurance products
• 5/5 for claims satisfaction according to JD Power
• Offers whole, universal, variable universal, and term life insurance policies

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Affordable pricing starting with $12/month on some policies
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. May offer coverage to military members other companies won't cover
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Offers term and permanent life insurance options
• con icon Two crossed lines that form an 'X'. 2 year waiting period for full benefits on some policies
• con icon Two crossed lines that form an 'X'. May focus on death benefits only more than other companies
• con icon Two crossed lines that form an 'X'. All permanent policies are underwritten and serviced by other companies, not by USAA
• USAA offers life insurance for the military, veterans, and the public.

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Available in all 50 states
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Wide range of life insurance products including term, universal, foreign nationals, and more
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Policies available for foreign nationals
• con icon Two crossed lines that form an 'X'. Can only be quoted and sold by licensed Transamerica life insurance agents
• con icon Two crossed lines that form an 'X'. Life insurance not available for certain high-risk clients

Best for Customer Satisfaction: State Farm Life Insurance

State Farm Life Insurance took the top spot in the most recent JD Power US Life Insurance Study. Its agents are well versed in its auto, home, life, and other insurance products, quoting with all applicable discounts, claims management, and more. State Farm sells several types of whole life policies ranging from a single premium option (for immediate protection) to a whole life policy with fixed payments. Adults between 50 and 80 may also qualify for a final expense policy with a $10,000 death benefit.

State Farm Life Insurance operates in all states except Massachusetts, New York, and Wisconsin. State Farm Life and Accident Assurance Company offers similar life insurance policies in New York and Wisconsin. Wherever you are within the US, quoting is easy, especially if you're already a customer.

Read our State Farm Life Insurance review here.

Best for Preexisting Conditions: Guardian Life Insurance

Guardian Life Insurance  offers easy online quotes in minutes with no insurance agent required. In addition, the company offers term policies as short as 10 years and as long as 30 years. It also provides whole, universal, and other life insurance products.

What sets Guardian Life apart from other life insurance companies is its unique HIV life insurance. Of course, conditions apply, such as a two-year history of antiretroviral therapy, no AIDS-defining illnesses, and an undetectable HIV viral load. Recently, the company has expanded this program to allow buyers up to age 65. Buyers with a history of IV drug use also have more flexibility as the company can offer coverage after seven years instead of the previous 10 years. The HIV plan is just one of the innovative life insurance products offered by a select few life insurance providers, including Guardian Life.

Read our Guardian Life Insurance review here.

Best for Guaranteed Coverage: Ethos Life Insurance

Ethos Life  is known for its efforts to work with difficult-to-insure populations. The company offers easy online quotes and term and permanent life insurance options. It also has guaranteed issue policies, meaning guaranteed acceptance if you fall between predefined age limits. At this time, all guaranteed issue policies with Ethos are whole life policies. While some companies may offer no medical exam term life insurance , issuance requires underwriter review.

Ethos' guaranteed coverage plans can offer death benefits up to $25,000 for applicants between 65 and 85. Guaranteed plans primarily cover funerals and other final expenses. If you're seeking a higher death benefit, Ethos offers whole, term, and no medical exam policies. Its monthly premiums start at just $7 per month, but interested customers should get a quote on their preferred life insurance plan to nail down exact premiums.

Read our Ethos Life Insurance review here.

Best for Whole Life: New York Life Insurance

New York Life Insurance  specializes in multi-million dollar investment policies great for retirement planning with term, whole, and universal life insurance options . However, it does not provide online quotes. In addition, New York Life insurance agents complete extensive training to answer all questions about its policies and help buyers identify the right policy. New York Life agents can add riders to customize plans to meet your needs. Even with some of its smaller policies, policyholders may earn dividends.

Read our New York Life Insurance review here.

Best for Customized Coverage: Northwestern Mutual Life Insurance

Northwestern Mutual Life Insurance  temporarily unseated State Farm as the top life insurance company in customer satisfaction. While it may not top JD Power's rankings currently, the company continues to offer easy quoting, strong customer service, and a streamlined process overall. Northwestern Mutual also allows buyers to utilize diverse riders to customize plans to meet their needs.

Adding a rider to protect your life insurance benefits if you're sick and can't make payments is just one of the affordable life insurance riders offered by Northwestern Mutual. Working with a qualified life insurance agent is the best way to ensure you can customize your plan to meet your needs.

Read our Northwestern Mutual Life Insurance review here.

Best for Military and Veterans: USAA Life Insurance

USAA Life Insurance is available to buyers with no connection to the military, though USAA as a whole has become synonymous with financial services for veterans. What makes it unique is its life insurance policies are open to active-duty military members. Outside of SGLI (servicemember's group life insurance), many life insurance companies restrict coverage for military members in specific ways. SGLI may be generous while you're involved with the military. But once you separate, the coverage would no longer be available.

USAA offers whole life insurance policies with expedited coverage for deployed soldiers. It also provides severe injury benefits and coverage for wartime. One key selling point for veterans is USAA guarantees SGLI replacement when separating from the military.

Read our USAA Life Insurance review here.

Best for Foreign Nationals: Transamerica Life Insurance

Transamerica Life Insurance  (AEGON) offers life insurance limits of up to $10 million with many universal life insurance policies and other permanent options. Visa holders can also buy plans with Transamerica. When evaluating your risk class, some restrictions may apply depending on the country of origin.

Transamerica has decades of history in the life insurance market. It also reports faster underwriting and processing times than its competitors. If you're interested in life insurance with Transamerica, we recommend contacting an agent. It offers limited quotes online, but many of the best policies are only sold through licensed insurance agents.

Read our Transamerica Life Insurance review here.

The average cost of life insurance is $40-$55 a month. Keep in mind that your monthly premium will vary depending on the type of policy you purchase and how much coverage you select.

The cheapest life insurance is term life insurance. Term life insurance policies only last for a set amount of time (usually 10 to 30 years) and they don't accrue any cash value like whole life policies do. Read our guide to the best term life insurance companies to learn more.

Your life insurance will be cheaper the younger you are. As you age, the probability that your insurer will have to pay out on your policy rises and therefore, your premium will be higher.

Term life insurance is generally the cheapest type of life insurance, but it's the cheapest for a reason: It expires after a set term. You can buy a 30-year term life insurance policy, but if you outlive the policy, your relatives won't receive any payout when you die.

Why You Should Trust Us: How We Chose the Cheapest Life Insurance

We look beyond the obvious factors like online quote calculators and affordable pricing to see what life insurance companies offer. Our life insurance ratings methodology reflects aspects including:

• Customer satisfaction (as rated by JD Power)
• Financial stability (as rated by AM Best)
• Policy types offered
• Average monthly premiums/affordability
• Waiting periods required for complete life insurance benefits
• Exclusions that would prevent you from getting life insurance with the company being reviewed
• What you can expect from life insurance agents who quote a company's policies
• How available are a company's life insurance products? (is it licensed to sell life insurance in all 50 states and Washington, DC?)
• How ethical company practices are measured by recent controversies, charitable activities or donations, etc.

We recommend starting with online research if you want a life insurance plan. You can get quotes online if you want a plan to cover funerals and other limited costs. But first, decide what you want your life insurance plan to do, how much you can afford to spend each month, etc.

Next, we recommend talking to at least one licensed insurance agent. Some of the best life insurance products can only be quoted or sold through a licensed insurance agent. Ask questions about the things you don't understand. Let an agent help you calculate the ideal benefit for your needs. Ask which riders customers add to the policies you're looking at, and compare three life insurance quotes.

Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards .

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

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• Main content

Small Business Trends

Ride the boom: how to start a home inspection business.

The real estate market is continuing to boom, and with it comes the need for home inspection business owners.

The best home inspectors have a blend of characteristics. They must have an entrepreneurial spirit, technical skills, expansive knowledge of house systems and construction, and meticulous attention to detail.

The home inspector is a key component of the real estate sales system. It plays a pivotal role in communications between real estate agents, and in assisting buyers in making informed decisions about the purchase of a property, and its price.

Starting Your Own Home Inspection Business: Key Steps

These are the key steps you should take in starting your own home inspection company. We’ll tell you everything you need to know, from crafting a business plan and handling startup costs to marketing and growing the business.

What Do Home Inspectors Do?

Home inspectors play a crucial role in the real estate process, offering services that provide potential buyers, sellers, and property owners with essential information about a property’s condition. Their tasks typically involve a detailed examination of various aspects of a property to ensure its safety, functionality, and overall condition. Here’s a more in-depth look at what home inspectors do:

• Assess Structural Integrity : Inspect the foundation, walls, floors, roof, and other structural components to identify signs of damage, deterioration, or potential failures that might affect the property’s safety and value.
• Evaluate Systems and Components : Examine the property’s essential systems including electrical, plumbing, heating, ventilation, and air conditioning (HVAC) systems to ensure they are installed correctly and functioning as intended.
• Inspect Exterior Elements : Check the exterior of the property, including siding, windows, doors, decks, balconies, and other attached or detached structures to identify any issues that could lead to problems or require maintenance.
• Review Interior Conditions : Evaluate the condition of interior elements such as ceilings, walls, floors, stairs, and installed fixtures to detect any signs of water damage, mold, pests, or other interior deficiencies.
• Examine Insulation and Ventilation : Inspect insulation quality and ventilation efficiency in attics, crawl spaces, and other areas to ensure proper temperature regulation and moisture control within the property.
• Descriptions of Deficiencies : Clearly describe any issues found during the inspection, specifying the location and nature of each problem.
• Photographic Evidence : Include photographs of noted deficiencies to provide a visual reference that supports the findings in the report.
• Recommendations for Repairs or Further Evaluation : Suggest necessary repairs or recommend further evaluation by specialists (like a structural engineer or a licensed electrician) for more complex issues.
• Provide Maintenance Advice : Offer guidance on regular maintenance practices that can help prevent future issues and ensure the property remains in good condition.

Home inspectors must navigate a fine balance between thoroughness and practicality, ensuring they provide valuable, actionable information without unnecessarily alarming clients. Their reports can significantly influence buying decisions, making their role critical in the real estate transaction process.

Obtaining Certifications and Training

Acquire relevant certifications and training from recognized organizations to ensure credibility and competence in the field of home inspection. For instance, the components of a home include electrical, plumbing, foundation, roof, heating/cooling systems and more.

The standard for home inspector certification is with the ASHI Certified Inspector (ACI) program. The ASHI certification program establishes a minimum and uniform standard of practice for home inspectors practicing in the United States and Canada. Home Inspections performed to ASHI Standards of Practice are intended to provide the client with objective information regarding the condition of the systems and components of the home as inspected at the time of the home inspection.

You may also require business certifications to operate in your area. For example, you may incorporate a business or look into creating a business entity like an LLC. Then research business licenses and permits specific to your state and community.

Home Inspection Business Plan

Develop a comprehensive business plan outlining your goals, target market, services offered, pricing strategy, and marketing approach to guide your business operations. You should also choose a business structure, which typically is the Limited Liability Corporation, or LLC.

Home Inspection Business Startup Costs

Starting a home inspection business involves various initial costs that are essential for setting up a professional, reliable service. So how much does it cost to start a business in this industry? These costs can vary widely depending on the region, the scale of the business, and the specific services offered. Here’s a breakdown of the potential startup costs you might encounter:

• Inspection Tools : Moisture meters, infrared cameras, electrical testers, gas leak detectors, flashlights, and ladders.
• Safety Gear : Protective clothing, respirators, gloves, and safety glasses to ensure safety while inspecting potentially hazardous areas.
• Software : Inspection reporting software to create professional reports for clients.
• General Liability Insurance : Protects against claims for property damage or injury that occur as a result of your inspection services.
• Errors and Omissions (E&O) Insurance : Covers legal fees and damages if a client claims a missed or inaccurate inspection report led to financial loss.
• Branding : Costs for logo design, business cards, and branded clothing.
• Website : Development and hosting costs for a professional website to showcase your services and contact information.
• Advertising : Online and traditional advertising costs, including social media, local newspapers, and real estate publications.
• Education and Training : Costs for courses and exams necessary to meet licensing requirements.
• License Application Fees : Fees associated with applying for and renewing your home inspection license.
• Vehicle Purchase or Lease : If you don’t already have a suitable vehicle, you’ll need to acquire one that can transport your equipment and present a professional image.
• Maintenance and Fuel : Regular maintenance and fuel costs to ensure your vehicle remains reliable.
• Membership Fees : Annual fees for memberships in professional home inspector associations.
• Continuing Education : Costs for ongoing education to maintain your license and stay updated on industry standards and practices.

When planning your startup budget, it’s essential to account for these costs to ensure you have the financial resources needed to launch and sustain your home inspection business successfully. It’s also wise to set aside some contingency funds to cover unexpected expenses as you get your business off the ground.

Setting Up a Business Bank Account for Your Home Inspection Business

Establish a separate business bank account to manage your finances effectively and maintain clear separation between personal and business expenses. Your local financial institution or chamber of commerce should be able to walk you through how to open a business bank account .

Navigating Self-Employment Taxes

Unless you are hired by a company to work as a home inspector, if you work for yourself you must pay self employment taxes. Familiarize yourself with the tax obligations and responsibilities associated with being self-employed, including income tax, self-employment tax, and potential deductions.

How to Market a Home Inspection Business

Marketing is an essential part of learning how to start a business in this industry. Develop a marketing strategy to promote your services, utilizing online platforms, networking, referrals, and targeted advertising to reach potential clients.

Building Your Client Base for a Successful Home Inspection Business

Building a client base is crucial for the success of a home inspection business. Establishing strong relationships with real estate agents, offering exceptional service to create word-of-mouth referrals, and leveraging online marketing strategies are key steps to attract and retain clients. Providing thorough, reliable inspections and clear, detailed reports can set the foundation for a positive reputation in the industry.

To effectively build a client base, consider the following strategies:

• Attend local real estate events and meetings.
• Offer to give presentations or workshops on home inspection topics.
• Be punctual, professional, and thorough in every inspection.
• Follow up with clients to ensure their satisfaction and address any concerns.
• Develop a professional website showcasing your services, qualifications, and customer testimonials.
• Utilize social media platforms to engage with potential clients and share useful content related to home maintenance and inspections.
• Encourage satisfied customers to refer others by offering discounts or other incentives.
• Become an active member of local business associations and chambers of commerce to increase your visibility in the community.
• Stay updated with the latest inspection techniques and regulations to enhance your expertise and credibility.

By implementing these strategies, you can steadily grow your client base, enhancing the longevity and success of your home inspection business.

Home Inspection Business Cards

Create professional business cards that include your contact information, services offered, and branding to leave a lasting impression on potential clients.

Home Inspection Business Names

Choose a memorable and descriptive name for your home inspection business that reflects your brand identity and resonates with your target market.

Scaling and Growing Your Business

Explore opportunities for expansion and growth, such as hiring additional inspectors, offering specialized services, or expanding into new geographic areas.

Building Your Home Inspection Business

Scaling a home inspection business involves expanding its capacity and reach to serve more clients and increase revenue. This expansion requires strategic planning, investment in resources, and the implementation of systems to ensure quality and efficiency as the business grows. Key steps include diversifying services, hiring additional inspectors, leveraging technology for efficiency, and enhancing marketing efforts to reach a wider audience.

To successfully scale your home inspection business, consider these strategies:

• Recruit and train additional inspectors to increase your business’s capacity to take on more inspections.
• Expand your service offerings to include specialized inspections, such as radon, mold, or thermal imaging, to cater to a broader market.
• Invest in advanced inspection software and tools to improve the efficiency and quality of your inspections.
• Use customer relationship management (CRM) software to manage client interactions and streamline operations.
• Develop targeted marketing campaigns to reach new customer segments.
• Increase your online presence through SEO, content marketing, and social media engagement.
• Form strategic partnerships with real estate agencies, lenders, and insurance companies to generate referrals and expand your network.
• Strengthen your brand identity and ensure a consistent, high-quality customer experience across all touchpoints.
• Encourage continuous learning and professional development for yourself and your team to stay ahead of industry trends and standards.

By carefully executing these strategies, you can effectively scale your home inspection business, leading to increased profitability and a more substantial market presence.

Launching Your Home Inspection Business

Officially launch your home inspection business by implementing your marketing strategies, securing clients, and delivering high-quality inspections to establish your reputation in the industry.

FAQs: Home Inspection Business

How much do home inspectors make.

Is a home inspection business profitable? Yes. Inspector salaries vary depending on factors such as location, experience, and the number of inspections conducted. On average, home inspectors in the United States earn between $50,000 to $80,000 per year.

What are the pros and cons of being a home inspector?

• Flexible schedule: Home inspectors often have the flexibility to set their own hours and work independently.
• High demand: With the real estate market constantly active, there is a consistent demand for home inspection services.
• Opportunities for growth: As you gain experience and build your reputation, there are opportunities to expand your business and increase your income.
• Physical demands: Home inspection work can be physically demanding, requiring crawling into tight spaces and climbing ladders.
• Liability: Home inspectors may face liability risks if they miss significant issues during inspections, leading to potential legal challenges.
• Irregular income: Income as a home inspector can be variable, especially during slow periods in the real estate market.

Why do some home inspection businesses fail?

Many home inspection businesses fail due to lack of marketing and networking. Failure to effectively market services and build a client base can result in a lack of business.

Here are the other main reasons:

• Inadequate training and qualifications: Insufficient knowledge or certifications may lead to subpar inspections and damage the business’s reputation.
• Poor customer service: Failing to provide excellent customer service and address client concerns can lead to negative reviews and loss of business.
• Financial mismanagement: Mismanaging finances, underestimating startup costs, or failing to plan for slow periods can lead to financial difficulties and business failure.

What are the key factors in building a successful business in home inspection?

A successful home inspection business is known for its exceptional service: Providing thorough and high-quality inspections, accompanied by excellent customer service, is crucial for building a positive reputation and securing repeat business.

Here are other factors for success:

• Marketing and networking: Effective marketing strategies, including online presence, networking with real estate professionals, and word-of-mouth referrals, are essential for attracting clients.
• Continuous learning: Staying updated on industry trends, regulations, and best practices through ongoing education and training helps maintain credibility and competence.
• Strong business management: Proper financial management, including budgeting, pricing strategies, and maintaining professional standards, is essential for long-term success. Create these systems on your own, or consider a home inspection franchise that will provide these tools as you get started.

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General Liability Insurance: What It Is, Best Options for Small Businesses

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Table of Contents

Best general liability insurance providers

How general liability insurance works, what businesses need general liability insurance, general liability insurance costs, general liability insurance policy limits, other business liability insurance coverage you might need.

General liability insurance is a kind of business insurance that helps protect a business financially if it harms or is accused of harming a person or their property.

Businesses of all sizes, from sole proprietors to corporations, typically need commercial general liability insurance coverage. All major commercial insurance companies sell business liability insurance, either on its own or as part of a business owner’s policy .

Here are some of the best options for small-business owners to get general liability insurance, as well as how it works and additional details on coverage.

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All business insurance providers typically sell general liability insurance. The best providers let you get a quote and purchase a policy online so you can get the coverage you need fast. NerdWallet recommends getting quotes from several different providers so you can find the best coverage at the best price.

Best for: Buying a business owner’s policy.

Chubb’s BOP is available online to businesses with less than $1 million in revenue. In addition to business interruption insurance, Chubb’s policy includes extra expense coverage, which could help buoy your business as you recover from an accident or disaster. Chubb also had fewer complaints about general liability insurance filed with state regulators than expected given its market share, according to NerdWallet's analysis. Read NerdWallet’s review of Chubb small-business insurance .

Next Insurance

Best for: Buying general liability insurance online.

If you need general liability insurance quickly, you can get a quote and buy a policy online in minutes from Next. The company says its general liability insurance policies start at $11 per month, and product liability coverage is included. Read NerdWallet’s review of Next business insurance .

Best for: Liability coverage for a specific event or temporary period.

Thimble offers general liability insurance by the month or for individual events, making it a good option for businesses who want coverage mainly to comply with contractual requirements. The company says it sells policies starting at $17 per month. Read NerdWallet’s review of Thimble business insurance .

Best for: Industry-specific business insurance.

Nationwide earned top marks for customer satisfaction in J.D. Power’s 2023 Small Commercial Insurance Study. [0] J.D. Power . 2023 U.S. Small Commercial Insurance Study . View all sources In addition to general liability insurance, Nationwide offers specialty coverages like surety and fidelity bonds, which may be important for construction companies, cleaning businesses and other specialty firms. You can get a quote online, but you’ll have to work with an agent to buy a policy. Read NerdWallet’s review of Nationwide business insurance .

The Hartford

Best for: Working with a business insurance agent.

Business insurance agents get to know your company and can shop around for the coverage you need. If you’d rather work with a professional than buy insurance on your own, start by getting a quote from The Hartford. You can get a quote for general liability insurance and other types of coverage online, then connect with a business insurance agent near you . Read NerdWallet’s review of The Hartford business insurance .

Best for: Businesses that need professional liability insurance, too.

Hiscox offers general liability insurance, like all business insurance companies. But if you give advice to clients for a fee, you should have professional liability insurance, too. Hiscox’s policies cover work done anywhere in the world. You can get a quote for and buy both types of liability insurance online. Read NerdWallet’s review of Hiscox business insurance .

Commercial general liability insurance policies can pay out in cases of:

Third-party bodily injuries that occur on your property or as a result of an interaction with your business or employees. (This does not include injuries sustained by employees.)

Third-party property damage, or damage to someone else’s property caused by your business or its employees.

Personal and advertising injury. If your business says something publicly that prompts someone else to sue you for copyright infringement, libel or slander, general liability coverage can pay for your legal expenses and damages.

Specifically, general liability insurance covers your legal costs if someone accuses your business of causing these kinds of harm. It can also cover medical payments for injuries that happen on your property, regardless of whose fault the injury was or whether a legal claim is filed.

General liability insurance policies also typically include some product liability insurance coverage, which provides protection against claims that a product your business manufactured, delivered or sold caused harm to a person or property.

NerdWallet recommends that all businesses carry general liability insurance. It provides a baseline level of protection that can keep your business afloat if you’re sued.

General liability insurance is not required usually by law. But your landlord, client or contractor may insist on it before they’ll work with you. That’s because if you’re responsible for an accident or injury but don’t have insurance coverage of your own, your landlord or client’s insurance policy may have to cover the costs — driving up their future premiums.

In order for general liability insurance to cover you, you’ll need to have a policy in place at the time an accident happens. Some policies provide retroactive coverage even after you stop paying premiums, though.

» MORE: Does your business need insurance?

When to consider a business owner’s policy

General liability insurance is often packaged with business property insurance and business income insurance in a business owner’s policy. You may need those other types of coverage if:

You rent space or own a building.

You’ve invested in inventory or costly equipment.

A disaster or accident would force your business to close, cutting off revenue.

If you need business property and business income insurance, a BOP is a good choice that may help you save money.

General liability insurance has a median premium of $42 per month, according to insurance marketplace Insureon.

But general liability insurance costs can vary widely depending on what your company does, where you’re located, how many employees you have and whether you have prior claims. For instance, Next says a yoga teacher pays a median monthly premium of $15, whereas general liability insurance for contractors comes with a monthly bill of $88.

General liability insurance policies typically include two numbers: the per-occurrence limit and the aggregate limit. The higher your limits, the more expensive your premiums will typically be.

The per-occurrence limit is the maximum amount the insurance company will pay out for a single claim. A typical general liability policy includes a per-occurrence limit of $1 million, which includes both legal and settlement costs.

The aggregate limit is the total amount the insurer will pay out in a single year. A typical general liability policy includes an aggregate limit of $2 million. The aggregate limit refreshes every year if you have an occurrence-based policy.

Businesses often need several types of business insurance . Typically, general liability insurance does not protect business owners in cases of:

Harm that results from inadequate performance. Instead you’ll need professional liability insurance , also called errors and omissions insurance . This coverage can protect a business that performs a service — think accountants, lawyers, doctors and architects — if they’re sued by a client who thinks they were negligent or made a mistake that resulted in harm.

» MORE: General liability insurance vs. professional liability insurance

Injuries your employees suffer on the job. The part of a general liability policy that covers bodily injury liability only applies to third parties, not to employees. Instead, workers’ compensation insurance pays for medical costs, physical therapy and lost wages while an employee recovers from a workplace injury.

» MORE: General liability insurance vs. workers’ compensation insurance

General liability insurance is coverage that protects your business if you or your employees are accused of injuring a third party, damaging their property or harming their reputation.

General liability insurance covers legal and settlement costs if a third party sues you for bodily injury, property damage, copyright infringement, libel or slander. It can also cover medical expenses for third parties injured on your property or in the course of operating your business.

General liability insurance has a median cost of $42 per month, according to insurance marketplace Insureon. But coverage may be cheaper for low-risk businesses: Next’s policies start at $11 per month, and Thimble sells policies starting at $17 per month, according to those companies.

In general, all businesses should have general liability insurance. It’s not typically required by law, but the business that hired you as a contractor, your clients or your landlord may insist that you carry it.

Business insurance ratings methodology

NerdWallet’s business insurance ratings reward companies that offer small-business owners reliability and ease of use. Ratings are based on weighted averages of scores in several categories, including financial strength, customer complaint data, shopping experience and customer service. Learn more about how we rate small-business insurance companies .

These ratings are a guide, but insurance policy details and prices can vary widely from business to business and provider to provider. We encourage you to shop around and compare several insurance quotes.

NerdWallet does not receive compensation for any reviews. Read our editorial guidelines .

Insurer complaints methodology

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2018-2021.

To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period.

Our star ratings consider ratios for both general liability insurance and commercial property insurance. When an insurer sells policies that are underwritten by several different insurance companies, we consider the NAIC complaint ratios of all the underwriters.

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Landscapers & Landscaping Companies in Pushkino

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Featured Reviews for Landscapers & Landscaping Companies in Pushkino

• Reach out to the pro(s) you want, then share your vision to get the ball rolling.
• Request and compare quotes, then hire the Landscape Contractor that perfectly fits your project and budget limits.

Landscapers are professionals who provide a range of services to enhance and maintain outdoor spaces. They may collaborate with landscape architects or designers who handle the initial conceptualization and detailed planning of landscape projects. Here is an overview of what landscapers can do for you in Pushkino:

• Designing outdoor spaces to enhance their appearance and functionality.
• Choosing and planting various plants, trees, and flowers.
• Building pathways, patios, walls, and fences.
• Creating and installing water features like fountains, ponds, or waterfalls.
• Designing and installing irrigation systems for efficient watering.
• Adding lights to improve the aesthetics and safety at night.
• Maintaining lawns through mowing, fertilizing, and weed control.
• Decorating outdoor spaces with seasonal plants and decorations.
• Upgrading and improving existing landscapes.
• Artificial Grass Installation
• Brush Clearing
• Custom Fire Pits
• Custom Water Features
• Drought Tolerant Landscaping
• Hardscaping

Tipping your landscaper is a thoughtful way to appreciate their hard work. While not mandatory, it fosters a positive relationship. The recommended tip ranges from $15 to $50 per person, depending on the size of work and service quality. Consider your budget, job complexity, and any company tipping policies. For the usual amount in Pushkino in your neighborhood, you could ask neighbors or the company representatives.

What does a Pushkino landscape contractor do?

Questions to ask a prospective exterior landscaping companies in pushkino, moscow oblast, russia:.

If you search for Landscape Contractors near me you'll be sure to find a business that knows all about the latest trends and styles for outdoor spaces, ensuring garden aesthetics, human enjoyment, safety, and ecosystem-plant community sustainability.

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