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Insurance and Bonding for Small Businesses

Table of contents, why do small businesses need to be insured and bonded, "bond insurance", what does it mean to be "bonded" for a small business, primary industries that need surety bonds, how to get surety bonds for small businesses, what does it mean to be "insured" for a small business, common small business insurance policies.

Bonds and insurance are two ways for small businesses to protect against financial losses and manage risk. 

For most industries, the required bonds are called surety bonds. Surety bonds are three-party agreements where there is a principal, an obligee, and a surety:

• The principal is you or your small business. You purchase the surety bond.
• The obligee is whoever requires you to purchase the bond. The obligee could be the state or local government for your business's location. A client or customer of your business could also be the obligee.
• The surety is the company you purchase the surety bond from. It is usually either a specialized surety agency or an insurance company.

On the other hand, insurance is coverage from a company that protects you against specific claims and risks. Insurance policies are two-party agreements between your small business and the insurance company. This contract guarantees that if there are any claims against your business, your insurance company can cover a certain amount of that cost. 

Opening almost any business requires you to be bonded and insured. However, being bonded and insured is often confused with the phrase "bond insurance" or "bonding insurance." This phrase comes from the mistaken belief that you can purchase your bond and insurance together and that bonds are the same as insurance. Surety bonds are very similar to insurance and are a subset of insurance. Still, it is essential to differentiate the two. Surety bonds differ from bonds, and you should be aware of the differences, especially when you want to obtain the relevant licenses for your small business. 

The following sections will explain bonding vs. insurance and how you can be bonded and insured as a small business. 

You have a "bonded" small business when you have purchased a surety bond that lists your business as the principal. It's important to note that not all types of businesses require surety bonds. Typical businesses that require surety bonds include:

• Various construction contracting businesses
• Auto dealer businesses
• Freight brokers

As stated above, a surety bond is a three-party agreement between a principal, an obligee, and a surety. Surety bonds guarantee that a business will complete the work promised in a contract. They also provided financial protection to business customers should they be harmed by poor business practices. Suppose you run a contracting business and fail clean up after a job. In this case, a client can file a claim against your surety bond. The surety company would investigate the claim, and if it's valid, they will pay the client for damages up to the bond amount. The surety would then afterward seek repayment from you, the principal.

Your small business may need to get a surety bond due to one or more of the following reasons: 

• Meet the legal requirements to obtain a license allowing your business to operate.
• Protect your reputation if something goes wrong with your client and business.
• Show clients your business is trustworthy and can perform accordingly to the contract.

Three primary industries require you to obtain surety bonds to open a business in that industry. Although a large variety of industries require surety bonds, these industries are the ones that most frequently require the bonds to obtain a license in that profession. 

Motor Vehicle Dealer Industry

The motor vehicle dealer industry involves businesses that sell, manufacture, distribute or dismantle new and used vehicles. 

Surety bonds in the motor vehicle industry are usually only required when obtaining a professional license. The most common one is the motor vehicle dealer bond or auto dealer bond. These surety bonds are typically required to obtain a motor vehicle dealer license. They guarantee the business will follow the laws regulating motor vehicle dealers. The state's motor vehicle department sets the bond amount. Different types of auto dealers may require different bonds. The bond requirement is set by the secretary of state. 

Construction Industry

In the construction industry, there are two main types of surety bonds. Contractor license bonds to help contractors get their professional license; and contractor bonds that help contractors bid on projects and satisfy legal requirements for won contracts. 

Contractor License Bonds

• Various Contractor License Bond: A contractor license bond is required for contractors to obtain their state/county contractor license. This allows them to operate their business in the county or state where they obtain their license. The bond guarantees that contractors will follow local laws
• Financially Responsible Officer (FRO) Bond: Florida, Illinois, and Kentucky require this bond. This bond guarantees that there will be a "financially responsible officer" in your business who holds the company responsible for engaging in lawful and ethical actions. 

Contractor bonds (generally only required for large projects) 

• Performance bonds: A bond that provides compensation when a contractor fails to complete a job according to standards
• Bid bonds: A bond that provides compensation when a contractor fails to uphold a bid
• Payment bonds: A bond that provides compensation when a contractor fails to make payment to other parties involved in the project
• Supply bonds: A bond that provides compensation if a supplier fails to produce materials needed for a job
• Maintenance bonds: A bond that provides compensation if a contractor fails to maintain a project from detects
• Subdivision bonds or improvement bond: A bond required for contractors working on government contracts related to subdivision projects (projects on divided plots of land with homes for sale)  

Transportation Industry

Since the transportation industry is so diverse, various types of surety bonds exist. Most of these bonds are required for your business to obtain a professional license. 

The freight broker bond (BMC-84) is a surety bond that guarantees that a freight broker business will fulfill all its contractual and legal obligations. All BMC-84 bonds have a required bond amount of $75,000. This is a required step in obtaining a freight broker license. 

The overweight and oversize permit bond is a surety bond that guarantees freight carriers above a specific size or weight comply with all regulations and pay for all damages caused to streets and highways. This bond is usually required when applying for an oversized load permit.

The driving school bond is a bond that guarantee driving schools provide driver education in a manner that complies with all local DMV requirements. For some states, the driving school surety bond guarantees a refund of the customers' tuition if the school closes before lessons begin. 

The household goods carrier bond (or passenger carrier or broker bond) is a surety bond for moving services, and group passenger transportation services (like ride-shares) will fulfill all contractual and legal obligations. 

Surety bonds are typically acquired through a licensed surety broker who can shop around for you to get the best prices. As a broker licensed in 50 states, SuretyNow is here to help. Our procedure is straightforward - our intake form takes 3 minutes. Typically, we respond to our clients with quotes within 30 minutes during work hours.

To be "insured" for a small business means that you have purchased insurance. Insurance protects your small business from paying out of pocket if clients bring claims against you. You create an insurance policy with your insurance company, so if a client files a claim against you, the insurance company pays for damages instead of you. 

Below are the most common types of insurance you may need to obtain when you start your new business. This isn't an exhaustive list of the insurance you need. 

Business Owner's Policy

The business owner's policy is an insurance package that combines all typical coverage options. It simplifies buying because you can obtain most of your required insurance in one go. Most small business owners choose this option.

General Liability Insurance

General liability insurance protects your business and assets from lawsuits involving negligence, injury, property damage, slander, and other similar mistakes. 

Workers' Compensation Insurance

Workers' compensation insurance is required by most states when you apply for a professional license to operate your business in that state. This insurance helps to compensate employees of your business for work-related expenses caused by injuries or illnesses. This insurance pays for your employee's medical bills, rehabilitation, and lost wages if work-related circumstances cause injury or illness.

Professional Liability Insurance

Professional liability insurance exists to protect you and your business if you are negligent in the professional services you provide to a client, even though you did not make a mistake. 

Data Breach Insurance

Data break (or cyber) insurance covers expenses caused by technology-related risks like a data break or a cyber attack. If your business relies heavily on technological data to run, protecting your information with this insurance is vital.

Bonding and Insurance for Small Businesses: What You Need to Know

Any consumer who has done a little research has been told that they should only work with insured, bonded, and licensed companies. However, meeting all those qualifications is only required for some businesses in specific industries. Therefore, a company might meet none, some, or all depending on industry requirements.

Bonding and insurance for a small business help protect your company from monetary losses when something unexpected occurs. In addition, it can show customers and clients that you are a legitimate and reputable business. Of course, a bond is different from insurance, but both can be important to future success.

The difference between bond and insurance for a small business

What is small business insurance, what does bonded mean in business, reasons to get bonded and insurance coverage for a small business.

• Do I need both a bond and insurance for a small business?

Most small businesses will choose an insurance policy to protect against unexpected lawsuits and losses. The company pays a premium to the insurance company, and in return, they are given assurance that they won’t need to pay large sums of money on their own to handle things like court costs, attorney fees, and damages.

On the other hand, a surety bond offers protection if a client claims you did not complete work or provide satisfactory services. It also can be used to help protect from accusations of fraud and theft or otherwise failing to comply with regulations and laws.

Within bond and insurance for a small business, insurance is the most common. General liability is often purchased as a form of protection, no matter what industry a company works in. This coverage protects against damage or injuries to someone or their property. Learn more at the best general liability insurance companies and the cheapest general liability insurance companies .

Many small businesses also have professional liability insurance (which is also known as errors and omissions or E&O insurance ). This is used to cover potential lawsuits stemming from complaints about negligence or providing less than professional work. Learn more at the best professional liability insurance companies and the best E&O insurance companies .

There are several other insurance policies that a small business might choose to pay for, such as:

• Worker compensation insurance : Your general liability insurance covers injuries to clients, customers, and passers-by that happen on your business property. However, it doesn’t cover employees injured while on the job.  You’ll need  workers’ compensation insurance  for that.  Learn more about  the best workers comp insurance companies  and  the cheapest workers comp insurance companies .
• Commercial auto or business vehicle insurance:  If a business-owned truck, van, car, or other vehicle is damaged in an accident while being used for work related purposes, your personal auto policy wouldn’t cover it.  You’ll have to buy  commercial auto insurance  for that protection.  Learn more about  the best commercial auto insurance companies  and  how to find cheap commercial auto insurance .
• Crime or theft:  If an employee commits a crime against your business or steals from it, general liability will not make your business whole.  You will have to purchase employee dishonesty insurance.
• Cyber insurance:  If your business data is lost, compromised, or stolen, your business general liability coverage won’t pay for related costs.  Cyber security insurance  covers those losses.  Learn more about  the best data breach insurance companies  and  the best cyber insurance companies .
• Commercial property insurance : General liability covers third party property damage, but it doesn’t cover damage to your business property, including buildings, equipment, or merchandise.  You’ll need  commercial property coverage  for this.  Learn more at  the best commercial property insurance companies .
• Commercial umbrella insurance : This provides additional coverage over your policy’s limits. This is the extra protection that small businesses facing costly risks should consider. If your small businesses provide services to bigger corporations, for example, commercial cleaning service, they might require you to have this coverage anyway. Learn more at the best commercial umbrella insurance companies .

Every industry is different, so it’s essential to understand which insurance policies are needed for the work your company does. Once that’s done, you can compare insurance companies or go through a broker to get an idea of what your options are.

Learn more at our comprehensive guide of the 15 types of business insurance coverages .

A surety bond focuses on three different parties. That includes the principal, or the business that is buying the bond, the obligee, or the client who has requested a bond be purchased, and the surety, or the company that does the underwriting for the bond.

Much like professional liability insurance, these bonds are in place to avoid problems with claims of negligence. However, there is a difference between the two. When selecting a bond and insurance for a small business, the surety for the bond expects that you reimburse them financially if they need to pay a claim for your business.

Here’s an example: Let’s say a client asks a business in cable installation to wire their new office. They want a bond as a part of the contract. As the job goes on, the manager ends up resigning and the project is never finished.

At that point, the client can file a claim for whatever it would cost to hire someone else to finish things. The surety or the company that underwrote and issued the bond will pay for the claim.

The requirements for bonds vary based on state and are used in several industries. For instance, these are some of the most common bonds:

• Construction bonds – commonly used by construction companies. Many clients would require construction companies to be bonded before signing the contract. Construction companies need several insurance coverages in addition to being bonded.
• Janitorial bonds – commonly used by cleaning companies, both residential and commercial cleaning companies. Learn more about insurance coverages that cleaning companies need .
• Fidelity bonds

Having a bond and insurance for a small business provides a number of advantages to you and your company. In most cases, the cost of the premium is tempered by the protection and security that these items provide to you. Below are a few of the ways that bonding and insurance can assist your company:

Protection from financial loss

The primary purpose of any insurance is to protect you from excess financial damages. Choosing to go without a bond and insurance for a small business can quickly cause problems. For example, needing to pay out of your own account for a damaged vehicle or expensive piece of equipment can be financially challenging. On top of that, lawsuits can be thousands to hundreds of thousands of dollars and may lead to bankruptcy without insuring and bonding the company.

Prove your business is reputable

When a client chooses a business to work with, they want to be sure you are legitimate and reputable. Showing that you carry bonds and insurance is a quick way to prove that. It makes clients more confident that you’re responsible and appropriately handling business. You’ll stand out from others who don’t have a bond and insurance for a small business.

Meet client requirements

Beyond confidence, being bonded and insured is often required before you go to work for someone. If you plan to work with any large clients, they will expect you to have at least general liability insurance. Some may also want you to have special bonds and additional insurance coverage.

Do I need both a bond and an insurance policy for a small business?

Almost every small business needs general liability insurance. Many will also reap benefits from getting professional liability coverage. However, you may need additional types of insurance or bonds based on the following factors:

• Which industry you work in
• Whether you often drive throughout the workday
• Whether you have employees at your business
• Whether you work with digital data of a sensitive nature

Once you have an idea of whether you need a bond and insurance for a small business, the next step is getting quotes to get the best price. You want to be sure you are getting the protection you need without paying an excessive price. Visit several insurance companies for quotes or work with a broker who can provide you with several options before choosing the one that works best for you.

Thang Truong covers small business insurance and small business success at BravoPolicy. He is a licensed P&C insurance agent. Previously, he held product leadership positions at realtor.com, Capital One, NerdWallet, and Mulberry Technology. He holds a MBA degree from UC Berkeley - Haas School of Business.

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• Business Insurance
• Small Business Insurance

Best Small Business Insurance Companies for May 2024

NEXT wins with low-cost coverage and an easy application process

Small business insurance protects you from damages and lost income when the unexpected happens—whether it's a lawsuit, a natural disaster, or an accident. A good policy could save you thousands of dollars or more if you ever face such unhappy circumstances.

After extensive research, our experts found that Next is the best business insurance company overall because it offers a wide range of policy types and an easy online application process that lets you sign up in about 10 minutes.

To choose the best commercial insurance companies for small businesses, we evaluated 19 national and regional insurers on 53 criteria in the following categories: cost, quote and application experience, customer satisfaction, coverage, accessibility, and financial stability.

• Best Overall: Next
• Best for Independent Contractors: Hiscox
• Best Restaurant Insurance: Huckleberry
• Best for Financial Stability: biBERK
• Best Budget Coverage: Thimble
• Best Workers' Compensation Insurance: The Hartford
• Best for Larger Small Businesses: Chubb
• Highest Customer Satisfaction: State Farm

Use an insurance marketplace like Insureon to get matched to the best provider for your business.

• Our Top Picks

Huckleberry

The Hartford

• See More (5)
• Compare Providers

Our Expert Picks for Small Business Insurance in Any State

What is small business insurance.

• Types of Small Business Insurance
• Pros and Cons
• How Much Is Small Business Insurance?
• How to Choose

Frequently Asked Questions (FAQs)

• Methodology

Best Overall : Next

Next Insurance

Next provides a way to get a wide range of affordable business insurance coverages entirely online in about 10 minutes. But you also have the option of speaking with a U.S.-based advisor in your area.

Offers a live certificate of insurance for easy sharing

Allows you to customize your business insurance policy with a variety of coverages

100% online quote and application with assistance available

Fewer specialized coverages than some other companies

Next offers a wide array of commercial insurance coverage types, which can be purchased online for same-day coverage. Next offers a business owner’s policy (general liability insurance and commercial property insurance), commercial auto insurance, workers' compensation coverage, professional liability insurance, tools & equipment insurance, and more.

The company also offers a variety of digital policy management tools, including the ability to share a live certificate of insurance and quickly add an additional insured, free of charge. Monthly payments are available, and eligible customers can save up to 25% with discounts.

Next Insurance has an A- (Excellent) financial strength rating with AM Best.  However, other companies offer more enhancements and specialized coverages, such as cyber liability insurance .

Based in Palo Alto, California, Next was founded in 2016 and uses artificial intelligence and machine learning to streamline the insurance buying process. In November 2023, it raised $265 million in funding from Allstate and Allianz X—one of the largest rounds of funding raised in the insuretech industry that year, according to Crunchbase. The deals include a strategic partnership with Allstate to develop new commercial auto insurance products.

Best for Independent Contractors : Hiscox

Hiscox offers several solutions for freelancers that make the company our top pick for the best independent contractor insurance among small commercial insurance providers.

Customization options for independent contractors

Monthly payments with no fees

Offers short-term liability insurance for business

Higher than expected number of complaints with the NAIC

Hiscox offers a straightforward business owner’s policy (BOP) that can be customized with business interruption insurance, electronic data loss insurance, professional liability insurance, and more.

You can also choose standalone policies for professional liability and general liability insurance, and you can get either coverage on demand for short-term projects. Plus, Hiscox allows you to pay for your business insurance policy in monthly payments, which can help freelancers better manage their cash flow. 

Hiscox has an A (Excellent) rating with AM Best, indicating excellent financial strength; however, the company received somewhat more complaints than expected over the last three years given its size. This indicates that Hiscox may have issues with customer satisfaction, although the company did receive fewer complaints each year, indicating improvement. BOPs start at around $500 per year.

You can get a business insurance quote online or speak with an agent by phone. You can also file claims online or by phone. Claims services can be accessed online 24/7.

With roots dating back to 1901, Hiscox USA is based in Atlanta. It is part of the Hiscox Group, an international company with more than 3.000 employees.

Best Restaurant Insurance : Huckleberry

Huckleberry offers a suite of essential restaurant insurance and food business insurance coverages that are suitable for brick-and-mortar restaurants, caterers, food trucks, and more.

BOP policies underwritten by Markel and Chubb

100% online quote and application

Wide range of customization options

Doesn’t offer employee benefits packages

Huckleberry, which is a broker that works with Chubb and Markel for its BOP policies, offers a restaurant endorsement as an add-on to its business owner’s policy. It’s a bundle of food-specific coverages that includes spoilage coverage, food contamination insurance, and ordinance or law equipment coverage, among others. Plus, you can add workers' comp, commercial auto, and liquor liability coverage to customize your business insurance policy as needed.

Most policies are underwritten by Markel or Chubb. Both companies have excellent financial strength ratings from AM Best. Like Next Insurance, Huckleberry offers an entirely online quote and application process that allows you to get coverage for your small business quickly. And you can get a certificate of insurance online to share with clients in less than a minute.

Huckleberry’s BOP includes general liability, commercial property, and business interruption insurance at a reasonable price. For example, a BOP for a food truck starts at $42 per month.

Founded in 2017 in San Francisco, Huckleberry is now owned by payroll company Paychex, which operates the Paychex Insurance Agency.

Best for Financial Stability : biBERK

biBERK has an A++ (Superior) financial strength rating from AM Best, the highest rating available, offers a wide range of industry-specific coverages, and is backed by Berkshire Hathaway.

Backed by Berkshire Hathaway Group

Online quote and application

Excellent customer service reviews

Dozens of endorsements to enhance a BOP

Doesn’t offer group employee benefits

biBERK Business Insurance is part of Berkshire Hathaway Group, which has decades of experience in the commercial insurance industry. BiBerk’s underwriters are all rated A++ (Superior) by AM Best, indicating a superior ability to meet financial obligations to policyholders.

What’s more, you can get a quote and apply to receive coverage instantly, entirely online. Policyholders have great things to say about the service and coverage on third-party websites like Trustpilot, where it has a 4.2-star average review.

biBERK can meet the needs of most small businesses, offering many commercial insurance options, such as business owner’s policies, commercial auto insurance, workers' compensation insurance , umbrella insurance, professional liability insurance, and general liability policies. You can add risk-specific endorsements and industry endorsements to your business owner’s policy, such as liquor liability and cyber liability coverage as well. BiBerk BOPs start at about $500 per year.

BiBerk was founded in 2015 and is based in Omaha, Nebraska.

Best Budget Coverage : Thimble

Thimble Insurance

Thimble offers on-demand policies for general liability insurance starting at $17 per month.

Offers monthly and on-demand coverage options

Liability policies start at $17 per month

Offers event insurance

Occurrence-based policies

Excellent reviews on Trustpilot

Doesn’t offer commercial auto insurance

Thimble is a great option for small businesses that need quick, temporary, affordable small business insurance, particularly those looking to purchase coverage for an event or on an on-demand basis. The company’s business owner’s policy includes general liability, commercial property insurance, and business interruption insurance, and you can also add professional liability, workers' compensation, and business equipment protection. 

Customers on Trustpilot have great things to say about the ease of the application process. You can get a quote and purchase coverage online or in the app. Several reviews also pointed out that Thimble’s customer service team was communicative and responded quickly.

Thimble works with several different insurance companies, each of which has an AM Best rating of at least A- (Excellent). Thimble policies are occurrence-based , which provides more robust coverage than claims-made policies. You’re covered for incidents that occurred while your business insurance policy was in force, even if you’ve since canceled it.

Thimble, which has been selling small business insurance coverage since 2018, was bought by Arch Insurance in April 2023. Thimble is based in New York City.

Best Workers' Compensation Insurance : The Hartford

The Hartford has been around since 1810 and is one of the largest providers of workers' compensation insurance in the country.

Pay-as-you-go billing options

Access to a network of over 1 million providers

2nd-highest financial strength rating

Start claims online

Poor J.D. Power ranking

The Hartford is a top pick among small business insurance providers for the best workers' compensation insurance . The company provides a large network of doctors and nurse case managers to help your employees get healthy, and pay-as-you-go billing options.

When you choose to pay as you go, your premiums are based on actual payroll rather than estimates, which prevents overpayment. The Hartford also allows you to easily start a claim online. What's more, the company uses data analytics to provide injured workers with a toolkit to aid in faster recovery. 

The insurer has an A+ (Superior) financial strength rating from AM Best; however, the company was ranked below average in the J.D. Power 2023 U.S. Small Commercial Insurance Study.

The Harford is based in Hartford, Connecticut, and was founded in 1810.

Best for Larger Small Businesses : Chubb

Chubb is ideal for larger small businesses because it supports businesses with revenue up to $30 million and offers a very wide range of coverage options.

Supports businesses with up to $30 million in revenue

Few complaints relative to Chubb’s market share

Highest financial strength rating

Many enhancements to customize a BOP 

Must speak with an insurance agent to start your business insurance policy

Chubb is one of the largest carriers (by annual premiums) of commercial insurance and has a well-regarded small business owner's policy. The company has relatively high revenue limits for its small commercial business owner's policies and offers a wide array of customized endorsements for a broad range of industries.

You can enhance your business owner’s policy with electronic data liability coverage, professional liability insurance, a variety of property add-ons, crime coverage, equipment breakdown coverage , earthquake coverage (in certain states), and more. Workers' compensation, umbrella, commercial auto, and cyber risk coverages are also available.

Chubb can offer an instant quote, and policies are generated instantly, but you will need to speak with an insurance agent to start your coverage.

Chubb has an A++ (Superior) financial strength rating from AM Best and is ranked second for customer satisfaction in the J.D. Power 2023 U.S. Small Commercial Insurance Study.

Chubb Corporation dates its origins back to 1882. Chubb Insurance Group today is based in Warren, New Jersey.

Highest Customer Satisfaction : State Farm

State Farm is one of the top-ranked companies for customer satisfaction in the J.D. Power 2023 U.S. Small Commercial Insurance Study and offers coverage for virtually any industry.

Customizable business owner’s policies with many coverage options

State Farm has been meeting the needs of small businesses since 1935 and has superior ratings. The company has an A++ (Superior) financial strength rating with AM Best , which indicates a superior ability to pay claims.

It's also ranked second in the J.D. Power 2023 U.S. Small Commercial Insurance Study. NAIC data reveals that State Farm has had just slightly fewer complaints than expected for its commercial liability policies. But, you’ll need to talk to an insurance agent to get coverage. Some business owners may prefer handling the entire transaction online.

The company’s BOP covers commercial property insurance and general liability insurance, plus loss of income, equipment breakdown, and money and securities protection at no extra charge.

You can add professional liability to the package as well. In addition, you can get commercial auto coverage, workers' compensation insurance, and many more coverages. You can also work with State Farm to provide benefits for your employees, such as group life, disability, and health insurance.

State Farm was founded in 1922 in Bloomington, Illinois.

Compare the Best Small Business Insurance Providers

The size of your small business may dictate the type of business insurance you need and which insurance company is best for you. For a low-cost BOP and quick online coverage, compare quotes from Next, Huckleberry, and BiBerk. Independent contractors and event workers will be best served by Hiscox or Thimble. Consider The Hartford and BiBerk if you’re most concerned with workers' compensation. If you need extensive coverage, including an employee benefits package, you’ll be best served by companies like State Farm and Chubb. 

Keep in mind that you may have specialized coverage needs for your industry that a standard business owner’s policy doesn’t include. Some companies offer more enhancements than others. When narrowing down your options, ensure you choose a provider that protects your business from common risks in your industry. 

Business insurance, sometimes called commercial insurance, covers your business's assets and income in case of unexpected events during normal business operations, such as lawsuits, natural disasters, or accidents. There are many types of business insurance products, including coverage for property damage, legal liability, and employee-related risks, among others. A business owner's policy (BOP) includes general liability coverage, business property coverage, and business interruption coverage.

You may also want to add other kinds of coverage such as for commercial cars, errors and omissions, and key employees.

What Types of Small Business Insurance Are There?

To learn more, read our article on types of business insurance .

Pros and Cons of Small Business Insurance

Protects company assets

Safeguards employees

May fulfill legal or contractual obligations

May boost the company’s reputation

Exclusions, limitations, and availability issues

Documentation requirements

Adjustment and payment delays

Pros of Small Business Insurance, Explained

• Protects company assets : Business insurance protects your company’s financial assets from losses resulting from damage to your property or third-party negligence claims. 
• Safeguards employees : Workers’ compensation insurance pays the cost of medical treatment and lost wages for workers injured on the job. 
• May fulfill legal or contractual obligations : State laws may require you to buy workers’ compensation, auto liability, or other types of insurance. Likewise, contracts you sign may require you to buy specific kinds of insurance, such as general liability or auto liability insurance. 
• May boost the company’s reputation : When your business is insured, it’s a sign to customers and business associates that you care about your company and managing its risks.

Cons of Small Business Insurance, Explained

• Cost: Business insurance premiums can be a significant expense, especially for a small company.
• Exclusions, limitations, and availability issues : All insurance policies exclude or restrict coverage for some risks. Insurers may refuse to cover some risks you want to insure or they may limit coverage you feel you need. 
• Documentation requirements : Whether you’re applying for new insurance or filing a claim under an existing policy, you must comply with the insurer’s documentation requirements. Some insurers’ requirements can be cumbersome.
• Adjustment and payment delays : Once you’ve suffered a loss, you must file a claim and wait for an adjuster to assess the damage before making repairs. If the adjuster is slow to respond, repairs and claims payments may be delayed.

How Much Does Small Business Insurance Cost?

Investopedia's research into six insurers found that some insurers offer more affordable coverage than others, so you should gather quotes from at least three companies before you buy small business insurance. In general, a business owner's policy starts at $300 to $500 a year. The lowest premiums for professional liability also ranged from $300 to $500, and premiums for general liability insurance started at $200 to $400.

The price of a commercial insurance policy depends on several factors:

• Industry or profession : The type of business you have impacts your amount of risk. A construction company,  garage , or restaurant will have many more liability risks than a  retail store  or office, for instance. Also, your business type may be required by law to have certain types of coverage.
• Business location : Businesses in high-crime areas or places prone to natural disasters will likely pay more for commercial property insurance than those in low-risk areas. State regulations and whether you rent or own your space also help determine your costs.
• Claims history : If you have a history of claims in the past, insurers may consider you a higher risk and charge you more.
• Number of employees and customers : The cost of workers' compensation insurance is based on the number of workers your business employs. Also, if you have a large customer base, that exposes your business to more liability and property risks. 
• Coverage needs : Choosing higher annual aggregate liability limits will increase your premiums, as will choosing a $0 deductible for your property insurance. 

How Do I Know If I Need Small Business Insurance? 

Whether your business needs insurance depends on the nature and size of your operations and the laws in your state. Most businesses need general liability insurance to protect themselves from third-party bodily injury or property damage claims. You should consider buying liability coverage if you manufacture or sell products, invite customers to your premises, or provide services at customers’ locations. 

If your business owns buildings or other property that you use in your operations, you should consider buying property insurance. A commercial property policy protects your business against physical damage to property by a fire or other covered peril. It may also cover income you lose as a result of the physical damage. 

Do you use cars or trucks in your business? If so, state law may require you to buy auto liability insurance . You’ll need to insure the vehicles under a commercial (not personal) auto policy. If you employ workers, state laws may require you to buy workers’ compensation insurance . And if your business involves offering advice or providing a professional service, you should consider buying professional liability insurance . Also called errors and omissions insurance , professional liability insurance covers third-party claims against your business for financial losses resulting from malpractice, errors, or mistakes you allegedly made while performing a professional service.

While the cost of insurance for a small business may seem high, the cost of a big lawsuit could dwarf those expenses. So be sure to weigh those risks when deciding whether you need coverage or not.

Expert Insight

“If you’ve just started a business and are wondering about insurance, don’t assume your homeowners or renter’s policy will cover your business activities. Check with your insurer. If you employ workers, you’ll probably need to buy workers' compensation insurance. You should also consider general liability insurance, which protects your business from claims involving slip-and-falls and other common workplace accidents. As your business grows and accumulates assets, you may need additional coverages like commercial property and business auto insurance.”

— Marianne Bonner , Investopedia insurance expert, consultant, and former commercial insurance underwriter

Small-Business Insurance News

Most small businesses have general liability coverage, but other types of insurance are less popular, according to a survey by Hiscox. The company said results showed that 75% of the respondents were underinsured. The 2023 Hiscox Underinsurance in Small Business Report surveyed 1,000 small businesses and found that:

• 65% had general liability coverage
• 45% had property insurance
• 35% had workers' compensation insurance
• 32% had professional liability insurance

Among those who had insurance, 68% said they bought it because they worried about the consequences of a claim. Only 20% said they got it because a partner or vendor required it.

How to Choose a Small Business Insurance Company

Here’s a step-by-step process for choosing the best insurance company for your small business:

• Ask trusted colleagues, business associates, or other business owners for recommendations. 
• Check online reviews of business insurers. This list is a good start, but check out reviews from several sources and compare the results. Look for insurers that rate highly in several reviews.
• Consider market share rankings from sources like the National Association of Insurance Commissioners . While large insurers aren’t necessarily better, most have a long track record and are financially stable.
• Review J.D.Power’s customer satisfaction rankings of small business insurers.
• Consider your preferred method of buying insurance. Do you want to buy a policy directly from an insurer or through an agent? Do you prefer buying insurance online or in person?  
• Once you have some insurers in mind, evaluate their financial strength by reviewing data from rating agencies such as AM Best and Moody’s Investors Services .
• Get quotes from the insurers you’ve selected (or their representative agents) and compare the results. When deciding between insurers, consider the coverages, limits, deductibles, and other features each offers, not just the price.

Frequently Asked Questions

Is business insurance required.

Generally, business insurance is optional unless it’s required by state law or the terms of a contract. For example, many states require workers’ compensation insurance or auto liability insurance if your company owns vehicles you use for business. Or a business contract you sign may require certain insurance. Say you own an electrical contracting business. You sign a deal with a general contractor in which you agree to install electrical panels in a building the contractor is constructing. The contract requires you to have general liability, auto liability, and workers' compensation insurance in place before you begin any work.

What Does Small Business Insurance Cover?

A business owner’s policy includes general liability insurance, commercial property insurance, and, often, business interruption insurance. General liability insurance covers lawsuits when your business is responsible for harming a third party. Commercial property insurance covers damage to your building. Business interruption insurance helps replace business income after a covered loss.

What Does Small Business Insurance Exclude?

Small business insurance excludes anything that you don’t specifically buy coverage for. For example, if you buy a business owner’s policy, but it doesn’t specifically include business personal property coverage, you won’t get coverage for the items inside your office or warehouse after a loss. There are also some disasters that are not typically covered. For example, you’ll need an endorsement to cover earthquakes and flooding. Certain catastrophic events, like war, won’t be covered at all. Commercial policies also won’t cover a loss if it’s covered by another policy.

Do I Need Small Business Insurance If I Work From Home?

If you have a home-based business, you still may need business insurance. Your homeowners policy may not be enough to cover your business equipment, inventory, or data, so you may need a separate business property insurance policy. You'll also want a liability policy if you're sued for damages caused by your products, services, or advice. And you may need business interruption insurance to cover losses from a natural disaster, theft, or equipment breakdown. Finally, if you have remote employees, you may need employers' liability insurance to cover you if they get injured, sick, or die because of their work.

Do I Need Small Business Insurance If I Have an LLC?

Yes, you need business insurance to protect your limited liability company (LLC) from lawsuits and property losses. Your personal assets are protected from lawsuits against your LLC, but that protection doesn’t extend to the LLC itself. Suppose a customer is injured at your business premises and sues your LLC for compensation. If your business has no liability insurance, it will have to pay legal fees and any damages or settlements awarded by a court. 

Your LLC may also be subject to property damage losses if it owns buildings, equipment, or other property that is damaged in a fire, say. Your LLC will have to use company assets to pay for repairs. You can protect your LLC from unexpected losses by purchasing general liability and commercial property insurance.

What Percentage of Small Businesses Do Not Have Insurance?

According to a Next insurance survey, 29% of small business owners have no insurance. Women are more likely than men to lack coverage. The survey found that 35% of female business owners don't have insurance, compared to 25% of male business owners.

Is Small Business Insurance Tax-Deductible?

Small business insurance premiums are generally tax-deductible if the insurance is considered "ordinary and necessary" for your business. This includes premiums for liability, commercial property, malpractice, workers' compensation (when required by law), commercial auto, business interruption, and overhead insurance. Life insurance for officers and employees if you aren't a beneficiary is also deductible. And if you're self-employed, you may be able to deduct premiums for health, dental, and qualified long-term care insurance for you, your spouse, and your dependents.

Insurance Companies Our Experts Reviewed

We researched and reviewed 18 companies to find the best eight companies you see above on this list. The companies that didn't make it to our list didn't score as well as competitors on one or more of our criteria, including measures of quality, cost, coverage, and customer experience.

These are the companies we researched:

NEXT Insurance , Chubb Ltd. , CoverWallet , Thimble , Nationwide , biBerk , Hiscox , AmTrust Financial , Huckleberry , Insureon , The Hartford , Farmers , Geico , Travelers , Progressive , CNA , Liberty Mutual , State Farm

Guide to Small Business Insurance

• What is business insurance?
• What is business liability insurance?
• What is a Business Owner's Policy (BOP)?
• How much does small business insurance cost?
• Types of business insurance
• Best General Liability Insurance for Small Businesses
• Best Commercial Business Insurance
• Best Sole Proprietor Insurance
• Best Business Owner’s Policy Insurance
• Best Health Insurance Companies for Small Businesses

Why Trust Our Expert Small Business Insurance Reviews

Investopedia launched in 1999, and has been helping readers find the best small business insurance since 2020. We conduct extensive research to provide unbiased, comprehensive reviews to ensure you make the right decisions for your needs.

How We Choose the Best Small Business Insurance Companies

In order to compile our list of the best commercial insurance companies for small businesses, we developed a comprehensive methodology. To identify which companies and criteria to include in our review, we analyzed business and market insight databases, considered commercial insurance company market share, looked at search data from Google, and reviewed company product pages and agents' guides to assess important product features.  

With those findings in mind, we spent three months digging up information about 53 features on 19 insurance companies, including ratings for financial strength by  AM Best , customer satisfaction rankings in the J.D. Power 2023 U.S. Small Commercial Insurance Study, and individual customer complaints reported to insurance state commissioners and recorded by the  NAIC (National Association of Insurance Commissioners) . We also considered nationwide availability; whether an online quote and application are available; and policy-specific features, including claim limits, cost, and coverage exclusions.

The criteria determine how easy it is to procure a small business insurance policy from the company, the quality of that policy relative to its cost, and how likely customers are to be satisfied with the purchase process and their experience as a policyholder. We ranked each company according to the following categories and weights:

• Quote and application experience: 25%
• Plan quality and customer satisfaction: 15%
• Coverage: 15%
• Accessibility: 10%
• Financial stability: 10%

Companies that make 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. For more information, read our full small business insurance methodology

Next Insurance. " Business Insurance for 1300+ businesses ."

AM Best. " AM Best Assigns Credit Ratings to Next Insurance US Company ."

Crunchbase. " Small Biz Insurer Next Insurance Raises $265M ."

AM Best. " Hiscox Insurance Company Inc ."

NAIC. “ Hiscox Insurance Company, Inc .”

AM Best. " AM Best Affirms Credit Ratings of Chubb Limited and Its Subsidiaries ."

AM Best. " Markel Insurance Company ."

AM Best. " AM Best Affirms Credit Ratings of Berkshire Hathaway Homestate Insurance Company and Its Affiliates ."

Trustpilot. " biBerk Business Insurance ."

Trustpilot. " Thimble Reviews ."

Thimble. " Insurance Ratings ."

Arch Insurance. " Arch Insurance Acquires Thimble ."

The Hartford. " Our History ."

J.D. Power. “ 2023 U.S. Small Commercial Insurance Study .”

Chubb. " Business Policy Insurance Policy ."

Insurance Information Institute. " Facts and Statistics: Commercial Lines "

State Farm. " Product Growth ."

Businesswire. " AM Best Affirms Credit Ratings of State Farm Mutual Automobile Insurance Company and Its Subsidiaries ."

NAIC. “ State Farm Fire & Cas Co National Complaint Index Report .”

Hiscox. " 2023 Hiscox Underinsurance Report ." Pages 3-4.

Next. " 90% of Small Business Owners Aren’t Confident That They Are Adequately Insured, According to Survey ."

IRS. " Publication 535 (2022), Business Expenses ."

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How To Get Bonded and Insured For A Small Business

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How To Get a Small Business Bonded and Insured

When starting a small business, one of the most important things you need to do is protect your customers. This means having the proper business insurance coverages and a surety bond in place.

Many small businesses don't know where to start when it comes to getting bonded and insured. Setting up the proper insurance, risk management, and bonding can be just as important as hiring an accountant, lawyer, or banker. Hiring an expert insurance company, like World Insurance, that understands the needs of small businesses is crucial.

In this blog post, we will walk you through everything you need to know about becoming bonded and insured. We'll also provide some tips on how to save money on your coverage.

What Is Bond Insurance for Small Businesses?

Bonds offer a type of financial guarantee that is required to secure a contractor license. They are often used in construction projects but can be required for other types of businesses as well. There are many different types of bonds available, and the one you need will depend on your business' needs.

For example, surety bonds can help businesses guarantee performance and obligations. If your business is unable to meet its contractual obligations, the surety company will step in to cover the costs. This type of bond is often required by businesses that work with the government, or bid large sums of money on projects.

Other types of small business bonds include:

• License and permit bonds
• Court bonds
• Fidelity bonds
• Financial guarantee bonds

Why is Bond Insurance for Small Businesses Important?

Getting bond insurance is one of the most important things you can do for your small business. Not only does it protect your company, but it also shows potential customers that you're a reliable business that can be trusted.

For example, bond insurance can help if:

• You're accused of not completing a project
• You're accused of not paying for materials or labor
• You need to replace damaged property
• A customer sues you for faulty workmanship

Bond insurance can also be used to pay for accidents or damages to a third party, protect your business against slander or libel, and cover employee injuries.

It's important to have bond insurance because it financially protects your business against these types of claims. If you don't have bond insurance and you're faced with a lawsuit, you could be forced to pay out of pocket for any damages or settlements. This could ruin your business financially.

Small Business Bond Insurance Coverages

The coverages that are normally put in place for small business bond insurance include:

• Property coverage for buildings, structures, business contents, and lost rental income .
• In-land marine/equipment/installation floaters covering real property that move around.
• General liability covers claims for bodily injury or property damage due to negligent acts from the insured.
• Auto coverage that covers various on-the-road power units from a liability and physical damage standpoint.
• Workers’ compensation coverage which covers employee injuries at the workplace Umbrella or Excess liability policies act as an additional layer(s) of insurance coverage over an insured’s General Liability, Auto, or workers’ compensation coverages .
• Cyber Liability coverage helps protects a business from data security breaches that can negatively affect the company.
• Employers Practices Liability insurance protects owners from employment-related legal actions against the company and its owners, such as discrimination, termination, or harassment lawsuits.

Surety Bonds for Small Businesses

A surety bond is not insurance. Rather it is a guarantee from a bonding company that a business will fulfill its contractual obligations.

A small business may require several different types of surety bonds to meet the requirements of their customers, or local, state, and federal statutes.

A surety bond is a written agreement between three parties:

• The surety (bonding company)
• The principle (small business owner or contractor)
• Obligee (the entity that requires the bond, such as a state licensing board)

Most bonding companies issue surety bonds through an agent or broker so finding an experienced broker that specializes in surety bonds is key.

A professional surety bond broker will guide your company through this process and assist you in establishing a relationship with a bonding company that will meet your needs.

The first step in getting bonded is to contact a surety company or agent to request a quote. The surety will then review the business owner’s personal and business finances.

Once the surety company approves the business owner, they will provide a bond application that must be completed by both the business owner and the obligee.

After the bond is issued, the small business owner pays the premium to the surety company and signs a contract (called an indemnity agreement) agreeing to reimburse the surety company if any claims are made against the bond.

Small Business Bond Application Process

The application procedure for a surety bond is similar to that of obtaining a loan. Before signing an agreement, the bonding firm will want to meet and prequalify your company in the same way that a bank would. This is because the surety is guaranteeing your business' performance and/or compliance obligations to the obligee (entity requiring the bond).

The surety first looks through a company's files to "pre-qualify" it for surety credit before issuing a bond. Before agreeing to any surety bond or bond program, the surety must be confident in the business' character, capacity (experience), and credit.

The surety's primary goal in requesting a bonding approval is to establish the conditions under which the bond will be used. The information sought by the surety to grant a bonding approval depends on the sort of bond. Some bonds may be approved with just a one-page application, while others might need additional details, as shown below:

• Background information on the business and its owners.
• Experience in the business and references.
• Financials on the business.
• Personal financial statements and review of personal credit.
• Relationship with financial institutions and access to bank lines of credit to the business.

In a nutshell, the bonding firm wants to ensure that the company is reputable, well-run, has solid credit, is financially stable, and can fulfill its bond obligations. The surety also examines the principle's (business owner) character and ability to carry out tasks as well as their dedication to the business.

Bonding Insurance Cost

The cost of the bond is based on a percentage of the total contract amount and is paid by the business owner to the surety company. The premium for a small business bond is generally between $100 and $500 for a $10,000 bond policy. The premium amount will be determined by the business owner's credit score, financial stability, and the type of bond required.

Does My Business Need to Be Bonded?

Many industries require some form of a bond, but not every business needs to be bonded. The best way to determine if your business needs to be bonded is to consult with your industry association or the government agency that regulates your business. You can also contact a surety company to discuss whether or not bonding is right for your business.

Get Started With World Insurance Small Business Bonds

Whether you're a home-based business owner or you have a brick-and-mortar storefront, World Insurance can help you get the bond you need. We work with a variety of small businesses, so we understand the unique bonding needs of each industry.

Our small business surety and fidelity bonds are available in all 50 states, and we can provide you with the coverage you need at a price that fits your budget.

Contact us today to learn more about our small business bonds and how we can help your business grow.

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• Best General Liability Insurance for Small Business

As a small business owner, it’s important to have the right types of insurance to protect your company from potential risks. General liability insurance is one of the most essential policies, which covers your business against third-party claims of bodily injury, property damage, and advertising injury, other than auto or aviation accidents and employee injuries.

When shopping for a general liability insurance provider, there are a few things to consider, like coverage options, cost, and customer service. To help you find the best general liability insurance for small businesses, we rated and reviewed some of the top insurers.

Table of Contents

The Hartford  »

Over 200 years in business

Wide variety of coverage options

Online claim reporting

24/7 customer service

Below-average customer satisfaction rating

Not available in all states

The Hartford offers the best general liability insurance for small businesses overall. The company has been in business for more than 200 years, and it currently insures more than 1.5 million small business owners across the U.S.

General liability insurance from The Hartford covers your business against third-party claims of bodily injury, property damage, advertising injury, and other risks. The company serves dozens of different professions, including architects, interior designers, lawyers, schools, hair salon owners, biotech companies, and others.

The Hartford has an excellent selection of coverage options. In addition to general liability insurance, you can get workers’ compensation, commercial auto insurance, home-based business insurance, inland marine insurance, management liability insurance, surety bonds, and other policies you might need.

You can get quotes online, and The Hartford has an online claim reporting system. If you need help filing a claim or have questions about your coverage, you can reach a customer service agent 24/7.

You can purchase general liability insurance from The Hartford in most states. However, the company doesn’t sell insurance in Alaska or Hawaii.

Read more in our The Hartford review .

General liability policies start at $17 per month

Purchase coverage in minutes

Short-term coverage available

Unlimited COIs

Fewer coverage options than some other insurers

No commercial auto insurance

Thimble doesn’t underwrite its own insurance policies

Thimble has some of the most affordable general liability insurance for small businesses. According to Thimble’s website, its general liability insurance policies start at just $17 per month. However, most small business owners pay an average of around $42 per month for general liability insurance.

One of the most unique features of Thimble is the flexibility of coverage. You can purchase insurance for a year, month, or even a day, depending on your business’s needs. It’s easy to get a quote online and purchase coverage within minutes. Plus, you can modify your policy, pause it, or cancel your coverage at any time.

Once you have general liability insurance, you can access your certificate of insurance (COI) instantly and share it with as many clients as you need, at no extra cost.

Thimble offers a good selection of coverage options, but not as many as some competitors. Depending on your state, you can get business equipment protection insurance, workers’ compensation insurance, product liability insurance, cyber insurance, hired and non-owned auto insurance, and a few others.

Nationwide  »

Highest J.D. Power rating for overall customer satisfaction

Offers employee benefits packages

Covers a variety of industries and professions

Multiple endorsements available for general liability insurance

Some policies are not underwritten by Nationwide

Might need to contact an agent to purchase a policy

Nationwide stands out for its superior customer satisfaction. In J.D. Power’s 2023 U.S. Small Commercial Insurance Study , Nationwide ranked first place for overall customer satisfaction out of 13 insurers. Nationwide’s score is 883 out of 1,000, which is much higher than the study average of 847.

Nationwide offers excellent general liability insurance coverage for small business owners in a variety of industries. Some of the covered professions include florists, dry cleaners, gift shops, retail stores, auto shops, contractors, wholesalers, restaurants, and HVAC businesses.

Several endorsements can be added to a Nationwide general liability insurance policy, such as hired and non-owned auto insurance, fire legal liability insurance, directors and officers liability insurance, products and completed operations liability insurance, and umbrella liability insurance.

Another benefit of Nationwide is that it offers employee benefits packages. If you want to provide supplemental health insurance, life insurance, or other benefits to your employees, Nationwide has options for you.

Some of Nationwide’s business insurance policies are underwritten by partner companies. However, Nationwide only works with reputable underwriters, like Hiscox and Liberty Mutual , which have strong financial stability ratings.

Learn more in our Nationwide review .

Basic general liability policies provide more coverage than what other insurers offer

Sells short-term liability insurance through Thimble

Offers online quotes

Fewer endorsements than some other insurance companies

Doesn’t sell coverage in Alaska

Small business owners who want general liability insurance with the most comprehensive coverage should consider Hiscox. A standard general liability policy from Hiscox provides more coverage than what other insurers offer, such as supplement payments when you’re facing a claim and worldwide insurance coverage for certain incidents.

If you own a consulting or technology services business, a general liability insurance policy from Hiscox includes all the basic coverages plus $25,000 in electronic data liability coverage.

Another benefit of Hiscox’s general liability insurance is that coverage is automatically extended to your employees. If you have part-time workers, temporary workers, or volunteers, their actions are covered under your basic general liability insurance policy.

In terms of endorsements, Hiscox offers the most common options, like professional liability, cyber security, workers’ compensation, and commercial auto insurance. Hiscox also sells short-term liability insurance underwritten by Thimble if you only need coverage for a certain period of time.

Hiscox has been in business since 1901 and has more than 500,000 small business customers. You can purchase small business insurance from Hiscox in every state except Alaska.

Read more in our Hiscox review .

Insures many different industries, including self-employed business owners

Most claims are decided within 48 hours

Easy to file claims online

Offers live chat during business hours

Operates entirely online

Fewer specialty coverage options than some competitors

Next Insurance is a great option for small business owners who are self-employed. Whether you’re a solopreneur or have a team of 10, you can get the coverage you need. And, you can customize your policy with endorsements for the most tailored protection.

Next sells general liability insurance to more than 1,300 businesses, including freelance writers, Amazon sellers, therapists, fitness instructors, actors, event planners, motivational speakers, pressure washing services, and hundreds of others.

Besides general liability insurance, Next offers several other types of business insurance, like commercial auto insurance, professional liability insurance, business owner’s policies, cyber insurance, umbrella insurance, liquor liability insurance, contractor license bonds, and tools and equipment coverage.

Next operates entirely online and through its mobile app, but you can chat with a live agent if you need assistance. It’s easy to file a new claim or check the status of an existing claim online or in the app. Next strives to resolve all insurance claims within 48 hours, so you can expect to be reimbursed for losses promptly.

What Is General Liability Insurance and How Does It Work?

General liability insurance covers small businesses against third-party claims of bodily injury, property damage, and advertising injuries like libel and slander, other than auto or aviation accidents and employee injuries. Specifically, it will cover your financial responsibilities, such as medical expenses to another person, and your legal fees and court costs.

If your business is accused of a third-party liability claim, you can report it to your insurance company. After the insurance company investigates the claim, they will determine an appropriate settlement. The insurer will cover the settlement, as well as your legal fees, minus any deductibles.

Here’s an example of how general liability insurance works: Imagine you own a beauty salon and a customer slips on a wet floor. They get hurt and need medical attention. If they claimed that your business was responsible for their injury, your insurance company would cover a settlement with the customer and pay for your legal defense.

How Much Does General Liability Insurance Cost?

To keep your general liability insurance in force, you must pay a monthly or annual premium. According to The Hartford, the average premium for general liability insurance is $1,057 per year or $88 per month.

However, premiums are personalized for every business based on a variety of different factors, such as:

• Business size
• Years in business
• Coverage limits
• Insurance claim history

To get the most accurate cost for your business, you’ll need to get a quote directly from the company you’d like to use.

Features To Consider When Buying General Liability Insurance

Every general liability insurance policy is slightly different. When purchasing general liability coverage, there are a few important things to consider:

General liability insurance policies have a coverage limit, which is the maximum amount of money the insurer will pay for claims. Most general liability policies have a per-occurrence limit and an aggregate limit.

The per-occurrence limit is the most the insurer will payout for all claims resulting from one incident. The aggregate limit is the maximum amount the insurer will pay for all claims filed during the policy period (usually one year).

When shopping for general liability insurance, make sure to choose a policy that provides sufficient coverage limits for your business’s needs and unique risks. For example, if you own a construction company, you may need higher coverage limits than a self-employed social media manager.

Also, keep in mind that policies with higher coverage limits will have higher premiums.

One of the most important factors to consider when shopping for general liability insurance is the premium. The cost of general liability insurance depends on many different factors and is personalized for every small business.

Before you choose a general liability insurance policy, it’s a good idea to get customized rate quotes from several different insurance companies. Comparing quotes from multiple insurers will help you find the most affordable policy for your business and your coverage needs.

Most insurance companies allow you to pay your general liability insurance premium on an annual or monthly basis. You must continue to pay your premium on time in order to keep your policy in force. If you fall behind on your payments or stop making your payments altogether, the insurer can cancel your coverage.

Every insurance company has a different process for handling claims. While many insurance providers allow business owners to file claims online, some companies require you to file claims by contacting an agent.

If you prefer to manage your policy and claims without the help of an agent, consider choosing an insurance company that has an online and/or mobile claim reporting process. We found that Next and Thimble have some of the best online claim handling.

One of the best resources to consult when choosing a general liability insurance company is J.D. Power’s 2023 U.S. Small Commercial Insurance Study . Claim satisfaction is one of the criteria used to generate the study rankings, and it can give you a good idea of which companies excel at claims handling.

When evaluating general liability insurance companies, check each company’s financial stability rating. You can find an insurance company’s financial strength score from independent agencies like AM Best and Fitch.

Choose an insurance provider that has a strong financial stability rating, which means it has an excellent ability to meet policyholder obligations and pay claims. If a company has a poor financial strength score, it could indicate issues with settling claims or even a risk of bankruptcy.

How To Choose the Best General Liability Insurance

Follow these steps to choose the best general liability insurance for your small business:

• Review coverage options: Find out what coverage options the insurance company provides. You can check to see what endorsements can be added to a general liability insurance policy and what other insurance products are sold. For example, if you want to offer benefits to your employees, see if the insurer offers group insurance policies.
• Check for exclusions: Every general liability insurance policy has some exclusions and limitations. Read the fine print before you purchase a policy and make sure you won’t be affected by any excluded losses.
• Get customized quotes: Get rate quotes from a few different insurance companies before you purchase coverage. Aim to compare quotes from at least three insurance providers to see which one can offer you the best deal.
• Read customer reviews: It can be helpful to read customer reviews to see what current and past policyholders think about the company. This is a good way to identify consistent complaints, especially around customer service or claim handling.

Alternatives to General Liability Insurance for Small Businesses

There are no direct alternatives to a general liability insurance policy. However, some small business owners can benefit from a business owner’s policy (BOP). A BOP is a bundle that includes general liability insurance and commercial property insurance. BOPs are usually cheaper than purchasing these two policies separately.

The Bottom Line

Overall, The Hartford has the best general liability insurance for small businesses. The company has more than 200 years of experience selling insurance and it currently serves over a million small business owners. The Hartford offers a variety of coverage options and it has 24/7 customer service.

While The Hartford stands out as the best provider overall, the right general liability insurance company for your business may be different. Before you purchase a policy, it’s a good idea to review several insurance companies to find the best one for your business’s coverage needs and budget.

How We Chose the Best General Liability Insurance Companies

To choose the best general liability insurance for small businesses, we started by reviewing 10 different insurance companies that offer this type of coverage. Then, we assessed each one based on important factors, like coverage options, financial strength, customer satisfaction, claim processing, coverage limits, and availability. We also paid attention to the types of business insurance that each company sells, and prioritized insurers that offer other products that can be beneficial to small business owners.

Another thing we considered was the industries and professions that each insurance company serves. Most companies we reviewed sell general liability insurance to a wide variety of business types, but some offer a bigger variety than others. For instance, some insurers automatically cover home-based businesses, while others require an add-on if you run a business out of your home.

WHY SHOULD YOU TRUST US?

Our insurance contributors and editors have years of experience researching and reviewing insurance companies. Elizabeth Rivelli, the author of this guide, has been covering insurance and reviewing insurance providers for about five years. Her specific areas of expertise include commercial insurance, car insurance, health insurance, and life insurance. As a small business owner herself, Elizabeth understands the importance of having the right insurance protection, even if you’re in a low-risk industry.

General Liability Insurance FAQ

A general liability insurance policy typically covers third-party claims of bodily injury, property damage, and advertising injury, other than auto or aviation accidents and employee injuries. If your business is accused of one of the claims, your general liability insurance policy will cover a settlement or judgment with the other party, as well as your legal defense and court costs.

Most small businesses can benefit from general liability insurance. This type of insurance covers many of the most common risks that all small business owners can face. While general liability insurance is not legally required, it may be required by some of your clients. It might also be required by landlords if you want to lease a commercial office space.

Most general liability insurance policies have a per-occurrence limit and an aggregate limit. You can find your policy’s coverage limits by reviewing your insurance binder or policy statements. Depending on your insurance company, you might be able to access these documents online, or you may need to request a copy from your insurance agent.

The process of filing a general liability insurance claim differs based on the insurance company. In most cases, you will need to report the claim to your insurer using an online form or by calling an agent directly.

You must complete the claim paperwork and submit documentation for the claim, such as communication with the person suing your business or photos of property damage. Once the claim has been investigated and approved, the adjuster will determine a settlement and reimburse you for legal expenses.

About Our Team

Elizabeth rivelli.

Contributor

Stephen Yao , Ph.D.

Insurance Reviewer

U.S. News 360 Reviews takes an unbiased approach to our recommendations. When you use our links to buy products, we may earn a commission but that in no way affects our editorial independence.

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15 men brought to military enlistment office after mass brawl in Moscow Oblast

Local security forces brought 15 men to a military enlistment office after a mass brawl at a warehouse of the Russian Wildberries company in Elektrostal, Moscow Oblast on Feb. 8, Russian Telegram channel Shot reported .

29 people were also taken to police stations. Among the arrested were citizens of Kyrgyzstan.

A mass brawl involving over 100 employees and security personnel broke out at the Wildberries warehouse in Elektrostal on Dec. 8.

Read also: Moscow recruits ‘construction brigades’ from Russian students, Ukraine says

We’re bringing the voice of Ukraine to the world. Support us with a one-time donation, or become a Patron !

Read the original article on The New Voice of Ukraine

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Savvino-storozhevsky monastery and museum.

Zvenigorod's most famous sight is the Savvino-Storozhevsky Monastery, which was founded in 1398 by the monk Savva from the Troitse-Sergieva Lavra, at the invitation and with the support of Prince Yury Dmitrievich of Zvenigorod. Savva was later canonised as St Sabbas (Savva) of Storozhev. The monastery late flourished under the reign of Tsar Alexis, who chose the monastery as his family church and often went on pilgrimage there and made lots of donations to it. Most of the monastery’s buildings date from this time. The monastery is heavily fortified with thick walls and six towers, the most impressive of which is the Krasny Tower which also serves as the eastern entrance. The monastery was closed in 1918 and only reopened in 1995. In 1998 Patriarch Alexius II took part in a service to return the relics of St Sabbas to the monastery. Today the monastery has the status of a stauropegic monastery, which is second in status to a lavra. In addition to being a working monastery, it also holds the Zvenigorod Historical, Architectural and Art Museum.

Belfry and Neighbouring Churches

Located near the main entrance is the monastery's belfry which is perhaps the calling card of the monastery due to its uniqueness. It was built in the 1650s and the St Sergius of Radonezh’s Church was opened on the middle tier in the mid-17th century, although it was originally dedicated to the Trinity. The belfry's 35-tonne Great Bladgovestny Bell fell in 1941 and was only restored and returned in 2003. Attached to the belfry is a large refectory and the Transfiguration Church, both of which were built on the orders of Tsar Alexis in the 1650s.  

To the left of the belfry is another, smaller, refectory which is attached to the Trinity Gate-Church, which was also constructed in the 1650s on the orders of Tsar Alexis who made it his own family church. The church is elaborately decorated with colourful trims and underneath the archway is a beautiful 19th century fresco.

Nativity of Virgin Mary Cathedral

The Nativity of Virgin Mary Cathedral is the oldest building in the monastery and among the oldest buildings in the Moscow Region. It was built between 1404 and 1405 during the lifetime of St Sabbas and using the funds of Prince Yury of Zvenigorod. The white-stone cathedral is a standard four-pillar design with a single golden dome. After the death of St Sabbas he was interred in the cathedral and a new altar dedicated to him was added.

Under the reign of Tsar Alexis the cathedral was decorated with frescoes by Stepan Ryazanets, some of which remain today. Tsar Alexis also presented the cathedral with a five-tier iconostasis, the top row of icons have been preserved.

Tsaritsa's Chambers

The Nativity of Virgin Mary Cathedral is located between the Tsaritsa's Chambers of the left and the Palace of Tsar Alexis on the right. The Tsaritsa's Chambers were built in the mid-17th century for the wife of Tsar Alexey - Tsaritsa Maria Ilinichna Miloskavskaya. The design of the building is influenced by the ancient Russian architectural style. Is prettier than the Tsar's chambers opposite, being red in colour with elaborately decorated window frames and entrance.

At present the Tsaritsa's Chambers houses the Zvenigorod Historical, Architectural and Art Museum. Among its displays is an accurate recreation of the interior of a noble lady's chambers including furniture, decorations and a decorated tiled oven, and an exhibition on the history of Zvenigorod and the monastery.

Palace of Tsar Alexis

The Palace of Tsar Alexis was built in the 1650s and is now one of the best surviving examples of non-religious architecture of that era. It was built especially for Tsar Alexis who often visited the monastery on religious pilgrimages. Its most striking feature is its pretty row of nine chimney spouts which resemble towers.

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