Posted by If you want to know about the 10 Best Business Insurance Companies for 2022, then here is a chance for you to get all the information you need for a better and also clearer understanding of this article. What you need to do now is to keep on reading.
10 Best Business Insurance Companies For 2022
Before anything else, I would like you to know what business insurance is. Business insurance is the insurance of undertaking liability under a contract of insurance to indemnify or simply compensate a person in respect of loss or damage, including the liability to then pay damages or compensation contingent upon the happening of a specified event, and even includes life insurance business and also reinsurance business.
The Best Business Insurance Companies
Here are the best insurance companies one can really make use of:
The Hartford
The Hartford is simply the best overall business insurance company on the market today. It also covers businesses of all different shapes and sizes and has everything you could possibly need.
For over 200 years now, this company has been giving out or providing insurance solutions to businesses across the country. They also made the list of the World’s Most Ethical Companies 11 different times.
The Hartford offers a wide range of business insurance policies, which include:
- General liability insurance
- Commercial property insurance
- Business income insurance.
- Professional liability insurance
- Data breach insurance.
- Commercial umbrella insurance
- Commercial auto insurance.
From a bodily injury on one of your properties to stolen inventory, fires, or floods, The Hartford simply has you covered.
It’s easy for you to also bundle different types of insurance with add-ons to a single policy. You can even apply online to get a quote in minutes.
The Hartford is simply known for providing exceptional service to its business customers during the claims process. You simply cannot go wrong by getting a quote from an industry leader in business insurance.
Travelers
Travelers is another giant in the world of business insurance. The company simply covers a wide range of industries, including construction, finance, manufacturing, retail, technology, and much more.
With more than 30,000 employees and also roughly 13,500 independent agents and brokers, Travelers insures businesses across the United States, Canada, Ireland, and the UK.
This insurance company has simply been around for more than 160 years.
In addition to industry-specific policies, Travelers simply provides lots of different coverage types. Some of the most popular Travelers business insurance solutions cover:
- General liability.
- Workers’ compensation.
- Management and professional liability.
- Cyber liability
- Commercial autos and trucking.
- Surety bonds
- Environmental liability.
- Boiler and machinery.
- Excess casualties and umbrellas
Now I believe that with this, the workers’ compensation insurance policies from Travelers really do stand out the most. Over 500,000 businesses simply put their trust in Travelers for workers’ comp insurance.
Whether you are a small local business or a national organization with employees across multiple states, Traveler is a top choice to consider for workers’ compensation and also general liability.
State Farm
State Farm is also typically associated with home insurance and even car insurance. They are also best known for simply providing excellent customer service at affordable rates to their customers.
This service and also reliability definitely apply to their business insurance plans as well.
State Farm has some policies designed specifically for small business owners:
- Business owners’ policy
- Professional liability.
- Commercial liability umbrella
- Workers’ compensation
- Individual health.
- Business and commercial autos.
- Small business life.
With State Farm, it is very easy for you to adjust your coverage as your company grows. Your agent will also work with you to be able to understand the needs of your scaling small business. This will simply ensure that your coverage limits are appropriate for your business size.
From the startup stage all the way until a company sale or a change of ownership, State Farm has everything a small business owner simply needs to protect themselves from the unexpected.
Chubb
Chubb is also second to none when it comes to taking care of their insureds. This insurance company has a reputation for simply providing “white glove” service and even paying out claims quickly without any hassle.
Chubb has business insurance coverages that are not offered by other companies on the market today. In addition to general liability and workers’ compensation, Chubb has some business insurance packages in the following categories:
- Accident and health.
- Cyber.
- Environmental.
- Excess and surplus.
- Global casualty.
- International solutions for mid-sized companies.
- Management liability
- Marine.
- Medical liability
- Product recall.
- Professional liability.
- Railroad liability
- Surety
- Trade credit and political risk.
As you can see, the list simply includes some rare and even unique coverage options that we have not really seen from other providers in this guide.
Between Chubb’s excellent customer service and the wide range of coverage options, you can simply expect to pay a little bit more on your business insurance premiums.
Chubb is also best for businesses in need of international coverage. So, if you are traveling for work or making transactions outside of the US, consider Chubb for your insurance needs.
Progressive
Like most insurance companies, Progressive has some different business insurance policies and also coverage types. They also simply provide general liability insurance, professional liability, cyber insurance, workers’ compensation, and business owner’s policies.
With these, Progressive’s specialty is commercial auto insurance.
- Truck insurance.
- Pickup truck insurance.
- Van insurance.
- Box truck insurance.
- Tow truck insurance.
- Cars and SUVs.
- Commercial trailers.
Over one million commercial vehicles in the United States are insured by Progressive. Basically, any vehicle that has been used for business purposes can simply get insurance protection from Progressive.
As the country’s most popular business auto insurance company, the rates are simply or actually pretty affordable. Progressive’s average commercial customer simply pays $165 per month for business auto insurance. You will also get an extra 15% off if you pay your premiums in advance.
In addition to the coverage provided by Progressive, the company will also be there when you need them. Adding a driver, or vehicle, or simply changing a policy is quick and very easy. Progressive has 24/7 commercial auto service.
Progressive’s claim experts will also help get your vehicles back on the road as soon as possible to limit business interruptions in the event of an accident.
If your company simply has vans, trucks, drivers, or any vehicle on the road for business purposes, Progressive will be a top choice for business auto insurance.
Liberty Mutual
Liberty Mutual is also another well-known name in the insurance industry. The company simply provides small business insurance coverage as well as mid-to-large size business protection. Liberty Mutual even insures Fortune 500 corporations.
With over 50,000 employees and 800+ offices throughout the world, Liberty Mutual is really a top provider of preferred property and casualty business insurance.
Some top coverage options include:
- Equipment breakdown insurance
- Excess liability insurance
- General liability insurance
- Inland marine.
- Ocean Marine
- Property
- Mergers and acquisitions
- Umbrella.
- Third-party administration.
- Workers’ compensation
Liberty Mutual simply works with a wide range of industries. But overall, it’s even one of the best insurance providers for companies in manufacturing and in agriculture.
From product recalls to errors and omissions coverage, Liberty Mutual can simply and quickly customize your policy to protect your employees, customers, and business from unforeseen circumstances.
AmTrust Financial
AmTrust Financial is simply not as well-known as some of the other insurance companies on the list. It’s not a household name like State Farm or Liberty Mutual. The company is not nearly as old as The Hartford or Travelers, either.
In fact, AmTrust Financial was simply born less than 25 years ago, in 1998.
With that being said, the company has grown quickly. They currently have 7,000+ employees serving over 70 countries.
AmTrust Financial is not simply trying to compete with the biggest insurance providers on the planet. Instead, they are simply focusing on niche solutions in the following industries:
- Financial institutions.
- Nonprofit organizations
- Restaurants.
- Transportation.
Overall, the best coverage being offered is for restaurant business insurance.
AmTrust simply does not understand the unique risks associated with owning a restaurant. They will also help you get a policy to protect your workers as well as your customers.
Some popular restaurant enhancements include:
- Spoilage.
- Foodborne contamination
- Stock sales price (including liquor and fine wine).
- Peak season.
- Umbrella limits
- Liquor liability.
AmTrust Financial simply covers family-style and even fine dining restaurants that meet certain eligibility requirements. They also work with delis, cafes, and even pizzerias.
With this being said, not every restaurant will then qualify for coverage. For example, new restaurants with a large bar area operating in a 25-year-old building would then need to look elsewhere.
Founder Shield
Founder Shield is also another new and even less-known company. They have only been providing insurance coverage for less than ten years.
But similar to AmTrust, Founder Shield is also carving out a niche in the world of business insurance.
Founder Shield specializes in providing coverage to tech startups. Popular coverage categories include:
- Crime insurance
- Cyber insurance
- Intellectual property insurance
- Directors and officers insurance
- Fiduciary liability insurance
- Representations and Warranties
- Key person insurance.
- Product liability
- Pollution insurance
You will also find that Founder Shield offers more traditional business insurance coverage for general liability, workers’ compensation, and umbrella insurance.
Founder Shield is an even more modern way to get insurance. The purchasing process is about 100% digital. This means that there is less paperwork, and it is very easy to manage everything online.
If your company is a high-growth startup in the technology industry, consider getting a quote from Founder Shield.
Farmers’ Insurance
Farmers is an industry leader for home, auto, and life insurance. But it is also a top choice to consider for business owners.
The company has simply been around for nearly 100 years. So, you know that you will be getting quality service from a well-established name. They also have a network of 48,000 agents and 21,000 employees across all 50 states.
Farmers Insurance simply provides business coverage in the following categories:
- Property
- Liability
- Crime.
- Auto
- Workers’ compensation
- Umbrella.
- Life.
- Loss control
While Farmers simply cover a wide range of industries, it has been recommended to business owners in retail. You will also be able to get an affordable policy to protect you from things like theft, injuries, and loss of income.
This is an ideal solution for boutique shop owners, dry cleaners, florists, and also salons.
Allstate
Allstate is even the best known for offering car insurance to individuals. While business insurance is not necessarily Allstate’s specialty or primary focus, there are also certain industries and even business types that should consider this carrier.
The company simply provides a high level of customer service with friendly agents and fully customizable plans.
Allstate has coverage solutions across nearly every industry, including professional firms, healthcare, service businesses, retail goods, and also food service.
Top insurance coverage from Allstate includes:
- Business property.
- Business liability
Since all of the policies are customized, you will then be able to add specific types of coverage to your plan when you get a quote. Necessities will simply vary based on business and industry.
Some unique standouts from Allstate include their real estate coverage and also their business insurance for rental services.
Allstate has simply been providing insurance since 1931. So, you know that you are getting coverage from a trusted and well-established name in the insurance world.