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Best options for buying small business insurance in 2024

When buying small business insurance, it’s important to choose reputable insurance companies. The following are some of the best providers for the most necessary and affordable types of business insurance coverage.

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Insureon helps small businesses find insurance that matches their unique risks.

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Find the right coverage for your small business

Business insurance offers financial protection for your company in the event of unforeseen accidents, expensive lawsuits, and other challenges. Some policies are required by state and local laws, and you might need a certificate of insurance to secure a contract or a lease.

It's important to obtain your coverage through reputable insurance carriers. Insureon partners with top-tier, leading insurance providers to get you policies that match your unique risks and your budget. Our expert insurance agents can work with you to create the best liability and property coverage plan for the most affordable price.

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However, when buying business insurance, keep in mind that the cheapest policies might not be the right fit for your business needs. Your coverage options can differ by more than price alone.

Let’s take a look at the different types of coverage and some of the most trusted small business insurance companies in 2024.

Get business insurance that meets your needs

View video transcript.

As a small business owner, you know it’s important to work with first-rate carriers when it comes to choosing the best small business insurance. With Insureon, you'll get free quotes from top-rated insurers. And our expert agents can answer any questions you have.

While every small business is different, many companies share similar risks. Insureon offers the best business insurance coverage at affordable costs.

Most small businesses require general liability insurance for common business risks, such as bodily injury and customer property damage.

For businesses looking to save money, a business owner's policy, or BOP, bundles general liability coverage and commercial property insurance into one policy.

Unhappy clients? Professional liability insurance, also known as errors and omissions, helps cover your legal expenses in event of a lawsuit.

Required in most states, workers’ compensation insurance assists with work-related injury costs and lost wages.

Do you handle customer data and information? Cyber liability insurance covers financial losses resulting from data breaches and cyberattacks.

If your business owns vehicles, then you probably need commercial auto insurance. It’ll cover legal bills, medical expenses, and property damage to company-owned vehicles.

With so many companies offering nationwide coverage, there's no shortage of insurance options. Insureon can help match you with the right A-rated insurance providers. Insureon is your number one marketplace for small business insurance.

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Best general liability insurance

General liability insurance covers common business risks such as bodily injuries, customer property damage, and advertising injuries. This business liability insurance is often the first policy purchased by small business owners, regardless of their type of business. It's often required for commercial leases.

If someone slips and falls at your business, or if you’re sued by a competitor for libel or slander over something you’ve written, commented on, or voiced, a general liability policy would help protect your business by covering your legal fees and other related costs.

Learn how you can find cheap general liability coverage.

The Hartford is worth considering for your general liability coverage as it serves more than 1 million small businesses, including those that interface with the public regularly, such as restaurants, carpenters, and accountants.

It has a solid financial strength rating of A+ from the credit rating agency AM Best. The Hartford also has more than 200 years of experience and offers several lines of business insurance products, which allows its customers to buy different policies from one carrier. The Hartford sells these products through independent brokers and agents.

For general liability coverage, consider:

Best business owner's policy (BOP)

A business owner's policy, or BOP, combines general liability coverage and commercial property insurance into one policy. Bundling these two types of insurance is typically less expensive than buying each of them separately.

Most BOPs include business interruption insurance, also called business income insurance. This type of coverage pays for expenses from a temporary closure related to a storm, fire, or other business property insurance claim.

Liberty Mutual has over 100 years of experience in business insurance and offers BOPs in more than 100 professions, including electricians, real estate agents, and cafes.

It offers 24-hour claims assistance, plus a quick and easy claims process, available online or through an app. Liberty Mutual also has an A rating from AM Best and offers more than 1,000 downloadable safety resources for its customers.

For business owner’s policies, consider:

Find the right small business insurance coverage

Best professional liability insurance

Professional liability insurance can help cover your legal expenses if a dissatisfied client sues you for a mistake, such as a missed deadline or an error in your work. Depending on your industry, professional liability can also be called errors and omissions (E&O) insurance, or medical malpractice insurance for doctors and other healthcare professionals.

Some clients require this coverage before they’ll do business with you. It’s often purchased by consultants, accountants, architects, engineers, real estate agents, and other professional service experts. In the medical industry, healthcare facilities may require this insurance for doctors and nurses before they can work in the center.

Learn how you can find cheap professional liability coverage.

Philadelphia Insurance (PHLY) is known for its high customer satisfaction rate of more than 95% from its clients, which include IT consultants, management consultants, and accountants. In business for more than 55 years, PHLY has an admirable financial rating of A++ from AM Best.

In addition to selling a wide range of small business insurance policies, PHLY also offers more than 60 risk management courses online at no additional cost for its clients.

For professional liability coverage, consider:

For medical malpractice coverage, consider:

Best workers' compensation insurance

Workers’ compensation insurance is required in most states for businesses with any number of employees. Some states require it even if a small business owner works alone, especially for those in the building trades.

Workers’ comp covers employee medical bills and lost income from work-related injuries and illnesses. It also covers liability claims related to workplace injuries.

Learn how you can get affordable workers' comp coverage.

AmTrust Financial has been in business since 1998, serving churches, accountants, electricians, and others. It has more than 500,000 small commercial policies in force and an A- rating from AM Best. AmTrust also earned recognition as a "Best and Brightest Employer" for 2022 by the National Association for Business Resources [PDF].

With workers’ comp insurance, AmTrust offers experienced agents who can walk small business owners through the buying process and help them understand the various laws, class codes, and underwriting involved.

Additionally, they offer a Loss Control Department with workplace safety training resources to help small businesses reduce risks and employee injuries.

For workers’ comp coverage, consider:

Many business owners find it useful to consult an insurance agent who understands what carriers have to offer.

Best cyber insurance

Cyber insurance covers financial losses resulting from data breaches and cyberattacks, such as notifying customers, recovering data, and providing fraud monitoring services for affected customers. Cyber liability coverage can also help pay for a lawsuit, such as settlement costs and hiring a legal team.

Founded in 2017, Coalition is a comprehensive cyber insurance and security company that insures software developers, web designers, web developers, and other IT professionals against cyber exposures, while helping them reduce their data breach risks.

Its clients receive free 24/7 monitoring, cyber risk assessments, employee training, and security services. Thanks to Coalition's Active Cyber Insurance approach, the company's policyholders experience 64% fewer claims than the market average.

For cyber liability coverage, consider:

Best commercial auto insurance

Required in most states for businesses that own vehicles, commercial auto insurance covers legal bills, medical expenses, and property damage if a company-owned vehicle is in an accident. Commercial auto also insures against vehicle theft, vandalism, and certain types of damage.

Learn how to get cheap commercial car insurance.

Founded in 1937, Progressive has an A+ rating from AM Best and is the largest provider of commercial auto insurance in the United States, with coverage available in every state. It offers broad coverage to small businesses that rely heavily on vehicles, like lawn care companies, janitorial services, and landscape designers.

Progressive offers discounts on commercial auto insurance when combined with general liability or a business owner’s policy. It also offers a 15% discount for businesses that pay their annual premiums up front, and a 24/7 customer support line.

For commercial auto coverage, consider:

Best policyholder service centers

When you buy insurance, your carrier will offer a service center where you can manage payments, request assistance from an agent, view policy documents, or file a claim.

These insurance companies have a strong focus on customer service and offer a wide range of online services and support through their service centers:

Top insurance carriers by state

Each state has its own laws and requirements for insurance, which is one reason why some carriers are more dominant in certain states. Here are the primary carriers for our top 10 states:



The Hartford




The Hartford


Liberty Mutual


The Hartford

Liberty Mutual



The Hartford


Liberty Mutual


The Hartford



New Jersey

The Hartford


Liberty Mutual

New York

The Hartford




The Hartford




The Hartford


Liberty Mutual


The Hartford



How much does small business insurance cost?

A small business owner calculating their small business insurance payments

Each business has unique risks and different insurance needs. This means the cost of insurance will vary for each business owner.

Here are the average costs for Insureon customers:

How do I find the right business insurance?

With so many companies offering nationwide coverage, there's no shortage of insurance options in 2024. Of course, small business insurance costs should only be one factor in finding the right coverage. You'll want to consider your coverage limits, deductibles, endorsements, and exclusions.

Answer three simple questions, and our policy recommendation tool can provide you with recommended insurance coverage for your business. We also have a dedicated team of licensed agents who can evaluate your business needs and help you find the right types of small business insurance.

Start your free online quote today with Insureon and we’ll match you with the right A-rated insurance providers.

Updated: December 11, 2023

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