Running a business comes with risks—many of them unpredictable. From property damage and legal claims to employee injuries and cyber threats, unexpected events can disrupt operations and threaten your financial stability. That’s where business insurance comes in: it protects your company from financial loss, ensures compliance with legal requirements, and helps you run your business with confidence.
In this guide, you’ll learn:
- Why business insurance matters
- Key types of business insurance
- How to choose the right provider
- Top insurance companies for businesses in the USA
Why Business Insurance Matters
Business insurance provides financial protection against losses caused by events such as:
- Property damage
- Legal liability
- Employee injuries
- Theft or vandalism
- Cyberattacks
Without proper coverage, a single lawsuit or disaster could force a business to pay out of pocket—or worse, shut down entirely. Adequate insurance helps ensure that your business survives tough situations and continues to grow.
Common Types of Business Insurance
Before choosing a provider, it’s important to understand the most common types of coverage you might need:
🧰 General Liability Insurance
Covers legal costs and settlements if your business is sued for bodily injury or property damage caused to others.
🏢 Commercial Property Insurance
Protects your physical business property and inventory from fire, theft, and natural disasters.
🚛 Commercial Auto Insurance
Covers vehicles owned or used by your business.
👷 Workers’ Compensation Insurance
Required in most states—covers medical expenses and lost wages for employees injured on the job.
💻 Cyber Liability Insurance
Protects against losses from cyberattacks and data breaches.
🧠 Professional Liability (Errors & Omissions) Insurance
Covers legal defense if a client claims your services caused financial loss.
📦 Business Owner’s Policy (BOP)
Bundles general liability and property insurance into one affordable package—great for small businesses.
How to Choose the Right Business Insurance Company
Choosing the best insurer for your business involves more than just price. Here are key factors to consider:
✔ Financial Strength
A company’s ability to pay claims during large-scale events is critical. Look for strong ratings from agencies like A.M. Best, S&P, and Moody’s.
✔ Coverage Options
Different industries require different protections. Make sure your provider offers policies tailored to your business needs.
✔ Customer Service
Quick claims handling and responsive support make a big difference, especially when you need help most.
✔ Industry Experience
Some insurers specialize in certain sectors (e.g., tech, construction, healthcare). Choosing a provider familiar with your industry can lead to better coverage.
✔ Digital Tools and Accessibility
Platforms that let you quote, buy, and manage policies online save time and improve convenience. Compare.com
Top Business Insurance Companies in the USA
Here are some of the most reputable and widely recommended business insurance providers for small, medium, and large companies:
1. The Hartford — Best Overall for Small to Mid-Size Businesses
The Hartford is well-known for its comprehensive business insurance solutions and long history in the market.
Why It’s a Top Choice
- Offers a full range of business policies—from general liability to workers’ comp and BOP
- Strong financial ratings and national presence
- Tailored industry plans and online quote tools
- Good reputation for claims service and business support Compare.com
Best for: Established small and medium businesses needing broad coverage.
2. Chubb — Best for Comprehensive, High-Value Coverage
Chubb is recognized globally for highly customizable business insurance and strong financial backing.
Highlights
- Excellent liability and professional coverage options
- Tailored plans for high-risk industries
- A.M. Best and S&P top financial strength ratings
- Strong reputation for claims handling and risk management solutions Financedevil
Best for: Businesses with complex or high-value risk profiles.
3. Travelers — Best for Commercial Liability Insurance
Travelers frequently ranks among the largest commercial liability insurers in the U.S., with a broad product suite including:
- General liability
- Property insurance
- Workers’ comp
- Specialty and industry-specific coverage ValuePenguin
Best for: Businesses looking for liability and property coverage from a well-established insurer.
4. Liberty Mutual — Strong National Provider
Liberty Mutual is one of the largest property and casualty insurers in the United States and a solid choice for business policies.
Why Consider Liberty Mutual
- Wide range of business insurance products
- Strong infrastructure for claims and customer support
- Nationwide agent network for personalized service ValuePenguin
Best for: Businesses seeking local agent support and broad coverage.
5. Hiscox — Best for Freelancers and Small Businesses
Hiscox specializes in small business insurance, with easy online quotes and flexible coverage options.
Perks
- General liability, professional liability, and cyber insurance options
- Affordable premiums for many small business types
- Clear online purchasing process nnullsbrawls
Best for: Freelancers, consultants, and very small businesses.
6. NEXT Insurance — Best Digital-First Provider
NEXT Insurance offers a 100% online experience focused on small and micro-businesses.
Why It’s Popular
- Fast, digital applications and quotes
- Competitive pricing
- Designed for small business needs such as business owner’s policies and workers’ comp nnullsbrawls
Best for: Startup owners and businesses that prefer an online, modern experience.
7. Insureon — Best for Comparing Multiple Carriers
Rather than being a traditional insurer, Insureon is a digital marketplace where business owners can compare policies from top insurers like Chubb, The Hartford, Travelers, Liberty Mutual, and more. Wikipedia
Advantages
- Easy comparison of multiple carriers in one place
- Quick online quotes
- Coverage options tailored to your industry
Best for: Business owners who want to shop and compare options without contacting multiple carriers individually.
8. Berkshire Hathaway Group Companies (including biBERK & BHHC)
Under the Berkshire Hathaway umbrella are companies like biBERK and BHHC, known for strong financial strength and competitive premiums.
Key Benefits
- Quality commercial property, liability, and workers’ comp policies
- Solid reputation backed by Berkshire Hathaway financial strength Bravo Policy
Best for: Small and expanding business owners seeking strong backing and concise policies.
Tips When Shopping for Business Insurance
✔ Get multiple quotes — Businesses vary widely, and price differences can be significant.
✔ Assess industry-specific needs — Contractors, tech firms, restaurants, and healthcare providers all have unique risks.
✔ Don’t skip bundling options — Combining policies such as liability and property in a BOP can save money.
✔ Work with a broker — Independent brokers can help tailor coverage and find competitive pricing.