With so many options, researching the best small business insurance, companies and quotes can be daunting for busy small business owners. And we’ve done the work to help you find affordable rates, comprehensive coverage and reliable service.
Keep reading to learn how to evaluate the best small business insurance companies and choose the best — and most cost-efficient — policies and coverage for your needs.
When selecting an insurance provider, this is what to look for to help you get the best coverage and support for your business:
Choose a provider with a proven track record serving small businesses.
Specialists in small business insurance tend to have straightforward underwriting, easier self-service tools (since you’re busy) and more affordable pricing to help you get the right coverage without waste.
Insurers focused on enterprise solutions may not offer the flexibility or personalized service a growing small business requires.
Why NEXT?: NEXT is 100% dedicated to the self-employed and small businesses — we don’t insure anyone else. We’re trusted by over half a million customers in hundreds of professions.
Have you ever had a car salesperson try to sell you every feature under the sun? That’s what it can feel like to buy from some insurers. Their policies can force you to overpay for unnecessary protections you don’t need.
Look for a provider with customizable coverage to avoid wasted spending.
Also, work with a company that can grow with your insurance needs as your business expands with more employees, new locations or services.
Why NEXT?: We can help you design the coverage that best fits your business (See for yourself with a free quote). You can save up to 10% if you bundle two or more policies with NEXT.
Small business owners don’t have time for the delays of traditional insurance, which often requires time on the phone or in an agent’s office.
Insurance companies have struggled to meet modern customer demands for speed, access and self-service. Agents constrained to office hours used to be a necessity to handle even the smallest tasks — which could take days or weeks to complete.
Look for an insurance provider that gives you tools to quickly find what you need, including:
Why NEXT?: Use our mobile app or customer portal to save time and manage insurance efficiently. Edit payment details, generate custom certificates of insurance (COIs) or upload images for claims. Our self-service features give customers more ways to solve problems quickly.
The best small business insurance companies provide responsive, knowledgeable support.
Evaluate an insurer based on how easy they are to reach. Can a chatbot solve your problem quickly? And if you need to elevate your request to customer service, can you get someone to respond with the right information?
Are policies, exclusions and details clearly explained? Or is their insurance information riddled with jargon? Does the provider offer resources with simple answers?
And lastly, what do other small business owners say about their services on review sites like the Better Business Bureau, Trustpilot and Google Reviews?
Why NEXT?: Our 24/7 online chat gets you fast answers on your busy schedule. It’s easy, it’s always on, and it’s a reliable source of truth for everything around your policies. If you have questions, our licensed, U.S.-based insurance professionals are always available to help.
Research how quickly and efficiently the insurance provider processes claims.
First, what kind of information does the company provide before you’re a customer? Do they tell you what the claims process looks like? Do they give clear, simple instructions for filing a claim when things go wrong?
Look for insurers with online claims tracking to reduce paperwork and speed up processing. They should also have transparent timelines through an online customer portal, mobile app or text messaging to keep you informed of your claim status.
Why NEXT?: We understand small businesses need to resolve claims quickly. We aim to respond to claims within one business day. Our licensed agents resolve one out of three claims within a week and have a median claim resolution time of 15 days.*
Read more: What happens when you have a General Liability claim at NEXT.
Read reviews and industry rankings to learn how an insurer handles claims and disputes.
Industry rankings compare the best insurance for small businesses based on expert analysis. Unlike customer reviews, which may be subjective, these articles offer professional evaluations and data-driven comparisons.
Why NEXT?: Word-of-mouth reviews hold weight with small businesses. We’re proud that our customers love our products and service. We’ve also been applauded by many industry experts and recognized by NerdWallet, CNBC, Forbes, Inc., Insurance Ranked and more.
An insurer needs to have the resources to pay claims, especially during a large-scale disaster or economic downturn. If a company is financially weak, it may delay or deny claims, raise premiums or go out of business — leaving policyholders holding the bag.
Check financial stability ratings to help ensure your insurance company is reliable. If they’re a publicly traded company, their stock performance and earning reports will spell out their profitability and claim payout ratios.
Why NEXT?: Since our founding in 2016, NEXT has received over $1 billion in funding. We’re backed by some of the biggest names in insurance, finance and tech, including MunichRE, and we’ve entered a strategic partnership with Allstate and Allianz X.
For many business owners, the best small business insurance will always be the cheapest. But if you’re paying a low premium but not getting the protection you need — what’s the point?
Small business owners should weigh more than just cost against value because the cheapest policy isn’t always the best.
When evaluating which coverage to buy, some factors to compare include:
The best affordable small business insurance should provide right-sized financial protection at a fair price. And it should cover essential risks without hidden gaps or excessive add-ons.
Why NEXT?: Many businesses that switch to NEXT pay less for their insurance than they previously paid. Online services can help keep insurance affordable and empower owners to get insurance quotes, manage coverage and file claims themselves.
We also offer unlimited certificates of insurance at no extra cost and the ability to add as many additional insureds as you want.
Choose a provider that understands the unique risks, challenges and regulations around your industry — and tailors their coverage accordingly.
The best retail insurance providers often offer bundled policies to cover liability as well as your inventory and business fixtures. Look for BOP Insurance (Business Owner’s Policy), which combines general liability insurance with commercial property insurance, often at a lower cost.
Other important coverage for retailers include:
The best insurers for restaurants, catering and food businesses offer tailored policies and industry-specific risk management, including:
Cleaning businesses need protection for general liability if they cause damage to a client’s property or if a non-employee gets hurt slipping on a wet floor.
In addition, they may also need:
Professional service businesses — such as consultants, accountants, real estate agents, IT professionals, and legal professionals — face unique risks related to client disputes and data security.
On top of general liability insurance for basic coverage and commercial property insurance for your building and business gear, the following specialized coverage options could be an asset to your business:
Construction businesses face high-risk work environments and various legal and financial liabilities, making industry-specific coverage essential.
General liability (often required for licensing or starting your own business) and workers’ compensation insurance are just the beginning in this field. Other key policies include:
The best way to find the right small business insurance for your exact business is to get a free quote. In about 10 minutes you’ll know exactly what insurance you need, what it covers and what it costs.
NEXT specializes in small business insurance for self-employed individuals and business owners in hundreds of professions.
You can see how much you would pay for business insurance customized for your business in about 10 minutes. If you like what you see, you can buy online and get your certificate of insurance right away — no waiting around. Bundle two or more policies and save up to 10%.
Business owners can manage their coverage online or on the app 24/7. And if you have questions, our U.S.-based insurance team is here to help.
Kim Mercado is a content editor at NEXT. She writes and edits content for small business owners, and enjoys helping entrepreneurs solve their business challenges and learn about insurance. Kim has contributed to Salesforce, Samsara and Google.
You can find Kim trying new recipes and cheering the 49ers.
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