Get tailored coverage to meet your company needs. We reviewed the best commercial business insurance companies based on policy type, coverage, and more.
Lisa Bernardi is a personal finance and small business expert who has written for publications such as Bankrate, Reviews.com, TIME, and more. She is an expert on credit and debt and insurance, and frequently covers topics such as home financing and consumer tech. Lisa has a Master of Science in International Business from Universitat Pompeu Fabra and a Bachelor of Arts in Global Communications from the American University of Paris.
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Cutting corners with business insurance is one of the most expensive mistakes a company can make. Without proper coverage, businesses can find themselves on the hook for thousands of dollars to cover losses resulting from litigation or unforeseen events. Burglary and theft, which have affected one in five small businesses, cost an average of $8,000 without insurance. More serious events can quickly add up to several times this; fire damage leads to average losses of $35,000, while reputational harm incurs a typical cost in the neighborhood of $50,000.
Despite this, three out of every four U.S. companies don’t have adequate insurance, and 40% of small businesses carry no insurance whatsoever. Some business owners think that if insurance isn’t required by law, it’s not a necessity. Unfortunately, this couldn’t be further from the truth. For example, if you use your personal car for business purposes, you’ll need commercial auto coverage since the personal policy you carry won’t cover anything that happens during business hours. On top of this, many states do require businesses to carry specific types of insurance, which can include workers’ compensation and liquor liability, among others.
Commercial business insurance needs vary by company size and industry, which is why we’ve rounded up the best business policies for several different types of coverage. We reviewed 29 providers to identify the top contender in each category based on policy details, price, and service.
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