Best Business Insurance in 2025 (Compare the Top 10 Companies)

State Farm, Liberty Mutual, and Allstate are among the best insurance companies for business coverage. State Farm is the top pick overall due to its A++ A.M. Best rating and network of more than 19,000 agents nationwide.

It also offers competitive business owners’ policy that includes general liability, commercial property, and business interruption coverage.

Our Top 10 Company Picks: Best Business Insurance

Liberty Mutual is ideal for industry-specific coverage, offering tailored policies for contractors, healthcare providers, and retailers, with an excellent A.M. Best rating and firm risk management services.

Allstate provides some of the most affordable business owners’  rates for small businesses, policy bundling discounts, and an intuitive online platform for managing coverage and claims. Find the best business insurance rates by entering your ZIP code into our comparison tool.

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#1 – State Farm: Top Pick Overall

Pros

• Robust Business Network: State Farm has an extensive insurance agent network, offering businesses dedicated local support.
• Strong Business Insurance Policy Bundling: A 17% insurance bundling discount helps businesses save on multiple insurance policies. Get more details in this State Farm insurance review.
• Business Insurance Safety Incentives: Provides insurance discounts for businesses that implement strong workplace safety programs.

Cons

• Limited High-Risk Business Insurance Options: Some high-risk industries may not qualify for specialized insurance policy options.
• Business Insurance Digital Features Lag Behind: Online insurance tools lack the advanced features offered by other insurance providers.

#2 – Liberty Mutual: Best for Policy Options

Pros

• Industry-Specific Business Coverage: Liberty Mutual customizes insurance plans to fit unique business industry needs. To discover more about the company, visit our Liberty Mutual review.
• Early Renewal Business Insurance Savings: Companies renewing insurance policies ahead of time qualify for exclusive discounts.
• Insurance Risk Assessments to Lower Business Claims: Liberty Mutual helps businesses mitigate risks with insurance-backed safety analysis.

Cons

• Lengthy Business Insurance Quoting Process: Getting an insurance estimate requires multiple steps and agent discussions.
• Higher Insurance Costs for Small-Scale Businesses: Some smaller businesses may find Liberty Mutual’s insurance premiums expensive.

#3 – Allstate: Best for Full Coverage

Pros

• Comprehensive Business Insurance Protection: Allstate’s insurance policies cover many potential business risks. For further details, see our Allstate insurance review.
• Loyalty-Based Business Insurance Savings: Long-term customers receive increasing insurance discounts as policyholders.
• Fast Insurance Claims Processing for Businesses: Businesses experience efficient insurance claim resolutions with quick turnaround times.

Cons

• Strict Qualifications for Business Insurance Discounts: Many insurance savings require businesses to maintain a spotless claims record.
• Limited Specialty Business Insurance Offerings: Some niche industries may not find tailored insurance coverage within Allstate’s plans.

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#4 – Geico: Best for Good Drivers

Pros

• Affordable Business Insurance for Low-Risk Drivers: Geico offers cost-effective insurance plans for businesses with safe driving records.
• Digital Business Insurance Quote Convenience: The online insurance platform simplifies getting quick business policy estimates.
• Fleet Insurance Discounts for Business Vehicles: Companies operating multiple commercial vehicles can secure specialized insurance savings.

Cons

• Lower Business Insurance Coverage Limits Available: Some Geico insurance policies cap maximum payouts lower than competitors.
• Minimal Personalized Business Insurance Support: Geico lacks dedicated insurance agents for in-depth business policy consultations.

#5 – Farmers: Best for Discount Variety

Pros

• Extensive Business Insurance Discounts: Farmers provide numerous business discounts based on risk factors. Explore them further in our Farmers insurance review.
• No-Claims Business Insurance Rewards: Companies with claim-free insurance records unlock long-term premium discounts.
• Extremely Flexible Business Insurance Endorsements: Farmers enable businesses to add insurance policies with available endorsements.

Cons

• Higher Deductibles on Some Business Plans: Certain Farmer’s insurance policies require high out-of-pocket costs before payouts.
• Geographic Restrictions on Business Insurance Discounts: Some Farmer’s insurance discounts are only available in specific states or regions.

#6 – Nationwide: Best for SmartRide Program

Pros

• Early Signup Business Insurance Benefits: Businesses enrolling in insurance plans ahead of renewal can access exclusive discounts.
• Robust Business Insurance for Mid-Sized Companies: Nationwide insurance provides strong coverage options tailored to growing businesses.
• Industry Association Business Insurance Savings: Companies in certain trade groups can qualify for discounted Nationwide insurance rates.

Cons

• Not Ideal for Small Business Insurance Needs: Some sole proprietors may find Nationwide’s insurance plans too broad or costly. Learn more about the offerings in our Nationwide insurance review.
• Premium Adjustments on Business Policies: Insurance rates may fluctuate based on external economic and industry conditions.

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#7 – Chubb: Best for High-Value Vehicles

Pros

• Superior Business Insurance for Luxury Assets: Chubb Insurance specializes in high-end coverage for businesses with premium equipment.
• Exclusive Risk Mitigation Services With Business Insurance: Policyholders gain access to expert guidance for reducing insurance risks.
• Global Business Insurance Solutions Available: Chubb Insurance offers specialized international policies for worldwide business operations.

Cons

• Premium Business Insurance Comes at a Cost: Chubb’s high-quality insurance plans often have higher-than-average premiums. Uncover more by reading our Chubb insurance review.
• Complex Business Insurance Claims Documentation: The claims process requires detailed documentation, increasing administrative workload.

#8 – Progressive: Best for Budgeting Tools

Pros

• Innovative Business Insurance Cost Management: Progressive’s digital tools help businesses track and manage insurance expenses.
• Snapshot Program for Savings: Businesses using telematics with safe driving habits can reduce insurance costs. Learn how you can save in our Progressive insurance review.
• Multi-Vehicle Business Insurance Discount: Companies insuring multiple business vehicles qualify for Progressive insurance savings.

Cons

• Business Insurance Lacks Personalized Support: Progressive mainly operates online, limiting in-person insurance advisory services.
• Basic Business Insurance Coverage May Require Upgrades: Some Progressive insurance plans need optional add-ons for complete protection.

#9 – Travelers: Best for Specialized Coverage

Pros

• Tailored Business Insurance for Unique Industries: Travelers provide insurance solutions designed for niche business sectors. Learn more in this Travelers insurance review.
• Advanced Business Insurance Safety Training Programs: Policyholders receive insurance discounts when enrolling in industry safety courses.
• Accident-Free Business Insurance Discount Program: Businesses with clean insurance records can lower their insurance costs over time.

Cons

• Complex Business Insurance Customization Process: Some Traveler’s insurance policies require detailed customization for approval.
• Lower Business Insurance Bundling Discount: Travelers offer only a 13% bundling discount below market averages.

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#10 – The Hartford: Best for Tailored Policies

Pros

• Home-Based Business Insurance Coverage: The Hartford provides specialized insurance plans for entrepreneurs working from home.
• Group Business Insurance Plans for Employee Benefits: Companies can bundle employee benefits with Hartford’s business insurance programs. Learn how in this The Hartford insurance review.
• Industry-Specific Business Insurance Savings: Hartford offers exclusive insurance discounts tailored to business sectors.

Cons

• Limited Savings With Bundling Discounts: Hartford’s bundling discount maxes out at only 5%, lower than competitors.
• Business Insurance Policies May Require Endorsements: Some Hartford insurance policies require add-ons for complete business coverage.

Understanding Business Insurance Costs: Provider & Coverage Breakdown

Business insurance rates differ across providers, with Geico offering the lowest minimum coverage at $35 per month and Chubb having the highest at $77 per month. Full coverage pricing also varies, with State Farm charging the least at $110 per month, while The Hartford is the most expensive at $304 per month.

Business Insurance Monthly Rates by Provider & Coverage Level

Liberty Mutual offers full coverage at $120 per month, while Travelers charges $250 monthly. Progressive’s minimum coverage starts at $38 per month, but full coverage jumps to $200 per month. Comprehensive coverage includes liability, property, and business interruption insurance for broad protection.

Price variations arise from factors such as policy limit coverage, risk assessments, and underwriting practices by each company. Those firms that desire the cheapest minimum coverage could discover Geico as an affordable option. Conversely, those desiring broader coverage would do well to seek coverage by The Hartford or Travelers.

Smart Savings With Business Insurance Discounts by Provider

Business insurance providers offer specific discounts that help reduce premiums for qualifying businesses. State Farm, The Hartford, and Geico provide bundling discounts when businesses combine policies like a business owner policy (BOP) with commercial auto or general liability insurance. These savings allow enterprises to consolidate coverage under one provider while lowering overall costs.

Business Insurance Discounts From the Top Providers

Implementing risk management measures can qualify businesses for lower insurance rates. Chubb and Liberty Mutual offer discounts for companies that use approved loss control programs, conduct documented safety training, or follow insurer-recommended risk reduction strategies. Allstate, Travelers, and Farmers provide claims-free discounts, reducing premiums for businesses with a verified history of no recent claims.

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Some discounts are designed for specific industries and types of businesses. Nationwide and The Hartford offer price reductions for firms affiliated with professional associations, while Progressive and Geico provide fleet discounts for companies with multiple commercial vehicles. Progressive’s Snapshot program further helps businesses save on commercial auto insurance by tracking and rewarding safe driving habits through telematics.

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Essential Insights on Business Insurance

The article covers the leading business insurance companies, including State Farm, Liberty Mutual, and Allstate. State Farm has a very well-rated Business Owners Policy with an A++ AM Best rating. Liberty Mutual offers industry-specific coverage, while Allstate leads in affordability and risk management.

A cost comparison reveals that business insurance rates start at $35 per month with Geico, while complete coverage can reach $304 per month with The Hartford. A BOP is an affordable option for small to mid-sized businesses, combining general liability, commercial property, and business interruption insurance in one policy. Additionally, some providers offer the best multi-policy car insurance discounts, helping businesses save more when bundling their coverage.

The article emphasizes the dangers of poor coverage, such as financial loss, legal problems, and business disruption. Companies must compare several providers, utilize bundling discounts, and select a BOP for overall protection to reduce the risk.

Business Insurance: What You Need to Know

Business insurance is a type of coverage designed to provide financial protection against the risk of economic loss.

It helps shield businesses from unexpected costs and allows them to continue operating without fear of financial ruin due to an accident, lawsuit, or other unforeseeable incidents.

Business insurance typically covers damages caused by property damage, business interruption, professional and general liability, employment practices liability, cyber liability, and workers’ compensation.

Depending on your business needs, you may also purchase additional policies, such as a commercial car or product liability insurance.

Having the right business insurance in place can be crucial for a small business owner. A good policy will protect your business from claims that could potentially cost thousands of dollars or even put you out of business. Business insurance needs also differ based on the type of business. The best business insurance for gyms could be different than the best business insurance for restaurants.

It also helps ensure that you can recoup some of the costs associated with an incident, such as lost wages, medical bills, and property damage.

In addition to financial protection, business insurance can offer peace of mind. Knowing that your company is properly covered can allow you to focus on running your business rather than worrying about potential risks and liabilities.

Having a policy in place may also attract quality talent when hiring new employees, as they will likely feel more secure knowing their employer is taking adequate steps to protect them in the case of a workplace accident or other unfortunate event.

Overall, business insurance can be an invaluable asset for small business owners who want reliable protection for themselves and their employees.

With the right policy in place, business owners can remain safe, knowing that whatever the future throws their way, they have a plan in place to manage it.

Read more: Best Business Insurance for Graphic Designers

The Consequences of Not Having Business Insurance During a Disaster

Without business insurance, a company may be held liable for any damages or losses that occur as a result of an accident or disaster.

This means they will have to pay out of pocket for any expenses related to the incident, such as medical bills, property damage, and legal fees. Furthermore, if the company is unable to pay these costs due to insufficient funds, it could face bankruptcy or other financial repercussions.

If an employee is injured on the job and there is no workers’ compensation coverage in place, the employer will likely be required to cover any medical bills associated with the injury. Not only can this be expensive, but it can also put additional strain on already limited resources.

In addition to financial concerns, not having business insurance can put a company’s reputation at risk. Customers and clients may lose trust in the company, making it difficult to attract new business or retain existing customers.

Without coverage for specific risks, such as product liability or professional indemnity, a firm is exposed to potential lawsuits that could further damage its financial standing. Even if these suits are successful, the business must pay legal fees and any awards or settlements.

Finally, businesses without sufficient coverage may be prevented from operating due to regulations requiring them to have certain types of policies in place. This can cause significant disruption as they must cease operations while they find coverage, explore options such as raising their deductible, and obtain the necessary permits.

For these reasons, appropriate business insurance is essential for any company looking to protect itself from potential losses and liabilities. Without it, a business could suffer significant economic strain and damage its reputation.

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Different Types of Business Insurance

During your search for quality business insurance, you’re bound to encounter several terms relating to the different types of business insurance. Here are the most common types of business insurance to remember:

Commercial Business Insurance

Commercial insurance is an important form of protection for businesses of all sizes. It provides financial security in the event of an unexpected loss, protecting against liability claims and other unforeseen expenses. It helps companies protect their assets, minimize risk, and ensure that their operations remain financially secure.

Businesses typically obtain commercial insurance coverage through a combination of policies aimed at protecting from various types of risks. This includes property damage, theft, and fire, as well as general liability coverage for slips and falls on the premises or damage caused by operations to customers or third parties.

Additionally, employers can purchase special coverages, such as workers’ compensation insurance and employment practices liability insurance, to protect themselves from losses related to wages or employee misconduct.

For example, eBay businesses should strongly consider obtaining commercial business insurance to safeguard against potential liabilities and protect their assets in the dynamic online marketplace. Finding the best business insurance for eBay businesses requires ample time; however, this guide will help you understand the types of insurance that businesses must have.

Business owners should consult with an experienced commercial insurance broker before purchasing a policy to ensure they are getting the best coverage at the most affordable rate.

These professionals can help review policies, explain terms and conditions, provide advice, and make sure companies are fully protected. By securing proper commercial business insurance, businesses can protect themselves from unexpected losses and ensure financial stability for years to come.

Small Business Insurance

Small business insurance is designed to provide specialized coverage for small businesses. It provides financial protection from risks associated with the normal operations of a business, such as property damage, liability claims, and more.

It differs from other forms of commercial business insurance in that it is tailored specifically to meet the needs of smaller, less complex businesses. Small business insurance typically covers many issues, from property damage to legal liabilities, employee injuries, and more.

For instance, if you have a delivery or courier business, it is essential to look for the best business insurance for delivery and courier services. Such coverage can safeguard the business from disruptions caused by unforeseen events, ensuring the smooth continuation of operations and the trust of clients relying on timely and secure deliveries.

By obtaining small business insurance, small business owners can protect their businesses from unexpected losses and ensure that their operations remain financially secure.

Small business owners should consult with an experienced commercial insurance broker before purchasing a policy to make sure they are getting the best coverage for the lowest price.

The broker can help review policies, explain terms and conditions, and provide advice on ways to reduce premiums by taking proactive steps to minimize risk.

By securing proper small business insurance, companies can enjoy peace of mind knowing that they’re protected in case of any unforeseen incidents or legal liabilities.

Read more: Best Business Insurance for Lemonade Stand

Basic Liability Business Insurance

Basic liability business insurance is designed to provide businesses with financial protection against legal liabilities resulting from accidents or negligence. It covers a wide range of issues, such as bodily injury and property damage caused by the business’s operations.

This type of coverage usually includes general liability insurance that protects against physical injuries and third-party claims, as well as product liability insurance, which protects companies from losses due to defective or dangerous products.

Businesses also have the option to purchase additional riders to expand their policy limits or add special types of coverage. For example, employers may choose to purchase workers’ compensation insurance and employment practices liability insurance to protect themselves from losses related to wages or employee misconduct.

The cost of basic liability business insurance can vary significantly depending on the size and scope of the business, as well as the industry in which it operates. Generally speaking, larger companies or those that operate in high-risk industries may pay higher premiums than smaller businesses with fewer risks.

For instance, the best business insurance for daycares should be basic liability insurance. Before purchasing a policy, make sure they are getting the best coverage at the most affordable rate. The broker can help review policies, explain terms and conditions, provide advice on risk management strategies, and make sure companies are fully protected against potential losses.

By securing proper basic liability business insurance, businesses can protect themselves from unexpected losses and ensure financial stability for years to come.

Property Insurance

Property insurance is designed to protect businesses from losses due to physical damage or destruction of property. It covers a wide range of perils, such as fire, theft, vandalism, and natural disasters. Depending on the type of policy purchased, it can also provide coverage for lost income due to business interruption caused by covered events.

This type of coverage typically includes commercial buildings, retail spaces, factories, manufacturers, and also medical and health facilities. It protects against physical damage to structures owned or leased by businesses.

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Business owners should consult with an experienced commercial insurance broker before purchasing a policy to ensure they have enough protection given their particular situation. The broker can review policies, explain terms and conditions, provide advice on risk management strategies, and help secure the most affordable rate for the coverage desired.

By securing adequate property insurance, businesses can protect themselves from unexpected losses due to physical damage or destruction of property and ensure financial stability for years to come.

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Worker’s Compensation Insurance

Workers compensation insurance is designed to cover medical costs, lost income, and other expenses related to employee injuries or illnesses that occur on the job. In most states, employers are required by law to purchase this type of coverage to protect themselves from legal liabilities resulting from workplace accidents or incidents.

When buying workers’ compensation insurance, businesses should consider factors such as the size and scope of their operations, the types of employees they have, and the industry in which they operate.

It’s also important for employers to review state laws regarding minimum coverage requirements before making a purchasing decision.

Read more: Best Business Insurance for Gutter Cleaning Services

How to Choose the Best Business Insurance Coverage

The right business insurance coverage can protect your company from financial losses due to unexpected events like natural disasters, lawsuits, and other unforeseen circumstances. Before choosing a policy, it is important to consider the type of risks that you are exposed to.

Depending on your industry, some types of coverage may be necessary, while others may not be required but recommended. Evaluate what coverage would best suit your needs taking into account the size and scope of your business operations.

Once you have determined which coverages are best for you, take time to compare policies from the best business insurance companies to find one that fits within your budget and meets all of your needs. Consider things such as deductibles, premiums, maximum limits of liability, co-payments, and exclusions.

When it comes to applying for business insurance, shop around and get multiple quotes from the best providers. Make sure you read the fine print of any policy before signing to understand what is covered and excluded from the coverage.

Securing the best business insurance for power companies is crucial due to industry-specific risks. These include equipment failures, regulatory compliance issues, and natural disasters that can disrupt operations. With comprehensive coverage, power companies can protect infrastructure investments and cover liability claims. The right policies help ensure business continuity and financial stability despite unforeseen setbacks.

Find the best business insurance by entering your ZIP code into our comparison tool.

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