Best Small Business Insurance: Investopedia’s Top Picks
Investopedia’s research, conducted in February 2025, examined 16 small business insurance providers to determine the best options for business owners. The evaluation considered customer complaint records, financial strength, coverage offerings, and digital features to make these recommendations. The Hartford emerged as the top choice for overall best small business insurance.
Here are Investopedia’s top picks:
- Best Overall: The Hartford
- Best Customer Complaint Record, Best for Brick-and-Mortar Businesses: CNA
- Best for Independent Contractors: Thimble
- Best for Worker’s Compensation: Huckleberry
- Best for Most Coverage Types: Nationwide
- Best for Financial Stability: Travelers
- Best Online Experience: NEXT Insurance
Why Trust Us
Investopedia was founded in 1999 and has been researching and recommending insurance providers since 2020. Their unbiased reviews are based on in-depth research into each company, helping business owners make informed decisions.
Methodology
To determine the best small business insurance, Investopedia analyzed industry data, market share, and customer search trends to identify key features and top providers. They evaluated 16 companies across 28 criteria. This research included financial strength ratings from AM Best, customer satisfaction ratings from J.D. Power’s 2024 Small Commercial Insurance Study, and complaint data from the National Association of Insurance Commissioners. Coverage types, limits, and digital features were also assessed.
Companies were ranked using the following category weights:
- Customer complaints: 25%
- Financial strength: 20%
- Plan types: 19%
- Coverage limits: 16%
- Digital features: 15%
- Discounts: 5%
Top Pick: The Hartford
Investopedia’s Rating: 4.8
- Customer complaints: About average
- Business owner’s policy liability coverage limit: $4 million
Why Investopedia Chose The Hartford: The Hartford offers a wide array of coverage options, substantial liability limits, and convenient online tools such as online claims and digital certificates of insurance. Compared to its market share, the company receives a slightly higher than expected number of complaints regarding specific areas like liability, commercial auto, and worker’s compensation insurance.
Pros & Cons:
Pros:
- Several coverage options
- High coverage limits for general liability
- 10% discount when bundling a business owner’s policy and worker’s compensation
Cons:
- Frequent complaints about commercial auto, commercial liability, and worker’s compensation businesses
- Below-average customer satisfaction rating with J.D. Power
Overview: Founded in 1810 and based in Hartford, Connecticut, The Hartford has been providing business insurance for 50 years. It offers a diverse selection of coverages, including data breach insurance. Its standard business owner’s policy combines general liability, commercial property, and business income insurance, potentially qualifying for a 10% bundling discount when paired with The Hartford’s workers’ compensation insurance. Typically, small business owners pay around $85 monthly for a business owner’s policy (BOP) from The Hartford, though premiums can vary based on factors such as industry, location, employee count, and coverage needs. The BOP can be customized to include worker’s compensation, professional liability, commercial auto, data breach insurance, and more.
A business owner’s policy combines property and liability coverage into a single, more affordable package than purchasing these coverages separately.
The Hartford offers up to $4 million in general liability coverage, designed to protect business owners from costly work-related accident lawsuits—the highest general liability limit among the insurers Investopedia reviewed. While The Hartford provides extensive coverage, it experiences more customer complaints than anticipated for a company of its size, particularly in commercial liability, auto, and worker’s compensation. This could indicate potential issues with claims processing or customer service response times.
Business Coverages Offered:
- General liability
- Workers’ compensation
- Data breach
- Commercial auto
- Professional liability
- Commercial property
- Business interruption
- Employment practices liability
- Home-based business
- Inland marine
- Management liability
- Multinational
Best for Customer Complaint Record and Brick-and-Mortar Businesses: CNA
Investopedia’s Rating: 4.3
- Customer complaints: Much less than average
- Business owner’s policy liability coverage limit: $4 million
Why Investopedia Chose CNA: For companies of its size, CNA receives fewer customer complaints and provides robust commercial property coverage.
Pros & Cons:
Pros:
- Low number of customer complaints.
- Highly customizable business owner’s policy.
Cons:
- No coverage for home-based businesses.
- No digital proof of coverage.
- Below-average customer satisfaction rating with J.D. Power.
Overview: CNA had the lowest rate of customer complaints among the insurance companies Investopedia reviewed, especially in its commercial property business. It offers over 300 coverage endorsements to customize policies, which is especially beneficial for customizing your business insurance needs. The flagship BOP, CNA Connect, covers over 600 types of businesses, from accountants to manufacturers, and offers property insurance features designed to assist brick-and-mortar businesses. This includes coverage for both building and business personal property, with a waiver on coverage penalties if the building or business property isn’t insured for up to 80% of its value. There is also a 3% inflation guard, which helps offset rising costs, and ordinance or law coverage, which helps with the extra expense of rebuilding old structures to meet current building standards.
If you operate a home-based business, CNA may not have the appropriate coverage, and digital certificates of insurance aren’t available. CNA was originally founded in 1897, and its headquarters are in Chicago.
Business Coverages Offered:
- Commercial auto
- Cyber
- Employment practices liability
- Errors and omissions
- Fidelity and commercial crime
- International
- Ocean marine
- Professional liability
- Umbrella and excess liability
- Warranty and alternative risks
- Workers’ compensation
Best for Independent Contractors: Thimble
Investopedia’s Rating: 4.4
- Customer complaints: Less than average
- Business owner’s policy liability coverage limit: $2 million
Why Investopedia Chose Thimble: Thimble offers flexible, short-term liability coverage to cater to independent contractors, especially those without employees.
Pros & Cons:
Pros:
- Offers short-term coverage.
- Few customer complaints.
Cons:
- No employment practices liability coverage.
- Claims handled by other companies.
Overview: Thimble allows businesses to purchase short-term liability insurance by the job, month, or year. It stands out as one of only two companies reviewed that offers short-term coverage, which is ideal for project-based work. The company has a low complaint rate for its liability business, and premiums start at $17 monthly, varying based on the state and type of business. Thimble provides fast online quotes. However, it operates as an insurance broker, not an insurer; therefore, your experience when filing a claim may be influenced by Markel Insurance Company or National Specialty Insurance Company, who actually underwrite the policies. Thimble doesn’t offer employment practices liability insurance (EPLI).
Thimble was founded in 2018 and was acquired by Arch Insurance in 2023, and is based in Jersey City. If employees or subcontractors are hired, EPLI may be needed to provide business protection against discrimination, harassment, or wrongful termination claims.
Business Coverages Offered:
- General liability
- Professional liability
- Business equipment protection
- Commercial property
- Cyber
Best for Worker’s Compensation: Huckleberry
Investopedia’s Rating: 4.4
- Customer complaints: Less than average
- Business owner’s policy liability coverage limit: Not disclosed
Why Investopedia Chose Huckleberry: Huckleberry has the lowest complaint rate for workers’ compensation insurance among all the companies reviewed, and quotes can be obtained in minutes.
Pros & Cons:
Pros:
- Few complaints about its workers’ compensation business.
- Wide variety of business coverages.
Cons:
- Claims handled by other companies.
Overview: Huckleberry offers easy online workers’ compensation insurance quotes without the need for any paperwork. It sells workers’ compensation insurance in all states except Ohio, North Dakota, Washington, and Wyoming, with a median annual premium that is $1,123. Employers are required to purchase workers’ compensation insurance in every state except Texas, and the cost depends on your company’s payroll. Huckleberry also offers several types of small business insurance including a business owner’s policy, standalone general liability, and business interruption insurance. However, while online quotes are simple to get, claims must be filed over the phone or directly with the insurance carrier. Huckleberry is a broker partnering with companies such as AmTrust, Markel, Employers Holdings, and Chubb. The customer experience will vary based on which company provides your policy. Huckleberry, owned by Rochester, New York-based Paychex (founded in 1971), simplifies this vital insurance type.
Business Coverages Offered:
- Workers’ compensation
- General liability
- Business property
- Business interruption
- Professional liability
- Hired and non-owned auto
- Employment practices liability
- Liquor liability
- Spoilage
- Equipment breakdown
- Employee dishonesty
Best for Most Coverage Types: Nationwide
Investopedia’s Rating: 4.0
- Customer complaints: Less than average
- Business owner’s policy liability coverage limit: Not disclosed
Why Investopedia Chose Nationwide: Nationwide is a comprehensive choice for businesses needing a diverse array of coverage types, incorporating key person insurance and coverage options for home-based businesses.
Pros & Cons:
Pros:
- Coverage for home-based businesses.
- Key-person insurance available.
- Few customer complaints.
Cons:
- No digital certificate of insurance.
- Focused on a handful of industries.
Overview: Nationwide is a great choice for businesses operating from home or those wishing the convenience of obtaining all their business insurance in one spot. It is one of only three companies that Investopedia reviewed that offers key-person insurance, a protection measure against financial impact if a key employee such as an owner or top executive dies or becomes disabled. Nationwide is the second best choice in the category due to its low complaint rate, specifically within its liability insurance division. Unlike other companies in the segment, Nationwide serves a more specific group of industries including professional and financial services, auto services, personal services, pet care services, contractors, retail, health care services, and food services. While online quotes and claims procedures are available, digital certificates of insurance are not.
Nationwide was founded in 1926 and is based in Columbus, Ohio.
Business Coverages Offered:
- Commercial auto
- Commercial property
- Cyber liability
- Employment practices liability
- Errors and omissions
- General liability
- Inland marine
- Management liability
- Umbrella
- Workers’ compensation
- Key person
Best for Financial Stability: Travelers
Investopedia’s Rating: 3.9
- Customer complaints: Less than average
- Business owner’s policy liability coverage limit: Not disclosed
Why Investopedia Chose Travelers: Travelers is a reliable insurer with a strong ability to pay out claims after a lawsuit or disaster.
Pros & Cons:
Pros:
- Financially strong
- Wide selection of coverages
- Few customer complaints
Cons:
- No online quote option
Overview: With solid financial strength, you can rely on Travelers to cover claims. There is also a wide range of coverages available, to help meet your business’s needs. Complementing its coverages, Travelers offers risk management advice and also proprietary tools. It also offer certificates of insurance online. Since this provider does not offer online quotes, contacting an agent in person or by phone will be needed Travelers was founded in 1864 and is based in Hartford, Connecticut.
Business Coverages Offered:
- Boiler and machinery
- Commercial auto and trucking
- Cyber
- Excess casualty and umbrella
- Environmental
- General liability
- Global
- Inland marine
- Management and professional liability
- Ocean marine
- Property
- Workers compensation
Best Online Experience: NEXT Insurance
Investopedia’s Rating: 3.8
- Customer complaints: Much more than average
- Business owner’s policy liability coverage limit: $2 million
Why Investopedia Chose NEXT Insurance: NEXT offers a streamlined online experience, making it a great choice for businesses that need robust coverage with user-friendly digital features and fast quotes.
Pros & Cons:
Pros:
- Offers live customer service chat, digital certificates of insurance, and online claims.
- Offers coverage for home-based businesses.
Cons:
- Low coverage limits for general liability claims.
- High number of customer complaints.
Overview: NEXT Insurance has a suite of digital features, including live customer service chat, digital certificates of insurance, and online claims filing, and delivers a streamlined process from the initial quote to policy management to customer advice. While you can manage your policy completely online, NEXT also allows you to connect with an advisor if you have more complicated insurance needs. You can get NEXT coverage through its partners, including QuickBooks and LegalZoom. A drawback to keep in mind is that the business owner’s liability limits are lower than those offered by other insurance companies. The company has a higher-than-expected number of complaints, which might suggest customer satisfaction issues. NEXT came to the small business insurance market in 2016, and is based in Palo Alto, California.
Business Coverages Offered:
- General liability
- Workers’ compensation
- Professional liability
- Commercial property
- Commercial auto
- Tools and equipment
- Employment practices liability
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