Our Top Picks · State Farm. Nationwide offers industry-leading coverage and service for the widest variety of business types and sizes, making it our choice as the best general insurance for commercial businesses. The Hartford is the best overall business insurance company in the market today. Covering businesses of all different shapes and sizes, The Hartford has everything you could need.
Many insurance companies have bundled property and liability coverage into what is commonly referred to as a business owner's policy (BOP) or package policy. It allows you to get extensive coverage at affordable rates. Because no two companies are the same, property insurance can be adapted to your needs. For example, a furniture store has different needs than a restaurant; an accounting office for two people has liability risks that are different from those of a retail company with a lot of customer interaction or a builder with a contractual obligation to build a building.
As the country's most popular business car insurance company, the rates are quite affordable. Between Chubb's excellent customer service and the wide range of coverage options, you can expect to pay a little more on your business insurance premiums. Insurance premiums depend on several factors, such as location, age and type of building, building use, local fire protection, the choice of deductibles, the application of discounts, and the scope and amount of insurance you take out. Any company with employees must have workers' compensation insurance and unemployment insurance, as a minimum.
When you take out property insurance, you and the insurance company must agree on what valuation method you will use to determine the value of your structures, thus ensuring a fair settlement at the time of the loss. Because business insurance needs are so diverse, many providers can only offer limited coverage for specific types of businesses. Insureon works with dozens of commercial insurance providers, saving you time by completing a single application to get multiple quotes for your business. While small business insurance protects your business against legitimate losses, it doesn't protect against damage caused by your negligence or fraud.
According to Next, self-employed companies can save up to 30% compared to traditional commercial insurance policies and receive discounts of up to 10% by combining several types of coverage. Some unique Allstate features include real estate coverage and commercial insurance for rental services. Some commercial insurance companies specialize in specific industries, such as retail, restaurants, or technology. Selecting the most appropriate insurance program for the needs and resources of your small business is a complex task.
It's generally a good idea to have at least one basic insurance policy for an LLC, even though this business structure protects your personal assets from liability. You can also save money on your commercial insurance policy by combining a commercial car with other types of coverage, such as general liability coverage or a BOP.