5 Best Commercial Auto Insurance Companies in 2023

An insurance agent standing in front of a car holding a car insurance form

If you rely on vehicles for your business to thrive, don’t shift into drive before picking up some commercial auto insurance. Personal coverage won’t cut it if you or a staff member has an accident while on the job. Keep reading to discover the best commercial auto insurance companies offering your vehicle or fleet the protection it needs.

Get your company vehicles insured with Embroker.

The 5 Best Commercial Auto Insurance Companies

When weighing the best commercial auto insurance companies, we looked at providers covering a wide margin of vehicles for current and future business use. We also considered coverage options, how easy the claims process was, and the amount of time it takes to receive approval for coverage. Finally, we wanted to make sure the insurance provider has a support staff that is quick to help and has all the right answers.

Click here for a more detailed understanding of our ranking methodology for picking the top commercial auto insurance companies.

Embroker logo

Embroker: Best Overall Commercial Auto Insurance

4.8

Also ranked as the best small business insurance provider, Embroker has a speedy application process with complete coverage for automobiles and other aspects of your business. Plans typically come back affordable, but Embroker keeps pricing information close to its chest until you request a quote. The company works with brokers instead of supplying coverage itself and doesn’t have a mobile app to use on the road.

Why we chose it: With affordable coverage options for your fleet and drivers, Embroker is the best business auto insurance out there. Read our Embroker review to find out more about it.

  • Affordable coverage
  • Fast application process
  • Complete coverage with customizable plans
  • Unclear pricing information
  • No mobile app
  • Works with brokers

Pricing: Embroker isn’t forthcoming with pricing information, as many factors can affect the cost of a plan. For instance, a vehicle’s type, value, and mileage all play a role. So too does the number of vehicles in your fleet, any cargo they transport, and your employees’ driving records.

Vehicle Types Covered

Commercial auto insurance covers vehicles owned by the business itself or individuals using one for the sake of business. Vehicles typically covered by Embroker include:

  • Passenger cars
  • Pickups
  • SUVs
  • Vans
  • Delivery Vans
  • Cement mixers
  • Tractor Trailers
  • Flatbeds
  • Cranes

Coverage Options

You’ll have to deal with any incident involving one of your business vehicles, so it’s important to have sufficient coverage. Embroker’s policies cover injury or property damage to third parties and any medical bills from your driver. Plans also pay for vehicle repairs or help bridge the gap in money owed in a lease. You can add protection from weather or theft and even tack on roadside assistance if you want more protection.

Claims

When filing a claim, the first step is to reach an Embroker through chat. A team member will help you provide the necessary information to eliminate any bumps in the road. Serious incidents may require a visit from an adjuster.

Approval Time

It doesn’t take too long to receive a quote for business auto insurance. Once you’ve provided the necessary data, Embroker should have some numbers for you within 15 minutes. The most time-consuming aspect is figuring out which types of coverage work best for your business.

Support

While Embroker has offices in four cities, the best way to deal with the company is online. Its website lists several phone numbers, email addresses, and even has a chat feature. Team members are standing by between 9 am and 9 pm eastern standard time.

Next Insurance logo

Next Insurance: Best Commercial Auto Insurance for Fast Coverage

4.6

With Next Insurance, you can get quotes faster than anywhere else and feel confident with your end result. The site doesn’t cover niche industries like food trucks but does provide a discount if you bundle auto with other policies. You’ll receive free digital insurance certificates to distribute as needed, but Next Insurance does not work in every state. Furthermore, some claims are handled out of state and bog down the process.

Why we chose it: Next Insurance’s easy application process will have a quote for you in under ten minutes while ensuring you’re getting the coverage you need. Read more about Next Insurance here.

  • Quick and easy application process
  • Can save up to 25% by bundling policies
  • Free digital certificates of insurance
  • Does not work with food trucks or mobile businesses
  • Some claims are handled out of house, slowing down the process
  • Not available in every state

Pricing: The Next Insurance website reveals commercial auto insurance costs can range from $62.50 to roughly $250 per month, depending on your vehicles and driving history. The company focuses on small businesses and may not have coverage to support larger ventures.

Vehicle Types Covered

Next Insurance doesn’t explicitly state what it does cover but mentions several things it does not. Motorcycles, vehicles with more than two axles, and food trucks are all off the table. Similarly, The company does not provide policies for passenger transportation businesses.

Coverage Options

Commercial auto with Next Insurance can help pay for medical expenses, collision repairs, damage to property from one of your vehicles, and legal fees along the way. Policies go on to offer money toward rental vehicles or towing as needed.

Claims

It’s most expeditious to file your claim online in the event of an accident, but you can also reach out to a Next Insurance team member via phone. In either case, you’ll have to provide photos and documentation of the event. Next Insurance usually makes a determination within 48 hours of submission.

Approval Time

Nothing tops Next Insurance regarding approval time for coverage. With carefully crafted questions, you can have a quote in mere minutes to approve and start protection on the vehicles you and your team use for business purposes.

Support

Customer support members are standing by between 9am and 8pm Monday through Friday. where you can reach someone by phone, email, or the online chat feature. The company does not have physical locations you can visit at this time.

Hiscox logo

Hiscox: Best Commercial Auto Insurance for Comprehensive Coverage

4.5

Advertised as America’s leading small business insurer, Hiscox has coverage for just about every business need under the sun. Over 120 years of experience have helped the team develop specific policies for hundreds of industry types. The team tends to handle claims slowly and works best for small businesses. Anyone other than those in Alaska can try Hiscox risk-free for up to 14 days.

Why we chose it: Hiscox understands company risk not just in auto coverage but in many other areas of business as well.

  • Several other types of business insurance to pair with
  • Over 120 years in business
  • 14-day money-back guarantee
  • Slow to respond to claims
  • Best suited for businesses of ten employees or less
  • No coverage in Alaska

Pricing: There’s zero pricing information on Hiscox’s website, even for pre-built plans. The only way to get cost information is by applying for a quote through the application process.

Vehicle Types Covered

There’s no overt vehicle restriction on any of Hiscox’s best commercial car insurance policies. Plans state you can cover any owned, rented, hired, or employee-owned vehicles used for work purposes.

Coverage Options

Hiscox has policies for physical damage to owned, hired, rented, or employee vehicles working on your behalf. In the event of an accident, the insurer works to cover costs for your business, employees, and anyone else involved.

Claims

A few days may pass before Hiscox takes note of your claim, and then you’ll have to wait longer to be assigned an agent. All in all, the entire process can take close to a month before you have any resolution.

Approval Time

You’ll find several tailored policies for hundreds of business types on Hiscox’s web page. Should you need to customize one of these plans, it can take significantly longer to get coverage.

Support

Customer service works from 8am to 10pm eastern standard time to handle issues and claims with your service. Hiscox does not provide email or chat support for those looking to communicate through other means.

The Hartford logo

The Hartford: Best Commercial Auto Insurance for Large Businesses

4.4

The Hartford has a FleetAhead program that works to improve fleet operations for large businesses alongside plans to cover large fleet operations. Getting a quote isn’t smooth, but it is possible to receive money toward alternative energy vehicles as you upgrade. You’ll need to speak with an agent to finish up the quote process, but over 1 million customers currently use the system.

Why we chose it: The Hartford’s fleet-focused plans can help businesses with several vehicles stay protected in any situation.

  • Great range of plans for large numbers of vehicles
  • Pays an additional 10% (up to $2,500) for replacing vehicles with hybrid, electric, or natural gas models
  • Over 1 million business customers
  • Convoluted quote process
  • Requires talking to an agent to finalize a rate
  • Focuses more on fleets of vehicles

Pricing: While you won’t find pricing information on The Hartford’s site, the company has special discounts for hybrid, electric, or natural gas vehicles. With a focus on larger fleets, it’s possible to save on multiple vehicles or pay in full up front.

Vehicle Types Covered

Policies with The Hartford represent any and all vehicles your company uses for business purposes. This includes cars or trucks you rent or lease and those used for transportation services. There’s no indication of a maximum vehicle size on the site, and the Hartford offers incentives for hybrid and electric automobiles.

Coverage Options

The Hartford’s best business auto insurance plans shield your company from costs due to bodily injury or damage to vehicles or property. You can extend coverage to include fire, theft, or natural disasters as well. There are options for gap coverage on leased vehicles, and the Hartford can cover rental expenses when an auto is in the shop.

Claims

You can report a claim either by phone or through the Hartford’s online system. In both scenarios, you’ll work with a claims handler to assess the damage and provide compensation due to loss. The process is thorough but can take a few weeks from beginning to end.

Approval Time

When dealing with commercial auto insurance quotes, you’ll need to call an agent to review all fleet details. While an online process may take less time, The Hartford team helps ensure you don’t miss anything you’ll need.

Support

Many offices in communities around the country affiliate themselves with the Hartford and can provide coverage details. These can be hard to distinguish unless you first look on the Hartford website. To avoid the hassle, you can call or chat from 8am to 7pm EST. The claims department is available all the time.

Allstate logo

Allstate: Best Commercial Auto Insurance for Customer Service

4.3

Allstate prides itself on keeping the front door open in each of its local offices around the country. The company wants to make an impact on each business owner with personalized service. There are limitations on how to submit claims, and qualifications for membership often vary from state to state. However, those in for the long haul can see discounts on higher than average prices over time.

Why we chose it: Allstate’s 9,000 physical locations and a personalized touch help the company stand out in a sea of online competition.

  • Local agents in many locations around the country
  • Personalized attention
  • Discounts based on long-term use
  • Must file claims over the phone or in person
  • Prices can be high
  • Qualifications vary from state to state

Pricing: Like many of the other best commercial auto insurance companies, Allstate isn’t clear on what costs will be until you’ve walked through the quote process. No two businesses are the same, and Allstate will provide a unique quote depending on your fleet, company history, and coverage limits.

Vehicle Types Covered

Allstate understands companies aren’t the same, offering customizable coverage depending on your business needs. In most instances, its insurance plans cover the following vehicles tagged for business use:

  • Cars
  • SUVs
  • Vans
  • Pickup trucks
  • Box trucks
  • Service utility trucks

Coverage Options

After obtaining insurance through Allstate, business owners can rely on cost coverage for bodily harm and repairs from a collision. Those wanting fuller coverage can pick up comprehensive insurance that protects from other types of loss and pays for rentals while other vehicles are in the shop.

Claims

There are multiple ways to submit a claim through Allstate, including via phone call or mobile app. If you’re not far from one of the company’s 9,000 locations, filing in person is possible.

Approval Time

When requesting a quote online or in person, the insurer will navigate you through a series of forms to determine the best protection for your company’s vehicles. After completing the process, you’ll have to wait a number of days for Allstate to provide costs for coverage.

Support

Getting in touch with an Allstate agent shouldn’t be much of a challenge. You can find a local business through the website or simply call the toll-free number for assistance. There’s also an app to stay on top of the latest happenings regarding your policy.

Ranking Methodology for the Best Commercial Auto Insurance

In this section we will spell out what we considered when we chose the best option. We will have one intro paragraph and in this section, we will spell out what we considered when we chose the best option. We will have one intro paragraph and then list out the criteria with what it is and how it was considered, like the following: 

  • Vehicle Types Covered: Your business may be a certain size now, but it likely won’t always stay that way. As you expand your fleet and add in new vehicle types, it’s important to make sure your carrier can accommodate them. You also don’t want to get stuck in a policy with a maximum number of vehicles you outgrow in time.
  • Coverage Options: Coverage you purchase for your cars, trucks, and big rigs should pay for any repairs and damage to property caused while one of your workers was driving. If your driver or passengers were injured, the best commercial auto insurance companies should handle expenses there as well. Policies can also pay for legal fees and the cost of rentals while your vehicle is out of commission.
  • Claims: Any claim you file should be part of a straightforward process that doesn’t take all day to complete. Once submitted, the insurance company should provide clear expectations about the documentation they need and the timeframe to receive a determination.
  • Approval Time: The best business auto insurance keeps the application process brief and the approval time even shorter. They understand you can’t drive a car without insurance coverage and work hard to provide reasonable quotes you can approve right away.
  • Support: Accidents can happen anytime, and getting matters resolved quickly is paramount. After all, a damaged vehicle could translate into delays and loss of income. The best commercial auto insurance companies have people on hand when you need them most.

Components of Commercial Auto Insurance

Be sure to consider the following components when choosing the ideal commercial auto insurance plan for your business.

Coverage

As you build your policy, you’ll want to weigh the types of incidents your vehicles might be exposed to and which circumstances are important to cover. This includes specific types of damage to the vehicle, medical expenses due to bodily injury, and even the destruction of property.

There’s no reason to limit commercial auto insurance to times on the road. More comprehensive coverage can protect you in case of theft, weather, or vandalism while your car is parked. If your business can’t afford to lose a vehicle to repairs, you can opt for rental expenses as well.

Policy Limit

No matter how great your policy is, your insurance company will assign a ceiling to the amount they’re willing to pay. This number may appear as a lump sum or come split between medical expenses, vehicle damage, and the like.

A more extensive fleet likely needs a higher policy limit, but raising the roof generally comes with higher monthly rates.

Deductible

The deductible represents the out-of-pocket amount you’ll need to pay upfront before your insurance provider steps in. Lowering the deductible amount for your vehicles typically increases the monthly amount you’ll need to pay.

Monthly Premium

You’ll need to pay a monthly premium in order to retain your coverage. Costs can vary greatly depending on how you set up your policy.

Does My Business Need Commercial Auto Insurance?

Nearly every state requires personal car insurance to get you from point A to B. These states also have specific guidelines surrounding what constitutes personal use and what’s considered a business purpose. If you ever use a vehicle for business reasons, you’ll need to have commercial auto insurance as well.

Personal auto policies won’t cover accidents while you or a staff member are on the road. What’s more, not having appropriate coverage could land you in legal hot water. Most states require bare-bones coverage, but it’s a good idea to pay a little more to get the protection you need.

Any company meeting at least one of the following points must have a business auto insurance policy:

  • Your company owns, rents, or leases at least one vehicle
  • You or someone in your business transports tools, equipment, goods, or people from one place to another
  • Employees drive a vehicle designated for business
  • You use an automobile only for work purposes
  • Your vehicle is part of a business service

What Does Commercial Auto Insurance Cover?

Commercial auto insurance providers may offer pre-built packages for certain industries, but you’ll want to improve upon these policies to fit your business needs. Consider the following coverage types when customizing your plan:

Collisions: When your business vehicle makes contact with another car or object, collision coverage comes to the rescue. It can pay for some or all damages to the vehicle you or a staff member were driving.

Comprehensive: Comprehensive coverage goes beyond accidents, including reimbursements from fire, water, vandalism, theft, or similar events depending on your coverage.

Medical Expenses: Commercial auto insurance can pay for some or all of your medical expenses if you get hurt in an automobile accident. Policies can also offer assistance to passengers riding in the car with you.

Personal Injury Protection (PIP): Twelve states require personal injury protection, also known as no-fault insurance. It is a special form of coverage that pays for healthcare expenses stemming from an accident. Compensation extends to others in the vehicle, even if they don’t have insurance of their own.

With PIP insurance, medical expenses are taken care of no matter who is at fault.

Property Damage: Property damage coverage pays toward any destruction caused to another person’s belongings in an accident you were at fault for.

Bodily Injury: Bodily injury coverage pays for wounds another person receives resulting from an accident you’re responsible for.

Rental Reimbursement: When your normal business vehicle is undergoing repairs from a covered incident, rental reimbursement can pay toward a rental car, so business doesn’t stall.

Uninsured Motorists: If an uninsured motorist strikes your vehicle, having this coverage pays for any injuries you receive.

Best Commercial Auto Insurance Frequently Asked Questions (FAQs)

Want to learn more about commercial auto insurance? This section features answers to common questions on the topic.

Best Commercial Auto Insurance – Bottom Line 

Commercial auto insurance is an imperative part of any company using vehicles for business purposes. The best providers cover a wide range of cars, trucks, and heavy machinery with one policy while considering the needs of your specific business model. Should an incident occur, you want to be certain both your team and vehicles are in good hands and your company doesn’t have to miss a beat.

Get your company vehicles insured with Embroker.

The 5 Best Small Business Insurance Companies in 2023

Businessman holding an insurance application form for his small business

No small business can prevent all types of incidents in the workplace, no matter how hard it tries. Small business insurance can protect a company in the event of unforeseen circumstances, so long as you have the right coverage. Read on to learn about the best small business insurance companies currently available and what makes them stand out.

Get your business insured with Embroker today.

The Best Small Business Insurance Companies 

When creating our list of the best small business insurance companies, we studied application approval time and which industries it best supports. We felt it was also important to offer a wide range of coverage and have an easily accessible customer support team. Our top picks also needed to have a straightforward claims process and worker’s compensation coverage in the event of a mishap. 

Learn more about our methodology for choosing the best small business insurance companies here.

Embroker logo

Embroker: Best Small Business Insurance Provider Overall

4.8

Embroker gives business owners a laundry list of coverage options to ensure all insurance needs are taken care of. At times, the depth of plans can be overwhelming, and you’re never sure what you’ll pay until you’ve put together a package. Still, a fast application process and employee and health benefits only add to its list of perks. Embroker just needs a mobile app to round out its diverse feature set.

Why we chose it: A multitude of coverage options and speedy service make Embroker the best small business insurance currently available. Read our complete Embroker review for an in-depth evaluation of its offerings.

  • Several customizable plans to choose from
  • Offers employee and health benefits
  • Fast application process
  • Unclear pricing information
  • No mobile app
  • Can be overwhelming to build your policy

Get your business insured with Embroker today.

Pricing: Embroker doesn’t offer much in the way of costs, as the company is a marketplace for insurance carriers. It will tally prices for different plans, and you can choose what’s best for you. Embroker will receive a commission for connecting you with available opportunities.

Approval Time

You can have an insurance plan in 15 minutes after completing the application process. The tricky part is weeding through all Embroker’s available coverage options and deciding what’s best for your business. The company will help you along the way, but you’ll want to plan a little extra time.

Industries Supported

While you can build a plan for any business, Embroker has pre-built coverage plans for tech companies, law firms, and even has an understanding of organizations dealing with cannabis. Being dedicated to small businesses, Embroker’s coverage focuses on your company’s constantly changing needs. If a pre-built package doesn’t speak to you, Embroker will help you create coverage that will.

Support

Embroker has four office locations in strategic locations, but for the most part, it is an online provider. Luckily, it’s possible to reach an agent during the work week from 9 am-9 pm eastern time. Your broker may have additional contact information.

Claims Process

To file a claim, you’ll first need to reach out to your personal broker or contact Embroker through chat. These individuals will help you through the claims process and let you know which photos or documentation to provide. Serious claims may necessitate an adjuster to review information further. Your account dashboard will keep you up to speed with your claim.

Types of Coverage

You won’t be short of opportunities to protect your business from things both in and outside your control. Whether you choose a package or not, you can cover your company from physical and virtual crime, damage, errors and omissions, and so much more. Embroker even provides health benefits for employees.

Worker’s Compensation

Worker’s compensation protects your business from costs due to injury on the job. Embroker has high policy limits to cover lost wages, medical expenses, and even death.

Get your business insured with Embroker today.

Next Insurance logo

Next Insurance: Best Small Business Insurance for Fast Coverage

4.6

Next Insurance works solely with small businesses with the hope of providing speedy, straightforward coverage. Better yet, it’s possible to save on policies by bundling two or more into one package. Once approved, you’ll receive free digital certificates to show off your coverage. The company does lack some more specialized types for specific business models, and at times the claim process can run slow. Next Insurance isn’t in every state, so verify coverage before applying.

Why we chose it: Next Insurance has tailored business insurance in a hassle-free package that can offer big savings on the competition. Read our Next Insurance review to read more about it.

  • Quick and easy application process
  • Can save 10% by bundling policies
  • Free digital certificates of insurance
  • Lacks some specialized insurance types
  • Some claims are handled out of house, slowing down the process
  • Not available in every state

Check out what Next Insurance has to offer.

Pricing: You can obtain an instant quote through Next Insurance, where the company will ask a few questions about what you do. These steps will point you to the ideal policy and its associated costs. Unfortunately, Next Insurance doesn’t provide approximate costs for different plans at a glance. You can save 10% by bundling two or more policies together.

Approval Time

From the time you start your application process, you’ll have a quote in about five minutes with everything you need to know to make a decision. It’s wise to browse policies before committing to be sure you’re not missing something important.

Industries Supported

You’ll find tailored policies for thousands of professions, each designed to meet the needs of that particular area. These policies also consider the state you’re working in and additional requirements that may bring. Just some examples include DJs, daycares, landscaping businesses, and restaurants.

Support

There aren’t any physical Next Insurance locations you can walk into. Its customer support team can take your call any time between 9 am and 8 pm Monday through Friday. You can also access the crew through online chat or by email.

Claims Process

Business owners can file a claim online or by calling Next Insurance’s hotline. After explaining the details of the incident, the agent will collect the required photos and documentation to submit your claim. Most claims have decisions within 48 hours.

Types of Coverage

Next Insurance does general liability well and provides insurance for property, vehicles, and products. Those needing more specific coverage for cyber threats or directors and officers will not find what they need here.

Worker’s Compensation

Worker’s compensation through Next Insurance costs as little as $14 per month. It pays for medical expenses, lost wages, or retraining of staff after time off due to injury. You can also protect your business from employee lawsuits or take care of employees who can no longer work after an incident.

Check out what Next Insurance has to offer.

Hiscox logo

Hiscox: Best Small Business Insurance for Specialized Coverage

4.5

Hiscox has some of the best general liability insurance for small business, but it doesn’t stop there. You can choose from several standard policies or delve into specialized coverage such as medical malpractice or cybersecurity as you see fit. If things don’t go as planned, Hiscox offers a 14-day full refund policy. Plans tend to revolve around small businesses of ten employees or less but can’t cover anyone in the state of Alaska. While the claims process works well, it can take a long time to resolve.

Why we chose it: With over 120 years of experience, Hiscox has carefully curated insurance packages for over 180 unique professions. With Hiscox, chances are high that you’ll find all everything you need for your small business.

  • Specialized coverage for several industries
  • Over 120 years in business
  • 14-day money-back guarantee
  • Slow to respond to claims
  • Best suited for business of ten employees or less
  • No coverage in Alaska

Pricing: Even Hiscox’s pre-built insurance policies don’t reveal out-of-pocket costs to business owners. The provider does allow monthly payment options to help growing businesses avoid large expenses.

Approval Time

You can go with one of Hiscox’s tailored policies or customize one to suit your company’s needs. Once you know what you’re looking for, Hiscox will get you a quote quickly and turn on coverage the moment you approve the terms.

Industries Supported

Having over 180 business types represented is no small feat. The click of a button can reveal the coverage you need, but Hiscox will still work with you to identify any additional areas you should protect. Just a few notable professions include personal trainers, hairdressers, and real estate agents.

Support

Hiscox has nine offices scattered across the country, but most customers will have better luck by telephone. Customer service is available from 8 am to 10pm eastern time via a toll-free number. There’s no online chat feature or an email address for support purposes.

Claims Process

It can take up to a day before Hiscox acknowledges your submitted claim and a few more for the insurance provider to assign you an agent. From there, you can wait up to another week to verify your coverage and two more to have a decision.

Types of Coverage

You’ll be hard-pressed to find something not protected under Hiscox’s wide range of coverage. The company will also work with you as your business grows to include a board of directors, additional property, or specific risks in your field.

Worker’s Compensation

Costs for worker’s compensation vary depending on the number of employees you have and health risks within your organization. Should someone in your company receive an injury, Hiscox will help cover expenses due to injury, missed wages, and rehabilitation.

The Hartford logo

The Hartford: Best Small Business Insurance for Worker’s Compensation

4.4

Over one million customers stand behind the Hartford, making it some of the best small business liability insurance available. Among the Hartford’s claims to fame are its worker’s compensation packages, with policies matching your company’s needs and state requirements. Policies cover several business sectors but have no sway in Alaska, New Jersey, or Hawaii. Chances are you won’t be able to complete the application process online, and it’s wise to watch for price increases after becoming a member.

Why we chose it: Among a wide range of coverage options, the Hartford offers the best worker’s comp insurance for small businesses.

  • Stellar worker’s compensation packages
  • Over 1 million small business customers
  • Covers a wide range of business sectors
  • Most policies require talking to an agent to finalize a rate
  • Some users complain of significant price increases over time
  • Does not offer policies in Alaska, New Jersey, or Hawaii

Pricing: The Hartford lists average annual premiums for business owner policies at $3,135 and general liability at $1,057. Worker’s comp typically runs about $840 per year, but any of these numbers can change depending on business factors and your location.

Approval Time

It’s possible to fill out a somewhat lengthy online form or call The Hartford directly to receive a quote. Most instances require speaking with an agent to complete the application, stretching out the approval time.

Industries Supported

The Hartford works with small and large businesses alike, offering insurance needs for the masses. Industries it’s known to support include education, museums, pet services, and more. Choosing a business type reveals common policies for that sector.

Support

You’ll find a smattering of agents throughout the states affiliated with The Hartford in some way. The quote support team works 8 am to 7 pm EST during the week, and The Hartford’s claims department is available 24/7. There’s also a chat feature on the website during business hours.

Claims Process

After reporting a claim by phone or online, The Hartford hooks you up with an experienced claim handler to help the rest of the way. With a large customer base, it may take a few weeks to hear a final decision.

Types of Coverage

It’s possible to cover everything from boxes to boats with The Hartford’s spectrum of coverage. The company also offers personal home and auto policies for those looking beyond business dealings.

Worker’s Compensation

Many years in the insurance business and dealings in most states have honed the Hartford’s knowledge of worker’s compensation requirements. In addition to standard protection against medical costs, the Hartford offers preferred medical providers, prescription drug features, and other top-tier benefits.

Allstate logo

Allstate: Best Small Business Insurance for Physical Office Locations

4.3

Allstate currently has over 9,000 locations in the United States in addition to an online service. These physical buildings do tend to drive policy costs up, and there’s no way to submit a claim online. You’ll find an impressive range of coverage options, including damage from forces of nature beyond anyone’s control. When applying, qualifications can be confusing since they vary from state to state.

Why we chose it: Allstate’s offices throughout the country make it ideal for personal connection and human beings that understand how your business works.

  • Local agents in many locations around the country
  • Huge range of coverage options
  • Offers natural disaster coverage
  • Must file claims over the phone or in person
  • Prices can be high
  • Qualifications vary from state to state

Pricing: It should come as no surprise that Allstate’s policies lean on the expensive side. The company has thousands of physical locations and does more with overhead and marketing than most competitors.

Approval Time

The insurance provider walks you through a series of questions about your business during the quote process. The form takes a notable amount of time to complete before even seeing what the costs will be. Finally, review and underwriting must take place before making a purchase.

Industries Supported

You won’t find ready-to-go policies for certain industries with Allstate. Instead, the quote process uncovers the nature of your business and shapes your policy through questions.

Support

Most physical offices are open during regular business hours, so you can pop your head in with a question or a claim. For urgent matters, you can call the toll-free number at any time to reach an agent over the phone. The company also has a mobile app and a presence on Twitter.

Claims Process

It is possible to file or track a claim online, but Allstate’s preferred method is through the phone system. You will have to wade through automated prompts before even starting the process. Many local offices will also handle claims for you. After an initial consultation, Allstate agents will evaluate damages and write up an estimate for repairs. 

Types of Coverage

Allstate’s business policies can cover property, liability, equipment issues, and work interruptions. You may have issues locating protection for more specific means. Its focus on insurance extends to areas outside of business, such as identity protection and life.

Worker’s Compensation

There’s no clear answer on Allstate’s website regarding the protections it offers for worker’s compensation. Since policies tend to fluctuate from business to business, you’ll have to request a quote to learn more.

Ranking Methodology for the Best Small Business Insurance

In this section, we will spell out what we considered when we chose the best option. We will have one intro paragraph and then list out the criteria with what it is and how it was considered, like the following: 

  • Approval Time: Insurance is not something you want to do business without for any period of time. The best options don’t overcomplicate the approval process while sending quotes your way in a matter of minutes, not days. Any back and forth on terms should be similarly speedy so you can get your certificate of insurance as fast as possible.
  • Industries Supported: Many of the best small business liability insurance companies have pre-built plans for a wide variety of industries. Some even customize plans based on the state you do business in. If you’re not a fan of a particular package, it’s usually possible to make changes to fit your business model.
  • Support: An insurance company can have amazing coverage that does little good if you can’t connect with an agent when you need one. The top providers usually have chat, email, and phone support during hours that work well for everyone.
  • Claims Process: The claims process can be one of the most arduous parts of dealing with an insurance company. The best small business insurance companies facilitate the submission process and connect you with a handler in record time. Once you’ve provided all the information needed, these providers also offer quick turnaround time.
  • Types of Coverage: If your business needs to protect it, chances are these top insurance companies will cover it. While nearly all cover property or vehicle damage, the top options have innovative coverage for cyber attacks or have the means to grow with your business as you expand to new horizons.
  • Worker’s Compensation: Companies with the best worker’s comp insurance for small business work to understand the specific needs of your business. They provide comprehensive plans to battle medical bills, paid leave, and rehabilitation for injured team members. 

What Insurance Does a Small Business Need? – What Types of Coverage Are Available?

Insurance companies make many types of coverage available to businesses. Depending on your business model, you may need some or all of the following to ensure you’re safe in the event of a mishap.

General Liability Insurance

General liability insurance contains essential coverage you’ll find at the core of any policy. It deals with individuals outside your company threatening legal action due to injury, property damage, or negative impact on one’s reputation.

When needed, general liability insurance can deal with medical bills, property clean-up, legal defense, settlements, libel, slander, and the like.

Errors & Omissions (E&O) Insurance

Also known as professional liability insurance, errors and omissions serves to protect your business should customers sue for errors or negligent behavior in products or services you provide. It often has a broader reach than general liability insurance and works well to complement that policy.

Customers can submit legal action against you for either actual or perceived damages, and E&O insurance intercepts either of them. It covers costs you’ll need for a legal defense and any settlement costs you incur due to your mistake.

Commercial Property Insurance

Commercial property insurance unsurprisingly handles damages or loss to physical property such as a building or inventory. These damages can come from a number of sources, including fire, vandalism, theft, or even civil disobedience.

Anyone operating out of a physical location or dealing with inventory should have some form of this coverage. Unless you own a building outright, your lender will likely require you to carry commercial property insurance. Costs vary depending on the amount of coverage you request at the time of quote.

As long as you incur damage from a source listed in your plan, commercial property insurance will repair or replace damaged property as advertised.

Worker’s Compensation Insurance

Worker’s compensation exists to protect you from incidents involving your employee injuries while on the job. Most states require some level of worker’s compensation but varies from state to state.

The insurance takes care of medical bills and lost wages for the injured employee and can also help with rehabilitation costs as the worker heals. In worst-case scenarios, worker’s comp may also pay out death benefits to surviving spouses or family.

When an employee accepts the benefits of worker’s compensation, they give up their right to sue your company for whatever took place.

Commercial Auto Insurance

Commercial auto insurance protects both company vehicles and drivers in the event of an accident on the road. It can also cover damages from theft, vandalism, or other instances where the car is not in motion. In most cases, a personal vehicle can fall under commercial auto insurance if you’re using it for business purposes at the time of the incident.

This type of insurance can pay the medical bills for anyone in the vehicle and damages to the vehicle itself. When your company is the one at fault, coverage can extend to other cars or trucks involved in an accident as well.

Business Interruption Insurance

As the name implies, business interruption insurance helps offset lost income from a covered event that forces your business to close temporarily. If a disaster damages your building or someone steals necessary equipment, you can receive compensation so you don’t have to shut down for good.

Business interruption insurance may also help pay the mortgage or rent on your building or payroll for your staff. In some instances, it may give funds toward a temporary business location or additional needs to reopen doors.

Inland Marine Insurance

Any small business dealing with products, materials, or inventory moving across transport lines can opt to receive inland marine insurance. Should something happen to your assets while they travel on a truck or train, this insurance will compensate you for damage or loss.

This type of insurance only works for transportation across land and not water, as the name implies. It can also cover the costs of temporarily storing goods in a warehouse due to a logistic issue.

Cyber Liability Insurance

With so much business happening online, it’s just as important to protect your digital assets. Should your business become the victim of a cyberattack, your information and that of your customers can be taken.

Cyber liability insurance combats losses from these data breaches, viruses, and ransomware attacks. It can cover operational expenses and any fallout your clients experience from being exposed. Since these types of attacks can damage a company’s reputation, this insurance may also contain funds for public relations.

What is a Business Owner’s Policy?

A business owner’s policy lumps general liability insurance, commercial property insurance, and sometimes business interruption insurance together in one convenient package. These three forms of coverage provide a solid backbone to build the perfect policy to protect your business. Buying a business owner’s policy almost always costs less than picking up the plans individually.

Best Small Business Insurance Frequently Asked Questions (FAQs)

Small business insurance isn’t always so black and white. This FAQ serves to answer common questions about its importance at your company.

Best Small Business Insurance Companies – Bottom Line

Although small business insurance is an expense, it is a necessary cost of doing business to ensure your assets are protected. It’s imperative to obtain insurance coverage on anything you can’t afford to replace, but there are policies available for almost everything under the sun. Any of the providers listed in this article can provide the security you need to run your business without fear of disaster.

Next Insurance Review: Perfect Coverage For Small Businesses

Next Insurance logo

Due to the meteoric growth of the internet over the past decade, the needs of business owners have dramatically changed. However, the insurance industry has been slow to accommodate these rapidly changing needs.

This is where Next Insurance steps in. Next Insurance is an insurance company dedicated to selling business insurance online. The company aims to provide simple and affordable coverage to any small business owner.

Our in-depth review will determine if Next Insurance is the right fit for your business. 

Founded in 2016, over 300,000 business owners use Next Insurance currently. Since Next Insurance focuses on providing tailored coverage, this insurance provider serves more than one thousand different types of businesses. You can purchase individual business insurance policies or bundles catered to certain industries, such as child care, construction, and fitness.

  • Simple and quick application process
  • Receive up to a 10% discount on bundled packages
  • Easy online accessibility and sharing capabilities
  • Specialized business insurance, such as key person insurance, isn’t available
  • May be confusing for business owners who only use paper records

Next Insurance Business Review: Overview

Screenshot of Next Insurance's home page

Next Insurance is designed to provide small business owners with affordable and tailored insurance policies. This insurance provider offers various types of insurance, including general liability insurance, business income insurance, and professional liability insurance. Best of all, you will receive a quote in no time after you finish the application. 

Who Next Insurance is Best For

Next Insurance is best for small business owners that don’t need specialized insurance. For example, if your business requires a key person or builder’s risk insurance, we recommend looking at another insurance provider. Next Insurance is designed for more common types of insurance coverage.

In addition, Next Business Insurance is ideal for business owners who prefer an all-digital solution. You can submit insurance claims through Next Insurance’s online portal or a call center representative. Furthermore, you can view your certificate of insurance and add additional insureds online.

Next Insurance is also an excellent choice for business owners that require an insurance agent but want personal support. As such, Next Insurance offers advisers who will walk you through all your options.

Next Insurance Pricing

Next Insurance offers several types of insurance, but the exact price you pay for each depends on your specific circumstances. We recommend going to the Next Insurance website and requesting a quote if you’re interested in one particular policy. The application takes about 10 minutes to complete, and you receive your quote immediately. 

However, here’s what each policy starts at:

  • General liability insurance: Starts at $11 per month or $128 annually
  • Workers’ compensation insurance: Starts at $12.20 per month or $146 annually
  • Professional liability insurance: Starts at $18.34 per month or $220 annually
  • Commercial property insurance: Starts at $17 per month or $205 annually
  • Commercial auto insurance: Starts at $12.50 per month or $150 annually
  • Errors and omissions insurance: Starts at $19 per month
  • Tools and equipment insurance: Starts at $12.50 per month

Next Insurance: Key Features

The next section covers each of the insurance policies Next Insurance offers. Although you can purchase policies online individually, you can bundle them together for up to a 10% off discount. 

In addition, Next Insurance offers small businesses less inherent risk and cheaper insurance coverage. Keep this in mind as you continue reading the Next Business Insurance review.

Business Owner’s Policy (BOP)

Next Insurance’s business owner’s policy consolidates its general liability insurance, commercial property insurance, and business income insurance into one bundle.

Therefore a business owner’s policy is an excellent option for small business owners seeking:

  • A single all-inclusive insurance policy
  • Coverage for a physical business location, inventory, or equipment
  • Businesses dealing with customers directly

General Liability Insurance

Also known as business liability insurance, general liability insurance protects you and your business if you are ever responsible for paying an individual’s property damage, attorney fees, or medical expenses. 

For example, this coverage protects you if someone falls and injures themselves at your store. However, general liability insurance is crucial for all businesses, even those without a physical retail location. 

Next Insurance offers this coverage as part of its business owner’s policy, as seen above. 

Workers’ Compensation Insurance

Next Insurance also provides workers’ compensation insurance. In the United States, every state except for Texas requires businesses with employees to have workers’ compensation insurance. 

This coverage protects your business if an employee gets injured or sick while at work and sues your company. If this is the case, the individual must file a claim with your workers’ compensation insurance provider. Your workers’ comp covers lost wages, medical expenses, long-term disability, and other expenses incurred when an employee is injured at work. 

Although each state has its own minimum coverage limits for workers’ compensation insurance, you can decide to purchase more than the minimum, especially if you’re in an industry predisposed to worker injuries, such as construction or manufacturing. 

Commercial Property Insurance

Commercial property insurance, also known as business property insurance, protects your physical business location in the event of damages or losses. This protection covers furniture, equipment, inventory, landscaping, storage facilities, and fences. 

Business property insurance is essential for most businesses, but it’s crucial for brick-and-mortar businesses. Even if you run a home-based or online business, you shouldn’t ignore property insurance. It can give you peace of mind knowing the risk of fire, storm, or theft is covered. 

Next offers commercial property insurance in its business owner’s policy. However, you can purchase just the individual policy as well. 

Professional Liability Insurance

Professional liability insurance protects you if a customer sues you for committing a service error or providing bad advice. If your company’s reputation is at stake, professional liability insurance can be essential. 

Next Insurance tailors each professional liability policy to every individual business. This is important because different businesses pose different risks. For example, a gardener may be sued for damaging a customer’s lawn. On the other hand, a psychologist may be sued for using incorrect therapeutic methods. 

While you fill out your application form on Next, you have a chance to describe your company in detail so that Next can offer you a customized policy. 

Business Income Insurance

Offered in the BOP bundle or as a standalone policy, business income insurance protects your business’s cash and assets when your business is damaged by conditions that are out of your control. This policy can help your business pay for lost income, taxes, payroll, and other unexpected expenses.

Tools and Equipment Insurance

Tools and equipment insurance provides additional coverage for expensive or specialized equipment that can be difficult to replace. This type of policy can keep your business running when you need a quick repair or replacement. 

Next Insurance offers this policy as an add-on to its general liability insurance. 

Commercial Auto Insurance

Any business owner who drives a company or personal vehicle for business needs commercial auto insurance. This policy covers injuries to other individuals and property that occur while driving for business reasons. Your coverage may also cover the driver’s medical bills. 

Furthermore, you can add hired and non-owned auto insurance to your commercial auto insurance policy if your company uses rented vehicles to conduct business.

Next Insurance’s most popular commercial auto insurance covers up to $100,000 of property damage or bodily injury per incident. However, Next offers policy limits of up to $1 million. This same policy also covers $100,000 for underinsured and uninsured motorist coverage as well as $5,000 for medical expenses. 

Alternatives to Next Insurance 

Before you make a decision, it’s essential to consider all the available options. This way, you can make the most informed decision possible and have peace of mind knowing you are getting the best deal. 

So, here are three alternatives to Next Insurance worth taking a look at. 

Hiscox is a reputable insurance provider that sells basic coverage, such as business owner’s policy and general liability insurance. While you can purchase Hiscox coverage online, you can also use independent insurance agents from Geico. 

This insurance provider is an outstanding choice for professional services businesses, including consultants and accountants. However, Hiscox also offers packages for health, fitness, and beauty companies. Hiscox will refer you to partner websites if you need other types of coverage, such as workers’ comp insurance and commercial auto insurance. 

  • What the product is
  • Who the product is best for
  • How it compares to the product being featured here

Pricing:

Hiscox’s general liability insurance typically costs $30 per month or fewer

  • Everything handled online
  • Up to a 5% discount when you bundle policies together
  • 14-day money-back refund policy
  • Unavailable in Alaska
  • Doesn’t offer every type of coverage
  • BOP typically only offered to businesses with 10 employees or less

CoverWallet is a digital insurance broker that provides quotes to small business owners from a variety of different insurance companies. Therefore, CoverWallet doesn’t provide insurance policies itself. 

This is an excellent choice for businesses that want affordable business insurance policies. CoverWallet can save you a lot of time by letting you compare costs from multiple insurance providers simultaneously.

Similar to what you learned in our Next Insurance review, CoverWallet also provides general liability insurance, workers’ compensation insurance, business property insurance, and professional liability insurance. 

Pricing:

For most businesses, Coverwallet’s business owner’s policy starts at $49 per month. In addition, its general liability insurance starts at 

  • Receive multiple quotes quickly
  • Wide variety of coverage policies
  • Everything handled online
  • You may be required to call to complete the quote process
  • Not a dedicated insurance provider

Chubb is another excellent small business insurance provider that has been operating for over 30 years. This insurance company sells nearly every type of business insurance. Therefore, finding the exact coverage you need won’t be difficult. 

Furthermore, we recommend Chubb for businesses earning less than $1 million in revenue per year. Chubb’s automated coverage assistant will help you find a business owner’s policy, general liability policy, professional liability policy, worker’s comp policy, and umbrella insurance online.

Pricing:

You must request a quote at Chubb’s website to determine the pricing for your particular business.

  • Suitable for small businesses
  • Comprehensive suite of coverage options
  • Excellent customer reviews
  • Some policies may not be available in certain states
  • Phone support only available if purchased directly from Chubb
  • Must request certificates of insurance through the online portal

Next Insurance Review – Frequently Asked Questions (FAQs)

We created this final section to clear up any confusion you may still have surrounding Next Insurance. So, here are a few common questions you may be asking yourself after reading our Next Insurance review. 

Bottom Line on Next Insurance Review

Next Insurance focuses on providing affordable insurance policies for modern-day and traditional small businesses. As an online insurance provider, most of its policies are sold from start to finish on its website. Therefore, Next’s automated system will provide you with a quote as soon as you finish the quote request application. 

The convenience and speed offered by Next Insurance are invaluable to the fast-moving and startup nature of small businesses. 

Embroker Review: The Business Insurance You Need?

Embroker Insurance website logo

Many businesses don’t have the means to survive a product recall, lawsuit, or natural disaster. Luckily, online business insurance companies offer fast, comprehensive coverage to protect you if and when something bad happens. This Embroker review provides all the information you need to make an educated decision about whether the business insurance company is right for you.

Embroker logo

Embroker at a Glance

Embroker offers a plethora of coverage options for any type of business. You can protect against theft, damage to third parties, product issues, cyber attacks, and so much more. It’s easy to mix and match policies to shelter your company from anything the world can throw at it. The business insurance company even has employee and health benefits to keep your team happy.

Applying is straightforward and simple, even if figuring out the best policies to choose can be a challenge. You won’t have an idea of costs until the end of the process, but Embroker claims its rates are the best in the game. There’s no mobile app, so creating and managing your account is best done on a computer.

  • Several customizable plans to choose from
  • Offers employee and health benefits
  • Fast application process
  • Unclear pricing information
  • No mobile app
  • Can be overwhelming to build your policy

Embroker Insurance Review

There’s a lot that goes into making Embroker a solid choice for business insurance. Let’s start to break down what makes the company shine.

Screenshot of Embroker Homepage

Who is Embroker Business Insurance Best For?

Embroker has a lot of protections it can put in place for various business models. Policies tend to revolve around smaller businesses, but options like director and officer coverage speak to ventures with a senior management team. It has specific areas of interest that benefit the following companies the most:

  • Startups
  • Tech Companies
  • Law Firms
  • Cannabis Companies
  • Aviation and Aerospace
  • Small Businesses

That said, any organization looking to maximize coverage while keeping costs down should give Embroker a closer look.

Pricing

With so many policies to choose from, it’s impossible for Embroker to offer transparent pricing packages for business owners. The company will work with you to build coverage that fits the needs of your business, helping to ensure you don’t overlook something that will protect you down the road.

Additionally, each policy weighs in a number of factors that affect the overall cost. Your type of business, number of employees, assets, financials, legal history, and more can all play a role in what you’ll end up paying.

Above all, Embroker claims to have some of the best prices in the industry. Through its thorough process, the business insurance company states it can offer prices 20% to 50% lower than the competition.

Embroker Features

General Liability

General liability insurance protects your business from injury or property damage to a third party. This coverage helps pay claims if a non-employee gets hurt or has property damage while working with you. When court costs alone could devastate a business, this coverage can be a lifesaver. It can also offer protection against slander or libel.

Product Liability

Product liability insurance deals with issues surrounding defective products. Any item with a design defect, manufacturing issue, or unclear instructions can fall under this umbrella. Coverage can extend as far as a product recall if necessary. Businesses dealing with the sale of products should always consider this insurance.

Commercial Auto

If your business owns or rents vehicles, commercial auto insurance safeguards them in the event of an accident, theft, vandalism, or even natural disaster. This coverage can also shield yourself or your employees if you’re found to be at fault in an accident. Many states mandate the purchase of commercial auto insurance.

Commercial Property

Commercial property insurance assists with physical structures, supplies, and inventory on your property. When experiencing loss, theft, or damage from natural elements, this insurance will pay toward repairs or new items. Embroker allows you to tailor this policy to reflect your assets and acceptable loss.

Directors and Officers Coverage

While not for small startups, directors and officers (D&O) insurance supports your top management if any of them ever get sued on matters of corporate trust. In addition to protecting the personal assets of the individual, it helps pay for any legal defense and resulting damages.

Cyber Liability

Internet threats are real, and few businesses aren’t connected to the digital world in some way. Cyber liability insurance helps deal with the aftermath of a cyber attack and loss due to security breaches. If met with legal action from third parties as a result of an attack, cyber liability can help there as well.

Errors and Omissions

Also known as professional liability insurance, errors and omissions coverage helps shield you from claims against inaccurate information, mistakes, or negligent behavior. This insurance becomes important when your business offers expertise or deals in professional services. It’s wise to pick up a policy for your organization when dealing with potential malpractice or inaccurate advice.

Business Interruption

Business interruption insurance steps in when your company can’t operate due to some form of disaster. While such events are usually natural disasters, Embroker can cover shutdown time from theft or falling objects. It helps offset the loss of income from closing your doors for a set period of time until you can reopen again. This policy often comes bundled with other insurance, but it’s possible to add more comprehensive coverage to your plan.

Commercial Crime

Other forms of insurance safeguard from a criminal activity outside the workplace. Commercial crime, on the other hand, deals specifically with employee embezzlement or theft. It can help cover you from loss due to missing inventory or other supplies. Embroker even offers third-party coverage, protecting your business if another entity claims your business committed a criminal act against them. Businesses bringing in part-time help or dealing frequently with cash or inventory can benefit from such a policy.

Worker’s Compensation

In the event one of your employees sustains an injury at work, worker’s compensation insurance can save the day. Having such an event at your place of work is always a possibility, but workers comp can shield you from costs that come with injury. Covered expenses include lost wages, medical expenses, therapy, or death benefits.

Health and Employee Benefits

Alongside insurance coverage, Embroker has health and employee benefits to make your business a more desirable place to work. You can integrate Embroker’s system with your own HR software and build a suite of benefit options for your team.

You can also add educational materials and access to benefits consultants to help facilitate the process. It’s possible to set up guidelines and fee ceilings to keep business and employee costs to a minimum. After finalizing a policy, Embroker compares your benefits to comparable companies, looking for areas to improve or save money.

Alternatives to Embroker

Embroker has a long list of great features, but the business insurance provider won’t be for everyone. Below you’ll find a few alternatives to consider instead.

CoverWallet shares many policies with Embroker but groups them into plans dedicated to specific industries for easy shopping. Types of companies include retail stores, contractors, accountants, and many more.

No matter your business, you’ll find options for general liability, worker’s comp, cyber protection, commercial auto, and asset coverage. Digging a little deeper reveals medical malpractice insurance, errors, and omissions, and even liquor liability should the need arise.

When searching for the best coverage for your organization, CyberWallet keeps the process simple. You can click on your company’s industry for a basic package and add or remove features that speak most to your business model. More often than not, you’ll have to call an agent to actually receive a quote, slowing down the overall process.

Once you land on the right plan for you, it’s possible to view and modify selections from your online dashboard. This stellar feature helps avoid a sometimes slow-to-respond customer service team. As you set up your policies, keep an eye out for broker fees or other hidden costs that can add to your monthly expenses.

  • Quick and easy application process
  • Coverage packages for multiple business types
  • Can handle your policies through an entirely online system
  • In most cases, you have to call to complete the quote process
  • Many hidden fees
  • Customer service can be on the slow side

Hiscox specializes in small business insurance, employing services to over 400,000 companies at present. The company has over 100 years in the field, and that kind of experience is hard to pass up.

It’s hard to tell when a small business becomes something more, but Hiscox’s policies work best in companies of ten persons or fewer. In some instances, it’s not possible to extend coverage to more individuals or protect senior management in a fiduciary issue.

You can quickly obtain quotes for your particular enterprise and receive instant coverage, but the claims process isn’t so user-friendly. Many users complain of slow notifications and drawn-out procedures that eat into both time and money. Alaskans are out of luck, Hiscox doesn’t have a presence there.

While flipping through Hiscox’s policies, the online business insurance provider has specialized coverage for more than 180 industries. You can tweak these plans as you see fit to work best with what your business offers.

  • Over 100 years in business
  • Fast quotes and instant coverage
  • Specialized coverage for several industries
  • Slow to respond to claims
  • Best suited for business of ten employees or less
  • No coverage in Alaska

The Hartford first opened its doors in 1810, providing insurance policies to the small and large businesses of the time. Not much has changed over the last 200 years, as The Hartford still offers coverage to small and large organizations alike. While you can now fill out most of your coverage online, you will still need to call The Hartford to finalize your monthly rates.

In total, The Hartford serves over 1 million business customers around the country. That is, with the exception of New Jersey, Hawaii, and Alaska, where the company dares not tread.

You’ll only need a few minutes to request a quote for your specific company, and The Hartford will show you all the ways it can protect your business. It even shows average costs for various plans on its site, something most other insurance providers won’t do.

With many policy options to choose from, you can customize a plan based on the industry where your business works. The site has several pre-built packages for company types from photography to restaurant ownership. Keep an eye on costs after the first year, as some users mention prices increasing unexpectedly.

  • Over 1 million small business customers
  • Designed for small and large organizations
  • Covers a wide range of business sectors
  • Most policies require talking to an agent to finalize a rate
  • Some users complain of significant price increases over time
  • Does not offer policies in Alaska, New Jersey, or Hawaii

Frequently Asked Questions (FAQs) – Embroker Review

Still have questions about business insurance? Below are answers to some inquiries you may be curious about.

Bottom Line on Embroker Business Insurance

Business insurance can spell the difference between a company recovering and crumbling when disaster strikes. Embroker offers a laundry list of solutions to protect you and your organization from potential pitfalls along the way. Having the right policies in place can cover some of all of the costs due to damage from a number of sources, allowing you to get back to doing what you do best. 

7 Best Life Insurance Companies – Cost, Policy Types & Ease of Application

Best life insurance company's policy form on a desk with a calculator and pen

Buying life insurance is a key component of financial planning. However, it’s tough to choose the best life insurance with so many companies offering various policy types and features. If you’re looking to buy life coverage, look no further because we’ve got it all summed up for you.  

7 Best Life Insurance Companies  

We considered several different factors to evaluate and rank the best life insurance companies. We considered the cost of insurance, offered policy types, ease of application, third-party ratings, and reputation in the process. Go through the methodology section for an in-depth look. 

Company

Sample monthly cost*

AM Best rating

J.D. Power Customer Satisfaction Rank

Online Tools

No medical exam policy

Policy types

$54.79

A++

1st

Term, Whole, Universal

$46.63

A+

N/A

Term, Universal

$56.00

A+

N/A

Term

$59.94

A+

2nd

Term, Whole, Universal

$57.81

A+

12th

Term, Universal

$81.16

A++

N/A

Term

N/A

A++

3rd

Term, Whole, Universal

*Sample monthly cost is for a healthy 35-year-old female for a $1 million coverage policy on a 20-year term. The sample cost gives a comparative overview of life insurance costs from different providers. The exact cost for you might be a lot different from the ones quoted here.

State Farm logo

State Farm: Best Overall

Cost of Insurance: Low

AM Best Rating: A++

4.9

State Farm is best known for its car and home insurance products but its life insurance policies are also at the very top of the competition. With top-of-the-line customer satisfaction, several policy types, sound financial strength, and low premiums, it’s our Best Overall pick for Life Insurance companies. 

State Farm holds an A++ rating from AM Best which is sound evidence of its financial health. On top of that, the coverage provider ranked No. 1 on J.D. Power’s Customer Satisfaction ranking, which is a very strong indicator of its high-quality service. 

Although its premiums are not the lowest in the industry, it offers policies at affordable prices. You may find its term insurance more costly than other options, however. The provider currently doesn’t operate in Massachusetts and Rhode Island. Also, to purchase a State Farm plan, you have to connect with an official company agent. 

Why we chose it: State Farm has an A++ rating from AM Best and has ranked No. 1 on J.D. Power Customer Satisfaction rankings which makes it the most credible insurer. This along with its low cost of insurance makes it our top best life insurance pick.  

  • Affordable life insurance
  • Offers term, whole, and universal policies 
  • Universal insurance available for ages up to 85 years 
  • Policies can only be purchased from a State Farm agent
  • Not available in Massachusetts and Rhode Island
  • Most policies require medical exams

Cost of Insurance

State Farm is not the cheapest life insurance provider but its premiums are still on the lower end of the spectrum. Some may find its term coverage policies to be very expensive, especially if you’re in poor health. 

Offered Policy Types  

The insurer provides term coverage for 10, 20, and 30 years. It also offers whole life coverage which includes Limited Pay Whole Life and Single Premium Whole Life where you pay the entire premium once. State Farm’s universal life insurance includes Survivorship and Joint Universal Life. 

Ease of Application

While online tools are available for all policies, you’d have to connect with an official State Farm agent to purchase some policies. You can easily check whether you can apply online for a plan on the website. State Farm’s site also has a premium calculator that lets you see what term insurance will cost for you after you input some information. 

Banner Life logo

Banner Life: Best for Low-Cost Insurance

Cost of Insurance: Very Low

AM Best Rating: A+

4.8

Banner Life insurance now operates under the name Legal & General. It offers term and universal insurance policies at some of the lowest rates in the market. The same monthly cost, which is for a healthy 35-year-old woman, is only $46.63 for a $1 million coverage on a 20-year term. It’s the lowest monthly premium out of all our top picks. 

This insurance company also enjoys a strong A+ AM Best rating. It wasn’t ranked by J.D. Powers in its Customer Satisfaction Index Ranking. However, some other credible sources suggest Banner Life has a low number of complaints, which means a high level of customer satisfaction. 

Since it operates along with William Penn Life Insurance under the Legal & General umbrella, Banner Life covers all 49 states except New York, which is covered by Willam Penn. It has limited rider options which means there’s little space for customization. You may also find the website to be a bit old-fashioned and difficult to navigate, especially compared to other insurance providers. 

Why we chose it: Banner Life has the lowest premiums for term life insurance policies. The low cost paired with its high customer satisfaction makes it an excellent option. 

  • Very low-cost term coverage
  • Terms up to 40 years
  • Low number of complaints
  • Limited rider options
  • Low coverage for universal life insurance
  • Website tough to navigate

Cost of Insurance

As mentioned above, Banner Life is a very low-cost insurance provider, especially when it comes to term insurance policies. Note that getting a quote is a little tough and you might need to get an agent on call to acquire one. 

Offered Policy Types

Banner Life only offers term and universal insurance policies. It offers a wide range of terms which start from 10 years and can go up to 40 with 5-year intervals. 

Ease of Application

Banner Life, or better yet, Legal & General’s website is a bit old-fashioned but it does offer online tools for its coverage policies. You can’t buy insurance online and will have to get in touch on the phone to get an accurate quote and move things forward. 

Bestow logo

Bestow: Best for Ease of Application

Cost of Insurance: Low

AM Best Rating: A+

4.6

If you’re looking for a speedy and convenient life insurance application process and don’t want to be poked with needles for medical tests, Bestow is a good option for you. The company only sells term insurance policies and you can apply and buy a plan within minutes from the comfort of your home. 

Bestow offers coverage of up to $1.5 million which is much higher than most other medical exam-free alternatives. However, it’s not flexible with its plans and has an applicant age limit of 60. 

It’s a great option if you’re young and looking to buy insurance hassle-free. But if you’re a senior, Bestow’s premiums can get really expensive. It also offers very limited riders so there’s little space for customization. 

Why we chose it: Bestow stands out for its fast and convenient online application process. You can apply and buy a plan in no more than a few minutes. It’s an excellent choice for young applicants who want to skip the bother of medical exams. 

  • Medical exam-free coverage of up to $1.5 million 
  • Speedy online application process
  • 30-day trial
  • No riders
  • Offers only term life insurance policies
  • Enrollment age limit of 60

Cost of Insurance

Considering the convenience and quality of service offered by Bestow, its cost of insurance is quite affordable. However, as with any insurer, premiums go up with age. But since there’s an enrollment cap at 60 years of age, we don’t get a chance to see very high insurance premiums on Bestow’s site.  

Offered Policy Types

The company only offers term policies from 10 to 30-year periods and has no riders. This is a major drawback for customers who prefer a wider range of options or may want to convert from term to universal later on. 

Ease of Application

The ease of application Bestow offers is one of its strongest selling points. Bestow claims the entire application and purchasing process doesn’t take more than a few minutes which is attractive to busy individuals.

Nationwide logo

Nationwide: Best for Customer Satisfaction

Cost of Insurance: Lower than average

AM Best Rating: A+

4.5

Ranking second on the J.D. Power Customer Satisfaction Index, Nationwide offers a range of life insurance policy types including term, whole, universal, and variable options. The insurer is a well-established name in the finance industry for its wide variety of services.  

Nationwide offers a range of other insurance and financing options from business insurance, and business banking services to auto and pet insurance products. Apart from its exceptional financial strength and customer satisfaction ratings, the insurer offers a lot of flexibility when it comes to policy types. 

On top of that, it even offers medical exam-free policies with up to $5 million in coverage, arguably the highest in the insurance sector. You can also get discounter premiums on Nationwide’s auto or homeowners insurance if you are a life insurance customer.

Why we chose it: Nationwide is the only insurer after Banner Life with the highest customer satisfaction. Along with a wide range of policy types and riders, its incredible set of features makes it one of the best companies on this list to buy insurance from.

  • High customer satisfaction ranking
  • Medical exam-free coverage of up to $5 million 
  • Discounts available if bought together with auto or homeowners insurance
  • Limited eligibility 
  • Lacks live chat 
  • Limited online quotes

Cost of Insurance

The cost of insurance from Nationwide is around or below the industry average. While the price factor doesn’t make Nationwide a particularly attractive option, its additional features and riders for different illnesses make it worth the cost. 

Offered Policy Types

Nationwide’s wide range of policy types and additional riders make its product range one of the most comprehensive ones out there. It offers term, whole, universal, and variable policies. Term policies come in 10, 15, 20, and 30-year periods. 

Ease of Application

You can get quotes online, but not for all policies on the insurance provider’s website. To apply, you need to get in touch with Nationwide or an insurance agent. You can’t buy a plan online but it does offer other conveniences like digital document processing and delivery.  

Lincoln Financial logo

Lincoln Financial: Best for Term to Universal Policy Conversion 

Cost of Insurance: Lower than average

AM Best Rating: A+

4.2

Lincoln Financial offers flexible life insurance packages with high coverage caps and some no-medical-exam policies. It offers affordable premiums but is not the cheapest insurance provider out there. 

All in all, the company is a great choice for anyone looking for term or universal life insurance or who would consider converting a term policy into a universal one in the future. Especially, if you’re a boomer (ages 57-72), Lincoln’s universal policies give you more time to build cash value and term policies offer higher maximum ages for guaranteed renewability or conversion to universal insurance. 

The company has an A+ rating from AM Best so it’s good to go with on the financial strength front. But when it comes to customer satisfaction, Lincoln Financial ranks lower than the industry average. Its below-par performance on this front can easily dissuade a potential customer.

If you’re looking to buy insurance over the phone, you can expect a smooth and expedited policy buying experience. Through Lincoln Financial’s Tele-App process, an advisor meets with you over the phone and helps you purchase a suitable policy. You’re likely to qualify for a medical exam-free policy if you’re under 60 and want coverage less than $1 million. 

Why we chose it: Lincoln Financial stands out for its flexible offerings for senior applicants, especially when it comes to term-universal policy conversion. That along with its exceptional over-the-phone application process makes it an insurer worth considering.

  • Affordable term life insurance
  • No medical exam policies available
  • Term policies can be easily converted to universal
  • Doesn’t offer whole life policies
  • Application process involves working with a Lincoln Financial professional
  • Low Customer Satisfaction ranking

Cost of Insurance

You’ll find affordable term life insurance policies from Lincoln Financial, however, its universal ones aren’t as low cost. That said, there are cheaper options available on the market.  

Offered Policy Types

The company offers term and universal life insurance. The term policies include Lincoln TermAccel® and Lincoln LifeElements® which are available in 10,15, 20, and 30-year options. Permanent policies include Universal, Indexed Universal, and Variable Universal. 

Ease of Application

Lincoln Financial offers online tools for all its policy types. On top of that, its Tele-App process makes the insurance application process a cakewalk. 

Haven Life logo

Haven Life: Best for Same-day Coverage

Cost of Insurance: High

AM Best Rating: A++

4.0

Haven Life is an online-first insurance company that offers high coverage caps for online applications and medical exam-free options. It was established in 2014 which makes it a new addition to the insurance sector but with an A++ rating from AM Best, we can trust its credibility. 

Haven Life isn’t a part of the J.D. Power ranking as it’s an online service primarily powered by MassMutual which ranks seventh. It has much fewer customer complaints than the industry average. 

The coverage company stands out when it comes to speed of service, convenient application process, and the possibility of same-day coverage. However, since it doesn’t offer any other policy type other than term, customers have limited options. Also, there’s an applicant age limit at 64 years, which is still higher than Bestow’s limit at 60. 

Why we chose it: Haven Life is powered by MassMutual, an industry giant that ranks 7th on the J.D. Power customer satisfaction index. However, the best part about it is the company’s quick service which also makes it possible for customers to get same-day coverage. 

  • Apply online for up to $1 million in coverage 
  • Offers same-day coverage
  • Very few customer complaints
  • Offers only term life insurance
  • Limited riders
  • Applicant age limit at 64

Cost of Insurance

Haven Life’s premiums are higher than most other companies on our list. The sample monthly cost lies at a high $81.16 compared to Banner Life’s $46.63 or State Farm’s $54.79. The prices may also increase exponentially if you’re a smoker or have any other health condition. 

Offered Policy Types

It only offers term life insurance policies which include Haven Term and Haven Simple. Haven Simple offers coverage up to $500,000 and requires no medical exam. But if you want higher coverage of up to $3 million, you’d have to go with Haven Term which mostly comes with medical exams. 

Ease of Application

Haven Life is a digital insurance company which means it pays importance to a seamless online application process. You can apply online for coverage up to $1 million. The company also claims to have a quick approval process that can give you same-day coverage. 

Northwestern Mutual logo

Northwestern Mutual: Best for Financial Stability 

Cost of Insurance: N/A

AM Best Rating: A++

3.8

Northwestern Mutual is one of the most well-established insurers out there. It was established in 1857 and has been serving in the American finance and insurance market even since. Its years of experience also make it the largest seller of life insurance in the country.

The provider isn’t very transparent with quotes which is a huge drawback for any insurance provider. Unlike other companies on this list, Northwestern doesn’t have a premium calculator and you have to get in touch with an agent to see how much insurance will cost. This can take a day or two in back and forth compared to getting an instant quote on their site. 

Northwest ranks third on J.D. Power’s Customer Satisfaction Index which makes it the best in the industry after State Farm and Nationwide. But it has its drawbacks too. Unlike modern insurance providers like Bestow and Haven Life, you can only purchase a plan through agents. 

Why we chose it: Northwest Mutual is one of the oldest insurance companies and has an A + + rating from AM Best which means it’s very stable financially. On top of that, it has a high customer satisfaction ranking making it an option worth considering. 

  • Highest financial strength rating
  • High customer satisfaction 
  • Multiple policy options
  • Limited pricing information on website
  • Plans can only be purchased through an agent
  • Most options require a medical exam

Cost of Insurance

Northwestern Mutual offers no information on its premiums at all. You will have to contact an agent in person to get a quote. 

Offered Policy Types

This company offers term, whole, universal, and variable universal life insurance. It also offers a range of optional riders, more than other insurers on this list, so you can easily access benefits under special circumstances. 

Ease of Application

Ease of application is one area Northwest Mutual lacks in. You can’t get a quote online and will have to get in touch with an agent, whereas State Farm offers online tools. Most insurance options require you to take a medical exam. Note that not all life insurance products are available in all states which makes things more complicated than they need to be. 

Methodology for the Best Life Insurance

Picking an insurer for life insurance can be very difficult given the variety of factors you need to consider and the countless options available. However, we at Management Library use our research and industry expertise to help you make the right decisions. We carefully considered data from multiple sources on several different factors to come up with this list of life insurance providers. Here are the criteria we considered when ranking the best life insurance companies:

  • Cost of insurance: The price factor most often weighs the heaviest when it comes to making any financial decision. The insurance providers that offer the same or higher value coverage for a lower premium rank higher than those with higher premiums.  
  • Offered policy types: Customers don’t want to have limited options to choose from. Plus, they also want the freedom to switch between different policies in the future. Companies that offer more policy types and freedom rank higher than those with limited options.
  • Ease of application: Convenience and speed of service are important factors. Customers prefer seamless online application and approval. Plus, no medical exam alternatives are preferred over those that require it.
  • AM Best rating: AM Best is a credit rating agency that ranks insurance companies for financial strength on a scale of A++ (superior) to D (poor). We only chose the companies with a rating of A or higher to include in our list. 
  • J.D. Power Customer Satisfaction Index ranking: J.D. Power releases an annual study on the top life insurance providers and ranks them according to the customer complaints and satisfaction statistics it compiles from authentic sources. The ranking is a valuable measure of how well an insurance company performs on the customer satisfaction compared to the industry average. 
Bar chart representing J.D. Power 2021 US Individual Life Insurance Customer Satisfaction Index Ranking
  • Reputation: Last but not least, we considered the historical reputation of each company. This includes how long they’ve been in business, any significant problems they’ve had over the years, and their performance when it comes to other services in the financial and insurance industry.

Frequently Asked Questions (FAQs) for Best Life Insurance

Here are some of the most commonly asked questions about the top life insurance companies.   

Bottom Line on the Best Life Insurance Companies

You have quite a few very good options to choose from. While different insurance companies suit different needs, State Farm is our best overall choice for its very low cost of insurance and strong third-party ratings. But if you’re looking for a lower cost, you can go with Banner Life.

However, the cost is not the only factor. You must also consider the insurer’s financial stability, customer satisfaction rating, and the policy types it offers. We’ve ranked each of the best life insurance companies according to what they’re best for to make your choice simpler.  

Directors and Officers Insurance Resources

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© Copyright Carter McNamara, MBA, PhD, Authenticity Consulting, LLC.

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