Top eight insurance companies for your business

Every business faces uncertainties, especially when the market conditions become challenging. For instance, in the US alone, nearly 200,000 establishments were permanently closed following the pandemic. The temporary closure was reported in about 41.3{169a81f3b75f7d4f2256b52e96ed44d6638e4e95362ac79dd489ecc1bd233928} of total businesses across the country.

Having business insurance prevents businesses from incurring expenses during difficult situations. Without coverage, companies might be left alone to recover the costs of thousands of dollars. Most small businesses are not able to afford such expenses yet are most vulnerable to hefty losses. Thefts and burglaries alone may exceed $8,000 without Insurance and impact about one in five small businesses. 

To avoid significant expenditures, it is essential to invest in a business insurance plan that provides general liability coverage. Depending on the type of business you have, various factors will influence the type of insurance you should get. These include size, industry type, and the number of employees. If you have been searching for the best insurance plans for your business, here we shall explore top companies for 2021.

Progressive

In the United States, Progressive is considered the best auto insurance provider. Almost all commercial vehicles can obtain Insurance through Progressive. Compared to other insurance providers, Progressive offers insurance policies to personal vehicles used partly for business reasons, buses, trucks, trailers, and others.

Coverage options by Progressive are competitive and offered across every state, along with 24/7 customer service. There are price saving opportunities if you bundle multiple types of business insurance coverage options. Though some vehicle types, such as golf carts and emergency vehicles, might not obtain auto coverage through Progressive, customizing options are available for other cars. Progressive is the biggest provider of auto insurance policies in the United States and has provided coverage to more than a million vehicles.

Liberty Mutual

Liberty Mutual is a top umbrella insurance provider which offers coverage beyond currently existing policies. Their policies begin at $1 million, offering excess liability coverage and go up to $25 million in umbrella and $100 million for extra capacity. In addition, businesses can avail crisis support services that provide almost $250,000 in consulting expenditures.

At Liberty Mutual, customers can expect to get claims assistance 24/7. You can file your claims by downloading their app or on their website. Their complex liability claims department is trained to handle many complex issues, including significant losses incurred by various industries.

Thimble

Small-sized business owners can benefit from choosing Thimble, which offers affordable general and professional liability insurance plans on both a monthly and on-demand basis. In addition to small businesses, self-employed individuals such as sitters, freelancers, photographers, beauty professionals, etc., can obtain Insurance from Thimble.

The advantage of obtaining Insurance through Thimble is that businesses that employ as few as five persons can access flexible insurance plans. You can buy Insurance for as long as you require and change, extend or even cancel your project using the app. You can get a certificate of Insurance within one minute of purchasing it.

Nationwide

Nationwide offers premium quality business insurance plans for businesses of all types and sizes. If you are looking for customizable insurance options for your business, Nationwide offers the same regardless of your niche and size. Their coverage extends to almost all security areas that affect businesses. You can obtain traditional policies like general liability insurance, or you can get protection from failures with your equipment or cyber threats.

Having been in business for over a century, Nationwide provides experienced advising services about your commercial insurance needs. Although online quotes are restricted to five sorts of coverage, you can get access to high-quality insurance that has been consistently ranked at the top. If you need detailed information about an insurance policy, you can call and speak to an agent.

Chubb

Expect to get insurance plans at competitive market prices by Chubb. They offer tailored general liability coverage plans to businesses of all sizes. These plans cover almost all expenses, including but not limited to equipment damage, physical injuries, litigation, and more. As an international insurance provider, they offer insurance policies to both businesses and individuals. 

You can purchase supplemental Insurance from Chubb, which can be added to your general liability insurance plan or purchased individually. This Insurance can be used to cover additional items such as discontinued goods and services. You may also invest in their business owner’s policy which offers a combination of general liability insurance, commercial property insurance, and other types of insurance plans. Though you cannot receive online quotes for an insurance policy, you can buy coverage by calling an agent.

State Farm

If you are searching for commercial liability insurance, then State Farm offers options to customize according to your needs. Additional coverage options available via State Farm include liability insurance for employment practices, professional liability, liability insurance for owners of condominiums and homes, etc. They have offered Insurance to over 300 professionals to date, including independent contractors, retailers, and more.

Typically, you are required to file claims by speaking to an agent over the phone instead of pointing them online. Additional types of coverage you can get consist of life insurance, health insurance, worker’s compensation, and more. Their insurance directory has an entire list of the types of organizations they have insured thus far.

The Hartford

The Hartford is known for offering the most cost-effective commercial property insurance policies. These policies cover everyone, including small businesses, individual contractors, and corporations. Commercial property insurance is a vital requirement for many companies as it offers comprehensive protection to all equipment. The Hartford offers different plans depending on the size and nature of your business.

Commercial property insurance is divided into two categories. These small businesses have less than $200 million in insurance value and organizations whose retail property value is above this threshold. Though coverage is almost similar for both types, policies are customized per the needs of the size of every organization. 

It is possible to get an online quote quickly for your business from The Hartford. If you own a large organization, you might need to consult an agent for specialized coverage options. Though they offer policies for all business sizes, their focus is more toward small businesses since they have more small business clients than their mid and large-sized counterparts. 

Next Insurance

Policies developed by Next Insurance are mainly for small business owners and individual contractors. Typically, commercial insurance plans are created for businesses having a large number of employees and high revenue. Consequently, sole proprietors tend to pay large sums for coverage that they do not always require. Next Insurance avoids this by providing policies at low monthly prices that suit self-employed individuals and their businesses.

Any small business would benefit from obtaining Insurance through Next Insurance. Their coverage includes those aspects which are most essential for small business owners, including general liability, commercial auto, property insurance, and so forth. Though these offerings may not suit every type of business, coverage is typically available across every state in the US. 

As a business owner, you must take steps to protect your business from market risks. Consider getting insurance for your business today.

Share