Do you ever wonder what would happen if your small business was subject to theft, fire, or other damage? Would you have the protection you need to weather the loss?
Business insurance companies are designed to protect businesses of all sizes against loss. Many offer plans optimized for small businesses exclusively. Different types of insurance may cover income, property, and assets. The specific policies and pricing vary based on your business.
I've taken a look at some of the top business insurance choices on the market so you can decide which works best for your company.
Top 5: Business Insurance Companies Review
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Cover Wallet is a company offering commercial insurance for businesses. In addition to offering a wide range of policies that cover different aspects of businesses, there are also free tools available through the website to assess your insurance needs. In ten seconds, you can get a comprehensive assessment for your particular industry and the reasons behind each point.
The types of insurance available include:
One of the biggest selling features of this company is that they have a digital wallet that lets you easily manage every one of your policies.
You can request certificates and other information from partners, suppliers, vendors, and other relevant third parties. If you have any change in your insurance needs, you can access new quotes. Claims and receipts can all be managed online. It's also easy to send proof of insurance and ask insurance agents for advice when needed.
If you've already purchased business insurance through other companies, you can still organize it through the digital wallet for $99 per year. This will also give you access to unlimited online certificates, price alerts, notifications of upcoming expiration dates, and policy comparisons.
Hiscox offers business insurance tailored to specific industries. The company focuses most heavily on small businesses. You can get a quote immediately through the website by inputting your state and profession. Insurance agents are also available by phone on weekdays from 7 AM to 10 PM EST.
The search parameters on the website are fairly extensive. In addition to browsing by the type of insurance policy, you can also browse packages by industry or view insurance policies for specific states.
For brokers and agents, there are a huge number of specific packages available. You can get kidnap and ransom insurance, media liability insurance, and management liability insurance just to name a few. Packages have been tailored for specific individuals like trustees, accountants, engineers, and real estate developers.
Managing your policies is easy through your account. You can receive certificates of insurance, request policy documents, get an ACORD certificate, issue ACORD certificates, change your business address, and add authorized persons to your policies. That's just a small sampling of the management tools available.
It's also easy to report a claim and get information about claims through the website. In addition to the streamlined claims center, there's also a section for claims FAQs and customer reviews. These give you most of the information you need before you even contact customer support.
The company has been in business since 1901. Rather than offering traditional insurance, the company specializes in complex business insurance areas that are rarely covered by other providers.
Insureon offers business insurance by allowing you to compare quotes from multiple insurance carriers. You can get a quote quickly by simply entering your industry or the service you provide. The app will pull up a list of carriers, the packages they offer, and the coverage that's part of each.
This makes it very easy to shop for business insurance, since you don't have to get individual quotes from a number of different companies. Basic types of insurance are available, and there are also more specific policy needs that can be compared.
You can browse policies by the type of insurance or your industry. In addition, the company has a website section for small business resources. These resources give you information about different types of insurance, why they're important, and what you should be keeping in mind for your specific industry.
If you need help, you can call the customer service team from 8 AM to 5:30 PM CT on the weekdays. Your support options will be somewhat limited on the weekends and outside business hours, though.
Some of the basic types of insurance offered include:
The inclusion of cyber liability is an advantage for those who do a lot of their business online.
Trusted Choice is a company that works with independent insurance brokers rather than offering its own policies. By connecting you with an independent broker, you're given the ability to shop policies from multiple companies while still having access to expert advice.
For those who prefer in-person work, this option is a tempting choice. At least one independent agent is stationed in every city, allowing you to find local coverage with a friendly in-person broker.
Multiple different types of insurance are available. In addition to business insurance, the company can also connect you with insurance brokers knowledgeable about:
In addition to requesting a quote online, you can also browse the agent directory until you find one that suits your needs or area.
Though there are a number of specific policies available, the site doesn't have specific packages or advice regarding different industries. That means that if you want specific options tailored to your niche, you have to contact one of the insurance brokers first, which can be a drawback.
On the other hand, you can also manage non-business insurance through the website as well. So if you've been in the market for types of insurance like life insurance or car insurance, you can get all of your shopping done in one spot by finding knowledgeable brokers in the same place.
AMVenture recently changed its name to Suracy. The company is the same as it's always been, offering tailored insurance coverage for a variety of areas. Unlike many other insurance companies, this company offers specific church insurance policies that comply with the nonprofit status of religious organizations.
In addition to a suite of typical insurance policies, you can also find coverage for:
These are ideal for employers who want to offer enhanced benefits, employees who want coverage should they need to take time off work, and healthcare professionals who need industry-specific coverage against potential malpractice suits.
The company offers both business insurance programs and strategic partnerships to people whose goal is to grow their business. There are multiple partner companies that offer assessments, consultations, and referrals regarding a wide range of business management issues.
According to Suracy, all of the included businesses in the network are chosen to help:
The insurance options available for churches are available through a branch of the company called Suracy Faith. All of the same business products are available, along with a few specialty coverage items:
Our top choice of insurance carrier is Cover Wallet. They make it easy to find information based on your industry, and there's an easy-to-follow explanation of why each type of insurance is recommended. The organizational wallet is also hard to beat, especially since you can use it to organize policies purchased from other companies as well.
For comparing different policies from different carriers to find the right price, we recommend Insureon. This company doesn't offer insurance itself, but it makes it easy to search for packages based on your industry and specific needs.
If you want to work with a specific insurance broker, you can turn to Trusted Choice to connect with independent brokers with expertise in a range of insurance options. Since there's at least one in every city, it's the best choice for those who want local coverage with a face-to-face meeting.
For anyone searching for an insurance carrier for their nonprofit religious organization, Suracy offers a range of church insurance options that respect nonprofit needs.
Frequently Asked Questions
What Is the Purpose of Business Insurance?
Business insurance covers any costs that occur because of liability claims or property damages. If you're the subject of a consumer lawsuit, workers compensation claim, or theft, you need to have funds that can cover the damages.