Best Small Business Insurance

In the recent times, crime & accident rates, natural disasters and calamity and financial risks are on the rise. We have no control over these factors. In such uncertain times, having a personal, health or business insurance is a boon. Identifying and opting for the best small business insurance is a must for your small business.

What does insurance mean? Insurance protects us from unforeseen risks, losses, and damages. In case of any such events happening, the insurance company pays or handles the risk on our behalf. We need not spend our savings to cover these unforeseen expenses.

So while you would have considered insuring your health and family’s health, have you considered insuring your business? Small businesses face the risk of theft, damages from fire and lawsuits. If not insured, any such calamity could lead to huge financial and operational losses for the company.

There are many types of business insurance plans including liability, property, health and cybercrime. The right insurance for you will depend upon your insurance needs. It will depend on the type of business, its location, and your employee strength. The rate of premium will depend upon the policy you choose. Hence your budget should also be kept in mind. The next step is to choose the best insurance companies.

You can choose the companies after considering the following points –

Is your type of business and its related risk covered?
How efficient is their customer service and support?
How good is their visibility?
How fair and reasonable are their pricing policies and affordability?

Best Small Business Insurance 2019

Based on the above points, we have shortlisted the best Insurance company for small businesses.

The Hartford Review – Best Small Business Insurance for Liability & Lawsuits

The Hartford is one of the best insurance companies for small businesses. It has a comprehensive range of insurance policies to meet your business requirements. The insurance specialists help you identify your risks and choose the policy accordingly. It specializes in liability insurance and third-party lawsuits. It mainly caters to industry like Construction, Finance & Insurance, Healthcare, Manufacturing, etc. They have an excellent customer service record. The team’s responsiveness and pro-activeness is commendable. Also claim processing is efficiently handled without any glitches.

You can either call their insurance specialists for a quote or fill up their online form to get specific quotes as per your requirements. The Company provides only need-based quotes as per your application.

Hiscox Review – Best Home Based Small Business Insurance

Hiscox is best suited for businesses that are operational from home. It offers liability insurance and other insurance as per your business needs. It caters to 9 industries and 70+ specific professions. It also offers additional liability insurance for business Directors, Officers, and Management.

The application process is easy as it can be applied online. The customer service is quick and efficient. The team can handle all customer- related queries in the best possible manner.

The general liability cover starts at $30 per month and small business owner’s policy starts at $42 per month. It also offers a 14-day full money-back policy.

Next Insurance Review – Best Insurance for Niche Businesses like Massage, Education & Fitness

Next Insurance gives cheap insurance options for niche industries like massage therapy, education, and fitness. It offers general and professional liability insurance, and commercial auto insurance. The policy can be applied for online with ease. The quote mentions the type of coverage and its limits. The business owner can immediately purchase the insurance policy. It is highly cost-effective and there are no hidden fees are involved. You can request certificates free of charge.

The basic costs for contractors & construction is $29 per month, for personal training it is $11 per month, for daycare operators it is $33 per month and for massage therapists it is $12.50 per month.

Chubb Review – Best Small Business Insurance for International Transactions

If your business handles a huge volume of international transactions, then Chubb insurance is the one for you. If offers a unique foreign package especially for small businesses with overseas transactions and businesses that involve foreign travel. This package also covers workers’ compensation for foreign employees, medical expenses, assistance for lost documents and political evacuation.

In addition to this, it also offers four other management and professional liability policy for small businesses.

The packages are sold through their independent agents and hence general liability cost is unavailable. All the costs are worked out based on individual needs. Since it follows the direct-to-customer model, you need to get the quote through Chubb’s agents. This request can be made online by mentioning your Zip code and getting the list of agents in your location. The best feature is their online claim reporting tool. It is easy and the response is quick. The claim is settled within 48 hours of its reporting. This is a big advantage for small business.

Conclusion

Each insurance company has their unique insurance package to offer. The package can be further tuned as per your business needs. The Hartford is the best in the lot and offers almost all types of insurance. The service quality is also top-rated. The rates are not disclosed hence you will need to ask for a quote online. Hiscox the best for home-based business and the general liability package is economical. However if you are in construction business and need surety bonds for contract work then Hiscox will not be able to help you with it. Next Insurance has got into the niche business sector and is a boon for such industries. For a booming industry like massage therapy, it gives the best of rates. However, it has limited product offerings. Chubb is best to cover all your international transactions. The service and product offerings are good. However, you will not be able to apply online as the policy can be bought only through an agent. This will increase the cost of the insurance.

Each of these companies offers unique and specific product offerings at highly affordable costs. The best option is to go for the small business insuarence that caters specifically to your type of business.