A crucial aspect of running a business is lowering risk. This is where business insurance comes in. Business insurance — also called commercial insurance — can help protect your business from unexpected events and losses. Some businesses are required by law to purchase certain types of commercial coverage.1
Whether you run a small startup or a large international corporation, the right business insurance can help ensure you’re properly protected. Here’s what you need to know to make an informed decision about which business insurance company is right for you.
The Insurance Information Institute (Triple-I) released a report highlighting the 10 largest U.S. business insurance companies, according to market share. Travelers, Chubb, and Liberty Mutual take the top three positions.2
Here’s a closer look at these 10 companies, what they offer, and some of the pros and cons of each.
Travelers was founded in 1864 and is today the largest business insurance company in the U.S. by market share. Travelers offers a wide range of business coverage options, including business owners policies (BOP), workers’ compensation, general liability, cyber insurance, and more.
In addition to business insurance, you can purchase home, auto, pet, travel, and more.
Chubb is ranked as the second-largest business insurer in the U.S. by market share. The company offers commercial insurance to businesses of all sizes, from small to multinational. Chubb has a wide range of business products, including BOP, cyber insurance, marine, workers’ compensation, and more.
Liberty Mutual is the third-largest business insurer by market share. The company was originally founded in 1912 to provide workers’ compensation insurance.
Today, it offers a range of personal and business solutions. Business coverage is available for small, midsize, and large companies and includes BOP, workers’ compensation, equipment breakdown coverage, and more.
Based on market share, GEICO is ranked the fourth-largest business insurer in the U.S. GEICO was founded in 1936 as the Government Employees Insurance Company.
GEICO offers a range of insurance products, including auto, homeowners, boat, and business coverage. Business insurance includes BOP, liability, commercial auto, workers’ compensation, and more.
Zurich Insurance Group is a Swiss insurance company and the fifth-largest business insurer by market share. Founded in Zurich, Switzerland, in 1872, the company started as a marine reinsurer.
Zurich started serving the U.S. market in 1912 and today offers a range of insurance products, including car, home, travel, and commercial insurance. Commercial offerings include cyber, marine, business travel, property, professional indemnity, and more.
The American International Group (AIG) opened its first U.S. office in New York City in 1926, and today is the sixth-largest business insurer by market share. AIG provides a range of products, including insurance for individuals and families as well as business and enterprise solutions.
Hartford Financial Services has been serving customers for more than 200 years. Today, it’s the seventh-largest business insurer by market share.
Whether you own a small, midsize, or large business, Hartford offers commercial options to fit all your insurance needs. Business coverage includes BOP, general liability, workers’ compensation, business interruption, inland marine, and more.
CNA Financial Corp has been in operation for more than 125 years. The company specializes in insurance products and services for businesses and professionals in the U.S., Canada, and Europe.
Today, it’s the eighth-largest commercial insurance company in the U.S. based on market share. CNA offers a range of tailored solutions across several industries, including construction, healthcare, financial services, and more.
Progressive was founded in 1937 in Cleveland, selling basic insurance. Today, it’s the ninth-largest business insurer based on market share.
With more than 30 types of business liability and vehicle insurance coverage, Progressive can help you find the coverage you need for your small business. The company offers BOP, workers’ compensation, cyber, professional liability, contractors’ insurance, and more.
Tokio Marine America is a member of the Tokio Marine Group, which was founded in 1879 in Japan. Today, it’s the tenth-largest business insurer in the U.S. according to market share.
Tokio Marine offers large commercial property insurance and marine insurance. The company used to offer personal insurance products, including homeowners and auto, but has decided to discontinue these services.
The cost of business insurance can vary greatly based on many factors, which include:
Risk level: Companies with a higher level of risk generally pay more for insurance.
Type and amount of coverage: The type of coverage you choose and the amount of coverage you need also affect how much your policy costs.
Location: Where your business is based can also affect your rates. If your business is in an area with high rates of crime or natural disasters, you’ll likely pay higher premiums.
Size of your business: A larger business will typically require more coverage, which comes at a higher cost.
Claims history: If you’ve submitted a number of claims in the past, this could lead to higher rates.
Trying to figure out which business insurance is best for your company can feel overwhelming. If you need help, follow these steps:3
If you want to save on business insurance, check out the following tips:
Comparison shop. Different companies offer different prices, so you can save by shopping around.
Increase your deductible. Your deductible is the amount you have to pay out of pocket before your insurance kicks in. Generally, the higher your deductible, the lower your premiums.
Look for bundles. It’s often cheaper to purchase a bundled policy, such as a business owners policy, rather than individual coverages.
Reduce your risks. To try to reduce your premiums, consider installing security systems or fire alarms and maintaining strong cybersecurity.
Work with a broker. Work with a qualified insurance broker to help find the best match for your business.
If you’re looking for more information on the best business insurance companies, check out the additional information below.
To find the company with the cheapest business insurance, compare multiple insurers. To simplify this process, you can use an insurance comparison website. The cost of business insurance can vary based on several factors, including how risky your business is, the size, the type of insurance you want, and your business’s claims history.
It depends. The best insurance for a small business will vary based on the type of business, what risks you face, and your budget. Most small-business owners can benefit from a business owners policy, which combines general liability, property, and business interruption insurance.4
It depends. The average monthly cost of insurance for a limited liability company (LLC) will vary based on the type of coverage you need, your industry, and your business’s location.
It depends. The cost of a $1 million liability insurance policy can vary widely based on several factors, including your risk profile, industry, location, claims history, and the business insurance company you choose.
If you run an LLC, your assets are protected from lawsuits if your business goes into debt. But its protection has limits. Your business will likely require additional insurance to provide adequate protection.
At Insurify, our goal is to help customers compare insurance products and find the best policy for them. We strive to provide open, honest, and unbiased information about the insurance products and services we review. Our hard-working team of data analysts, insurance experts, insurance agents, editors and writers, has put in thousands of hours of research to create the content found on our site.
We do receive compensation when a sale or referral occurs from many of the insurance providers and marketing partners on our site. That may impact which products we display and where they appear on our site. But it does not influence our meticulously researched editorial content, what we write about, or any reviews or recommendations we may make. We do not guarantee favorable reviews or any coverage at all in exchange for compensation.
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