CHEAP BUSINESS INSURANCE COMPANIES: COMPARISON TABLE



Please find the best cheap business insurance companies and coverage options overview below.

The following are the cheapest business insurance companies and plans for 2020 for all sizes, you can find both cheap small business insurance companies to ones that cover large corporates. We based our research on factors like affordable business insurance rates, customer satisfaction ratings, features, user friendliness, how comprehensive is the coverage, how tailored it is to your precise business needs, financial strength of the insurer and more to pinpoint the best cheap commercial insurance companies.

Company Average Business Insurance Cost Per Month Best for Thimble $30 (cheapest policy available for $5)

Home based businesses and IT professionals Next Insurance $29 (starts from $11 for fitness professionals) Construction and fitness businesses as well as millennials looking for fast low cost coverage online Hiscox $29 (starts from $19) Independent contractors looking for comprehensive coverage that is tailored to their industry in affordable rates The Hartford $42 Workers Compensation GEICO $33-$62 Commercial auto - rideshare Progressive $53 Commercial auto Allstate

$30-$99+

SMBs looking for tailored coverage Travelers $46-$180+ Commercial property State Farm $21-$180+ Best overall Chubb $28-$180+ International businesses USAA $21-$130+ Military community Farmers $43-$130+ Small business retail insurance Embroker From $42 Startups

* Costs may vary depending on the size of your business, its sector, location and other factors.

As you can see, the cheapest general liability insurance for small business that we have found is Thimble, a very affordable general liability insurance for small business option, with on-demand policies starting from as low as $5, high flexibility and excellent online experience. It is very easy to get instant online quotes with them as well.

CHEAPEST BUSINESS INSURANCE COMPANIES: FURTHER REVIEWS

To compare cheap business insurance quotes from these companies and other great ones and get the best business insurance price and coverage, be sure to click the get quotes button on top of this page and follow few easy steps.





- High customer ratings: Chubb barely have any customer complaints

- 90% of the businesses renew their policies with them

- Covers businesses of all sizes

- Provides an excellent claims experience

- One of the broadest coverages available in the market making sure that you won't be left uncovered while thinking you are

- Online option is less friendly: only GL, cyber insurance, BOP and professional liability are available online

INSURANKS RATING: 10/10





While covering over 100 sectors, Thimble mainly covers home-based tech/IT businesses so costs for other sectors might be higher

Thimble offers instant flexible short-term cheap small business general liability insurance policies, starting from one hour

Thimble offers small business general liability insurance policies from $5

Provides a great online experience

INSURANKS RATING: 9.5/10

Fast and easy online experience

Live free certificates of insurance online

Easy to add extra certificate holders online (free to add one extra)

No cancellation and administrative fees

Customer service reps are all licensed insurance agents

While most of its claims are handled in-house, some are handle by a third part company, which makes the process longer

INSURANKS RATING: 9.5/10





- Online quoting and purchase



- Coverage can be customized for a variety of sectors

- Global coverage (claims have to be filed in the US/Canada)

- Available in all 50 states

- 24/7 online claim filing available

- 14 days money back guarantee (if there weren't any claims or losses)

- In case of an accident where someone who is not you or your employees were injured, your Hiscox business general liability insurance will cover relevant medical costs for every person that was injured, with up to $5,000 per person

INSURANKS RATING: 9.5/10





- Easy online quoting

- Provides up to $2 million coverage for every general liability business insurance claim and $4m for the policy aggregate

INSURANKS RATING: 9.5/10





- High customer satisfaction ratings

- Financially strong

- 24/7 claims service available by the phone and online

- Received complaints about unfairly denied claims

- Offering discounts in few states only

INSURANKS RATING: 9/10









* Excellent customer ratings

* Financially strong

INSURANKS RATING: 8.5/10





- In partnership with Hiscox for most business insurance products and underwrites commercial auto policies only

- Extremely strong financially with A++ credit rating

- Has too many claims complaints from customers

INSURANKS RATING: 8/10





- Progressive commercial has excellent customer ratings



INSURANKS RATING: 8/10





- Fair customer ratings

- Also underwrites esurance business insurance policies

INSURANKS RATING: 8/10





- Good customer ratings

- Financially strong

- Variety of advanced, broad, customizable coverage options and packages that cover any risk a business might face

- Only available for military personnel, veterans and their families

- Underwritten by a third party, which adds some risk to you as a customer

INUSRANKS RATING: 7.5/10





* Mediocre customer satisfaction ratings

* Offers good bundle discounts

INSURANKS RATING: 6/10













Now when you have a broad overview of how to get cheap business insurance and what it looks like, we are ready to move forward. It is crucial to understand the basics of business ins, as knowledge is power for all business owners. This will be covered in the next section.

WHAT IS BUSINESS INSURANCE?

Also referred to as commercial insurance, business insurance is a type of insurance that is designed to protect your business from unexpected financial loss, physical and intellectual property damages.

Business insurance comes in all shapes and flavours, and each type protects against various forms of risk you may face.

When thinking about the plan that will be most beneficial to your business and its price, it is important to analyze what you are looking to achieve through business insurance, what would you like your business to be protected from and what risk your business may face, factors that determine your business insurance rates.

Would a small business insurance be applicable to your business? Are you operating a small business or a larger business?

What services do you provide?

Who are you helping?

What industry are you in?

Where are you operating in?

How many employees do you have?

Be sure to keep note of these things as you continue to read. Not every type of plan will be of benefit to you.

The first type of business insurance we will cover is Commercial General Liability Insurance. This commercial insurance policy covers three main risks:

Injury and property damage

Personal and advertising injury (i.e. slander or copyright disputes)

Medical expenses



In today's litigious society, it is essential to protect yourself and your company from lawsuits and liability claims. Small accidents, broken contracts, disgruntled employees are all common occurrences that could potentially end in a lawsuit. That does not mean you will necessarily lose the lawsuit; however, absurd legal fees will hurt your business and distract you from important administrative and organizational work. Business liability insurance will cover any incidentals and allow you to focus on operating your company without fear of it being damaged by liability claims. This type of insurance is typically a “first line of defense” for companies as it covers the more general losses a company may face. The median cost of a commercial general liability policy is $500/year.

Business general liability cost varies depending on factors like whether it is a small business or larger business, industry, location, number of employees and others. However, a small business general liability insurance cost is normally $30/month or lower.

As per The Small Business Association, small business general liability insurance cost ranges from $60 to $170 per month. It's always a good idea to shop around for small business public liability insurance quotes though and find the best business insurance near you or the best that serves your area.