6 of the Best Liability Insurance Providers for Small Businesses

Drazen Zigic

Responsible business owners insure their assets and employees with essential security for unforeseen circumstances. However, not all policies are created equal. Whereas one company might need basic liability coverage, another could require something more specific. How do you select the right one? Here is everything you need to know about the best insurance providers to help cover your bottom line.

6 Top-Rated Liability Insurance Providers for Small Businesses

Naturally, you want your livelihood protected when the unexpected occurs. The top-rated liability insurance providers for small businesses promise excellent coverage to lower risks and safeguard your venture. These six insurance providers, in particular, offer some of the best policies to save your bottom line when your business needs it most.

1.    XINSURANCE

Insurance broker XINSURANCE understands that liability insurance is not a one-size-fits-all scenario and depends on your unique circumstances. Seeing how some businesses are more high-risk than others, this company helps you identify tailored commercial insurance solutions that some traditional providers may not cover.

Animal liability, firearms liability, pollution cleanup, weapons coverage, and riot and civil commotion liability are just a few policies XINSURANCE can connect you with. Some of the more common industries it works with include auto repair shops, rental companies, restaurants, gyms, construction, and more.

XINSURANCE provides access to its broad network of specialized insurers to get you the coverage you need and deserve. Visit the website and fill out the online form to request a quote. Someone from the underwriting team will call you to discuss the risk and type of insurance you may need. After speaking with you, they will give you a quote.

2.    Allianz

Allianz Commercial is the global line of the Allianz Group’s commercial liability insurance, providing coverage for businesses of all sizes. Its expert team will customize coverage based on your needs, including the following solutions:

• General liability
• Accident and health
• Workers’ comp
• Public liability
• Product liability
• Construction liability
• Clinical trials
• Environmental liability

Depending on your business’s location and industry, additional commercial coverage might include aviation, cyber, marine, natural resources, construction, property and financial lines insurance.

The Allianz Commercial network spans 200 countries with a team that manages over 4,000 insurance programs. Customers and brokers can expect fast, streamlined communication from expert underwriters and account managers when they work with Allianz Commercial.

Contact your preferred broker for a quote if you want access to Allianz Commercial’s offerings. Allianz distributes its products and policies through a broad network of national and regional partners.

3.    The Hartford

For over 50 years, The Hartford has assisted companies in obtaining the right insurance coverage to protect their business and employees. The team’s expertise and exemplary service have earned them a 4.8-star rating from over 18,000 satisfied customers.

The Hartford offers general liability and workers’ comp insurance, or you might opt for a package with several critical insurance coverages under one policy. More unique options include commercial flood insurance, home-based business insurance, management liability insurance and multinational insurance.

On average, The Hartford’s customers pay $810 annually for general liability insurance — about $68 monthly. However, your business may be different. It is best to fill out the online form for an accurate quote to determine what you will pay for a policy. If you are unsure what type of coverage your small business needs, you can take their quick three-question assessment.

4.    Chubb

There is a reason why Chubb is among the top-rated liability insurance providers for small businesses. As a one-stop shop, it offers a business owners policy (BOP), general liability, workers’ comp, cyber insurance and umbrella insurance to protect your company. Manufacturing, professional services, education, health care, real estate, and retailers are just a few industries it serves.

The BOP, especially, guarantees your company covers its bases with adequate protection. This type of insurance is for businesses with up to $30 million in revenue. With this account solution, you may add several policy enhancements, from equipment breakdowns to electronic data liability and earthquake coverage.

Getting a quote is easy if you fill out the online form. You will first need to confirm whether your business’s projected gross annual income is above or below $2 million — this will further determine your eligibility for certain coverage. You will then connect with one of its agents to review your options and receive a quote.

5.    Liberty Mutual

Liberty Mutual is a renowned insurance provider delivering BOP, commercial, general liability, cyber, commercial auto and workers’ comp insurance to small businesses. Additionally, it offers farm insurance, inland marine insurance, surety bonds and umbrella coverage, providing an extra layer of specialty protection.

The cost of small business insurance through Liberty Mutual varies, but BOP plans typically have monthly premiums under $100. The company also has a straightforward online portal where you can pay your bills, generate a certificate of insurance, conduct premium audits and check claim statuses.

When you are ready to pursue small business insurance coverage, contact a Liberty Mutual independent agent for guidance and recommendations. You will need to have key information regarding your business, including years of operation, known business hazards, the number of employees, estimated annual revenue and previous insurance claim history. The online form will prompt you to answer several questions.

6.    Acuity

Acuity is another quality small business insurance provider that offers several policies to protect your livelihood and workers. It has worked with over 120,000 companies and maintains a 96% positive claims experience. Depending on what your business needs, Acuity delivers several insurance solutions, including:

• General liability
• Commercial auto
• Workers’ comp
• Property liability
• BOP insurance
• Excess liability
• Cyber insurance
• Inland marine
• Crime and fidelity
• Equipment breakdown
• Packaged coverages

Fill out the online form to start your quote, informing the team of what coverage you want. Acuity offers plenty of options to customize your policy to meet your needs. You can also contact one of its agents who specializes in business insurance. They can guide you to the right coverage within your budget.

7.    Insureon

Insureon is an independent marketplace that helps you find suitable coverage for your small business at the right price. Receive quotes for general liability, workers’ comp, commercial auto insurance, commercial property insurance, and more. Whether your company falls under personal care, retail, real estate or media, Insureon covers almost all industries.

This broker partners with top-rated liability insurance providers, including Nationwide, Travelers, Acuity, Liberty Mutual, Hiscox and Chubb. Low-risk companies might even be eligible for discounts, such as $42 per month for general liability insurance, $61 monthly for professional liability and $45 monthly for workers’ comp.

Fill out Insureon’s free application detailing basic information regarding your company. Once you have submitted it, you will receive custom quotes from its carriers, from which you can select the best policy and pay online. Rather than inundate you with options, Insureon will only show you coverage best suited to your business’s needs.

Why Should Small Businesses Have Liability Insurance?

According to the Institute for Legal Reform, small businesses took on 48% of commercial torts despite only accounting for 20% of the business revenue in 2021. Although not all companies require liability insurance, obtaining a policy can protect you and your employees from personal liability if something goes wrong.

Some of the most common liability insurance types for small businesses include:

• General liability: Protects you from consumer injury and third-party lawsuits.
• Business property coverage: Offers protection for your commercial property from theft, fire and weather damage.
• Business interruption coverage: Compensates for financial losses when your business must close for repairs after an insurable event.
• Commercial auto insurance: Provides coverage for the costs of accidental injuries in the company’s vehicles.
• Workers’ compensation: Protects your business from lawsuits filed by injured employees.
• Errors and omissions insurance: Offers protection for businesses offering professional services or advice to third parties claiming harm or injury as a result.
• Data breach insurance: Helps cover liability expenses if your company endures a data breach.

Speak with an insurance agent to determine the best coverage for your business and customize your policy as needed.

How to Choose the Best Liability Insurance

When searching for the top-rated liability insurance providers for small businesses, you must first determine what policies your company needs. Your state will have certain insurance requirements and rules you must follow. However, you must also assess the risks, assets and liabilities yourself.

The additional coverage will cover anything you cannot pay out of pocket, which varies by company. These costs could pertain to the value of your commercial space, inventory, professional errors and workplace accidents.

Naturally, liability insurance adds up, so you should have available funds to allocate to deductibles. The more you can put forth, the lower your monthly premiums and annual fees. You do not want to overextend yourself, though. Set a budget and adhere to it as you seek coverage.

Finally, you should obtain quotes from several insurance companies and review the terms and conditions. Read online reviews and testimonials to get a bigger picture of customer satisfaction. You can also work with an insurance broker who will conduct research for you and find you the best policy.

Protect Your Small Business With Excellent Liability Insurance

You do not want to overlook liability insurance when you own a small business. Proper coverage could be what saves your bottom line in an emergency. Research top-rated liability insurance providers to find the best plan for peace of mind.