2017 RANKING & REVIEWS
TOP RANKING BEST BUSINESS LIABILITY INSURANCE
Introduction: The Importance of Small Business Liability Insurance
Liability insurance for a small business is a necessity to protect business owners from sudden and unexpected lawsuits: what if a customer slips on an icy patch in the parking lot? What if someone gets food poisoning?
Running your own business is a risky venture to say the least. Most small business owners are juggling managerial duties, advertising campaigns, bank loans, and the like. Business liability insurance coverage is one way to help take away some of the risk associated with being an entrepreneur. And with the right business liability insurance quote, you should be able to get small business liability insurance that won’t break your bank.
Award Emblem: Top 5 Best Sites for Business Liability Insurance Quotes
In this brief article, AdvisoryHQ will review the best liability insurance for small businesses. We will begin by explaining what business liability insurance is and why it is important to find liability business insurance. We then offer a comparative table of the top features of the best liability insurance for business on the market today.
In our FAQ section, we look at where you can find the top small business liability insurance quote as well as what features to look for when you’re getting a business liability insurance quote. Finally, we offer a complete review of the top five small business liability insurance providers on the market today.
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What Is Liability Insurance for Businesses, and Why Should You Get Liability Business Insurance?
Imagine a small business owner who just recently opened up a new restaurant. After several months of operation, she is gaining more and more regular customers. She is up to date on her loan payments and everything seems to be going smoothly. Suddenly, one of her fresh produce providers sends her spinach that is contaminated with E. coli.
Several of her customers get sick and decide to sue her for their expensive hospital bills. Even if she was found innocent, the lawyer and court fees alone could be enough to put her business in serious economic problems.
Business liability insurance is meant to protect business owners from scenarios like the one above. Running your own business brings traffic through your doors where, in some form or another, you are responsible for their well being. Finding quality liability insurance for small businesses is way to protect you and your business from the unexpected events that life throws at us.
According to Investopedia.com, liability insurance for a small business is “Insurance that protects a company and/or business owner in the event of a formal lawsuit or other third-party claim. Coverage includes any financial liability incurred in addition to expenses related to the company’s legal defense. There are three main types of business liability insurance: general liability insurance, professional liability insurance and product liability insurance.”
AdvisoryHQ’s List of the Top 5 Liability Insurance for a Small Business
List is sorted alphabetically (click any business liability insurance coverage below to go directly to the detailed review section for each liability insurance for a small business):
Top 5 Best Business Liability Insurance | Brief Comparison & Ranking
Business Liability Insurance Provider Name | Offers Free Business Liability Insurance Quote? | Types of Insurance Offered | Offers Industry Specific Coverage? |
| CNA | Yes | Just commercial insurance for businesses | No |
| Farmers | Yes | All kinds | No |
| Geico | Online and over phone | All kinds | Yes |
| Nationwide | Online and over phone | All kinds | Yes |
| Progressive | Online and over phone | All kinds | Yes |
Table: Top 6 Business Liability Insurance | Above list is sorted alphabetically
Where Can You Find the Best Business Liability Insurance Quote?
Most companies that offer small business liability insurance also offer a complimentary business liability insurance quote. However, with so many companies offering liability insurance for small businesses, you can spend hours and hours wandering from one website to the next.
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Luckily, there are a number of free websites that will help you find the best small business liability insurance. These websites specialize in gathering information from companies that offer business liability insurance coverage. Instead of visiting each one of these companies’ sites individually, you can shop for the best small business liability insurance quote from the comfort of your own home.
Below, we offer a short review of two of the top websites that can help you find the best business liability insurance quote.
- Comparethemarket.com: This website offers quality information on what business liability insurance is and why it is important for small business owners.
This website specializes in getting a business liability insurance quote for tradesmen and professionals, but you can also request a callback for information on liability insurance for small businesses in the hotel, office, pub, or shopping sector.
- Gocompare.com: This website also offers you a simple web interface to find the best small business liability insurance quote for your business needs. This website is geared toward businesses operating in the U.K., making it a great option for people who live in England or do business there.
To receive a business liability insurance quote, you simply need to take the time to fill out a questionnaire regarding your business.
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What Features Should You Look For in a Small Business Liability Insurance Quote?
If you are ready to go out and purchase your own small business liability insurance, you will need to know what to look for in order to get the best deal. The most important thing on everyone’s radar when it comes to business liability insurance is the cost.
While some small business liability insurance providers will charge you an arm and a leg in premiums, others will charge you a relatively affordable annual premium.
According to the Small Business Administration of the United States Government:
“We live in a litigious society and even if you think you’re unlikely to face a claim, getting insurance is a wise investment that doesn’t cost much – annual premiums range from $750 to $2,000 depending on your line of business and coverage needs. That’s certainly a lot less than the thousands, if not millions, of dollars you may need to spend fighting your case in court.”
Another to aspect to keep an eye out for when searching for liability insurance for small businesses is the different coverage options. The amount you will be paying for your small business liability insurance will depend on the type of business you run and the perceived risk that comes with that business operation.
For example, a building contractor will obviously be paying much more for business liability insurance than a graphic designer. Companies that offer liability insurance for small businesses should be upfront and honest about the different coverage needs based on the type of business that you run.
Furthermore, if you rent or own an office space or a locale for your business, it might be more affordable to lump your business liability insurance into a BOP, or Business Owner’s Policy. With a Business Owner’s Policy, your small business liability insurance is lumped together with your property insurance into one payment.
It is important, however, to make sure that you understand the limit on your liability business insurance within a Business Owner’s Policy. If your liability insurance for business coverage is quite low, it might be in your best interest to search for a business liability insurance quote to beef up your coverage plan.
AdvisoryHQ’s Selection Methodology
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Detailed Review – Top Ranking Small Business Liability Insurance
Below, please find the detailed review of each liability insurance for business. We have highlighted some of the factors that allowed each liability business insurance to score so highly in our selection ranking.
CNA Review
CNA specializes in business liability insurance for companies of all kinds. They offer liability insurance for a small business and also insure certain Fortune 500 companies. A major perk with this company is that their small business liability insurance comes with a wide array of coverage options. They can also offer you a business liability insurance quote for coverage specific to your profession or career.
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Farmers Review
Another company that offers quality business liability insurance coverage is Farmers Insurance. With Farmers Insurance, you get business liability insurance coverage that will financially protect you and your business from any lawsuit.
Furthermore, Farmers Insurance can also easily be combined with a preexisting Business Owner’s Policy (BOP) to strengthen the liability business insurance on your BOP. This is a great option for people who like their current BOP plan but want a little extra business liability insurance coverage because of the perceived risk associated with their specific occupation.
GEICO Review
GEICO might be best known for their car insurance, but they also offer liability insurance for small businesses. Additionally, on their website it is easy to obtain a free business liability insurance quote that will be tailored to your specific industry or occupation. The liability insurance for business that they offer includes protection for bodily injury, property damage, medical payments, defense costs, and personal and advertising injury.
ImageSource: GEICO
Nationwide Review
One of the most well-known insurance companies is Nationwide, and they also offer quality liability insurance for small businesses. Since Nationwide is such a large insurance provider, they are able to provide liability insurance for small businesses that is specifically tailored to the industry or occupation of your business.
They also offer employment-related liability coverage that will protect your business from issues that arise in your workplace. This added protection might also be a drawing point for helping you to find quality employees.
Image Source: Nationwide
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Progressive Review
Progressive Insurance also offers quality liability insurance for small businesses. The small business liability insurance that they offer comes in a number of packages including general liability, business insurance options, contractor’s insurance, and Business Owner’s Policy. Additionally, Progressive offers a free small business liability insurance quote online or over the phone.
Image Source: Progressive
Conclusion – The Importance of Liability Insurance for Small Businesses to Keep Your Business Safe
Finding business liability insurance should be one of the first tasks of a small business owner. The added protection that comes with small business liability insurance will offer you peace of mind as you dedicate yourself to the multiple tasks of successfully running and growing your company.
There are a number of websites online to help you search for the best liability insurance for small businesses. Getting a business liability insurance quote from a number of different liability insurance providers for a small business is the best way to make sure that you are getting the best deal possible.
Whether you choose CNA, Farmers Insurance, GEICO, Nationwide, Progressive, or any other company that provides quality business liability insurance, the extra level of protection will keep you and your business on the path for success and prosperity in the long run.
AdvisoryHQ (AHQ) Disclaimer:
Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.
Note: Firms and products, including the one(s) reviewed above, may be AdvisoryHQ's affiliates. Click to view AdvisoryHQ's advertiser disclosures.
