The best business insurance gives you peace of mind that, when something goes wrong, you have the coverage and a provider that will support you through the entire process, from filing the claim to getting your funds. To find the best business liability insurance for small businesses, we researched more than two dozen options, looking specifically at the types of policies they offer, their claims processes and other features.
"}},{"__typename":"SectionBestPicks","id":"best-picks","isInToc":true,"type":"bestpicks","megaBestPicksTopCardLimit":5,"bestpicks":[{"bullets":["Multiple payment options","File claims by phone or online","Wide medical provider network"],"description":"While laws vary by state, most businesses with at least three employees are required to have workers' compensation insurance. This type of insurance protects businesses against potential lawsuits by employees injured on the job. Most insurance providers offer standard workers' compensation coverage, but some offer additional services.
\r\n\r\nThe Hartford is one of those insurers. It provides pay-as-you-go billing and multiple resources for employees who are injured at work. For example, it allows them to tap into a network of more than 1 million medical providers who specialize in workplace injuries, to fill prescriptions with no out-of-pocket expenses at 65,000 pharmacies nationwide, and to access nurse case managers who coordinate all of the treatment and care. For these reasons and more, The Hartford is our choice as the best insurer for workers' compensation insurance.
\r\n\r\nEmployees are responsible for filing workers' compensation claims. They can do so by filling out an online claim form on The Hartford website or contacting a Hartford representative over the phone. Claims can be filed 24/7.
\r\n\r\nThe Hartford provides small businesses with a wide range of other insurance coverage types. This includes general liability, business income, commercial auto, commercial flood, commercial property, umbrella, data breach, employment practices liability, home-based business, management liability and professional liability.
\r\n","descriptionTest":"","fullTitle":"Best for Workers' Compensation","isFeaturedBestPick":false,"isJumpLink":false,"tabTitle":"Best for Workers' Compensation","review":{"displayName":"The Hartford","canonical":"https://staging.business.com/reviews/the-hartford/","id":"6c1edc7039607a16472562f4ded31a24","url":"https://www.thehartford.com/business-insurance","review":{"pros":["Employees have access to a preferred medical provider network with more than 1 million health professionals.","Injured employees can access prescriptions for no out-of-pocket costs from 6,500 pharmacies nationwide."],"cons":["The Hartford is not an accredited member of the Better Business Bureau."],"fullReviewTest":"","fullReview":"The Hartford stands out due to its financial strength and various insurance options for small businesses, including business liability insurance, property, income, data breach, and auto insurance policies. Most importantly, in particular, its workers' compensation insurance product offers multiple payment options, standard rate determinations, and more than 65,000 participating pharmacies throughout the U.S. can fill prescriptions, usually with no out-of-pocket expense to the injured worker. It is for these reasons why The Hartford is our choice as the best workers' compensation insurance for small businesses.
\r\nThe Hartford's workers' compensation offering remains the best we found during our research. What stood out to us about their coverage are the various benefits they offer to both the employer and employee, as well as the strength of its large, nationwide medical network that can serve injured employees.
\r\nFrom the employer's perspective, The Hartford offers two types of payment options: You can pay annually, or there is a pay-as-you-go option, which bases premium payments on actual payroll. This type of pay structure can help businesses manage cash flow and reduce audit surprises. Not all of the insurers we evaluated offered both types of payment options.
\r\nFrom an employee perspective, The Hartford has several medical options available to help injured workers get the care and treatment they need. The Hartford has its own preferred medical provider network. This allows employees to choose a healthcare provider from a nationwide network of more than 1 million providers experienced in treating workplace injuries.
\r\nAdditionally, injured employees to fill prescriptions, with no out-of-pocket costs, at more than 65,000 pharmacies throughout the U.S. Injured workers can also take advantage of a prescription mail-order service.
\r\nExperienced nurse case managers are available to coordinate treatment with physical, emotional and occupational therapies.
\r\nPremium costs for workers' compensation vary by state. According to The Hartford, rates are typically determined based on the amount of payroll the business has, the type of work employees are doing and how many past claims the business has submitted.
\r\nThe Hartford was the first insurer to offer real-time changes to coverage levels, deductibles, employee information, etc. Its systems can generate monthly premiums for workers' compensation policyholders and classify new employees.
\r\nAdditionally, its online portal offers easy access to express pay, two years of policy information, bills and claims (with online claims history and current payment status), certificates of insurance (most of which are emailed within four hours), and a way to submit audits.
\r\nIn addition to workers' compensation, businesses can purchase other commercial insurance products. The Hartford's small business liability insurance provides financial protection for your company if you are ever sued or if you face injuries or property damage that threatens to financially devastate your business.
\r\nSpecifically, the company offers general liability insurance, which helps protect businesses from customer injuries and damage to customer property. It can help pay for medical expenses, as well as legal costs, if an incident leads to a lawsuit. It can also protect against claims of libel, slander and copyright infringement.
\r\nThe Hartford offers as much as $2 million in coverage for each general liability claim and $4 million for the policy aggregate. Umbrella policies of up to $15 million are available.
\r\nCommercial general liability insurance is available as a stand-alone policy, or in combination with property insurance as part of a business owner's policy (BOP). Rates depend on several factors, including the size of your company, the industry your business is in and where it's located.
\r\nOther types of liability insurance available from The Hartford include employment practices liability, professional liability, management liability and employment practices liability.
\r\nBusiness income, commercial auto, commercial flood, data breach, home-based business, marine, multinational and risk engineering are other types of policies you can purchase from The Hartford.
\r\nThere are two ways you can get a quote: You can call a local agent or get a customized quote online. With either option, the process usually takes between 10 and 20 minutes. Once you're signed up, you can manage your account online. You can pay online, access your billing and policy documents, and manage users.
\r\nAll claims, regardless of policy type, can be filed 24/7 by phone or online. Claims should be filed as soon as possible.
\r\nWhen filing a workers' compensation claim, employers need to have their account number and policy number handy. They should also relay all the details on the injured employee, including his or her name, birth date, address, phone number, Social Security number, marital status, dependents, hire date, years in current position and current wage information. They should also have all the details on the incident, including where the injury occurred.
\r\nOnce the claim is submitted and investigated, The Hartford will either approve or deny the claim. You can track the status of a claim on The Hartford's workers' compensation claim page.
\r\nTo learn more about The Hartford's insurance products, you can contact the company by phone from 7 a.m. to 7 p.m. CT, Monday through Friday. You can call to obtain a quote between 8 a.m. and 7 p.m. ET, Monday through Friday.
\r\nWhile the Hartford is not accredited by the Better Business Bureau, it has an A+ rating. There have been 327 complaints filed against the company in the past three years and 116 complaints in the past 12 months. Not all of those complaints, however, were concerning its business insurance.
\r\nAdditionally, The Hartford has been named a World's Most Ethical Company 12 times by the Ethisphere Institute.
"},"pricing":{"isCapped":false,"isFeatured":false,"primary":true,"selected":"widget","widgetId":"10080","widget":{"id":"10080","cta":"Compare Quotes","isExclusive":false},"affiliate":{"cta":"Visit Site","link":"https://www.thehartford.com/business-insurance","name":""}},"thumbnail":{"path":"https://staging.business.com/images/rz/5c4b4e7e7b4374b93b8b457e/hig-logo-medium.jpg"}}},{"bullets":["Multiple liability policies","Claims can be filed 24/7 ","Operates in 54 countries"],"description":"When choosing a liability insurance provider, small businesses want an insurer that has all of the policies they need, provides the right amount of coverage and makes it easy to file claims. Because it has these qualities and more, Chubb is our choice for the best business liability insurance provider. \r\n\r\nChubb offers small businesses general liability insurance in two ways: as a stand-alone plan or as part of a business owner policy (BOP). The BOP combines liability insurance with several other insurance policies that can be tailored to your needs. Some of the policies that can be in a BOP are general liability, professional liability, privacy liability, foreign general liability and liquor liability.\r\n\r\nChubb's BOP offers liability coverage of up to $4 million. You can add on umbrella policies for further coverage up to $10 million.\r\n\r\nThe factors Chubb looks at to determine insurance rates for small businesses are individual risk exposures based on business classification, building construction and the amount of insurance coverage being requested.\r\n\r\nChubb's digital marketplace gives local agents the ability to quickly offer small businesses a comprehensive solution that covers all of their insurance needs. The digital marketplace allows agents to provide small businesses with rate quotes and speeds up the underwriting process. You can report a claim 24/7 by telephone or fax, online, or through a local Chubb agent.","descriptionTest":"","fullTitle":"Best for Small Business","isFeaturedBestPick":false,"isJumpLink":true,"tabTitle":"Best for Small Business","review":{"displayName":"Chubb","canonical":"https://staging.business.com/reviews/chubb/","id":"b7a92b679ab5d713a8901d031afac58e","url":"https://www.chubb.com/us-en/business-insurance/","review":{"pros":["Chubb offers liability coverage up to $4 million, and you can add an umbrella policy up to $10 million.","Besides general liability coverage, Chubb offers management, professional, privacy, foreign general, liquor and medical liability policies."],"cons":["Chubb is not an accredited member of the Better Business Bureau."],"fullReviewTest":"With more than 130 years of experience, Chubb is the largest publicly traded property and casualty insurance company in the world. We selected Chubb as the leader in this small business category because this behemoth in the global property and casualty space balances operations in 54 countries and territories and offers numerous policy options for all stages of a company's growth cycle, including small businesses with up to $10 million in revenue. In fact, larger insurance companies can offer small business customers numerous products thanks to larger economies of scale. Also, a mature company like Chubb, established in 1882, has decades of claims experience, which can improve the accuracy of policy pricing.
\r\nChubb backs its policies with considerable financial strength: The company reported more than $181 billion in assets and $40 billion of gross premiums written in 2019. Chubb's core operating insurance companies maintain financial strength ratings of AA from Standard & Poor's and A++ from AM Best.
\r\nWhat makes Chubb such a strong player in the insurance industry is its breadth of offerings for businesses. It has policies to cover the needs of any business, whether that's liability policies, property coverage, or specialty offerings like product recall and railroad or marine insurance. It also maintains the Chubb Cyber Index, offering cyber-exposure analysis free for access.
\r\nWhat also makes Chubb such an appealing commercial insurer is its wide range of policy types. Its Customarq general liability insurance can be purchased on its own or combined with property insurance. The general liability insurance covers a number of liability loss exposures that fall into one of two categories. The first is liability for conditions or activities arising from the premises or operations of a company. The second is liability to someone who is harmed by products manufactured, sold or distributed by the insured business. The Customarq general liability policy can be purchased on an occurrence basis or a claim-made basis.
\r\nWhen purchased in combination with its property insurance as part of its business owner policy (BOP) coverage, Chubb offers up to $4 million in liability coverage. If you need more, Chubb's umbrella policy provides excess liability of up to $10 million. Part of what makes Chubb a good choice for small businesses is that your insurance agent can tailor the BOP to meet your specific needs. It even has a special unit that assists customers with family office liability coverage, protecting against specific risk to the business, its owner, and their family, including family trust and trustee liability and directors and officers (D&O) liability.
\r\nChubb offers several other liability policies, including management, professional, privacy, foreign general, liquor and medical liability. It stands out from other carriers with its full suite of cyber products, including comprehensive cyber insurance protection and cyber enterprise risk management, which are of growing importance for all small businesses operating in this digital age. Its Cyber ERM policy is particularly useful to mitigate risk for any organization that owns or manages sensitive customer or employee information, third-party corporate information, a computer network, or a website.
\r\nThe Chubb Global Cyber Facility helps companies assess their cyber and data privacy risk. Its claims division also helps clients through a network security incident and has the capacity to help policyholders notify more than 300 million individuals of a privacy breach, according to the company.
\r\nSmall businesses can use Chubb for their workers' compensation insurance as well. Coverage is available for small businesses with even just one employee and up to $30 million in revenue.
\r\nOverall, Chubb offers more than 30 different insurance products, including accident and health, equipment breakdown, cyber, environmental, excess and surplus, global casualty, marine, product recall, property, railroad, reinsurance, specialty casualty, and surety insurance coverage. There is also a foreign insurance package for small businesses that conduct business and travel overseas.
\r\nChubb determines your rates after reviewing multiple sources of information as permitted by law, including historical loss cost and loss cost trends. It uses filed approved rates in each state. Factors in your rates include individual risk exposure, based on your business classification and building construction, and the insurance amount you request
\r\nWhat's also nice about Chubb is its tailored options for a wide range of industries, including aerospace, agriculture, broadcasters, clean tech, construction, cultural and educational institutions, energy, entertainment, federal government contractors, financial institutions, food, healthcare, hospitality, law, life science, manufacturing, professional services, real estate, technology, transportation, and wineries.
\r\nClaims can be reported 24/7 by telephone, online, by fax, or through a local Chubb agent. This variety of claim-filing options is another appealing aspect of Chubb.
\r\nEvery claim is unique, so Chubb's claims process depends on a number of factors, including the terms and conditions of the issued policy, receipt of any documentation required to adjust a claim, whether or not an inspection is necessary to fully assess damages, and whether any coverage questions require additional investigation.
\r\nChubb has business claims consultants who meet with policyholders to help them fully understand the claims process. They'll first gain a complete understanding of your business, help you develop a customer claims service plan that meets your specific needs, establish and notify the adjuster of any special claims-handling instructions, and then monitor the process to ensure it is running smoothly and efficiently.
\r\nAdjusters are assigned to each claim based on where the business is located and the type of business filing the claim. This helps ensure that the most appropriate adjuster is assigned to the case. However, if you don't get along with your dedicated claims adjuster, Chubb can assign you a new one. Not all of the insurers we looked into offer this option.
\r\nYou can contact the company by online form. You can also visit the Chubb website to quickly find an agent in your area. For most requests, you can deal directly with your local agent.
\r\nChubb has been ranked No. 1 in commercial claims handling by commercial brokers and risk managers in the Advisen Claims Satisfaction Survey. Although the company is not an accredited member of the Better Business Bureau, it had an A+ rating on the site as of November 2020. It has closed 128 complaints against it in the last three years and 43 complaints in the last 12 months, which is a small number of complaints relative to its size and many other insurers.
","fullReview":"With more than 130 years of experience, Chubb is the largest publicly traded property and casualty insurance company in the world. The company offers a wide range of commercial insurance products to businesses of all sizes. Chubb backs its policies with considerable financial strength: The company reported more than $174 billion in assets and $38 billion of gross premiums written in 2018. Chubb's core operating insurance companies maintain financial strength ratings of AA from Standard & Poor's and A++ from A.M. Best.
\r\nWhat makes Chubb such a strong player in the insurance industry is its breadth of offerings for businesses. It has policies to cover the needs of any business, whether that's liability policies, property coverage, or specialty offerings like product recall and railroad or marine insurance.
\r\nChubb offers the liability insurance policies businesses of all sizes may need, including general, professional, management and medical liability policies. Because of this, as well as the ease of its claims process and wealth of other commercial offerings, Chubb is our choice as the best business liability insurance company for small businesses.
\r\nTo view all our recommendations for business liability and workers' compensation insurance, visit our best picks page.
\r\nWhat makes Chubb such an appealing commercial insurer is its wide range of policy types, including a host of liability insurance coverage. Chubb's Customarq general liability insurance can be purchased on its own or combined with property insurance. The general liability coverage covers a number of liability loss exposures that fall into one of two categories. The first is liability for conditions or activities arising from the premises or operations of a company. The second is liability to someone who is harmed by products manufactured, sold or distributed by the insured business. Chubb's Customarq general liability policy can be purchased on an occurrence basis or a claim-made basis.
\r\nWhen purchased in combination with its property insurance as part of its business owner policy (BOP) coverage, Chubb offers up to $4 million in liability coverage. If you need more, Chubb's umbrella policy provides excess liability of up to $10 million. Part of what makes Chubb a good choice for small businesses is that your insurance agent can tailor the BOP to meet your specific needs.
\r\nIn addition to its general liability coverage, Chubb offers several other liability policies, including management, professional, privacy, foreign general, liquor and medical liability.
\r\nChubb offers small businesses much more than just liability insurance. Small businesses can use Chubb for their workers' compensation insurance as well. Coverage is available for small businesses with even just one employee and up to $30 million in revenue. Part of this coverage is medical management, including internal nurse case managers who provide medical expertise and support to the adjusters, to help ensure injured employees can make a quick recovery and return to work.
\r\nThere is also a foreign insurance package for small businesses that conduct business and travel overseas. This international coverage for small businesses is not something we saw with all of the insurance companies we examined. It also has international packages designed specifically for midsize organizations.
\r\nOverall, Chubb offers more than 30 different insurance products, including accident and health, equipment breakdown, cyber, environmental, excess and surplus, global casualty, marine, product recall, property, railroad, reinsurance, specialty casualty, and surety insurance coverage. You can read more about the specific policies available from Chubb here.
\r\nChubb determines your rates after reviewing multiple sources of information as permitted by law, including historical loss cost and loss cost trends. It uses filed approved rates in each state. Factors in your rates include individual risk exposure, based on your business classification and building construction, and the insurance amount you request.
\r\nWhat's also nice about Chubb is its tailored options for a wide range of industries, including aerospace, agriculture, broadcasters, clean tech, construction, cultural and educational institutions, energy, entertainment, federal government contractors, financial institutions, food, healthcare, hospitality, law, life science, manufacturing, professional services, real estate, technology, transportation, and wineries.
\r\nClaims can be reported 24/7 by telephone or fax, online, or through a local Chubb agent. This variety of claim-filing options is an appealing aspect of Chubb.
\r\nEvery claim is unique, and Chubb's claims process depends on a number of factors, including the terms and conditions of the issued policy, receipt of any documentation required to adjust a claim, whether or not an inspection is needed to fully assess damages, and whether there are any coverage questions that require additional investigation.
\r\nChubb has business claims consultants who meet with policyholders to help them fully understand the claims process. They first gain a complete understanding of your business, help develop a customer claims service plan that meets your specific needs, establish and notify the adjuster of any special claims-handling instructions, and then monitor the process to ensure it is running smoothly and efficiently.
\r\nAdjusters are assigned to each claim based on where the business is located and the type of business filing the claim. This helps ensure that the most appropriate adjuster is assigned to the case. However, if you don't get along with your dedicated claims adjuster, Chubb can assign you a new one. Not all of the insurers we looked into offer this option.
\r\nWhen workers' compensation claims are filed, the assigned claims adjuster conducts an investigation to determine if the injury is covered under the employer's workers' comp policy. The adjuster may contact the employee during this process for additional information. If the injury is determined to be work-related, Chubb helps make sure the employee gets the medical care they need to get back to work as soon as possible, such as physician visits, rehabilitation and prescription medication.
\r\nChubb operates in 54 countries, with executive offices in New York, London and Zurich, among other locations. You can contact the company via online form. You can also visit the Chubb website to quickly find an agent in your area. For most requests, you can deal directly with your local agent.
\r\nThe Chubb website is also filled with helpful resources, including FAQs about insurance options and the claims process, as well as testimonials about how Chubb handled various claims.
\r\nChubb has been ranked No. 1 in commercial claims handling by risk managers. However, the company is not an accredited member of the Better Business Bureau and has a B- rating. That being said, only been 101 complaints have been filed against the company in the past three years, which is substantially fewer than some of the other insurers we examined have.
\r\nEditor's note: Need business liability or workers' compensation insurance for your business? Fill out the below questionnaire to have our vendor partners contact you with free information.
"},"pricing":{"isCapped":false,"isFeatured":false,"primary":true,"selected":"widget","widgetId":"10080","widget":{"id":"10080","cta":"Compare Quotes","isExclusive":false},"affiliate":{"cta":"Visit Site","link":"https://www.chubb.com/us-en/business-insurance/","name":""}},"thumbnail":{"path":"https://staging.business.com/images/rz/5e4576257b4374fc348b4577/chubb_logo.png"}}},{"bullets":["100 years in business ","Customizable E&O policies","ReputationGuard services "],"description":".","descriptionTest":"","fullTitle":"Best for Professional Services","isFeaturedBestPick":false,"isJumpLink":true,"tabTitle":"Best for Professional Services","review":{"displayName":"AIG","canonical":"https://staging.business.com/reviews/aig/","id":"548de8bb8e48957f2a65e790b7b977ac","url":"https://www.aig.com/business","review":{"pros":["AIG offers coverage specifically to protect businesses when their reputation is damaged.","You can receive a quick price quote on the AIG website."],"cons":["AIG is not an accredited member of the Better Business Bureau."],"fullReviewTest":"With over 100 years of experience in the insurance space, American International Group (AIG) stands out for its variety of specific professional liability insurance and its numerous industry-standard liability policies, including general liability, commercial property, accident and health, and workers' compensation. The average cost of AIG's insurance policies ranges from $59 to $137 a month, based on your risk and other factors related to your small business.
\r\nAIG has numerous specialty professional liability insurance (errors and omissions, or E&O) policies, all of which can be customized to insure professional service providers against a third party's claims for economic losses related to alleged negligence. Specifically, AIG offers technology services coverage, which covers E&O, but it specifically focuses on technology services providers.
\r\nProfessional liability coverage areas also include robotics services, which covers unique exposures for robotic developers. AIG also offers E&O coverage specifically for media content publishers and broadcasters, which insures companies for risks related to producing media content.
\r\nAnother standout feature is AIG's trademarked ReputationGuard service, which manages a company's reputation and offers optional coverage for the risk of income loss due to reputation damage.
\r\nIts other liability protections for small businesses include manufacturers E&O, which covers financial loss due to negligent design or manufacturing products (including components) that could impair the property of others or prevent the manufacturer from fulfilling its contractual obligations. The architects and engineers (A&E) plan covers project-specific professional liability and engineering risks.
\r\nAttorneys can benefit from AIG's employed lawyers professional liability coverage, called Corporate Counsel Premier. This protects personal assets of corporate counsel and the employer's financial position against alleged malpractice claims.
\r\nAIG Financial Lines products include D&O liability, employment practices liability, and crime and dishonesty and fiduciary liability for financial managers and accountants, temporary agencies, and more. It also has industry-specific coverage for real estate agents and brokers, insurance agents and brokers, travel agents, electronic data processors, and other small business professionals.
\r\nInterestingly, AIG also provides crisis coverage, including insurance against kidnapping, extortion, active shooters and workplace violence. Its Specialty Risk Protector policy covers a wide range of E&O exposures and cyber liability in one policy.
\r\nAIG sells its policies through licensed insurance producers and brokers, and you can't obtain a quick policy quote directly through its website. To apply for coverage, you need to answer the exposure and applicability questions. Some questions are required, and questions with a gold star have a strong impact on your risk score. Answers to some additional questions populate based on your prior responses.
\r\nAccording to AIG, it may be not able to make risk assumptions on unanswered questions, so it is important to complete the full application. However, it says you can still receive a quote based on answers to the minimum required questions.
\r\nAIG has an online claims portal where policyholders can report a claim, view claim status and attach documents. Claims can also be submitted by email or by calling AIG's assistance hotline.
\r\nBecause of the COVID-19 pandemic, AIG requires all hard-copy documents to be scanned and sent electronically. You can send them using an iOS or Android mobile app.
\r\nAIG is not an accredited member of the Better Business Bureau and has a B rating on the site. As of November 2020, it had received 315 complaints over the past three years.
","fullReview":"AIG offers customized general liability business insurance solutions for clients of various sizes. AIG has 100 years of experience and is one of the world's largest insurers, with customers in over 80 countries. The company offers coverage for bodily injury, property damage, advertising and personal injury, and additional coverage for industry-specific exposures.
\r\nTo view all our recommendations for business liability and workers' compensation insurance, visit our best picks page.
\r\nAIG has a wide breadth of underwriting experience in industries with all levels of risk. Its nationwide network of underwriters and claims and loss control consultants includes dedicated units specializing in construction, energy, healthcare, real estate and transportation.
\r\nAIG's custom business liability insurance means your business is protected according to its level of risk. The company offers the standard general liability insurance coverage for small to large businesses, plus industry-specific coverage for building services contractors, financial institutions, government contractors, hospitality and gaming businesses, real estate, retail, and security guards.
\r\nIn addition, AIG offers several other types of liability insurance, including product liability insurance, which protects you from the expenses of a product recall or contaminated product. It also has a selection of management liability policies, such as directors and officers (D&O) liability insurance, which protects company leaders from claims brought by shareholders, competitors and regulators; employment practices liability, which protects businesses from various employee claims; and fiduciary liability, which provides protection for benefit claims and the employees who oversee them.
\r\nAIG also offers a host of professional liability policies, including specialty professional liability, technology and robotics services, media content coverage, publishers and broadcasters coverage, managed care, and leaders' risk.
\r\nBesides liability, AIG can handle a wide range of your business's other insurance needs. Its commercial lines of insurance include accident and health, casualty, cyber, environmental, fronting and captive services, mergers and acquisitions, political risk, property, surety, surplus lines, and warranty. AIG also offers workers' compensation insurance.
\r\nAIG's claims services are segmented by specialty to ensure your claims are handled by professionals who have experience with your specific type of loss or product. Once you report a claim, AIG will initiate investigative, engineering and legal experts right away to help protect your business. The company has dedicated teams for construction, energy, entertainment, product liability, commercial auto, real estate, retail, transportation and fleets, and other industries that face uniquely complex risks.
\r\nAIG has a web-based claims management system that provides access to current claims data. The system allows you to report a claim online and routes the submission to the appropriate claim office. You can also review claim details at the client, account or policy level with AIG's dashboard displays. You can use it to locate nearby hospitals, doctors or other medical facilities and view state-specific regulations on provider selection. For businesses with sophisticated risk management needs, the company has advanced features, such as adjuster activity notes, alerts, profiling, OSHA facilitation and wireless access through web-enabled devices.
\r\nThe best way to deal with claims, of course, is to avoid them altogether. AIG will evaluate your potential for loss and recommend cost-effective measures to mitigate those risks. The company offers loss-control services and web-based analysis tools to help you manage risks, create safety programs, and understand regulatory requirements for your industry.
\r\nAIG has a mobile-friendly solution that eases the process for employees to submit workers' compensation claims. Accessible from any computer or mobile device, the workers' compensation platform allows employees to track details about their claims and benefits, access the live call center to get immediate answers to any questions, set up direct deposit for any payments they are due, set reminders for doctor visits, and find in-network physicians, hospitals and pharmacies.
\r\nAIG has a worldwide presence and a long history of insuring businesses. This insurer focuses on providing your business agents and adjusters who specialize in your industry, and it has a robust tool set for making and tracking claims and devising ways to mitigate risk. AIG is a solid company to consider for general liability insurance as well as coverage enhancements specialized for your industry.
\r\nYou can contact AIG by phone or online form with questions about its insurance policies. In addition, the AIG website has a number of helpful related materials, including articles by the company's risk specialists on a wide range of topics, such as emerging risks and innovative technology.
\r\nAIG is not an accredited member of the Better Business Bureau and it has no rating. Over the past three years, 148 complaints have been filed against the company with the BBB.
\r\nEditor's note: Need business liability or workers' compensation insurance for your business? Fill out the below questionnaire to have our vendor partners contact you with free information.
"},"pricing":{"isCapped":false,"isFeatured":false,"primary":true,"selected":"widget","widgetId":"10080","widget":{"id":"10080","cta":"Compare Quotes","isExclusive":false},"affiliate":{"cta":"Visit Site","link":"https://www.aig.com/business","name":""}},"thumbnail":{"path":"https://staging.business.com/images/rev/prod/ce/62637-aig-box.jpg"}}},{"bullets":["Buy on demand","Quick quotes ","Cancel at any time"],"description":"Thimble makes liability insurance simple and affordable for over 140 types of small businesses. Answer as few as three questions, and get a quote in 60 seconds. After purchase, get your Certificate of Insurance instantly, and make changes to your policy in real time with our easy-to-use app.","descriptionTest":"Thimble makes liability insurance simple and affordable for over 140 types of small businesses. Answer as few as three questions, and get a quote in 60 seconds. After purchase, get your Certificate of Insurance instantly, and make changes to your policy in real time with our easy-to-use app.","fullTitle":"Best Low-Cost","isFeaturedBestPick":false,"isJumpLink":true,"tabTitle":"Best Low-Cost","review":{"displayName":"Thimble","canonical":"https://staging.business.com/reviews/thimble/","id":"d49e2745a151f912d2ff423cce1a9bbf","url":"https://www.thimble.com/","review":{"pros":["You can obtain a rate quote from Thimble in a couple of minutes thanks to its use of AI.","Thimble's AI technology can suggest different coverage options based on your type of business."],"cons":["Thimble isn't available in New York or Washington state."],"fullReviewTest":"Insurance giant Hiscox offers low-cost, short-term liability insurance through its partnership with Thimble, which has sold more than 100,000 policies representing over $125 billion in coverage since its launch in 2016.
\r\nYou can obtain easy quotes for Thimble's liability policies within minutes on its website or mobile app. These policies are underwritten by A-rated insurers. Thimble's liability coverage is not available in New York or Washington.
\r\nAccording to the company, about 75% of its customers are new to business insurance altogether, and 50% of its sold policies cover a single day or less. Thimble is flexible in its policies – you can pause or cancel your policy anytime. You can purchase it on a monthly basis or buy it on demand by the hour, day, or week with a single upfront payment through the Thimble app.
\r\nThimble's professional liability policies are occurrence policies, which means that if someone brings a covered claim against you years later for work you did while your policy was active, it will still be covered. Also, legal defense costs don't apply to the coverage limit, so if you're sued for a covered claim, none of the money paid for your legal defense counts against your $1 million in coverage.
\r\nIndustry-standard general liability and professional plans are Thimble's main focus. Its current policies are best suited for contractors and small businesses. Aside from general liability plans, Thimble's app offers suggestions for coverage, which you can select or decline, and it customizes your liability insurance policy based on your line of business.
\r\nThe cost of your policy depends on factors such as your line of business and the risks involved. These factors could include crew members, volunteers or employees covered under your policy. For instance, typical coverage is about $1 million for a general plus professional liability plan. This industry-standard general liability insurance covers claims for bodily injury and property damage caused by a third party.
\r\nMeanwhile, its professional liability coverage insures for industry-specific risk. This includes E&O, business equipment protection, malpractice insurance and employment practices liability insurance.
\r\nThimble even offers on-demand drone liability insurance for commercial and recreational drone flights. Your policy will detail the allowed activity for your industry based on your business's risk profile.
\r\nThe main drawback to Thimble is that coverage, as of this review, is limited to certain industries and geographic areas. It mostly covers contractors, landscapers, freelancers, hairstylists, consultants and similar businesses. It doesn't currently offer workers' compensation policies.
\r\nThimble stands out in how easy it is to request no-obligation quotes and buy a policy. The site uses AI to guide you through a simple click-through process, which begins with entering your business's ZIP code, selecting your industry or line of business, and checking off a disclaimer box. You don't need to enter an email address or phone number for a quote, nor do you have to speak with an agent if you don't want to.
\r\nTo get an idea of the pricing, we requested a quote for an event planner monthly policy for a business based in San Francisco. We received an estimate of $125.96 for the first month's payment, and the monthly payments decrease over time. Over a year, the rate averaged about $66 per month.
\r\nWe also requested a quote for an on-demand landscaping policy in Boston. We received an estimate of $10 per day for a weeklong policy.
\r\nWith Thimble's simple three-step process, filing a claim is as straightforward as generating a policy quote. General liability insurance policies arranged through Thimble are underwritten by Markel Insurance Company, a Fortune 500 company with an A rating for financial strength from AM Best.
\r\nCustomers can file a claim by email or phone 24/7. These are the specific steps:
\r\nThimble is an accredited member of the Better Business Bureau with an A+ rating. As of November 2020, no complaints had been filed against the company in the past three years.
","fullReview":""},"pricing":{"isCapped":false,"isFeatured":false,"primary":true,"selected":"widget","widgetId":"10080","widget":{"id":"10080","cta":"Compare Quotes","isExclusive":false},"affiliate":{"cta":"Visit Site","link":"https://www.thimble.com/","name":""}},"thumbnail":{"path":"https://staging.business.com/images/rz/5f5bb2447b4374752d8b4567/thimble.png"}}},{"bullets":["Advanced risk assessment tools","Serves businesses of all sizes","Vast array of insurance policies"],"description":"Depending on the type of business you run, one liability policy might not be enough. While general liability insurance is a must, you might need other policies, like management, professional or cyber liability. CNA is our choice as the best business liability insurer with multiple liability policies.\r\n\r\nCNA offers several liability insurance options for small business owners. In addition to its general liability policy, CNA offers various forms of management liability insurance, including employment practices liability, which covers employers from claims made by employees alleging discrimination, wrongful termination or harassment. Cyber liability, which covers financial losses from data breaches and other cyber events, is another option.\r\n\r\nCoverage amounts vary by the type of liability insurance you purchase. For general liability insurance, CNA can cover up to $2 million for one occurrence and $4 million overall. For employment practices liability, coverage amounts go as high as $500,000, and CNA offers $5 million in coverage for miscellaneous professional liability and errors and omissions liability.\r\n\r\nYou can file a claim 24/7/365 – over the phone, by fax or email, or online. When you file a claim, CNA assigns you a claims professional who has expertise in your type of business, the claim type and the severity of your situation.\r\n\r\nBesides liability insurance, CNA offers workers' compensation, business interruption, property, commercial auto and excess policies.\r\n\r\nApril 2020: In the wake of the coronavirus, CNA announced several changes to its premium-collection requirements. Until June 1, 2020, CNA is suspending all policy cancellations for nonpayment. While it will continue with regular premium billing, the insurance provider is waiving all late fees. \"CNA understands that businesses are facing significant obstacles and may find it difficult to immediately pay insurance premiums,\" the company said in a statement. \"To address this situation and ensure continued coverage, we're taking action to support our property and casualty policyholders.\"\r\n\r\nFebruary 2020: A new addition to CNA's small business insurance offerings is drone insurance. Drone coverage is available as part of CNA Connect, the company's business owner's policy, which is available for over 600 classes of business. Drone liability coverage includes bodily injury and property damage. Property coverage limits of $5,000, $10,000, $25,000 and $50,000 are available.","descriptionTest":"","fullTitle":"Best for Risk Assessment","isFeaturedBestPick":false,"isJumpLink":true,"tabTitle":"Best for Risk Assessment","review":{"displayName":"CNA","canonical":"https://staging.business.com/reviews/cna/","id":"40d7577c6925c6428183e024d4b23b63","url":"https://www.cna.com/","review":{"pros":["In addition to general liability coverage, CNA offers employment practices, management, cyber, media, professional and fiduciary liability policies.","You can file claims 24/7, 365 days a year, by phone, fax, email or online."],"cons":["CNA has several one-star reviews on the Better Business Bureau site."],"fullReviewTest":"With more than 120 years of experience, CNA is one of the largest U.S. commercial property and casualty insurance companies. It provides a wide range of standard and specialized property and casualty insurance plans to more than 1 million businesses and professionals in the U.S.
\r\nCNA stands out with its targeted approach to risk assessment, including its focus on risk allocation and risk control teams. For instance, CNA Risk Control consultants guide you through the time you enter into a contract with an outside entity (a subcontractor, tenant or service provider), which creates a new set of risks and liability issues. The agents can help you with the contractual risk transfer.
\r\nCNA also features PrepWise, which helps with risk assessment. This includes CyberPrep, which focuses on a business's cyber risk in particular and is available to all CNA cyber policyholders. According to the company, CyberPrep is modeled on industry-leading cybersecurity frameworks for standards, guidelines, and best practices, including the National Institute of Standards and Technology (NIST) Cybersecurity Framework.
\r\nTo help insured companies identify the strengths and weaknesses of their cybersecurity, the CNA eRiskHub web portal offers security recommendations, and a team of professionals is deployed in the case of a data breach.
\r\nAnother unique offering CNA has is the School of Risk Control Excellence (SORCE). Customers can access training and other resources, such as on-demand seminars, to minimize their risk exposure and add to risk-management practices to reduce their liability. For instance, CNA offers risk assessment and reduction training for lawyers, HR, dentists, and accountants, to name a few. There is a separate charge of $14 to $40 for certain courses.
\r\nCNA gives small businesses numerous options for liability insurance, with general liability insurance at the center. Typically, CNA offers general liability insurance as part of its business owners policy. Called CNA Connect, this policy combines general liability with other types of coverage small businesses may need, including property, business income and equipment breakdown insurance.
\r\nWith CNA's general liability insurance, coverage of up to $2 million for a single incident and up to $4 million for all incidents is available, although polices and coverage can vary based on a number of factors.
\r\nCNA also offers various forms of management liability insurance, including employment practices liability, which covers employers from employee claims alleging discrimination, wrongful termination and harassment. Coverage of up to $500,000 is available for employment practices liability insurance.
\r\nCNA also offers other types of liability insurance, including cyber, media, professional (E&O) and fiduciary liability. For miscellaneous professional liability and technology E&O, CNA provides policies for small businesses that can cover up to $5 million in damages.
\r\nThe rates for each liability product are based on the unique drivers of risk exposure of that type of insurance, the type of business being insured, and the location of the business, among other factors. For example, when determining rates for your general liability, CNA may consider how many square feet your business occupies, your revenue, type of business, location of business and number of employees. Only the relevant insurance policy can provide the actual terms, coverage, amounts, conditions and exclusions.
\r\nOther types of insurance available from CNA are property, commercial auto, crime, international and marine insurance. Its umbrella and excess coverage, CNA Excess Casualty, can offer up to $25 million on either a lead or excess basis.
\r\nIt even offers workers' compensation insurance. The rates are usually determined by rating bureaus, such as the National Council on Compensation Insurance or independent state rating bureaus, and approved by the individual state departments of insurance. However, CNA has some ability to deviate from these regulated rates based on your company's overall loss experience, business type and location.
\r\nCNA lets you get an immediate quote on its website. After indicating the type of coverage you are looking for, you answer several questions about your business, its location and your employees. You receive a rate quote as soon as you answer the questions.
\r\nThe CNA website also gives you several ways to connect with a local agent. You can search for one by location, or you can fill out some information about your business to be matched with an agent who can best serve your needs. You can also contact CNA directly by phone or email.
\r\nPolicyholders can file claims 24/7/365 by phone, fax, email or online form. CNA has regional offices throughout the U.S., Canada, and Europe, with claim professionals who provide expertise and specialize not only by type of business, but also by claim type and severity.
\r\nCNA leverages advanced analytics and technology to ensure it has the right people performing the right tasks throughout the claims process.
\r\nCustomers have access to a number of in-house resources, including litigation counsel, special investigations and recovery. The special investigations unit can identify, investigate, and pursue fraud, using predictive models and machine learning to help resolve claims.
\r\nThe company's recovery services team pursues recovery opportunities against parties who were responsible for any losses. It uses predictive analytics tools and dedicated resources to identify areas of recovery and reduce costs, which can result in lower premiums.
\r\nUnlike several of the insurance companies we researched, CNA is an accredited member of the Better Business Bureau with an A+ rating.
","fullReview":"With more than 120 years of experience, CNA is one of the largest U.S. commercial property and casualty insurance companies in the country. CNA provides a wide range of standard and specialized property and casualty insurance plans to more than 1 million businesses and professionals in the U.S.
\r\nCNA offers a large selection of liability insurance on top of its general liability policies. This includes management, employment practices, cyber, media, professional and fiduciary liability. While your small business might not need all of these policies, it helps to know you have these options – which is one of the reasons CNA is our choice as the best business insurer for multiple liability policies.
\r\nIn addition to its liability coverage, CNA provides businesses of all sizes with any other types of insurance they may need, including property insurance, commercial auto insurance, umbrella policies and workers' compensation.
\r\nCNA also has a smooth claims process. Claims can be filed in numerous ways 24/7. Once a claim has been filed, you are assigned an adjuster in your region who has experience with your specific type of claim.
\r\nTo view all our recommendations for business liability and workers' compensation insurance, visit our best picks page.
\r\nCNA gives businesses numerous liability insurance options. At the center of this is general liability. Typically, CNA offers general liability insurance as part of its business owner policy. Called CNA Connect, this policy combines general liability insurance with other types of coverage small businesses may need, including property, business income and equipment breakdown insurance.
\r\nWith its general liability insurance, coverage of up to $2 million for a single incident and $4 million for all incidents is available.
\r\nCNA also offers various forms of management liability insurance, including employment practices liability, which covers employers from employee claims alleging discrimination, wrongful termination and harassment. Coverage of up to $500,000 is available for employment practices liability insurance.
\r\nThese are some other types of liability insurance CNA offers:
\r\nFor miscellaneous professional liability and technology E&O, CNA provides policies that can cover up to $5 million in damages.
\r\nRates for each liability product are based on the unique drivers of exposures of that type of insurance, the type of business being insured and the location of the business, among other factors. For example, when determining rates for your general liability, CNA may consider how many square feet your business occupies, your revenue, type of business, location of business and number of employees.
\r\nWhat helps make CNA such an appealing insurance provider is that, in addition to its liability offerings, it can provide businesses with a wide range of other coverage. One of the more important types for small business owners is business interruption insurance, which covers lost business income in the event of property loss through a fire, flood or other weather-related incident.
\r\nProperty insurance is also available. It covers all of the physical property your business owns, including the building itself, the equipment inside, inventory, tenant improvements and betterments, and off-premises property. Commercial auto, crime, international and marine insurance are among the other types CNA can provide to small businesses.
\r\nUmbrella policies, with coverage up to $10 million, are also available to small businesses. Higher limits are available to larger companies.
\r\nCNA offers workers' compensation insurance too. The rates are usually determined by rating bureaus such as NCCI or independent state rating bureaus and approved by the individual state departments of insurance. However, CNA has some ability to deviate from these regulated rates based on your company's overall loss experience, business type and location.
\r\nPolicyholders can file claims 24/7/365 by phone, fax, email or online form. CNA has regional offices throughout the U.S., Canada and Europe, with claim professionals who provide expertise and specialize not only by type of business, but also by claim type and severity. During the claims process, CNA leverages advanced analytics and technology to ensure it has the right people performing the right tasks throughout the process.
\r\nCustomers have access to a number of in-house resources, including litigation counsel, special investigations and recovery. The special investigations unit can identify, investigate and pursue fraud, leveraging predictive models and machine learning to help resolve claims.
\r\nThe company's recovery services team pursues recovery opportunities against parties who were responsible for any losses. They use predictive analytics tools and dedicated resources to identify areas of recovery and reduce costs, which can result in lower premiums.
\r\nFor workers' compensation claims, CNA's process is designed to help customers manage and save on medical costs, reduce medication usage, and return employees to work as soon as medically possible. CNA has a preferred provider network and a dedicated pharmacy team. The company's First Fill Program covers the cost of an employee's first prescription with no out-of-pocket expense at more than 70,000 pharmacies nationwide.
\r\nOne unique aspect of CNA's workers' compensation coverage is its Choices to Work Program, which offers employees several options for returning to work. For example, if the employer cannot offer a slower pace or easy transition, the Choices to Work Program identifies a local volunteer organization to send the employee to. This helps keep employees engaged and focused on what they can do rather than what they can't.
\r\nCNA lets you get an immediate quote on its website. After indicating the type of coverage you are looking for, you answer several questions about your business, its location and your employees. You receive a rate quote as soon as you answer the questions.
\r\nThe CNA website also features several ways to connect with a local agent. You can search for one by location, or you can fill out some information about your business to be matched with an agent who can best serve your needs. You can contact CNA directly by phone or email.
\r\nCNA is an accredited member of the Better Business Bureau with an A+ rating. Over the past three years, only 15 complaints have been filed against the company. That is significantly fewer than many of the insurance companies we looked into.
\r\nEditor's note: Need business liability or workers' compensation insurance for your business? Fill out the below questionnaire to have our vendor partners contact you with free information.
"},"pricing":{"isCapped":false,"isFeatured":false,"primary":true,"selected":"widget","widgetId":"10080","widget":{"id":"10080","cta":"Compare Quotes","isExclusive":false},"affiliate":{"cta":"Visit Site","link":"https://www.cna.com/","name":""}},"thumbnail":{"path":"https://staging.business.com/images/rz/5d8b8c3e9c658a892c8b456a/cna.png"}}}]},{"__typename":"SectionWidget","id":"get-a-quote","isInToc":false,"type":"widget","title":"Find the Right General Liability Insurance for Your Business","widget":{"widgetId":"10108"}},{"__typename":"SectionOurApproach","id":null,"isInToc":false,"type":"ourapproach","isActive":null,"ourapproach":{"isClonable":false,"servicesConsidered":"18","servicesTested":"8","servicesSelected":"5","linkText":"How we evaluate products and services","linkUrl":"mailto:editor@business.com"}},{"__typename":"SectionContainer","id":"compare-our-best-picks","isInToc":true,"type":"container","title":"Compare Our Best Picks","container":{"isBuyingGuide":false,"html":"| \r\n | The Hartford | \r\nChubb | \r\nAIG | \r\nThimble | \r\nCNA | \r\n
| Liability coverage limits | \r\n\r\n $2 million for each incident; $4 million aggregate \r\n | \r\nUp to $2 million per occurrence; $4 million aggregate; up to $4 million completed operations; up to $1 million employers liability | \r\nSmall business excess casualty: lead coverage with limits up to $10 million for companies with revenues up to $25 million; cyber insurance up to $100 million | \r\n$1-$2 million | \r\n$1-$4 million | \r\n
| Method of filing claims | \r\nPhone, online | \r\nPhone, online, local agent | \r\nPhone, online | \r\nEmail, phone, online | \r\nPhone, fax, email, online | \r\n
| Liability coverage types | \r\nGeneral, employment practices, professional, management, cyber | \r\nGeneral, professional, management, privacy, foreign general, medical, cyber, casualty, property | \r\nGeneral, professional, management, cyber, casualty, property, foreign, specialty accident and health; kidnap, ransom and extortion insurance | \r\nGeneral, professional, drone coverage | \r\nGeneral, employment practices, cyber, media, drone coverage, professional and fiduciary | \r\n
| Workers' compensation | \r\nYes | \r\nYes | \r\nYes | \r\nNo | \r\nYes | \r\n
There's a wide range of business insurance providers in today's market, which can make choosing the best one for your business a tough process. When looking for an insurance provider, you should take a number of factors into consideration. Here are some of the main points you should look into.
\r\nNot all businesses or industries face the same risks, so you'll want to look for a company that has the background and experience to handle insurance for your type of business. Also look for customer testimonials. If you expect your business to continue growing, consider whether the company offers coverage that can grow with you.
\r\nMany companies sell general liability business insurance, but it can be challenging to determine the type of coverage you'll need. Consider the risks you face in your business; different types of businesses have different risks. For instance, a medical practice would need more coverage than an arts and crafts supplier.
\r\nIf you have a high-risk business, seek out insurers that offer excess insurance or umbrella policies to expand your coverage. These will cover you if a claim against you exceeds the amount of your general liability policy. These are a couple of the questions you should ask yourself and/or the insurance provider in your research process:
\r\nIf you are a contractor or perform projects for other companies, it's important to check with your client about insurance. A contract for which you perform work may require a certain amount of insurance coverage or an umbrella policy, or sometimes a company will add you to its general liability policy to be insured on a specific project. Some businesses are required by state law to carry certain types of liability insurance, so check your state's requirements.
\r\nYou want an insurer with a proven record of settling claims quickly and fairly. Check an insurer's claims process to see if it offers several options, including online tools, to submit and track a claim. The more options for submitting a claim, the better. The insurer's track record for how quickly it processes claims is also important.
\r\nYou also may want to make sure the insurance provider lets you file claims 24/7. Should something happen on the weekend or late at night, you don't want to have to wait to start the claims process.
\r\nRead testimonials from people who have been through that insurance company's claims process. The insurer should have a history of high customer satisfaction. Business liability insurance companies should be responsive and supportive should you ever need to file a claim.
\n"},{"title":"Benefits and Importance of Business Liability Insurance","html":"\nBusiness liability insurance is a critical policy for most businesses. It protects you from a wide variety of potential issues. Specifically, these policies cover bodily injury to others who come into your business. This could be a customer in your retail store or a client in your office. General liability insurance also protects against damage to the property of anyone who comes into your store, office, plant or any other type of business location. In both of these instances, the business liability insurance can cover any legal or medical costs you incur.
\r\nBesides protection against claims from clients, customers, and other visitors to your business, business liability insurance protects against advertising injury. This means claims of false advertising, libel, slander or copyright infringement. For example, if you put out an ad that mentions one of your competitors in a bad light and they sue you with a claim that the ad negatively impacted their business, your insurance can cover the costs of defending yourself.
\r\nWhether you win or lose, such lawsuits can be extremely costly and time-consuming, taking your focus away from generating revenue. This can be devastating for a small business, so general liability insurance is extremely important. Small business liability insurance allows you to focus on your business even when you're facing a claim of damage, injury or negligence.
\r\nAnother benefit of business liability insurance is protection against damage to property you rent. If equipment or other property is damaged by fire, lightning, or an explosion, your insurance will cover the costs.
\r\nThere are several other types of liability policies that some businesses may benefit from.
\r\nWhen you're deciding which types of liability insurance you may benefit from, the first thing to consider is your type of business. How large is your organization? What is its legal structure? What industry are you in? Where is your business located? Answering all of these questions will help you determine which liability policies you need to properly protect your business.
\r\nYou don't have to figure this all out on your own. Don't hesitate to talk to various insurance agents to get their take. Give them the details of your business and how it operates, and they will make recommendations based on their industry expertise.
\n"},{"title":"Types of Small Business Insurance","html":"\nThere are various types of small business insurance besides general liability.
\r\nProfessional liability, commonly known as errors and omissions (E&O) coverage, insures small businesses for claims of actual or alleged mistakes that cause financial harm to a third party or a failure to provide a service. There are specialized E&O insurance plans for professionals such as architects, attorneys, insurance agents, consultants, accountants and media producers.
\r\nProduct liability covers a business, such as a product manufacturer, against third-party claims of bodily harm, illness or damage related to the business's product. This can extend to individual parts or components that your small business manufactures.
\r\nCommercial property insurance covers accidental damage to your small business's property. This damage could be from things like a fire, storm, burglary or vandalism.
\r\nBusiness interruption insurance helps support small businesses with commercial property insurance in the event of halted business operations and/or relocation of a business related to an event like a fire or storm.
\r\nCrime and financial liability policies cover losses due to theft of business property, which can include stolen money, employee financial fraud, workplace violence, electronic and computer crime, and kidnap, ransom or extortion.
\r\nCyber insurance isn't usually included in general liability, professional liability or property plans; it is often sold separately to businesses. Cyber insurance can protect against numerous cyberattacks, such as data privacy breaches, cybercrime, malware and ransomware.
\n"},{"title":"What Does Business General Liability Insurance Cover?","html":"\nThe specifics of your general liability insurance coverage will be detailed in your small business's particular policy, but in general, it covers property damage (including to a third party's property), bodily injury (such as slip-and-fall incidents on your premises), legal costs, medical expenses, and personal and advertising injuries that would be damaging to a business's reputation. On that last point, there are also specialized reputation coverage packages that expand protection in this area, with liability limits of up to $5 million.
\r\nExcess liability coverage is available in a number of areas. This goes beyond general liability insurance, offering additional protection and raising the coverage limit for certain areas of your policy.
\r\nOverall, general liability insurance underwriters look at your business's size, location, years in operation, scope of operations, and insurance claims history to assess your small business for risk.
\n"},{"title":"Community Expert Insight","html":"\nAs part of our research on the best liability insurance providers, we reached out to small business owners to find out what they look for in policies and providers. The small business owners we heard from said industry-specific coverage options and insurance for cyberattacks and data breaches top their lists of must-haves.
\r\nEunice Sosa is the CEO of Sosa & Arvelo LLC, which provides accounting, tax, business and technology advice. She said that small businesses face more cyberthreats than people might think, and that small companies often don't realize the amount of data they are storing.
\r\n\"Cyber insurance is what [businesses] need to be looking for,\" Sosa told business.com. She put cyber insurance at the top of her agenda due to her line of work.
\r\nSosa said her company has used or considered Chubb and Travelers because their policies contain cyber coverage, and they offer personal attention for small businesses and \"grow with you as well,” which is key for growth-oriented companies seeking flexible policies.
\r\nSelmin Karatas, co-founder and CEO of Kazani Beauty, said finding adequate coverage for the right price was her top priority when searching for an insurance provider.
\r\n\"I wanted to sell at Whole Foods, and you need at least $2 million in coverage there,\" Karatas said.
\r\nShe said this is why she opted for a policy from Great American Alliance Insurance Company, which covered specifics for product manufacturers such as finished product liability, warehouse liability (property damage, personal injury coverage and medical expenses) and onsite liability within the range she needed.
\n"},{"title":"Business Liability Insurance FAQs","html":"\nCommercial general liability insurance is another name for business liability insurance. It covers a wide range of potential issues, including injuries to people other than your employees who enter your store or workplace, and damage that may occur to their property there. It also protects you against lawsuits that might come your way should one of your ads cause harm to a competitor. This coverage includes claims of libel or slander.
\r\nThis type of coverage is necessary for most businesses, as it provides protection and coverage against many possible issues.
\r\nNearly all businesses, regardless of industry, should have some level of business liability insurance. It can cover your business in many different scenarios, such as if a customer is injured inside your store or if your products cause bodily harm to someone.
\r\nAll businesses can benefit from this layer of protection to help cover defense fees or potential judgments. Like other types of insurance, general liability is something you hope you never have to use, but if you don't have it if and when you do need it, you could put your business in serious jeopardy.
\r\nThis depends a lot on the type of business you have. Insurance providers offer a range of coverage amounts, from $100,000 to $2 million for one instance and $4 million for all instances. Many providers offer umbrella policies that can increase that amount to as much as $10 million.
\r\nYou need to take a number of factors into account to determine how much coverage you need from your insurance policy. Your industry, location, revenue, number of daily visitors and type of workplace (e.g., a retail outlet, office or manufacturing plant) will help you determine the right level of coverage for your business.
\r\nLike the amount of coverage you need, the cost of general liability insurance depends greatly on the type of business you have. Your company's risk exposure, size, building construction, requested coverage amount, geographical location and number of employees, among other things, all factor into the rate you'll pay for liability insurance.
\r\nMany insurance providers offer online quotes, meaning you can fill out some information about your business on their websites and receive estimates of your insurance rates instantly. This is an easy way to shop around for your insurance. When filling out these forms on some insurers' websites, we found prices ranging from about $450 to $700 per year for liability coverage of $1 million for a retail store.
\r\nThe quick and easy answer to this question is yes. Besides the fact that it protects your business from various claims that may come your way, some types of business insurance are required by law. Specifically, if you are hiring employees, many states require you to have workers' compensation insurance. Barring that, it really comes down to choosing the insurance policies that are right for your business. At a minimum, all businesses should carry some liability insurance as well as property insurance.
\r\nBusinesses need to be able to protect their assets and financially deal with potential legal issues. Liability insurance can shield your company from those costs, which is helpful in the event that your business is sued, whether it's a third-party lawsuit, a slip-and-fall accident, or another incident that has the potential to hurt your business.
\r\nWhile your personal assets may be protected if you own an LLC, you still need business insurance, especially general liability coverage. Even though a potential lawsuit against your business may spare your personal assets, you are still putting your business in serious risk if you don't have business insurance. An LLC faces much of the same dangers as businesses with other structures, so you should still protect it with the proper insurance policies.
\r\nYes, if you own an LLC, you are a self-employed individual. LLC owners, called members, are required to pay self-employment taxes.
\r\nIf your LLC is sued, your business generally assumes the liability of the judgment, and you, the business owner, will not be held liable – meaning that your personal assets or bank account will be safe from any impact of the lawsuit. However, there may be exceptions if your LLC wasn't formed or managed correctly, if you mixed your personal and business finances or assets, or if you signed contracts with personal guarantee clauses.
\r\nIt is especially important to get liability insurance if you are a sole proprietor, because the legal responsibility for your business rests solely on you. The cost of general liability insurance varies wildly depending on the specifics of your business – it could be anywhere from $500 to $15,000 annually – so you'll need to call at least two providers to get an idea of what you can expect to pay. The factors that affect price include your type of business, the state you do business in, your annual revenue, and whether you have past insurance claims.
\r\nGeneral liability insurance only helps you with third-party lawsuits that involve customer injuries (including product and/or advertising liability) or property damage. For instance, if you or your workers get into an accident or damage company vehicles, your business liability policy will not cover it. It will not cover damage to your business if you or your employees caused the destruction. However, if a customer destroys your property, the liability policy will likely cover it.
\r\nEmployee accidents (like a slip-and-fall incident on your premises) aren't covered – you'll need workers' compensation for that – but if a customer hurts themselves in your establishment, your liability policy may help pay for their medical fees.
\r\nSeveral kinds of liability insurance are available for small business owners:
\r\nProfessional liability insurance is essential for small business owners and independent contractors who provide professional services. Accountants, lawyers, doctors, architects, engineers, insurance agents, and other professionals looking for protection against claims of negligence should get this type of coverage.
\r\nSpecific types of professional liability insurance include medical malpractice insurance, which protects doctors, and E&O insurance, which is used by professionals who provide advice or services.
\r\nIn general, yes. According to the IRS, you can deduct \"the ordinary and necessary cost of insurance as a business expense, if it is for your trade, business, or profession.\"
\n"},{"title":"Methodology","html":"\nTo determine the best business liability and workers' compensation insurance companies, we started with a list of 18 providers. We then visited each company's website for some initial research.
\r\nNext, we focused on some of the bigger insurance companies and eliminated companies that are just insurance brokers, which work with businesses to find them the best coverage and rates for their needs.
\r\nWe focused our examination of this narrower pool on several factors:
\r\nAnother piece of insurance that all employers need is workers' compensation. Workers' comp protects employers against potential lawsuits and provides payouts for injured employees.
\r\nDepending on your industry or the number of employees you have, you may be required to have this type of insurance. It could be the difference between an insurance payout for a worker injured on the job and an expensive lawsuit that forces your company into bankruptcy.
\r\nWorkers' comp has additional built-in protections. It can often prevent a third party from suing you in the event of an employee injury. Let's say, for example, that one of your workers is injured while using a heavy piece of machinery. If that worker sues the machinery company, workers' comp can protect you from the machinery company suing you in turn. This is a basic example, of course, and legal situations are often more complex. The key takeaway is that workers' comp can serve not only as a benefit to your employees should they be injured, but also as a safeguard for your business.
\r\nEach state has different legal structures for workers' comp. Some states require you to have it; others let you enroll at your own discretion. The cost structure also varies by state. Depending on your industry and state, you should expect to pay 1% to 4% of your total payroll for workers' comp insurance.
\r\nDespite laws in place around workers' comp, Insureon found that only 17% of small businesses it surveyed were enrolled in it. If you don't have workers' comp or haven't even thought about it, you should consider it, both to benefit your employees and to protect your business.
\n"}},{"__typename":"SectionContainer","id":"what-to-expect-in-2021","isInToc":true,"type":"container","title":"What to Expect in 2021","container":{"isBuyingGuide":false,"html":"\nWith limitations on physical interaction continuing into at least part of 2021, insurance companies will lean heavily on new and advancing digital tools. The accelerated development of digital offerings will be both the central product and methodology for insurance services in 2021. The advancement of digital tools in this space will benefit customers by giving them more control of their coverage options. Businesses will be able to enjoy faster and simpler insurance experiences with potentially lower rates in a period of economic recovery.
\r\nMany of these benefits will stem from 2020's widespread adoption of cloud computing and advanced algorithms. Necessity pushed advanced tools such as artificial intelligence and virtual reality from experimental to essential, and all of these innovations facilitate segmented plans to best suit each purchaser. With an expanded network of customer data available, insurers can design premiums and coverage options with unprecedented customization.
\r\nThe shift to mobile and remote touchpoints also enables customers to alter plans at their convenience. All of this collected data, alongside the advancements in artificial intelligence, can help resolve cases faster with less risk of fraud.
\r\nA potential downside for the 2021 business owner might be the need to add cyber insurance coverage. Cyber insurance is the fastest-growing insurance offering thanks to the increased reliance on data in all industries. Businesses face an increased risk of cyberattacks. With more businesses relying on their digital operations, we at business.com expect more companies to adopt strong cybersecurity policies to provide some protection should they fall victim to a malicious data breach.
\r\nFebruary 2021: New research from insurance provider Chubb and Microsoft details just how big of a problem email cybercrime has become, highlighting the importance of cyber insurance for businesses. In the report, Email: Is the Digital Door Propped Open for Identity Hijackers?, the authors noted that in 2019, the FBI received more than 460,000 complaints of online scams that resulted in losses of more than $3.5 billion to individuals and businesses.
\r\nOne area of growing concern is called \"business email compromise,\" which is when criminals hack into a business's email account, impersonating an owner or executive in an effort to defraud the company or its partners and clients. One such scam resulted in $75 million being redirected into a hacker's bank account.
\r\nWhile the report notes that multifactor authentication can reduce these crimes, the data also highlights why small businesses, which are the victims in 25% of these scams, should seriously consider purchasing cyber insurance. As these scams become more prevalent and damaging, we expect a growing number of businesses in 2021 to add cyber insurance to their existing policies (such as workers' compensation, general liability and property insurance).
\n"}},{"__typename":"SectionMoreCoverage","id":"","isInToc":false,"type":"morecoverage","isActive":null,"title":"More Coverage","articles":[]}],"tocElements":[{"title":"Best Picks","id":"top-of-page"},{"title":"Intro","id":"intro"},{"title":"Get a Quote ","id":"get-a-quote"},{"title":"Compare Our Best Picks","id":"compare-our-best-picks"},{"title":"Our Reviews","id":"our-reviews"},{"title":"Buying Guide","id":"how-to-choose"},{"title":"Workers' Compensation","id":"workers'-compensation"},{"title":"What to Expect in 2021","id":"what-to-expect-in-2021"}],"author":{"id":"5fea33a39c658ac0018b4567","name":"Nicole Urbanowicz","bio":"Nicole Urbanowicz has worked as an editor/writer covering the finance, insurance, retail, cosmetic science, and travel industries for a number of publications. Her articles have appeared in The Wall Street Journal, Dow Jones Newswires, Associated Press, CNN Money, Yahoo Finance, WWD, and Travel Weekly, to name a few. Nicole has a master's in finance from Harvard University and a bachelor's in journalism from Boston University, and she works as an independent contractor in various industries. She is a former life and health insurance agent-producer. Nicole recently produced a YouTube series on the pandemic and its impact on businesses and the real estate market. She is based in New York City.","thumbnail":null,"status":"enabled","type":"Contributing Writer","user":null,"title":null,"image":null,"social":{"facebook":"","linkedin":"","twitter":null,"website":"http://www.business.com"}},"breadcrumbs":null,"channels":{"primary":{"name":"Business Basics","slug":"business-basics"},"sub":{"name":"Insurance","slug":"insurance"}},"thumbnail":{"path":"https://staging.business.com/images/rz/5df9088f9c658aef6c8b4567/Insurance_fizkes_Getty.jpg","caption":"fizkes / Getty Images","isBlurred":false},"image":"https://staging.business.com/images/rz/5df9088f9c658aef6c8b4567/Insurance_fizkes_Getty.jpg","meta":{"robots":"index, follow","description":"Business.com is the most popular review site for business liability insurance. Compare service features and prices to make your buying decisions easy.","title":"The Best Liability Insurance Provider Reviews of 2021 - business.com"}}},"pageContext":{"displayModified":"2021-02-08T18:47:00.000Z","title":"The Best Business Liability Insurance Providers of 2021","template":"mega","meta":{"robots":"index, follow"},"docType":"categories","slug":"best-business-liability-insurance","canonical":"https://staging.business.com/categories/best-business-liability-insurance/"}},"staticQueryHashes":[]}