The Best Small Business Insurance Companies in 2021
Small businesses are the cornerstone of the economy, representing over 99% of all firms in the US. These companies often consist of one or just a few people, and many of their owners underestimate the importance of insuring their businesses. Those who do understand the true value of having a solid insurance policy to fall back on in case something bad happens.
That’s exactly why we’re here.
Below you’ll find our reviews of the best small business insurance providers in the US, with all the important details regarding the quality and range of their services. We want our page to guide you and all other aspiring entrepreneurs to the best, fairest, and most appropriate insurers.
Top 6 Small Business Insurance Companies
With very few customer complaints and high levels of satisfaction, Hiscox remains an exceptional choice for small businesses, especially those that employ 10 people or fewer.Read Full Review
$10Get A Quote
The Hartford is still very much the top small business insurance company as we enter 2021, with exceptional client service, a great support system, and faster-than-average claims processing times.Read Full Review
$25Get A Quote
Even though Nationwide doesn’t cover that many industries with its small business insurance, the quality of the service provided and the abundance of useful resources make it one of the best options available.Read Full Review
$22Get A Quote
Liberty Mutual has grown into one of the largest insurers in the world for a good reason. This is a solid choice for small businesses from a variety of key industries, especially because of how customizable the company’s coverage options areRead Full Review
$22Get A Quote
Even though it only deals with commercial auto insurance in-house, Progressive’s focus on and excellent knowledge of one coverage type makes it appealing to countless auto-related small businesses in the US.Read Full Review
$46Get A Quote
Even though it only deals with commercial auto insurance in-house, Progressive’s focus on and excellent knowledge of one coverage type makes it appealing to countless auto-related small businesses in the US.
$29Get A Quote
How Do We Determine the Best Small Business Insurance Companies?
There are certain aspects of each small business insurer’s offer that we focus on in all our reviews. Explaining exactly how our review methodology works is something we consider extremely important, as transparency is one of Fortunly’s core values. So, in no particular order, these are the most important factors we use to determine our final ratings for business insurance companies.
Every insurance company should first and foremost be capable of paying out all their customers’ potential claims, small business insurers included. Indeed, financial stability is even more important for businesses. Without it, many employees could suffer in case of a lawsuit or damaging event that affects the company. That’s why financial strength factors highly in the overall rating we award providers of insurance for small business owners.
Just as there are many different types of small businesses, so are there many coverage options. The best ones not only offer solid policies that benefit the majority of companies, but also provide comprehensive pre-packaged plans that target specific industries and professions. Both the quality of the policies and the level of choice that small business owners have plays a big part in our overall assessments.
When it comes to insurance, prices always vary depending on your location. There are even more variables when insuring small businesses, mostly relating to their size and the industry they operate in. This pushes the best insurance companies to be even more competitive with their pricing plans. We give high scores to those insurers that push above and beyond industry norms to offer the most customer-friendly prices possible.
We put a lot of weight on what customers themselves have to say about the services of the small business insurance companies they use. From claims processing times to the quality of customer support, the final variable in all our reviews is good old public opinion.
The 5 Best Small Business Insurance Companies of 2021
Reviews of the Best Small Business Insurance Providers
On Official Website
- • Impressive coverage options
- • Great for home-based businesses
- • Fantastic resource center
Founded all the way back in 1901, Hiscox Inc. is a multinational insurance company that serves customers in 11 countries around the world. In the United States, Hiscox is an underwriter for Lloyd’s of London and sells its products through this famous firm all across the nation, even in the District of Columbia. The company has built a strong reputation for providing affordable insurance plans tailored to the needs of each small business. But how does it fare against the best the industry has to offer today?
Financial Strength: A
Hiscox is among the strongest small business insurers when it comes to financial stability, with billions of dollars in assets that allow it to pay out any customer claim imaginable. The insurer has an excellent “A” rating from A.M. Best, the same rating Standard & Poor’s gives it. Fitch rates the company “A+,” affirming that Hiscox is a stable and secure option for insuring your business.
When it comes to the best small business insurance plans, Hiscox is unmatched in terms of the customization options it provides to customers. Each policy is tailored to the specific needs of a business, contrary to the usual one-size-fits-all model, and depending on the industry, certain protections are automatically added. For instance, Hiscox adds $200,000 worth of software copyright coverage for all small IT consultancies. Coverage limits go up to $5 million for most firms that are eligible for insurance, while the average coverage limit for individual customers is around $1 million.
Hiscox insurance also stands out by including electronic data liability in its basic general liability business insurance coverage, and even extends the coverage to seasonal or temporary employees. In case you are interested in getting commercial property insurance, Hiscox’s offer is definitely worth considering, as its policies are based on replacement cost. This means Hiscox will pay the full price of your damaged equipment without deducting for any depreciation. Other major coverage options include workers’ compensation insurance, business owner’s policies, professional liability insurance, cybersecurity insurance, and commercial auto insurance. You can purchase all plans either online or directly through a Hiscox agent.
When a company covers a large number of eligible professions and industries, while also providing tailored coverage, small business insurance quote averages are bound to vary. Insuring your firm at Hiscox will, however, generally be cheaper than average. Professional liability insurance premiums start at around $22 per month, while general liability starts at $30. Business owners’ policies are both more expensive and varied in terms of starting premiums - they can go for anywhere from $40 to $65 per month.
Hiscox is unlike most small business insurance providers in that it offers sample quotes to give you a better understanding of what other similar customers have paid. There are even attractive discounts, especially the 10% discount for home-based firms and the standard 5% discount for bundling two or more insurance products. In case you’re not satisfied with what you’re getting, Hiscox small business insurance comes with a 14-day full money-back guarantee, which is more than enough time to cancel your policy in case you find a better deal somewhere else.
Hiscox remains one of the best insurance companies for small business owners in terms of customer ratings, currently holding an excellent 4-star rating from 234 reviews on Trustpilot. The same goes for BBB, which accredited Hiscox in 2012 and has given it the highest “A+” rating, with only 16 customer complaints counted over the past three years. This is extremely low for an insurance company of this size and can in large part be attributed to the way Hiscox deals with claims processing and customer service.
Customer claims at Hiscox are transparent, with the majority being resolved in 10 to 20 days. Support staff can be reached by phone, Monday through Friday between 7 AM and 10 PM ET, and any questions or issues regarding insurance for small business firms will usually be resolved quickly. You can also make use of an exceptional resource center and even a Hiscox podcast, so there’s more than enough information to give you a deep understanding of the small business insurance industry.
All in all, Hiscox remains an exceptionally good small business insurance choice, especially for companies with 10 or fewer employees. But that’s not to say others cannot find a comprehensive and truly competitive deal here. With few customer complaints, cheap insurance quotes, and high levels of satisfaction, it’s obvious that Hiscox is doing something right. That is apparent to anyone who has had contact with the company’s agents and used its services.
Reasons to Buy
• Impressive coverage options
• Great for home-based businesses
• Fantastic resource center
On Official Website
- • Superior comprehensive coverage
- • Fantastic customer support
- • Fast claims processing
The Hartford is a nationwide insurance company based in Connecticut. The veteran provider has been serving customers since 1810 and has long been considered one of the country’s best home and auto insurers. What you might not know is that it also provides an impressive range of cheap small business insurance options. For this and many other reasons, The Hartford today serves over a million small businesses. Two centuries after its inception, it remains a true industry leader.
Financial Strength: A
The Hartford is a huge international insurer with almost unmatched experience and a long history of successful practices, which is why it’s not surprising that it’s rated highly for its financial stability. A.M. Best gives the company an excellent “A” rating, while Standard & Poor’s gives it an even stronger “A+” rating. The Hartford also holds an “AA-” rating with Fitch, indicating that all the major ratings platforms believe that the company is more than capable of fulfilling its duty to policyholders.
The Hartford offers a great range of coverage options to insure your firm, with general liability insurance for small business owners being a clear standout here. The workers’ compensation coverage is also fantastic, but the most prominent of all options is the new and improved Spectrum Business Owners’ Policy. This plan combines a number of coverage options under one umbrella and allows for further customization by adding even more types of coverage to the policy.
When you visit The Hartford website, you can get a quote for 24 industries and 51 professions listed on the platform. For other small business niches, quotes are available over the phone. The company most commonly insures contractors, as well as businesses in construction, healthcare, manufacturing, real estate, retail, and technology.
As is the case with all commercial insurance companies, the quotes you get from The Hartford will vary depending on a number of key factors. The location of your small business, the industry you operate in, your gross sales, and your experience are among many variables that influence your monthly premium, so it’s no surprise that monthly prices range anywhere from $25 to well over $100. The Hartford also features a flexible payment system; you can opt to pay either monthly or annually and get a 5% discount if you choose to bundle multiple policies together.
The Hartford holds an A+ rating from the Better Business Bureau and processes claims smoothly, according to its customers. The claims service is available 24/7 and your claims can be easily tracked through a solid user portal on the company’s website. For any additional information about small business insurance quotes, coverage details, or your claims, you can contact the excellent customer service team by phone, Monday through Friday from 7 AM to 7 PM. Customers appreciate the support officers’ approach; The Hartford regularly receives excellent reviews for responsiveness and professional treatment during claims.
The Hartford is still very much the best insurance company for small businesses as we enter 2021, with exceptional service and faster-than-average claims processing times. It also offers among the most complete comprehensive coverage plans, especially since the introduction of its new-and-improved Spectrum Business Owners’ Policy.
Reasons to Buy
• Superior comprehensive coverage
• Fantastic customer support
• Fast claims processing
On Official Website
- • Superior resource center
- • Simplified business insurance policy
- • High BOP coverage limit
Nationwide needs no introduction. This Ohio-based insurer has been providing its services since 1925 and even though it’s mostly known for its auto and home insurance policies, it also offers comprehensive small business liability insurance coverage. But does Nationwide really stand toe-to-toe with business-focused insurers in 2021, or does its broad offer hurt it in this regard?
Financial Strength: A+
When it comes to financial stability, nobody beats Nationwide. With over $230 billion in total assets, this is one of the most stable and financially backed firms in the entire world. This is reflected in its “A+” rating from both A.M. Best and Standard & Poor’s. Moody’s also gives Nationwide a strong A1 rating, confirming that it’s more than capable of paying customers’ claims.
The approach Nationwide takes with insurance for business is to make things as convenient as possible for clients. This is why liability, property, and other types of coverage are all combined in one policy, which can then be customized to the needs of a specific business. Policies at Nationwide are tailored for construction, agriculture and energy companies. However, since plans are so customizable, it’s easy to contact an agent and create a plan that’s suited to you, regardless of the industry your business operates in.
Nationwide is among the few top insurance companies that does not remove eligibility for Business Owners’ Policies (BOPs) when a business reaches more than $1 million in revenue. Instead, it provides BOP coverage up to $5 million in annual revenue, a helpful feature for eligible businesses that are growing but need to keep their property insured under a BOP.
Furthermore, you can add a range of coverage options to your insurance plan, including cybersecurity liability, equipment breakdown, umbrella insurance, employment practices, inland marine, and professional liability insurance.
As is the case with all business insurance providers, determining the exact cost of policies remains difficult due to the fact that so many variables are always in play. Unlike its more transparent competitors, Nationwide doesn’t offer any sample quotes. Overall, costs here range from average to high. Depending on a long list of important factors that have an impact on your premium, you can get policies for as little as $20 or as much as $180 per month.
Nationwide has impressed with its small business insurance coverage in recent years, earning the top spot in J.D. Power’s 2018 Small Commercial Insurance Study with a perfect score of five out of five. The company is also highly regarded by BBB, where it holds a perfect “A+” rating for honoring customer claims. Users themselves rate Nationwide slightly less glowingly, but the number of both reviews and complaints for small business insurance policy issues is really low. For instance, Nationwide holds a 3-star rating on ConsumerAffairs, but the rating comes from just 14 reviews over the past year.
What’s perfectly clear, however, is that the company has worked tirelessly on improving its customer support service. Most reviews now praise the friendly and knowledgeable customer service offers, who can be contacted during weekdays from 9 AM to 8 PM ET. The ever-growing FAQ section is often mentioned in these reviews; its detailed guides provide much of what you could need to know.
Even though Nationwide small business insurance does not cover as many industries as many of its competitors, the quality of its service and abundance of useful resources make one of the top small business insurance companies out there. Nationwide’s approach to insurance and its high BOP coverage limits will make you feel right at home here.
Reasons to Buy
• Superior resource center
• Simplified business insurance policy
• High BOP coverage limit
On Official Website
- • Highly customizable policies
- • Strong financial backing
- • Large network of licensed agents
Liberty Mutual was founded in 1912 as the Massachusetts Employees Insurance Association and has since grown into a force to be reckoned with. It currently serves 45 states, employs 45,000 people, and represents both a true leader and one of the largest insurance companies in the world. We’ve measured Liberty’s offer against the innovators and up-and-comers that have shaken up the market in 2021. Keep reading to find out how it performs.
Financial Strength: A
Being the third-largest insurance company in the US indicates that you are more than financially stable. Holding over $100 billion in assets only reaffirms this fact. Liberty Mutual is an easy choice for business owners who worry about insurers’ ability to pay customer claims, which is exactly why both A.M. Best and Standard & Poor’s give it an excellent “A” rating.
Liberty Mutual offers an extensive list of business insurance coverage options, with a wide range of tailored, industry-specific plans. This veteran insurer provides a wide range of commercial liability insurance options for businesses of all sizes across several industries. Some of the more prominent ones include agriculture, construction, maintenance, financial services, education, retail, healthcare, and hospitality. All the common business insurance options are available here, from general liability to property insurance, product liability, and BOPs. Liberty Mutual also offers umbrella coverage, business interruption coverage, workers’ compensation, and crime coverage.
Liberty Mutual differs from other competitors in that it doesn’t provide free quotes online. Instead, you’ll need to contact the company’s sales team or get in touch with a licensed local agent. Because there are so many variables in finding the best small business insurance prices and because Liberty Mutual does not provide sample quotes, it’s hard to estimate median premium levels.
That said, data from third-party resources shows that customers can expect monthly premiums as low as $22 or as high as $180. Many businesses pay just $400 annually, which is highly competitive. Others - whether due to their size, location, or nature of work - pay annual premiums of $3,000 or more. While Liberty Mutual won’t be the first cheap business insurance choice for some, its unlimited coverage options make it suitable for many small and medium-sized companies.
Liberty Mutual is moving into the third decade of the century with a clear focus on innovation and dedication to making its customers’ experience much easier. You can now file claims 24/7 via a dedicated mobile app, which is much more convenient than having to make a phone call. On the downside, customer support is not yet available via live chat, although we like the fact that phone support is available on weekends.
Like all the best business insurance providers in the US, Liberty Mutual is an accredited member of the Better Business Bureau (BBB) where it holds a strong “A” rating. This confirms its strong track record of fulfilling its obligations to customers. However, we have some bad news... Liberty Mutual’s customer reviews are among the worst we’ve encountered, with a 1-star rating from 340 reviews and 1,028 customer complaints in the past three months alone. We should note that these are not strictly small business insurance policyholders’ experiences. That said, the low rating is still a red flag.
Liberty Mutual has grown into one of the largest insurers in the world for a good reason. This is a solid choice for small businesses from a variety of key industries, especially given that it offers such a high level of customization of insurance coverage. Add to this some clear moves toward improved customer experience and highly competitive prices across the nation, and it seems Liberty Mutual has the right recipe to stay among the top five small business insurance companies for a long time.
Reasons to Buy
• Highly customizable policies
• Strong financial backing
• Large network of licensed agents
On Official Website
- • Best commercial auto policies
- • Variety of discounts
- • Highly competitive prices
As with most names on our list, Progressive first began as a small auto insurance provider back in 1937. In the 83 years since, the company has grown into one of the best insurers in the world. employing tens of thousands of representatives and independent agents across the US. Progressive also has a long history of innovation and customer-friendly practices, but how does it compare to the field in 2021?
Financial Strength: A+
Progressive is an incredibly stable insurer, holding high-to-perfect ratings from all websites that track companies’ ability to pay out customer claims. It has a superior “A+” rating at A.M. Best and an “A” rating from Standard & Poor’s. Progressive also has an A2 rating from Moody’s and is considered to be one of the very top insurance providers when it comes to financial stability.
The Progressive small business insurance offer is a unique entry on our list as it is provided mostly through third-party insurers. This means general liability, workers compensation, property, and other policies are all handled by partnered insurance companies and not directly by Progressive. Everything from billing, customer service, and claims processing is handled by partners, which is why you need to know exactly which third-party insurer is handling your policy before contacting them.
The only in-house small company insurance on offer is the one the insurer is most proud of and known for. It is, of course, Progressive commercial auto insurance coverage, which is considered the best of its kind, and for good reason. Progressive offers 24 unique commercial auto coverage options. If you want to design a policy that covers all the risks your business and employees face while driving, this is a standout choice. Smaller companies that focus on transportation and using trucks or cars in their day-to-day business operations should reach out to Progressive.
The focus on commercial auto insurance is clear in the way Progressive handles pricing and discount options for its policies. Not only is this the cheapest commercial auto insurance for business owners; it can also be made cheaper if you bundle it with general liability insurance. What’s more, there are eight different commercial auto discounts, including a discount for truckers who use an electronic logging device and drivers who have had commercial driver’s licenses for at least three years.
Because Progressive offers all the other business insurance policies through third-party providers, it’s even harder than usual to estimate what quotes you may see, especially when you factor in all the other variables. Still, with average monthly premiums ranging from $22 to over $180, it’s clear that the company remains a highly competitive commercial business insurance player, no matter the policy you choose.
Here’s where it gets messy… Progressive Corporation as a whole holds a B- rating with the BBB, with 2,448 customer complaints registered in the past three months alone. These complaints cover all types of policies provided. Customers on ConsumerAffairs are much more positive about the company; Progressive holds a 3.5-star rating from 2,619 reviews over the past 12 months. We must again note that assessing the true quality of Progressive’s customer service and claims processing is made much harder given all but one of the small business insurance policies it offers are underwritten by third-party insurers.
It may not be the perfect choice for everyone given that it only deals with commercial auto insurance in-house, but Progressive’s focus on one type of coverage makes it perfect for a specific niche of small businesses in the US. With the lowest monthly premiums, highly customizable coverage, and a wealth of discounts, Progressive is the best choice for business owners who need auto insurance coverage for their companies.
Reasons to Buy
• Best commercial auto policies
• Variety of discounts
• Highly competitive prices
Guide to Small Business Insurance
To find the right insurance deal for your company, it’s essential that you understand the most important features and options available to you. Our guide will help you acquaint yourself with the basics of insurance coverage and other crucial details you’ll need to know to make sure you’re getting the best deal for your company.
What Is Business Insurance?
Business insurance coverage is a way to protect your business from risks and possible losses that may occur during day-to-day operations. Because small businesses operate across so many different industries and professions, small business insurance policy options themselves are extremely varied. Each company evaluates its insurance needs based on all potential risks, whether alone or through a licensed insurance agent. Getting professional assistance is highly recommended; you can get a list of all licensed agents in your state through the state’s department of insurance or with the NAIC (National Association of Insurance Commissioners).
Insurance Coverage Types
There are eight common commercial business insurance coverage types to consider when insuring your company. Some of them are almost always required by law, while others are considered optional and are generally not suitable for a variety of small companies.
General liability insurance
This policy covers claims against your business, including false advertising and medical and attorney fees resulting from bodily injuries. Companies that operate in a physical location (or multiple locations) should always have this coverage. Business general liability insurance covers property damage for which your firm can be legally responsible. However, it doesn’t cover employee injuries, professional mistakes, auto accidents, and punitive damages.
Unemployment insurance coverage is required by law for employers with at least one employee who works at least 20 weeks per year. It’s also mandatory for employers who pay more than $1,500 in wages per quarter and is meant to provide a portion of lost wages for employees who are laid off. If employees terminate employment themselves, or if they are self-employed, they are not eligible for unemployment insurance.
Small business disability insurance coverage can be either short-term or long-term and is meant to cover a portion of lost income in the event an employee is unable to work for some time due to a disability. In both cases, there is an “elimination period” of time that must pass before a person starts receiving benefits. If the person regains the ability to work before this waiting period is over, they will receive no benefits. Disability insurance coverage can be purchased privately. Social Security also provides it, although with very strict conditions.
Workers’ compensation insurance
Required in most states, workers’ compensation insurance is meant to provide both medical and wage benefits to employees who become ill or get injured at work. Because this type of coverage is mandated by each state, the wage and medical benefits are not the same at the federal level. Workers compensation insurance for small business owners is also considered social insurance. This means it protects both employees and businesses, which, in exchange for purchasing it, are safe from civil suits from workers who get injured on the job.
Professional liability insurance
Also known as errors and omissions insurance or professional indemnity insurance, this coverage protects companies and professionals like doctors, lawyers, marketers and all those who are at risk of claims of negligence initiated by their clients. This is a must-have for anyone working in professions that are at risk of malpractice and misrepresentation.
Product liability insurance
This is a form of general liability coverage that protects companies from financial loss stemming from a potential lawsuit from one of their customers. Small business product liability insurance is recommended if you sell products, as any accidents, injuries, or malfunctions could potentially lead to a lawsuit against your business.
They’re not legally required, but these insurance policies can protect your inventory, equipment, and other business property located inside a building in case of damage by natural disasters, fire, theft, or vandalism.
Directors and officers liability insurance
Commonly referred to as D&O insurance, this coverage is meant to protect the personal assets of directors and officers of companies in case they get sued for how they manage the business they work for. It can also cover legal fees and other costs to the organization resulting from the lawsuit.
Data breach/cyber liability insurance
As more and more sensitive business and customer information is vulnerable to theft, data breach insurance has become a must-have in a wide range of professions. It protects not only electronic but also paper record losses, and can be purchased either as a standalone policy or as an add-on to a BOP. Cyber liability coverage usually helps with legal, public relations, and liability expenses after a data breach happens.
Umbrella insurance is designed to increase coverage limits of other policies to keep the business even more protected against legal costs stemming from a lawsuit. For instance, if an umbrella policy adds an additional $2 million to your existing $2 million liability coverage and you get sued for $3 million, then the insurer will pay out the $1 million difference, rather than that money getting taken from your company.
Getting the Best Deal Possible
It’s easy to end up with much more complicated insurance for small business than you actually need. Whether by picking the priciest insurer or miscalculating exactly what kinds of risks they’re exposed to, many small businesses end up losing money unnecessarily. That is why it’s important to cover a few crucial steps when choosing your coverage.
First of all, assess your risks. This is probably the most important step; being aware of all potential problems will go a long way in helping you clearly see what kind of coverage you need. You don’t want to pay too much or cover too little, so our advice is to visit the National Federation of Independent Business (NFIB) website, which provides all the necessary information and guidance regarding small business insurance.
After you’ve determined exactly what coverage your business needs, the next step is to find reputable commercial insurance agents and start shopping around, comparing rates and benefits from at least a few different agents. Finally, once you’ve made your decision and bought your insurance, it’s crucial to reassess the coverage you need with each renewal. If all is going well, your business will grow, and so too will your liabilities. Staying in contact with your insurance agent will be crucial in ensuring your company is completely covered by your insurance policy.
Many business owners opt to structure their enterprise a limited liability company (LLC) to protect their personal assets and make use of tax advantages. But even then, opting not to insure your business leaves you open to a number of potentially damaging risks. For example, if someone gets injured in your office and your business does not have general liability insurance coverage, your corporate assets like cash, equipment, and materials could get liquidated in order to pay for that person’s compensation.
There are even a number of circumstances under which you can be held personally liable and have your personal assets seized, even if your business is an LLC. For those reasons and many others, your business should ideally have either general or professional liability insurance so you remain protected against any possible claims and lawsuits that might come your way.
Determining just how much liability insurance for your business is enough to keep it protected depends on a number of factors. First of all, you should be aware of any state-wide laws that require certain minimum liability coverage levels for different types of businesses. For instance, if you own a transport company, you’ll probably have to pay more for insurance than if you run an IT firm, as there is a higher chance of third parties being injured by your employees.
You should also opt for more extensive coverage if your firm is a sole proprietorship or if your employees are younger and less experienced, and therefore more prone to mistakes. This is when professional liability insurance for small business owners can prove its worth. Also known as errors and omissions insurance, it pays for legal expenses over professional errors like missed deadlines, copyright infringement, and incomplete work.
Business insurance is usually optional, but there are situations where it is required by law. If you’re planning to hire employees, for instance, you’ll almost certainly need to obtain workers’ compensation and unemployment insurance. If your company has vehicles that are used primarily for your business, then a commercial auto insurance policy is also required by law. Other types of insurance that aren’t generally required but are highly recommended include casualty and property insurance, which could be required by your landlord anyway.
Small business insurance cost varies depending on a number of factors, with the size of your company and the industry you operate being the most prominent ones. Still, the majority of small businesses pay between $300 and $600 per year for general liability insurance. Construction companies tend to pay the most, while IT businesses are among those that pay the least. If you’re looking for the best small business insurance, bear in mind that the median premium for bundling general liability and property insurance policies is around $640 per year.