Best Business Insurance for Startups

Tivly partners with qualified insurance companies across the United States to offer a wide range of affordable insurance quotes, including:

• General Liability Insurance
• Business Owner’s Policy
• Commercial Vehicle Insurance
• Workers’ Compensation Insurance
• Commercial Umbrella Insurance

Pros

• Easy to use 
• Expedited online quote generator
• Real-time analytics to improve customer experience
• Ideal for small businesses

Cons

• Because Tivly tends to work best with small businesses, it's not the best choice for larger enterprises.
• Tivly is not technically an insurance lender — it is a service for finding insurance quotes.
• No live chat

The price range varies significantly because it depends on the number of insurance policies that you have covered. Below is the breakdown of the average costs of each policy in accordance with the Tivly website: 

• Workers’ Compensation Insurance: $166-$250 per month
• General Liability Insurance: $46 per month
• Professional Liability Insurance: $42 per month
• Commercial Auto Insurance: $62.50-$250 per month
• Business Owner’s Policy: $41.60-$58 per month

Keep in mind that there are a few additional policies that cannot be accurately estimated because they are highly dependent on how much coverage you wish to add (e.g., Umbrella Policy, Business Hazard Insurance, etc.). 

CoverWallet is a business insurance company with a prolific network of insurance partners. They provide tailored advice and insurance-based solutions to businesses of all sizes and industries.

The company records and stores all of its data online. This is substantial because it allows users to view the following items straight from the provider’s online dashboard:

• Past payments
• Statements
• Coverage documents
• Policy-related documents 

Pros

• Great support documents
• Free no-obligation quotes
• Can browse through different business insurers simultaneously
• Very organized and secure
• High number of insurance policies

Cons

• Slow customer service response
• Getting an online quote can sometimes be delayed: This may not be ideal for small businesses looking to move fast. 

See our CoverWallet small business review to find out more.

The price range varies significantly because it depends on the number of insurance policies that you have covered. Below you can find a breakdown of the average price range of each policy in accordance with CoverWallet’s website.

• General Liability Insurance: $29-$166 per month
• Business Owner’s Policy: $41.60-$1,250 per month
• Workers’ Compensation Insurance: $166-$250 per month
• Professional Liability Insurance: $41.60-$83 per month
• Directors and Officers Insurance cost: $33 per month (nonprofits) up to $250 per month (for-profit corporations)
• EPLI Insurance: $125 per month for $1 million in liability coverage (if you have five or fewer employees)

You can request an online quote with CoverWallet or call 646-844-9933 to determine how much each policy will actually cost your business. 

Hiscox started out over 100 years ago, in 1901. Interestingly enough, the initial founder of Hiscox — A E Roberts — was an underwriter for Lloyds — the largest maritime insurance firm in the world. 

To this day, Hiscox remains one of the most reputable insurers within the US, having won multiple awards for sublime customer service, commercial insurance practices, and team efficacy. 

Hiscox also offers an exceptionally high number of industry-specific coverage policies:

• Event and Wedding Organizers
• Complaint handlers
• Not-for-profit organizations
• Financial and legal businesses (e.g., banks, law firms, etc.)
• Estate and letting agents
• Food and beverage businesses
• Design and Construction
• Hair and beauty businesses
• Advertising and creative businesses
• Health and Wellbeing
• Retail shops
• IT and Technology
• Management consultants
• Coaching, training, and education

Pros:

• Reputable — Hiscox has received multiple awards, including Commercial and Personal Lines Team of the Year in 2011, Customer Care award in 2012, and General and Commercial Lines Insurer from 2007–2009
• Emphasis on good representation and quick customer service
• Specializes in business insurance
• Offers policies and coverages that tailor to businesses of all sizes
• Excellent customer service reviews

Cons

• Limited positive reviews outside of Hiscox’s company website. Although this is a common trait among insurance providers, it is still worth noting. 

For a further overview, check out our article on Hiscox Business Insurance.

The minimum costs for Hiscox’s business insurance policies can be found below:

• General Liability Insurance: $29.17 per month 
• Public Liability Insurance: $73.60 per month
• Business Owner Insurance: $41.67 per month
• Errors and Omissions Insurance: $22.50 per month
• Professional Liability Insurance: $22.50 per month

Hiscox does not offer a direct quote range for most of its policies. To find out how much each policy will cost your startup, speak with a licensed agent at 1-866-283-7545 or request a quote on the Hiscox website.

Nationwide is a popular insurance provider that began back in 1926 as an Automobile Insurance Company. 

The insurance carrier offers straightforward insurance solutions, making it a great option for high-risk businesses. Its eminence in the field also makes Nationwide a trusted provider across a very wide range of policies, making it a very applicable option. 

Nationwide’s most common policies include:

• General Liability Insurance
• Workers’ Compensation Insurance
• Commercial Auto Insurance
• Equipment Breakdown Coverage
• Umbrella Insurance

Pros

• Specialized in a high number of industries (e.g., retailers, medical clinics, agricultural businesses, etc.)
• Offers additional services (e.g., investment services, etc.) 
• Very high customer satisfaction
• Nationwide is extremely stable from a financial point of view (i.e., Fortune 500 company, one of the world’s largest insurers, etc.). 
• Access to live representatives and local agents.
• Access to Commercial Coverage Advisor tool: This is great for owners who are unsure about what policies they need to fully shield their businesses from liability.
• Nationwide received an A++ Superior rating from AM Best for financial stability

Cons

• Relatively limited — Nationwide is not available in all of the states (i.e., Alaska, Hawaii, Louisiana.)
• Not the most affordable insurance provider — the company tends to air towards the most expensive side when it comes to commercial insurers.
• Users need to fill out a long form in order to obtain a quote, which can be tedious and time-consuming.

For a closer look, check out our Nationwide Business Insurance review.

Nationwide does not offer average quote estimations. The price of each coverage policy varies significantly from business to business and will ultimately depend on each company’s risk profile, industry, and size. 

To learn more, get a free quote from Nationwide or call 1-888-490-1549.

State Farm operates through a larger network of insurance agents. All of State Farm’s agents are independent business owners, which is very advantageous because it means they understand the needs of small businesses well. 

Another massive benefit of State Farm is that it offers insurance all over the US, covering most states.

Pros

• General liability is available in $1 million increments
• Extra add-ons (e.g., business endorsements, etc.)
• Quick claims inspection and payout process
• Occasional discounts
• One of the best financial strength ratings of any major commercial insurer within the US.
• Over 80 million active insurance policies within the United States and Canada, making it a very trusted insurance provider.

Cons

• Unreliable customer service 
• Inconsistent capabilities: Agents may or may not be able to offer policies across states 
• Business insurance is not the main focus of State Farm, with the majority of customers hiring auto or fire coverage policies.

For a closer look at State Farm, see our review of State Farm small business insurance.

State Farm does not offer average quote estimations. This is because the price of each coverage policy varies significantly from business to business and will ultimately depend on each company’s risk profile, industry, and size.

For more information on State Farm’s pricing, you can get in contact with a local agent. 

CNA Financial Corporation is one of the US’s largest commercial insurers, and the Insurance Information Institute (iii) ranks CNA as the seventh-largest commercial insurer in the US. 

Pros

• For over 100 years, CNA has specialized purely in commercial insurance
• CNA covers businesses of any size and in a wide range of industries
• High-quality customer service
• High rankings in all major rating firms 
• Very convenient — users can file claims online 24/7

Cons

• Low number of customer reviews
• Online quote generation tool does not always work effectively
• Although customized business insurance is provided, it is limited compared to other alternatives

For more information, read our CNA Business Insurance review.

CNA does not offer average quote estimations because the price of each coverage policy varies significantly from business to business and will ultimately depend on each company’s risk profile, industry, and size. 

To find out how much business insurance would cost your business in CNA, get a free quote or call (877) 243-2930 to speak to a licensed expert. 

The Hartford started in 1810 as a fire insurance company but has since grown into a Fortune 500 company that serves over 500,000 small businesses.

The Hartford specializes in over 20 industries:

• Graphic Design
• Auto Services
• Construction
• Interior Carpentry
• Landscapers
• Barber and Beauty Shops
• Business and Personal Services
• Consultants 
• Janitorial Services
• Pet Groomers 
• Veterinarians
• Finance and Insurance
• Habitational
• LRO
• Property Managers
• Manufacturers (including metal manufacturers)
• Professional Services (e.g., dental practices, law firms, architects, accountants, etc.)
• Retail (e.g., convenience stores, retail stores, etc.)
• Hospitality (e.g., hotels, restaurants, bed-and-breakfasts, etc.)
• Wholesalers
• Technology and Life Science

Pros

• High applicability: Can service businesses in virtually any sector
• Over 200 years of experience as a trusted insurance provider
• Additional benefits (e.g., Nursed Back to Health program, The Hartford’s Preferred Medical Provider Network access, etc.). 
• Fast online quote generator that can generate pricing information within 10 minutes
• Excellent customer service
• Over 50,000 customer reviews and a high overall rank

Cons

• Large discrepancy between the reviews on the provider’s website and third-party reviewers.
• Not the fastest claims handling process
• No coverage available in Alaska, Hawaii, or New Jersey
• Slow set up process — prospective customers are required to talk to agents in order to make purchases

For more information, see our The Hartford Business Insurance review.

The Hartford does not offer average quote estimations, as the price of each coverage policy varies significantly from business to business and will ultimately depend on each company’s risk profile, industry, and size.

For a free quote, visit The Hartford’s website or call (866) 256-1860 for more information.

Investigating prices can be a very daunting task for finding the best business insurance for your startup. 

This is because the price that you will have to pay will be dependent on varying factors, meaning that you will need to request an online quote where you provide your business’s specificities. This is often done through an online form, an online quote generator, or a phone call consultation with an insurance agent.

The following factors are considered to determine the cost of your coverage:

• The number of insurance types that your business requires in order to be fully covered
• The industry that you work in. This will affect your risk profile (e.g., maritime, gambling, currency exchange, etc.). 
• The size of your business. How many assets does your business owe? Is your business liquid?
• Your risk profile. Do you have any instances of malpractice, negligence, or claims?

The most influential factor from the above is generally the number of insurance types that you wish to purchase. 

Aside from the obvious added cost of adding more coverage policies, this is also the case because different types of insurance can be a lot more expensive than others — the higher the number of insurance coverage you need, the more likely you will have to pay for a “premium” one. 

For most small businesses, we advise “finding the line” between not spending money unnecessarily on coverage you will likely never need and ensuring that you are always protected from reasonable foreseeable risks that relate to your business structure, size, and industry. A specialized insurance agent can be great for helping you decide what coverage you need.