Greatest company insurance coverage
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Every company needs insurance. Depending on your business type and industry, some of you may need more protection than others.
Without insurance, you could be liable for potentially hundreds of thousands or even millions of dollars.
What happens if one of your vehicles is involved in an accident? How do you pay for the damage caused by a fire or flood in your office? What if an employee or customer slips and falls on your property?
You must be insured or pay these costs out of pocket.
However, it can be difficult to find the best corporate insurance package for your business. On the one hand you want to make sure that you are insured, on the other hand you don't want to overpay the premiums.
The best way to start your search is by choosing a reputable corporate insurer. I have narrowed down the major corporate insurance companies in this guide.
The top 6 options for business insurance
- The Hartford
How to choose the best corporate insurance for you
There is no such thing as a “one size fits all” corporate insurance policy. Every organization is unique, so you'll need custom protection based on your needs. Certain insurers are definitely better for certain types of insurance as well as other factors.
When browsing and getting offers from different providers, keep the following considerations in mind:
Some insurers have more experience with companies in certain industries.
For example, a restaurant would have very different insurance needs than a construction company. A dental office doesn't have the same requirements as an e-commerce website. You have the idea.
So when evaluating a potential vendor, take a look at their existing customers and industries. Do you have experience with companies in your industry? If not, look elsewhere.
When you need to make a claim, you want to make sure your insurer has your back. If you pick up the phone, will someone reply?
Any delay in the claims process costs your company money. Let's say there is a flood in your retail store. If your insurance company drags their feet, you may not be able to reopen. How soon will someone come to evaluate the property? How soon can they approve a contractor to repair the damage?
Choose an insurance company that takes the trouble to serve your business during the times you need their help most – you pay them for it.
Reputation of the provider
There are literally thousands of insurance companies in the United States. Some are brand new, others have been around since the inception of insurance, and many are somewhere in between.
In most cases, I prefer to go to an older insurance company with a long standing reputation. These providers have seen it all and have stood the test of time. You run some risk when you choose a newer company. Let's say you have a dark or infrequent situation with a claim. It could be a first for a new business and they may not know how to deal with it.
We'll go into more detail about the different types of business insurance shortly. In a perfect world, however, you want to have all of your corporate insurance coverage under one roof.
It is just too confusing to get property insurance from one company, car insurance from another, and general liability from a third party. So look for an insurance company with a wide variety of insurance options to suit your needs.
Adequate coverage is important, of course, but how much does it cost you?
If you decide to go for the cheapest rate you can find, you are likely to face additional costs out of pocket. But if you choose the most expensive plan on the market, do you really need all of the coverage?
Look for a balance between these two extremes. When it comes to insurance, I'm usually a little more conservative. I'd rather pay a little too much than the risk of not being fully covered. However, this all depends on your individual risk tolerance.
The different types of business insurance
There are dozens of different types of business insurance. However, for the purposes of this guide, I will focus on the ones that are most common and apply to the masses.
General liability insurance
General liability insurance protects you against risks such as personal injury and property damage. This usually includes medical payments if someone is injured on your company's property. General liability can also protect you from lawsuits related to defamation, defamation, data breach, copyright infringement, illegal evictions, and more.
Most companies require general liability insurance.
Professional Liability Insurance
Professional liability and general liability are often confused with each other, although the two are not one and the same.
Professional liability insurance is also known as fault and omission insurance (E&O). This protects companies that are sued by customers seeking compensation for professional services they have provided. Things like an accountant making a mistake on a tax return or a web developer making mistakes on a website they manage would be examples that would require professional liability insurance.
Business insurance (better known as BOP) is a policy that combines liability and property in one package. It is very common in small and medium-sized businesses in a wide variety of industries. Most contract partners also have BOP insurance.
BOP packages don't cover your employees – they are specific to business owners.
Labor compensation insurance
Once you've hired your first employee, employee compensation should be added to your corporate insurance right away. Most states require employee insurance by law.
The coverage pays for medical expenses and disabilities for employees injured in the workplace. This can include minor slip and fall injuries in long-term conditions (such as carpal tunnel) or even death.
Business interruption insurance
This type of insurance will protect your business if your operations are interrupted during a disaster or catastrophic event. Organizations with physical locations that could lose income due to these types of interruptions can benefit from a business interruption policy.
In such scenarios, your company can be compensated for lost income.
This type of business insurance is pretty self explanatory. Just as you need insurance for your personal vehicle, you need to cover all vehicles that are used for business purposes. If one of your vehicles has an accident (regardless of whether you drive or not) you will need this type of coverage.
Regardless of whether you own or rent physical space, you will need property insurance. Again, this is similar to the type of insurance you need to protect your home or apartment.
This type of insurance protects your company against incidents such as fire or theft. Your equipment, inventory, furniture, etc. should be covered by this policy. It should be noted, however, that some types of natural disasters, such as earthquakes, are not always covered by standard property insurance. Depending on your region and the insurer, you may have to pay an additional fee for this type of coverage.
Product liability insurance
If your company manufactures products that are sold to the general public, you must have product liability insurance. This coverage protects your business from litigation related to damage caused by your products.
For example, if someone is injured with one of your products, they can sue your company directly for their medical costs. Then product liability insurance would begin.
# 1 – Chubb Review – Most Versatile Business Insurance Packages
Chubb is one of the most reputable corporate insurers in the market today. They are known for exceptional customer service.
This provider offers a wide range of plans for small business, commercial insurance, line-of-business policies, and more.
Compared to other insurers in the market, Chubb has one of the most extensive coverage portfolios you can find. Some examples of these policy categories are:
- Accident and health
- General liability
- Cyber insurance
- Environmental packages (pollution liability of the premises and pollution liability of the contractor)
- International insurance packages
- Management liability
- Inland and ocean navy
- Product recall liability
- Professional liability
- Workers compensation
Chubb has over 200 years of corporate insurance experience. Be aware, however, that their premiums tend to be slightly higher than other options – but you are paying for the best.
# 2 – CNA Review – The Best Customized Corporate Insurance Plans
CNA is another reputable provider in the business insurance world. They have more than 120 years of experience in this field.
With CNA you benefit from a tailor-made insurance package with which you can better manage your risks and liabilities.
There are certain industries that CNA is most experienced in. These include construction, education, manufacturing, healthcare, real estate, wholesale, technology, professional services, finance, and more.
Here's a quick look at some of the types of business insurance offered by CNA:
- Labor compensation insurance
- Professional liability insurance (errors and omissions)
- Property insurance
- Commercial car insurance
- Business interruption insurance
- General liability insurance
- Equipment failure insurance
I like CNA because you can choose what types of coverage you need and bundle them into a single policy that suits your needs.
# 3 – Hiscox Review – Best for Small Business Insurance
Hiscox is my top pick for small business owners. Their policies are affordable, yet give you sufficient coverage to protect your business from a wide variety of potential scenarios.
When I say Hiscox is great for small businesses, I mean ALL small businesses. They currently provide protection to organizations in over 180 different industries.
The list of coverage types offered by Hiscox isn't quite as extensive as some of the other options on the market today. However, you still have more than enough options to meet the needs of most businesses.
- General liability insurance for small businesses
- Professional liability insurance (E&O) for small businesses
- Business Owners Policy (BOP) for small businesses
- Short-term liability insurance for small businesses
- Cyber insurance for small businesses
- Worker compensation for small businesses
- Commercial auto insurance for small businesses
- Small business umbrella insurance
- Liability Insurance for Employment Practices for Small Businesses
Hiscox is a well established name in the business insurance world. They've been around since 1901 and insure more than 300,000 small businesses in the United States.
# 4 – Insureon Review – Best Marketplace for Business Insurance
Technically, Insureon is actually not an insurer. It is an online marketplace for business insurance.
But this robust platform definitely deserves a spot on my list. Insureon is very easy to use and is the best way to compare different providers' coverage options in one place.
If you want to get the best possible price, I recommend Insureon. Otherwise you would have to obtain offers from different providers individually, which is much more tedious.
Insureon allows you to compare free quotes from some of the best and most popular business insurers on the market today (including some options on our list).
- The Hartford
- Liberty Mutual
- AmTrust Financial
The list goes on and on. You can search policies for professional liability insurance, cyber liability insurance, BOP guidelines, general liability insurance, commercial property insurance, employee compensation insurance, and more.
Insureon is usually aimed at smaller companies. However, it is used in a variety of different industries.
# 5 – Progressive Review – The best for commercial auto insurance
Progressive is an industry leader in commercial auto coverage.
With more than 45 years of experience, they are not quite as old as some other players in the industry. However, Progressive is definitely an established and trustworthy commercial auto policy provider.
Here is a list of some of the common types of business vehicles that Progressive insures:
- Landscaping vehicles
- Tow truck
- Box van
- Snow plows
- Sport utility vehicles (for transporting cargo and transporting products)
It's worth noting that there are certain types of vehicles that Progressive does NOT insure. These include emergency vehicles (such as fire engines and ambulances), golf carts, double decker buses, monster trucks, racing cars, wheelchair buses, and a few others.
In addition to the commercial guidelines, Progressive also covers General Liability, BOP, Professional Liability, Employee Compensation, and more.
# 6 – The Hartford Review – The Best for Workers' Comp
For those of you who didn't know Hartford, Connecticut is known as the "Insurance Capital of the World". No wonder The Hartford (named after the namesake of its headquarters) is on our list.
This company was founded more than two centuries ago in 1810. To say she is a well-established name in the corporate insurance industry would be a drastic understatement.
The Hartford has an extensive list of business insurance product offerings. Some of their most popular guidelines are:
- BOP insurance (Business Owners' Policy)
- General liability insurance
- Labor compensation insurance
- Corporate income insurance
- Commercial car insurance
- Commercial property insurance
- Commercial flood insurance
- Household insurance
- Professional Liability Insurance
- Multinational corporate insurance
Overall, the employee insurance policies provided by The Hartford are second to none. If you want to offer your employees the best possible protection, The Hartford is the place for you.
In a market full of corporate insurance options, there are really only six options I would consider.
Choosing any of the names above, you can rest assured that your business is protected from an established and reputable provider.
Make sure you use the method outlined earlier when shopping and evaluating different options. This is the only way to get the best possible corporate insurance for your company.