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What Is Small Business Insurance?
Whether you’re in the retail, construction or financial services industry, most small business owners need small business insurance. Having it can help protect the livelihood you’ve worked so hard to build. The right small business coverage can help cover expensive damage and lawsuits from:
- Natural disasters
- Professional errors
- Workers’ comp claims
Types of Small Business Insurance
Small business insurance helps protect your company’s personal property and income. It also helps safeguard you against liability claims.
Learn more about what small business insurance is.
General Liability Insurance
General liability insurance helps protect businesses from claims that it caused bodily injuries or property damage to someone else’s belongings. It can also help protect your business from claims of personal injury, like libel or slander.
Business Property Insurance
Growing Your Small Business Coverage
Over time, you may need more coverage to protect your small business. We’re here to help and can get you small business insurance quotes based on the risks you face. Here are some of the different types of coverage we offer:
Workers’ Compensation Insurance
Workers’ compensation insurance gives your employees benefits if they get a work-related injury or illness. Also known as workers’ comp insurance, it can help pay for an injured worker’s medical expenses, medical treatments and lost wages. Most states require employers to carry workers’ comp.
Commercial Auto Insurance
Professional Liability Insurance
Costs of Small Business Insurance
The cost of insurance for small businesses varies. That’s because every small business is different and faces unique risks. How much does small business insurance cost? That depends on what you need. However, You can use the table below to see the average cost business owners paid for coverage with The Hartford:1
|Coverage||Average Annual Premium||Average Monthly Premium|
|Business Owner’s Policy (BOP)||$3,135||$261.25|
|General Liability Insurance (GLI)||$1,057||$88.08|
|Workers’ Compensation Insurance||$840||$70|
More Information About Small Business Insurance
Why Do I Need Small Business Insurance?
Most states require some form of insurance for small business owners. No matter how careful you are, accidents can happen. When they do, having the right types of coverage can make all the difference. Learn more about insurance needed for small business.
What Does Small Business Insurance Cover?
There’s not a one-size-fits-all small business insurance policy that covers every claim. The best small business liability insurance policy for one company may not be good for your company. Many small business owners start with a BOP because it contains liability and property coverage. A BOP can help protect your business from:
- Claims that it caused bodily injury or property damage to someone else’s belongings
- Damage to the owned or rented building and equipment used to operate
- Losing income if you can’t operate because of covered property damage
Can The Hartford Help Me Get Small Business Insurance In My State?
We proudly partner with thousands of small business owners throughout the country. If you’re looking for more information about how to get small business insurance where you live, check out our state business insurance page.
Do I Need Small Business Insurance for my LLC?
Registering your business as a limited liability company (LLC) doesn’t protect your business from risks. We created our LLC insurance specifically for small business owners. It can help keep you covered from devastating financial losses.
What Insurance Do You Need When Starting a Small Business?
Three essential types of business insurance you may need when starting a small business are:
- General liability insurance
- Business property insurance
- Business income insurance
Our BOP bundles these three types of business insurance together to make it easier for you to protect your company.
Why Small Businesses Can Trust The Hartford
Not all insurance companies offer the same level of service. With us, you’ll find that we’re more than just an ordinary insurance company – we’re a partner. We’re dedicated to small business owners and have been protecting customers for more than 200 years. We can help you find the right type of business insurance for your company.
Our representatives consistently earn some of the industry’s highest ratings and reviews for customer claims. We’ve also been recognized as a World’s Most Ethical Company® 13 times by Ethisphere.**
To find out how we can help protect your business, get a small business quote today.
More Answers to Frequently Asked Small Business Insurance Questions
“You know you never think of workers’ comp until you pay for it and when that accident happens.”
“Claim was so easy to place online. Within 15 minutes … everything was taken care of almost immediately.”
“I’m confident that [they] will provide the highest level of service and support among business insurance providers.”
“[The] customer service representative was detailed on different options that would cater to my small business needs.”
“Our experience with [them] has been excellent and easy.”
“[They] took care of our claim without involving a great deal of my time.”
Read Small Business Claim Reviews (by product)
Workers' Compensation Insurance
Commercial Auto Insurance
Commercial Property Insurance
General Liability Insurance
1 Premium amounts presented are based on monthly premium paid by The Hartford’s Small Business customers between 1/1/21 and 12/31/21 for 12-month policies. Premium is derived from a number of factors specific to your business and may vary.
** "World's Most Ethical Companies" and "Ethisphere" names are registered trademarks of Ethisphere LLC.
*** Based on a 2021 study by Keynova (formerly Dynatrace).
Additional disclosures below.
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Last Updated: August 5, 2022