Posted by Over the last two decades, several small business insurance companies have emerged around the globe, and some are still emerging to date.
This development in the insurance industry has made it possible for small business owners to have access to numerous affordable insurance plans, as well as a significant boost in their business turnover.
We all know that the roles of small businesses cannot be overemphasized in every economy; from innovation to the provision of jobs and tax revenue.
They also play a major role in economic growth, community development, and much more.
Just like in every other aspect of life, small businesses also encounter various challenges and oftentimes, some of the challenges are better sought out through insurance.
Yes, it’s true that some insurance companies can be expensive and unreliable at times, but that doesn’t discredit the importance of the rest.
So, in this comprehensive article, we have provided you with a list of the best affordable small business insurance companies that are budget-friendly.
All you just have to do is stick around while we walk you through this thoroughly researched and well-detailed article. Before we go into that, let us first discuss the importance of small businesses to the economy.
Importance of Small Businesses
Below is a list of the importance of small businesses to the economy:
Overview Of Small Business Importance
1. Job Creation
Most of the employment in society is by small businesses. This in turn provides economic stability and reduces the unemployment rate. For instance, take a look around your environment, the supermarkets, the restaurants, marketplaces and so on.
These are small businesses and you can attest to the role they play in the employment of labor.
2. Economic Growth
Can a country’s economy grow without small businesses? No. Collectively, small businesses have a massive impact on the national economy by creating demands for goods and services and supporting local businesses to thrive.
3. Innovation and Diversity
Small businesses play a major role in developing products and services into more advanced ones. That is to say that they introduce new trends and products into the market.
4. Entrepreneurship
Individuals are able to start their own businesses and follow their dreams. And this has been made possible through small businesses.
5. Tax Revenue
Small businesses largely contribute to tax. These taxes are used in the development of infrastructure and promote the way of living of a people.
We can now delve into the list of the best most affordable small business insurance…
10 Best Affordable Small Business Insurance
Below are the most affordable small business insurance:
- Hiscox
- Progressive
- The Hartford
- Chubb
- Nationwide
- Travelers
- State Farm
- Liberty Mutual
- Next Insurance
- Insureon
- Assurant
- Amtrust.
Overview of the Most Affordable Small Business Insurance That are Highly Rated
1. Hiscox
One of the best affordable small business insurance is Hiscox. They specialize in and promote small businesses and offer customizable coverage options.
They are known for their competitive rates, especially for professional liability and general liability insurance.
VISIT2. Progressive
This insurance offers an extensive number of coverage plans which range from general liability, and business owners’ policies. They are known for their huge online presence.
VISIT3. The Hartford
For over 200 years, Hartford has been in existence, serving their customers. Policyholders can get a quote online through The Hartford’s website. If you want to contact the company, you can find specific phone numbers for business insurance customers on its Contact Us page.
VISIT4. Chubb
Yes. talk of insurance that has the interest of its customers at heart and you have Chubb. Chubb has an extensive number of coverages that are tailored toward specific needs.
Sometimes going through an agent is the best way to purchase an insurance plan with Chubb because Chubb doesn’t offer online quotes for insurance products not listed in its small business hub.
VISIT5. Nationwide
Nationwide offers various insurance plans for small businesses, including commercial property, liability, and workers’ compensation insurance.
Their target audience is niche businesses like pet shops and consulting firms. They are praised for their strong customer service.
VISIT6. Travelers
Travelers offer a range of business insurance solutions. They are known for their business owners’ and general liability policies.
They offer flexible billing options through TravPay, a pay-as-you-go service that connects your workers’ compensation premium payments with your payroll processing.
VISIT7. State Farm
State Farm is one of the largest insurers in the United States and provides business insurance for a wide range of industries.
It offers an extensive number of policies like business owner policy (BOP). It also has industry-specific coverage that is tailored to contractors’ homeowners associations.
VISIT8. Liberty Mutual
Liberty Mutual is known for its specific business insurance policies and strong financial backing. Small businesses cannot file their claims online but will have to contact the company through a call to do so.
VISIT9. Next Insurance
Next Insurance is a tech-based company. They have online platforms through which small businesses can assess their quote and purchase options.
This is one of the cheapest business insurance providers on the list and it also boasts the lowest general liability insurance cost with an average of $29 per month.
VISIT10. Insureon
Do you own a small business or are you looking to connect your small business to an affordable insurance provider? Here is a marketplace that connects small businesses with insurance providers.
Insureon focuses on connecting small businesses to insurance providers that will suit their needs.
VISIT11. Assurant
when it comes to varieties of insurance products like renters insurance, home insurance, etc. Assurant ranks as one of the best.
Assurant provides insurance coverage to individuals, businesses, and organizations. Also, they are well-known for their competitive rates and commitment to customer service.
In addition to its core insurance business, Assurant also offers warranty and service contract products.
They are easily accessible through mobile devices, this is because they have a strong internet presence.
VISIT12. Amtrust
Another affordable insurance for small business owners is Amtrust. They offer a variety of insurance products for small businesses.
AmTrust’s products include workers’ compensation, commercial property, and general liability insurance.
It is known for its competitive rates and its quick and easy claims process. The company also has a strong customer service team that is available to answer any questions or concerns that businesses may have.
Are you thinking about using AmTrust for your small business insurance? then give it a try.
VISITFAQ
Is it possible to purchase affordable small business insurance with good coverage?
Yes, this is very possible. You can compare quotes from different insurance providers and decide on the most affordable to go with.
Are there government programs that help small businesses with insurance costs?
Government programs focus mainly on the provision of loans, education, grants, and subsidizing insurance costs. However, the government does not help small businesses purchase insurance plans.
Does a sole proprietor or freelancer need insurance?
Well, purchasing an insurance plan may not be necessary as a sole proprietor. However, to protect yourself from likely future lawsuits, it is advisable to buy an insurance plan.
Why is small business insurance important?
Small business insurance is important because it protects small businesses from various risks and liabilities. It also protects small businesses from financial troubles and provides peace of mind to small business owners.
Conclusion
The role of small businesses is very crucial not just to the economy but also to our social setting. They provide innovations and jobs, support local communities, and play a very important role in ensuring a developing and thriving society.
The 10 best affordable small business insurance companies that have been discussed in this comprehensive guide can help you safeguard your entrepreneurial dreams and contribute to the continued success of your business and society as a whole.
We at GETIMMUNIFIED wish you the best of luck as you dive into the journey of securing insurance for your business.
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