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Running a business is not without its challenges, and one of those is ensuring that you have the right insurance coverage to protect your venture. Insurance can be complex and challenging to navigate, which is where business insurance brokers come into play. They can help you find the best insurance coverage for your needs, saving you time and money in the long run. In this article, we will look at the best business insurance brokers available.
Table of Contents
- What is a Business Insurance Broker?
- Why Do I Need a Business Insurance Broker?
- What to Look Out For in the Best Business Insurance Brokers
- Top 10 Brokerage Companies
- #1 Simply Business
- #2 Next Insurance
- #3 Cover Wallet
- #4 Hiscox
- #5 Huckleberry
- #6 BiBerk
- #7 Thimble
- #8 The Hartford
- #9 Embroker
- #10 Chubb
- Bottom Line
- Frequently Asked Questions (FAQs)
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What is a Business Insurance Broker?
A business insurance broker is a professional who helps businesses find the most suitable insurance policy. They work with various insurance companies to get quotes, compare coverage, and negotiate pricing. These brokers have a deep understanding of insurance products and the insurance market, making them a valuable resource for business owners.
Why Do I Need a Business Insurance Broker?
Navigating the insurance landscape can be complex and time-consuming. A business insurance broker can simplify this process by doing the heavy lifting for you. They can assess your business’s unique needs, help you understand various coverage options, and negotiate the best rates on your behalf. A broker can also provide invaluable advice on risk management strategies to protect your business further.
What to Look Out For in the Best Business Insurance Brokers
Before selecting a business insurance broker, consider the following factors:
- Knowledge and Expertise: The broker should have a deep understanding of insurance products and know the latest market trends.
- Reputation: Look for brokers with a solid reputation in the industry. You can check online reviews or ask for references.
- Customer Service: The broker should provide excellent customer service, including prompt responses to inquiries and claims.
- Transparency: The broker should clearly explain all policy details, including coverage limits, exclusions, and costs.
Top 10 Brokerage Companies
Here are our top picks for the best business insurance brokers:
#1 Simply Business
Company Background
Simply Business is a leading online insurance brokerage that offers a wide range of insurance products for small to medium-sized businesses.
Services
Simply Business offers a variety of insurance products, including general liability, professional liability, workers’ compensation, and commercial property insurance.
What do they charge?
Simply Business offers competitive pricing, with policies starting at $25.50 per month. The exact cost will depend on various factors, such as the type of business, coverage needs, and location.
Who are they for?
This broker is an excellent choice for small to medium-sized businesses looking for an easy, online way to buy and manage their insurance coverage.
Pros and Cons
Pros
- Offers an easy-to-use online platforms
- Provides access to a wide variety of insurance products.
- Offers competitive pricing.
Cons
- Does not offer 24/7 customer service.
- Some types of coverage may require a phone call to purchase.
#2 Next
Company Background
Next Insurance is a fast-growing online insurance broker that specializes in providing coverage for small businesses.
Services
Next offers several types of insurance, including general liability, professional liability, workers’ compensation, and commercial auto insurance.
What do they charge?
Next offers affordable coverage with policies starting at just $30 per month.
Who are they for?
Next is ideal for small businesses and freelancers seeking affordable, hassle-free insurance.
Pros and Cons
Pros
- Provides a user-friendly online platform.
- Offers affordable coverage.
- Allows for instant online quotes and policy issuance.
Cons
- Does not offer all types of insurance coverage.
- Some claims may require a phone call to process.
#3 Cover Wallet
Company Background
Cover Wallet is an online insurance broker that specializes in providing insurance coverage to small businesses across a wide range of industries.
Services
Cover Wallet offers a broad range of insurance products, including general liability, professional liability, workers’ compensation, and commercial property insurance.
What do they charge?
Cover Wallet’s pricing varies depending on the type of coverage and specific business needs.
Who are they for?
Cover Wallet suits small businesses that prefer a user-friendly online platform and need customized coverage.
Pros and Cons
Pros
- Allows comparison of quotes from multiple carriers.
- Provides a user-friendly website.
- Offers specialized coverage for niche industries.
Cons
- Not available 24/7.
- Coverage may be limited to specific industries.
#4 Hiscox
Company Background
Hiscox is a global insurer with over 100 years of experience providing insurance solutions for businesses of all sizes.
Services
Hiscox offers a wide range of insurance products, including professional indemnity, public liability, employer liability, and cyber and data risks insurance.
What do they charge?
Hiscox offers competitive pricing, with policies starting as low as $22.50 per month.
Who are they for?
Hiscox is ideal for independent contractors, small businesses, and consultants who require specialized professional indemnity insurance.
Pros and Cons
Pros
- Offers coverage for a wide range of professions.
- Provides highly customizable insurance policies.
- Offers live chat support.
Cons
- Not all insurance agents can cross state lines.
- Claims are filed over the phone, not online.
#5 Huckleberry
Company Background
Huckleberry is a digital insurance broker specializing in providing coverage to small businesses.
Services
Huckleberry offers a suite of essential insurance coverages suitable for brick-and-mortar restaurants, caterers, food trucks, and more.
What do they charge?
Huckleberry’s pricing model is transparent and affordable, with prices starting as low as $19 per month.
Who are they for?
Huckleberry is suitable for small businesses in the food and beverage industry looking for tailored coverage.
Pros and Cons
Pros
- Provides a 100% online quote and application process.
- Offers a wide range of customization options.
Cons
- Does not offer 24/7 support.
- Policies vary by state.
#6 BiBerk
Company Background
BiBerk is a part of the Berkshire Hathaway Group and specializes in providing insurance solutions for small and mid-sized businesses.
Services
BiBerk offers a range of insurance products, including workers’ compensation, general liability, professional liability, and commercial auto insurance.
What do they charge?
BiBerk’s pricing is competitive, with policies starting at $500 annually.
Who are they for?
BiBerk is ideal for small to mid-sized businesses looking for comprehensive and affordable insurance solutions.
Pros and Cons
Pros
- Backed by Berkshire Hathaway Group.
- Offers excellent customer service reviews.
- Has a wide range of insurance products.
Cons
- Does not offer group employee benefits.
#7 Thimble
Company Background
Thimble is a digital insurance company that offers flexible, on-demand insurance coverage for small businesses.
Services
Thimble offers general liability, professional liability, and business equipment insurance with flexible policy terms.
What do they charge?
Thimble offers affordable coverage with policies starting at just $17 per month.
Who are they for?
Thimble is ideal for micro businesses and freelancers who need coverage only for specific periods or projects.
Pros and Cons
Pros
- Offers flexible policy terms.
- Provides affordable policies.
- Allows for quick online quotes and purchase of policies
Cons
- Not all coverage types are available nationwide.
- No commercial auto coverage option.
#8 The Hartford
Company Background
The Hartford is a well-established insurance company with a strong reputation for providing comprehensive insurance solutions for businesses.
Services
The Hartford offers a range of insurance products, including general liability, business income, commercial auto, and workers’ compensation insurance.
What do they charge?
The Hartford’s pricing is competitive, with policies starting at $19 per month.
Who are they for?
The Hartford is ideal for small businesses seeking comprehensive and customizable insurance solutions.
Pros and Cons
Pros
- Offers a range of customizable insurance products.
- Provides discounts for bundling multiple policies.
- Has excellent financial stability ratings.
Cons
- Poor customer satisfaction ratings in some surveys.
- Not all claims can be filed online.
#9 Embroker
Company Background
Embroker is a digital insurance company that specializes in providing comprehensive insurance solutions for new businesses.
Services
Embroker offers a range of insurance products, including general liability, professional liability, directors and officers insurance, and cyber liability insurance.
What do they charge?
Embroker’s pricing varies depending on the type of coverage and specific business needs.
Who are they for?
Embroker is ideal for new businesses that need tailored insurance coverage.
Pros and Cons
Pros
- Offers comprehensive coverage for new businesses.
- Provides an online platform for policy management.
- Has a dedicated claims team.
Cons
- Not available 24/7.
- Requires account creation to get a quote.
#10 Chubb
Company Background
Chubb is a global insurance company that offers a range of insurance products for businesses of all sizes.
Services
Chubb offers a range of insurance products, including professional liability, cyber liability, commercial property, and workers’ compensation insurance.
What do they charge?
Chubb’s pricing varies depending on the type of coverage and specific business needs.
Who are they for?
Chubb is suitable for larger small businesses that need comprehensive and customizable insurance solutions.
Pros and Cons
Pros
- Offers a wide range of customizable insurance products.
- Provides excellent customer satisfaction ratings.
Cons
- Not all types of coverage can be purchased online.
- Some claims require a phone call to process.
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Bottom Line
Choosing the best business insurance broker is crucial to protecting your business. The best brokers offer a wide range of insurance products, provide excellent customer service, and have a strong reputation in the industry. They can help you navigate the complex insurance landscape, ensuring you get the coverage you need at a price that fits your budget.
