The United States Insurance industry is massive, with insurance premiums exceeding one trillion dollars annually. To be precise, the SME insurance market size is expected to reach $26.6 billion by 2030 because small businesses rely on insurance plans to safeguard against unexpected outcomes.
This gives insurers the impetus and opportunity to expand the SME insurance market. And with this expansion, there is an increasing need to stay competitive and gain the upper advantage. Having said that, here is a list of the top insurance carriers for midsized-to-large businesses.
1. CyberPolicy – Best Business Insurance Marketplace
This is the marketplace to be in when fishing for the best insurance coverage for your small business. CyberpPolicy has a network of insurance carriers that offer different quotes and coverage options under the CyberPolicy umbrella.
Therefore, you can find the best coverage and quote for your business in one location. The best thing about CyberPolicy is that it partners with the best insurance companies, such as Liberty Mutual, Hiscox, and Nationwide.
And because insurance quotes are offered for free, you can take time to find the one that suits your business needs and budget. The company also provides a licensed insurance advisor to help you choose your coverage.
Covers you can get from CyberPolicy include employment practices liability, fidelity and crime, liquor liability, and lessor's risk only (LRO).
Pros:
• The company offers discounts when companies buy multiple policies in bundles and use the same or cross-carrier.
• The company offers multiple quotes.
• You can sublime online claims.
• Coverage starts 24 hrs after application.
• The company is available nationwide.
Cons:
• Policies vary based on state.
• You must submit your policy directly through the claims department.
2. Thimble – Best For Micro Businesses
This industry-specific insurance company is ideal for small business entrepreneurs that want customized, affordable, and mobile-friendly policies. Thimble also offers insurance coverage to self-employed personnel like personal trainers, freelancers, event planners, beauty professionals, and photographers.
Micro businesses also benefit from Thimble's flexible terms, like the ability to purchase a cover for a specified period and as required by the business. The Thimble app allows Micro businesses to cancel, modify, or extend their policy on demand.
With Thimble, you will get professional and general liability insurance and added coverages like event and drone insurance.
Pros:
• Offers the most flexible coverage options with terms that cover you hourly, daily, or weekly.
• You get your insurance certificate in one minute.
• Thimble has insured more than 100 types of small businesses.
Cons:
• Doesn't offer chat or call options.
• A different insurer writes your policy.
• The policies are not available in Washington and New York.
3. Nationwide – Best For General Liability Insurance
Nationwide's general liability coverage is very flexible, allowing businesses to add other insurance products. This means no coverage limits exist for companies that want to supplement their general liability insurance with other options.
These include auto liability, fire legal liability, employment practices liability insurance (EPLI), and an umbrella policy. Small business owners can also get specialized coverage that includes commercial property, workers' compensation, business liability, and commercial property insurance coverage.
Pros:
• You get cybersecurity advice and social media support.
• Businesses with annual revenue of at least $5 million get BOP insurance.
Cons:
• Has no online chat support.
• Doesn't offer significant medical insurance or disability insurance.
• Almost half of its subsidiaries have a high NAIC complaint index.
4. Travelers – Best For Workers' Compensation
Travelers are well known for being the leading underwriter of workers' compensation policies. It is also excellent at offering the best commercial auto insurance.
The company offers very flexible services. For instance, Traveler's risk control consultants can attend to your needs virtually or in person. It also has excellent billing solutions that are adaptable to meet any business needs.
Other additional coverage options the company offers include professional liability, data breach, commercial general liability, employment practices liability, and commercial general liability, to mention a few.
Pros:
• It is the largest workers' compensation insurer in the nation.
• It has agents across the nation.
• Its financial position is robust.
• It offers commercial auto and trucking cyber coverage.
Cons:
• Types of coverage vary by state.
• You must call to file a claim.
5. Progressive – Best For Commercial Auto Insurance
Progressive has made the list of the top insurance carriers for midsized-to-large businesses because its auto insurance covers almost every commercial vehicle. These include business cars, military vehicles, commercial trucks, emergency vehicles, trailers, buses, trucks, tractors, vans, and SUVs.
The company is also present in all the states making it very accessible. Progressive also offers its policyholders the benefit of enjoying an unlimited travel radius in many states. And if you need to adjust your coverage, you can do it free of charge.
So, Progressive stands out because apart from offering one of the best commercial auto insurance covers, it also covers physical damages, uninsured motorists, hired auto and non-owned coverage, liability, and medical payments.
You can also get coverage for professional liability, general liability, BOP, workers' compensation, cyber insurance, and health insurance.
Pros:
• It is the second-largest business auto insurer in the country.
• Its auto insurance policies cover numerous risks and different types of vehicles.
• It offers a discount when businesses bundle insurance policies.
Cons:
• Not all states offer discounts.
• Does not have online live chat support.
6. State Farm – Best For Customer Satisfaction
State Farm has held its position as one of the best SME insurance companies where customer service is concerned. With ratings of 865 out of 1000, small businesses agree that State Farm is excellent at services like billing and payments, provider interaction, cost, claims, and policy offerings.
So, if you are a restaurant, retailer, independent contractor, or professional services business that handles autopay or paperless options, State Farm will serve you well. Specialized coverage for commercial insurance comes with surety and fidelity bonds, BOP bundles, and farm and ranch insurance.
If you want extra liability coverage, you can get insured for errors and omissions liability, professional liability, employment practices liability insurance, and not-for-profit liability insurance with EPLI, among other coverage options.
State Farm has no coverage limits. It also offers other covers like retirement plans, commercial auto, and workers' compensation.
Pros:
• State Farm has insurance policies you can customize.
• The company insures more than 300 companies.
• You have access to live chat support.
Cons:
• You must call to file claims.
• Not all agents can cross state lines.
Bottom Line
The insurance industry is full of industry-specific companies offering coverage to small and medium-sized businesses. However, every business faces numerous risks requiring insurance with the proper coverage limits. Therefore, the only option is to choose top insurance carriers for midsized-to-large firms. And this is what this list provides.
If you need assistance choosing a suitable insurance carrier for your business, let us help you. Reach us at Zupnick & Associates.
This gives insurers the impetus and opportunity to expand the SME insurance market. And with this expansion, there is an increasing need to stay competitive and gain the upper advantage. Having said that, here is a list of the top insurance carriers for midsized-to-large businesses.
1. CyberPolicy – Best Business Insurance Marketplace
This is the marketplace to be in when fishing for the best insurance coverage for your small business. CyberpPolicy has a network of insurance carriers that offer different quotes and coverage options under the CyberPolicy umbrella.
Therefore, you can find the best coverage and quote for your business in one location. The best thing about CyberPolicy is that it partners with the best insurance companies, such as Liberty Mutual, Hiscox, and Nationwide.
And because insurance quotes are offered for free, you can take time to find the one that suits your business needs and budget. The company also provides a licensed insurance advisor to help you choose your coverage.
Covers you can get from CyberPolicy include employment practices liability, fidelity and crime, liquor liability, and lessor's risk only (LRO).
Pros:
• The company offers discounts when companies buy multiple policies in bundles and use the same or cross-carrier.
• The company offers multiple quotes.
• You can sublime online claims.
• Coverage starts 24 hrs after application.
• The company is available nationwide.
Cons:
• Policies vary based on state.
• You must submit your policy directly through the claims department.
2. Thimble – Best For Micro Businesses
This industry-specific insurance company is ideal for small business entrepreneurs that want customized, affordable, and mobile-friendly policies. Thimble also offers insurance coverage to self-employed personnel like personal trainers, freelancers, event planners, beauty professionals, and photographers.
Micro businesses also benefit from Thimble's flexible terms, like the ability to purchase a cover for a specified period and as required by the business. The Thimble app allows Micro businesses to cancel, modify, or extend their policy on demand.
With Thimble, you will get professional and general liability insurance and added coverages like event and drone insurance.
Pros:
• Offers the most flexible coverage options with terms that cover you hourly, daily, or weekly.
• You get your insurance certificate in one minute.
• Thimble has insured more than 100 types of small businesses.
Cons:
• Doesn't offer chat or call options.
• A different insurer writes your policy.
• The policies are not available in Washington and New York.
3. Nationwide – Best For General Liability Insurance
Nationwide's general liability coverage is very flexible, allowing businesses to add other insurance products. This means no coverage limits exist for companies that want to supplement their general liability insurance with other options.
These include auto liability, fire legal liability, employment practices liability insurance (EPLI), and an umbrella policy. Small business owners can also get specialized coverage that includes commercial property, workers' compensation, business liability, and commercial property insurance coverage.
Pros:
• You get cybersecurity advice and social media support.
• Businesses with annual revenue of at least $5 million get BOP insurance.
Cons:
• Has no online chat support.
• Doesn't offer significant medical insurance or disability insurance.
• Almost half of its subsidiaries have a high NAIC complaint index.
4. Travelers – Best For Workers' Compensation
Travelers are well known for being the leading underwriter of workers' compensation policies. It is also excellent at offering the best commercial auto insurance.
The company offers very flexible services. For instance, Traveler's risk control consultants can attend to your needs virtually or in person. It also has excellent billing solutions that are adaptable to meet any business needs.
Other additional coverage options the company offers include professional liability, data breach, commercial general liability, employment practices liability, and commercial general liability, to mention a few.
Pros:
• It is the largest workers' compensation insurer in the nation.
• It has agents across the nation.
• Its financial position is robust.
• It offers commercial auto and trucking cyber coverage.
Cons:
• Types of coverage vary by state.
• You must call to file a claim.
5. Progressive – Best For Commercial Auto Insurance
Progressive has made the list of the top insurance carriers for midsized-to-large businesses because its auto insurance covers almost every commercial vehicle. These include business cars, military vehicles, commercial trucks, emergency vehicles, trailers, buses, trucks, tractors, vans, and SUVs.
The company is also present in all the states making it very accessible. Progressive also offers its policyholders the benefit of enjoying an unlimited travel radius in many states. And if you need to adjust your coverage, you can do it free of charge.
So, Progressive stands out because apart from offering one of the best commercial auto insurance covers, it also covers physical damages, uninsured motorists, hired auto and non-owned coverage, liability, and medical payments.
You can also get coverage for professional liability, general liability, BOP, workers' compensation, cyber insurance, and health insurance.
Pros:
• It is the second-largest business auto insurer in the country.
• Its auto insurance policies cover numerous risks and different types of vehicles.
• It offers a discount when businesses bundle insurance policies.
Cons:
• Not all states offer discounts.
• Does not have online live chat support.
6. State Farm – Best For Customer Satisfaction
State Farm has held its position as one of the best SME insurance companies where customer service is concerned. With ratings of 865 out of 1000, small businesses agree that State Farm is excellent at services like billing and payments, provider interaction, cost, claims, and policy offerings.
So, if you are a restaurant, retailer, independent contractor, or professional services business that handles autopay or paperless options, State Farm will serve you well. Specialized coverage for commercial insurance comes with surety and fidelity bonds, BOP bundles, and farm and ranch insurance.
If you want extra liability coverage, you can get insured for errors and omissions liability, professional liability, employment practices liability insurance, and not-for-profit liability insurance with EPLI, among other coverage options.
State Farm has no coverage limits. It also offers other covers like retirement plans, commercial auto, and workers' compensation.
Pros:
• State Farm has insurance policies you can customize.
• The company insures more than 300 companies.
• You have access to live chat support.
Cons:
• You must call to file claims.
• Not all agents can cross state lines.
Bottom Line
The insurance industry is full of industry-specific companies offering coverage to small and medium-sized businesses. However, every business faces numerous risks requiring insurance with the proper coverage limits. Therefore, the only option is to choose top insurance carriers for midsized-to-large firms. And this is what this list provides.
If you need assistance choosing a suitable insurance carrier for your business, let us help you. Reach us at Zupnick & Associates.
Top Insurance Carriers For Mid-Sized To Large Businesses
Elton Mwangi
Author:
