Top 10 Best Small Business Insurance Companies in 2024

Top 10 Best Small Business Insurance Companies

Welcome to this post about the top 10 Best Small Business Insurance Companies in 2024, via Afrokonnect. Owning a business comes with risks and with these risks comes the need to protect your business and also minimize the damages done to your finances when unfortunate events occur.

With the need to protect your business comes the demand for insurance companies that offer policies and products tailored to suit your needs and we are here to help you pick the best small business insurance company. This article was written with YOU in mind and we have done our research to give you answers to the following enquiries;

  • Cheapest General Liability Insurance Companies for Small Businesses
  • General Liability Insurance Small Business
  • Small Business Liability Insurance Coverage
  • Best Liability Insurance For Small Business
  • Small Business Liability Insurance Costs
  • Business Insurance for Small Business
  • Photography Business Insurance
  • Best type of insurance for small business owners in Nigeria. But first,

What are General Liability Insurance Companies?

General liability insurance companies are businesses that protect you and covers common business risks, they cover risks like body injuries and property damage, financial loss caused to others, theft, fire etc for which your business is accountable.

No matter how small a business is, unfortunate events are bound to occur as business owners can only get lucky for so long,

To minimize the damages incurred by such unfortunate events, a back-up plan like insurance becomes invaluable. Read on to find out the top 10 best small business insurance companies in no particular order.

Top 10 Best Small Business Insurance Companies in 2024


They are best known for offering insurance to the technology, consulting and marketing industries. Hiscox offers over 12 insurance products for small businesses. These products include;

  • General liability insurance
  • Surplus lines insurance
  • Commercial property insurance
  • Umbrella insurance
  • Business owners policy
  • Employment practices liability insurance
  • Errors and omissions insurance
  • Directors and officers insurance
  • Workers compensation insurance
  • Commercial crime insurance
  • Commercial auto insurance and non-owned auto
  • Electronic data loss insurance
  • Cyber-security insurance

Some useful features the company has includes;

  • They permit online quote and online purchase
  • Such purchases can be made through independent agents
  • The company has worldwide coverage as long as the claim is filed in the united states or united kingdom territories
  • The website has a user-friendly purchase process
  • They offer a 14-day money back guarantee if no losses or damages have occurred within that period.
  • Hiscox company’s website is fast and easy to use
  • Hiscox Insurance company allow customers to pay monthly with no additional charge
  • They are very transparent with costs meaning that there are no hidden charges and finally,
  • General liability starts around $360 per year which equals around 149,904 Nigerian Naira.

You can check Hiscox official Website for more information;

General Liability Insurance Small Business


They are one of the largest insurance providers in the US. More so, both Small and medium scale enterprises opt in for their services. Notably, they provide coverage to the following industries; agribusiness, architects, engineers and surveyors, auto and truck dealers, business and professional services, construction, education, energy and renewable energy, equipment dealers, financial institutions,food services, healthcare, hospitality and recreation, manufacturing, marine industries, museums and fine art, non-profit, oil and gas, public entities, real estate, retail, technology, transportation, wholesale and distribution.

They offer various types of coverage so the customer can select what works best for them, some of the various coverage they offer includes collision coverage, liability, new car replacement, roadside assistance among others.

The annual cost of Travelers full coverage auto insurance is estimated to be around $1,428 which equals around N 594,619 Nigerian Naira, though there are various forms of discounts available which could be as high as 23% off. Here is the official Website for Travelers;

Small Business Liability Insurance Coverage 

Before we continue, here are the Best Homeowners Insurance Companies in Texas.


Arguably one of the best Insurance Company for clients all over the world, trusted choice agents acts as intermediaries that connect clients all over the world with business insurance providers,

The advantages of using trusted choice includes the fact that as a customer, you get more choices because the independent agents work for you. Additionally, this implies that you are presented with more coverage options to choose from, you also get better prices as you can compare your options and find the best coverage that fits your financial status.

The independent agents are useful because they understand the insurance marketplace so you don’t have to worry and with this knowledge, they help you identify the insurance service that is right for you. The official Website of Trusted Choice is;

Best Liability Insurance for Small Business in 2024


State farm is a group of insurance companies that offer business insurance at very good rates, besides their fair rates, they also offer sound advice and customizable coverages.

Currently, they insure over 300 professions including; accounting services, advertising agencies, architects, brokers, art dealers, metal erection, online sales, real estate agents, surveyors, warehouses and many more. They also offer a full range of coverage options when it comes to protecting businesses and some of these are;

  • Commercial auto insurance
  • Commercial liability umbrella policies
  • Business owners policies
  • Worker’s compensation
  • Surety and fidelity bonds
  • Builder’s risk insurance
  • Contractor policies

Official Website;

Small Business Liability Insurance Cost in 2024


They offer the insurance needed to protect your small company or side hustle, their coverage options help pay for property damage, injuries, lost wages, defense costs, vehicle accidents and business errors among others.


  • General liability insurance
  • Commercial property
  • Business owner’s policy
  • Worker’s compensation insurance
  • Commercial auto insurance
  • Professional liability insurance

Official Website;

Insurance costs vary depending on the number of employees, the location of your business, the type of your industry, scope of operations and your experience. Still, they are incredibly affordable if you consider the benefit that come with business insurance for your small business,

Usually Quotes start from as low as $10 per month which we can all admit is pretty fair compared to the exorbitant prices some other insurance companies charge monthly. The NEXT insurance purchasing process is a seamless one as it is purely online, there are also other self-service tools that enable you to pay premium and file claims.


Small Business Insurance Costs – Cheapest General Liability Insurance Companies For Small Businesses 2024


Founded in 1926 in Columbus, Ohio, Nationwide is an insurance provider that offer various forms of business insurance, including commercial auto, business owners policy, errors and omissions insurance, product liability insurance, business interruption insurance, umbrella insurance, equipment breakdown coverage, cyber liability insurance, general liability, commercial property and workers compensation.

Till date, the most popular coverage the insurance company offers is its general liability insurance. Nationwide is a popular choice among small business owners because of the variety of small business insurance they offer.

In addition to this, their customer service, though polite, is still very helpful and friendly. Also, the application process for insurance is an easy one, they give fairly affordable quotes and they offer sound business advice to ensure maximum business protection.

Official Website;

Best Business Insurance For Small Business in 2024


Founded in 1810, the hartford is popular for offering insurance to AARP {American Association of Retired Persons} members, the products offered by the hartford includes;

  • Car insurance
  • Home insurance
  • Workers’ compensation insurance
  • General liability insurance
  • Business insurance
  • Small business insurance
  • Condo insurance
  • Flood insurance
  • Umbrella insurance
  • Renters insurance among others

Though all the above mentioned are available, the core coverage is none other than commercial property insurance, general liability insurance and business income insurance. Besides this, customers can access customized insurance options specially made to suit their business needs.

The main advantages of choosing the hartford is that worker’s compensation insurance is provided for worldwide and there are discounts available for bundling policies and they offer online quotes for over 50 professions across 24 industries. Official Website;

Photography Business Insurance 


Basically, what insureon does is that it helps potential customers save money by comparing business insurance quotes from various agents. They offer the following policies;

  • General liability insurance
  • Business owner’s policy
  • Professional liability insurance
  • Errors and omissions insurance
  • Worker’s compensation insurance
  • Cyber liability insurance

An advantage of insuring a small business e.g photography business insurance is that most times, small businesses qualify for discounted quotes though these quotes may vary depending on location, number of employees, coverage limits and industry and risk factors. Official Website;

Best Type of Insurance For Small Business owners in Nigeria 2024


Formerly referred to as AmVenture, Suracy is an insurance company that offers the following policies;

  • Professional liability insurance
  • Workers compensation insurance
  • General liability insurance
  • Business owner’s policy
  • Commercial property insurance
  • Cyber liability insurance
  • Disability insurance
  • Employment liability insurance
  • Commercial auto insurance
  • Medical malpractice insurance
  • Paid family leave

Suracy is popular for it’s variety of policy options which can also be customized to your preferences, they also offer sound business advice.


It is regarded as one of the best insurance companies for tech and software companies, the company offers policies that cover risks for software developers and other technology professionals. These policies include;

  • Errors and omissions insurance
  • Cyber liability insurance
  • Fidelity bonds
  • Business owner’s policy
  • General liability insurance
  • Workers’ compensation

The average cost of general liability insurance with techinsurance is estimated to be $28 monthly which equals around N 11,659 Nigerian Naira. Official Website;

Conclusion about Best Small Business Insurance Companies in 2024

In conclusion, there are various insurance companies, each with its own features, pros and cons, the decision is entirely up to you, the business owner.  Find what suits you the most in all aspects, especially financially.


Top 10 Best Small Business Insurance Companies in 2024

Top 10 Best Small Business Insurance Companies

  1. Hiscox
  2. Travelers
  3. Trusted choice
  4. State farm
  5. Next insurance
  6. Nationwide
  7. The hartford
  8. Insureon
  9. Suracy
  10. Techinsurance

We hope this article was helpful. Cheers!


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