Best Business Owner’s Policy Insurance

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Progressive Commercial offers the peace of mind of being one of the Top 10 Insurance Companies by the Metrics that we've found and it's our best overall provider of business owner's policies in this review. In business since 1937 and with an A+ (Superior) rating from AM Best, Progressive offers the coverage you need to run your business at a price that will fit your budget. Plus, as your business grows—and potential risks climb higher—you can count on Progressive to offer all the extra add-on options your business may eventually need.

Progressive offers a business owner's policy that pairs general liability and property coverage. With its general liability coverage, businesses get protection against customer injury, property damage, and product-related claims. The added property coverage encompasses a business' commercial real estate property as well as its contents.

Additional offerings include commercial auto for those companies that use vehicles for deliveries or other business purposes. Inland marine insurance covers items that are transported overland as part of day-to-day business operations. Cyber insurance protects against electronic attacks or data leaks, and workers’ compensation provides protection if any employees become injured or sick on the job.

In 2021, small businesses that purchased BOPs through Progressive paid an average of $42-68 per month. Factors that affect the cost of insurance include the location, number of years in business, type of business, number of employees, coverage selections, and value of the property and equipment.

Business owners who sign up for a BOP may be eligible for up to 15% off a Progressive Commercial auto policy if they bundle. Customers can learn more and get a quote online or by phone.

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With three monoline plans bundled into one BOP, business startups can spend less and get more with The Hartford, our top choice as best for startups. The company's robust business income insurance means owners will be able to keep paying their bills and employee payroll in the event of any unexpected disruption to their business due to a covered cause. That's important for startups that can't afford any disruption to their revenue streams.

In business since 1810 and serving more than one million small business customers, The Hartford has an A+ rating from AM Best.

The company's BOP bundles together three policies—commercial property insurance, general liability insurance, and business income insurance—into one offering to save entrepreneurs money. With commercial property insurance, businesses are protected whether they own, lease, or rent, and they'll find coverage for both the building as well as equipment, inventory, furniture, and fixtures.

The Hartford's general liability insurance offers coverage in the event of harm to a person or damage to property, including bodily injury, libel, or slander. Business income insurance covers gaps in income due to any unexpected closure of the business due to a covered cause, so you can continue to pay rent and your payroll. 

Other add-ons include data breach (assistance in the event of a leak of customer data or cyber attack), professional liability (errors and omissions made by the company), workers' compensation (benefits for employees or their family due to work-related injury or death), and commercial auto insurance (assistance when you or your employees are harmed while driving for work-related purposes). As startups advance from early to later stages, founders may also consider investing in commercial umbrella insurance, available through The Hartford, which offers coverage for things like legal fees, medical bills, and damage expenses.

Online quotes are available within minutes. The cost of policies through The Hartford varies based on the type of business. Customers can file claims online and over the phone.

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Tech leaders pride themselves on making data-driven decisions. That's why TechInsurance's marketplace search engine may appeal to their sensibilities by giving users insights into the overall options and costs for plans that meet unique business needs. TechInsurance has specialized policies designed to protect tech companies' unique risks, which helped make them best for tech companies in this review.

TechInsurance, an insurance marketplace powered by Insureon, has helped over 350,000 small businesses find savings. It does this by comparing online quotes from insurance companies with A ratings and higher from AM Best, including Liberty Mutual, Travelers, The Hartford, and more.

Since its founding in 2011, Insureon has written 1 million insurance policies. BOP plans available through TechInsurance often include general liability insurance for coverage against common liability risks and commercial property insurance for protection for business property. 

Extra customizations are available, such as business interruption insurance, workers’ compensation, and hired and non-owned auto insurance. Other add-ons include errors and omissions insurance, available for about $61 per month, as well as cyber liability insurance, which offers coverage in the event of a data breach or cyber attack, for about $145 per month.

The TechInsurance platform lets tech businesses search for policies by general liability coverage level, generally ranging from $1 million to $2 million.

According to the company's website, tech businesses pay a median premium of $45 per month, or $540 per year, for business owner's policies through TechInsurance. Factors such as business property value or owning expensive equipment can affect the price of BOPs. While instant coverage is not available, coverage is available within 24 hours.

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Travelers offers a range of specialized BOPs that cater to various niche service provider specialties. So, whether your professional service offers bookkeeping or pet grooming, you're likely to find a unique plan that meets your company's specific coverage needs with Travelers, named best for professional services in our review.

With an A++ (Superior) rating from AM Best, Travelers has been in business since 1864 and specializes in the professional services industry, which includes policies tailored to financial services, personal care services, pet care services, service businesses, and technology services companies.

The company's general BOP comprises three monoline policies: commercial general liability insurance, commercial property insurance, and business income and extra expenses coverage.

A specialized BOP for service businesses includes two extra protections for valuable papers and records (common with professional services) and hired and non-owned auto liability. BOPs are tailored for the service industry—for example, with pet care service providers, there's a plan that includes extra bailee liability policies for pet grooming, boarding kennels, and veterinarians.

The cost of a given policy depends on the coverage limits selected as well as the business industry, location, size, and other factors. In addition to a BOP, Travelers offers policies for commercial auto and trucking, workers' compensation, cyber and privacy coverage, and other options.

Instant online quotes and coverage are not available, so you must find a local agent to get more details and sign up for a plan.

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It's not every insurance company that specializes in BOP offerings for restaurants. If you run a food business, then you know the costs of contamination and spoilage can add up. That's why State Farm offers two plans with special protections just for food businesses and is our top pick for restaurant BOP insurance.

State Farm offers two specialized BOPs for food businesses, including one for food stores and food shops and one for restaurant businesses. Founded in 1922, the company offers a wide range of insurance products and has earned top marks from AM Best, an A++ (Superior) rating.

Both its food store and restaurant business BOP plans provide coverage for the typical inclusions available with its other BOP offerings—including property, liability, and loss of income—as well as for several other needs unique to the industry. This includes food contamination loss of income, which offers protection in the event of being closed by a board of health or other government authority due to food contamination.

With spoilage coverage, restaurants get protection in the event of loss of items due to mechanical breakdown, power outages, or refrigerant contamination. Equipment breakdown covers damage to covered property. There's even protection for things like employee dishonesty or the backup of the business' sewer or drain. 

Beyond these inclusions, State Farm offers other custom coverage options. These include protection for data breach, hired auto (for cars owned and insured by the policyholder or their employees), and ordinance or law (for the loss of income or increased cost due to construction or repairs required by local governments). 

Customers can bundle other plans, such as commercial auto, workers' compensation, and retirement plans available from State Farm. One downside is that quotes and coverage are not available via an online application. You'll need to contact State Farm for a quote or search for a local agent for more information.

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If you're looking for coverage that won't break your bank as a self-employed, sole proprietor, then consider Hiscox, best in our review for contractors. With low monthly premiums, you'll find yourself protected for general liability and property damage, and, as a bonus, if you work from home, you can get 5% off your bill.

Founded in 1901, Hiscox has an AM Best rating of A (Excellent) and serves over 500,000 small business customers, with coverage offered for contractors as well as IT/technology, health and beauty, architecture and engineering, marketing, consulting, real estate, and other businesses.

The company offers BOP plans with general liability coverage (including claims of bodily injury) and business equipment protection (including accidental damage) for a monthly rate that can be quite affordable. In a sample quote, an IT consultant in California would pay a reasonable yearly amount with a $500 property deductible for business equipment coverage up to $35,000 and general liability coverage up to $1 million per occurrence and $2 million in aggregate. To see what they would charge for your business, use their online quote system.

Specific quotes will vary based on the size of the business, location, and specific limits and deductibles selected. Customers that purchase more than one product from Hiscox can get a discounted rate of up to 5%. And those with home-based businesses get a 5% discount, making the company ideal for independent contractors. Customers that need to file claims may do so online, over the phone, via email, or by mail. 

Prospective customers can get quotes online or over the phone. In addition to BOP plans, the company offers stand-alone policies for general liability, professional liability, cybersecurity, short-term liability, workers’ compensation, employment practices liability, commercial auto, and more.