General Business Insurance

Protection for life's unexpected turns

General Business Insurance

If you operate a business, whether it’s a cozy restaurant, a coffee shop, or an apparel store, one of the most important things you need to have in place is general business insurance. Having your business properly covered from various risks that can harm your operations, like property damage, lawsuits, fires, or unexpected accidents can make all the difference in keeping your business safe.

What Is General Business Insurance?

General business insurance is a broad term that refers to several types of insurance designed to protect your business from financial losses due to a range of risks. Most business owners combine several types of coverage into one package to create a comprehensive safety net for their business.

The most common types of general business insurance include:

General Liability Insurance: Covers claims made by third parties for injury, property damage, or negligence.
Commercial Property Insurance: Protects your business property—like buildings, equipment, and inventory—from damage caused by things like fires, theft, or natural disasters.
Workers Compensation Insurance: Provides coverage for employees who are injured on the job, covering medical bills and lost wages.
Business Interruption Insurance: This Helps replace lost income if your business is forced to close temporarily due to a covered event.
Professional Liability Insurance: Protects service-based businesses from claims of negligence or errors in the services they provide.

Top 5 Best General Business Insurance Companies

Finding the right insurance company can feel overwhelming, but knowing what to look for makes it much easier. Here are five top-rated insurers offering business insurance that can help protect your company from all kinds of risks.

1. Hiscox Insurance

Hiscox is known for providing customized insurance options, especially for small businesses. They offer a wide range of coverages, including general liability, professional liability, and business property insurance.

Pros

Tailored plans that fit small businesses, especially in creative fields like technology and consulting.
24/7 claims support and fast resolution.
Offers flexible policies to meet your business’s specific needs.
Excellent for small businesses with unique needs.
Fast, responsive customer service.

Cons

May not be the best option for larger businesses or those with complex needs.
Might not be the cheapest option for select businesses

2. The Hartford

With over 200 years in the insurance business, The Hartford has built a solid reputation for offering reliable general business insurance coverage. Their packages include general liability, commercial property, and workers’ compensation insurance, with special attention to businesses in high-risk industries.

Pros

Known for strong customer service and industry-specific policies.
Offers customizable business owner’s policies (BOPs) that bundle different coverages together.
Offers great discounts if you bundle multiple policies.
Provides coverage for a wide range of industries, from retail to healthcare.
Competitive pricing for mid-sized businesses.

Cons

Costs may be higher for businesses with a higher risk profile.
The claim process can take longer than other insurers

3. Progressive Insurance

Progressive is a well-known name in the insurance world, offering affordable business insurance with a focus on small and medium-sized businesses. They provide a wide range of coverage options, including liability, property, and auto insurance.

Pros

Competitive pricing, especially for small businesses.
Easy online tools for quick quotes and policy management.
Discounts are available when you bundle policies like auto and general liability.
User-friendly online tools for quick, easy quoting and claims management.

Cons

May not be the best choice for large businesses with complex coverage needs.
Not as many coverage options as other insurers provide

4. Chubb

Chubb is one of the largest providers of business insurance worldwide, offering comprehensive coverage for businesses of all sizes. Chubb business insurance focuses on providing specialized policies for high-risk industries, multinational corporations, and large enterprises.

Pros

Extensive coverage for high-risk industries, such as manufacturing and technology.
Global reach—ideal for businesses with international operations.
In-depth risk management services to prevent losses.
Comprehensive coverage, especially for large and complex businesses.
Offers custom policies for industries with specific needs.
Excellent customer service and support.

Cons

Might be too expensive for small businesses or those with limited needs.
Does not offer many discounts

5. State Farm

State Farm is a trusted name in personal and business insurance. They offer a wide range of policies for small businesses, including general liability, commercial auto insurance, and property insurance.

Pros

Offers easy-to-understand business policies with local agents who can also provide free personalized advice.
Good for small businesses that prefer a hands-on, local approach to insurance.
Discounts for bundling insurance policies.
Good pricing for small businesses and startups.

Cons

Limited offerings for businesses with complex needs or those in high-risk industries.
Several competitors often have similar coverage for small businesses at lower prices.

Best General Insurance For Restaurants

Running a restaurant comes with its own set of risks, from property damage to foodborne illnesses and customer injuries. Having the right insurance in place is essential to protect your business. Here are the most important types of insurance for restaurants.

General Liability Insurance

All restaurants need general liability business insurance to protect against third-party claims for injuries like customers slipping on a wet floor, or foodborne illnesses. General business insurance is a must-have for restaurants to stay protected.

Property Insurance

Property insurance covers your restaurant’s physical assets. This includes things like buildings, kitchen equipment, and inventory, from damage caused by unforeseen events. Business property insurance covers events like fires, storm damage, flooding, and theft, just to name a few.

Workers Compensation Insurance

Workers’ compensation is crucial for restaurants, where employees often face risks such as burns, cuts, or slips. It covers medical expenses and lost wages for injured employees.

Business Interruption Insurance

If something horrible happens to a restaurant like a fire that forces it to close temporarily, business interruption insurance helps replace lost income during the downtime.

Liquor Liability Insurance

If your restaurant serves alcohol, liquor liability insurance will protect you against claims made by customers who may cause accidents after drinking.