If you own a small business, chances are you’re looking for cheap business insurance. But as you’ll see, your state and industry have a big impact on how much you’ll pay. For example, a construction business will pay nearly three times as much for general liability insurance compared to a photography business.
You’ll want to understand the risks that are common in your industry and buy enough business insurance to cover those risks. If you take steps to mitigate those risks and compare business insurance prices, you may be able to lower your business insurance costs.
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Small Business Insurers Compared
When shopping for cheap small business insurance, you want to find a good company that offers the coverage you need at a good price.
Here are our picks for the best small business insurance companies to get you started.
| Company | Forbes Advisor Rating | Complaint level | AM Best financial strength rating | LEARN MORE |
|---|---|---|---|---|
 Allianz | 5.0  | Extremely low | A+ (Superior) | Compare Quotes Compare quotes from participating carriers via Simplybusiness.com |
 Clear Blue Insurance | 5.0 | Extremely low | A- (Excellent) | Compare Quotes Compare quotes from participating carriers via Simplybusiness.com |
 Farmers Insurance | 5.0 | Extremely low | A (Excellent) | Compare Quotes Compare quotes from participating carriers via Simplybusiness.com |
 Acuity | 4.5 | Very low | A+ (Superior) | Compare Quotes Compare quotes from participating carriers via Simplybusiness.com |
 CNA | 4.5 | Very low | A (Excellent) | Compare Quotes Compare rates from participating partners via SmartFinancial's website. |
 Frankenmuth Insurance | 4.5 | Very low | A (Excellent) | Compare Quotes Compare quotes from participating carriers via Simplybusiness.com |
 Travelers | 4.5 | Very low | A++ (Superior) | Compare Quotes Compare rates from participating partners via SmartFinancial's website. |
 Chubb | 4.0 | Very low | A++ (Superior) | Compare Quotes Compare rates from participating partners via SmartFinancial's website. |
 Cincinnati Insurance | 4.0 | Very low | A+ (Superior) | Compare Quotes Compare rates from participating partners via SmartFinancial's website. |
 Westfield Insurance | 4.0 | Very low | A (Excellent) | Compare Quotes Compare rates from participating partners via SmartFinancial's website. |
Cheapest States to Buy Small Business Insurance
Where your small business is located will impact your business insurance costs. Here are examples of states where small business insurance costs are lower than average, according to Insureon.
| State | Average general liability insurance cost | Average workers’ compensation insurance cost | Average professional liability insurance cost |
|---|---|---|---|
Illinois | $40 | $45 | $70 |
Michigan | $44 | $46 | $66 |
New Hampshire | $49 | $44 | $59 |
New York | $42 | $38 | $83 |
$42 | $32 | $71 |
Cheapest General Liability Insurance by Industry
Your industry will impact your small business insurance costs. Industries that have a higher risk for causing bodily injuries and property damage will pay more for general liability insurance than industries with a lower risk for injuries and property damage. For example, the average general liability insurance cost for construction businesses is $80 compared to $29 for an accounting business, according to Insureon.
| Industry | Average monthly cost for general liability insurance |
|---|---|
Photo and video | $28 |
Professional services | $29 |
Media and advertising | $29 |
Finance and accounting | $29 |
Consulting | $29 |
IT/Technology | $30 |
Real estate | $32 |
Personal care | $32 |
Building design | $35 |
Cheapest Workers’ Compensation Insurance by Industry
Small businesses with a higher risk of injuries and illnesses to employees can expect to pay more for workers’ compensation insurance than those with a lower risk. For example, the average cost of workers’ comp for a construction business is $254 per month compared to $33 per month for an accounting business, according to Insureon.
| Industry | Average monthly cost for workers’ compensation insurance |
|---|---|
Finance and accounting | $33 |
IT/Technology | $34 |
Insurance professionals | $36 |
Consulting | $37 |
Media and advertising | $42 |
Building design | $44 |
Professional services | $45 |
Therapy and counseling | $47 |
Real estate | $47 |
Professional Liability Insurance Costs
If your industry has a high risk for causing financial harm to someone else, you can expect to pay more for professional liability insurance. For example, building design professionals pay an average of $142 per month for professional liability insurance compared to $40 per month for healthcare professionals, according to Insureon.
| Industry | Average monthly cost for professional liability insurance |
|---|---|
Healthcare professionals | $40 |
Professional services | $42 |
Finance and accounting | $42 |
Personal care | $47 |
Therapy and counseling | $56 |
Consulting | $56 |
Real estate | $57 |
IT/Technology | $67 |
Media and advertising | $72 |
Featured Partner Offers
Extremely low
A- (Excellent)
1
Clear Blue Insurance
Compare quotes from participating carriers via Simplybusiness.com
Very low
A (Excellent)
Very low
A++ (Superior)
How to Get Cheap Business Insurance
Methodology
We ranked business insurance companies based on complaint data for commercial liability and commercial property insurance. Complaint data is based on complaints upheld by state insurance departments in every state and collected by the National Association of Insurance Commissioners.
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