The top 5 commercial insurance providers and their cost in California

The top 5 commercial insurance providers and their cost in California – Small businesses employ nearly half of all workers in California, accounting for more than 99% of all businesses. 1,2 Small business owners rely on business insurance to run profitable operations and protect their employees.

When looking for commercial insurance, it’s critical to understand that not all insurance companies are created equal. Over 1 million small business owners have benefited from our assistance, which is backed by over 200 years of experience.

This article will teach you how to get business insurance in California and how it can help you run a successful business.

How much does California small business insurance cost?

Huckleberry customers pay a $1,354 annual median premium for workers’ compensation. (On average, a standalone general liability policy costs $665, while a business owner’s policy costs $502).

Rates are highly variable, and your costs will vary depending on where your company is located, the type of business you operate, and the policy limits you choose.

Elements that influence the cost of your commercial insurance

A number of factors influence your business insurance premium. Typically, the most important factors are your profession, the number of employees, and the need for insurance. These factors can vary greatly between businesses.

A profession.

Different business models carry varying degrees of risk. A business type with a higher risk reputation can expect to pay more than one with a lower risk reputation. Contractors and tree trimmers are two high-risk occupations. Their work is physically demanding and frequently involves using power tools on other people’s properties. These factors increase exposure.

These risks are not shared by a financial advisor who works from home, so they are not factored into their fee. Are they going to pay less? Maybe, but there’s no guarantee. Professional services are subject to a different type of risk, so they frequently require professional liability insurance to protect themselves.

The number of employees.

Businesses with a large number of employees can expect to pay more for insurance because they are more likely to file claims than those with fewer or no employees. Each additional employee raises the possibility of mishaps and accidents that could result in a claim.

If a company has employees, it is required to carry workers compensation insurance. Almost every state requires this, which raises the cost of your business insurance.

Coverage requirements.

Your premium will be affected by the level of coverage you select. A $1 million/$2 million aggregate small business policy, for example, will usually cost more than a $1 million/$1 million aggregate policy.

California Business Insurance Coverage Options

Let’s go over the main advantages of business insurance.

1. California Business Owner’s Policy

A Business Owner’s Policy (BOP) is a common type of insurance foundation for California businesses. This ensures they have:

  • Liability protection.
  • Commercial property insurance.
  • Income protection for businesses.

A BOP can help you defend your small business in California against claims that may arise during normal business operations.

  • If your company is at risk of being sued for causing bodily harm or property damage to a third party, you should obtain a BOP.
  • has a physical address, whether rented or owned.
  • Makes use of potentially damaged or stolen material, whether physical or digital.

2. California Commercial Property Insurance.

Commercial property insurance protects the structure you own or rent for your business, as well as the tools you use to run it.

3. Business Income Insurance in California

When covered property damage prevents you from opening your business in California, business income insurance helps you replace your lost income (Fire, Wind, and Theft).

California’s top five commercial insurance providers

There are thousands of businesses in California that offer business insurance. Choosing the best company for the right coverage may be more difficult than it should be for a small business. We researched and identified the top five businesses for your consideration.

1. Hiscox

Hiscox has provided a comprehensive range of commercial insurance products since its inception in 1901. Hiscox provides the best professional liability insurance in California to meet your needs as a professional. Furthermore, the company creates each and every commercial insurance policy for GEICO.

Costs: The yearly minimum premium for Hiscox’s general liability insurance is $350. When combined with property insurance in a BOP, the annual minimum premium rises to $500. Professional liability insurance starts at $280 per year.

2. Liberty Mutual

Liberty Mutual is a major insurance company in the United States. They have been in business since 1912 and serve all businesses in California. With such extensive experience, the company offers its clients the best general liability insurance. They also provide commercial auto insurance, umbrella insurance, and other coverages to businesses in California.

The BBB’s B+ rating attests to Liberty Mutual’s credibility. It also has a lot of positive online user reviews.

Costs: However, the majority of businesses can expect to pay premiums ranging from $200 to $3,000. Combining different types of coverage into a BOP saves money over purchasing separate policies.

Working with an agent to get a quote is the only way to get cost information from Liberty Mutual.

3. CoverWallet

Online shopping mall You can buy business insurance through CoverWallet. The company does not provide insurance; rather, it connects business owners with reliable commercial insurance providers who provide the necessary coverage. The company takes pride in making it as simple as possible for business owners to purchase business insurance.

Costs: Users can receive estimated quotes by entering the necessary details, such as the business’s location and annual revenue, into Coverwallet’s online quoting system. Coverwallet can provide you with a list of potential insurance companies that can provide you with the best coverage based on your industry, location, revenue, and risks.

4. The Hartford

The Hartford is our top pick because it can offer more coverage inclusions in its small business insurance policies and industry-specific packages than its competitors. Customers give its small commercial line experts high marks for servicing and claim support.

Costs: The Hartford, like the majority of insurance companies, does not reveal exact pricing until customers request a quote. Stretch, Stretch Plus, Super Stretch, and Premier Stretch are the four levels of coverage that have recently been added to the company’s BOP endorsements. Stretch, the most basic level, covers the most common risks faced by small business owners and typically adds about $100 to a BOP.

5. Embroker

Embroker, one of the top business insurance brokers on our list, began as an online broker. Since then, it has developed a few unique products to meet the insurance needs of startups. Embroker has a competitive advantage in terms of application speed due to its collaboration with reputable carriers and internal development. Management liability insurance, which is typically placed with other carriers over the course of weeks, is now available to tech companies immediately.

Costs: Embroker reserves the right to charge extra for its services. The company also offers a risk review to help business owners identify areas where they can reduce premiums. Startups supported by venture capital firms can also earn a premium credit of up to 25% by enrolling in Embroker’s Venture Capital Program.

Conclusion

In our search for the best small business insurance providers, we looked for characteristics such as nationwide availability, adaptable coverage options, competitive pricing, and positive customer feedback. To provide the best protection against your key risks, make sure the provider you choose for your small business is knowledgeable about your industry.

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