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The Best Business Owner’s Policy Insurance for 2022

Best Business Owner's Policy Insurance

Business owner’s policies (BOPs) are a common small business insurance product offered by many insurers. When shopping for a BOP, it’s important to be aware of your business’s individual needs as well as the types of policy options available from an insurer. It’s crucial to ensure that your insurer is financially stable and will be able to pay out large claims if a major incident occurs. It’s also important to choose an insurer that offers good customer support—you’ll want to make sure your insurer is available and ready to assist when a claim arises. 

To determine the best business owner’s policy insurance companies, AdvisorSmith considered a number of factors, including financial strength ratings from AM Best and Standard & Poor’s, customer satisfaction data from several J.D. Power studies, complaint ratings from the National Association of Insurance Commissioners, available features and options, and availability of information and ease-of-use of the insurers’ websites. We scored insurers out of a total of five points and only included those companies that scored 4.0 or higher.

The Best Business Owner’s Policy Insurance Companies

RankCompanyAdvisorSmith Rating
1The Hartford5.0 / 5.0
2Nationwide4.9 / 5.0
3Berkshire Hathaway Guard4.8 / 5.0
4Chubb4.6 / 5.0
5Progressive Commercial4.5 / 5.0
6State Farm4.4 / 5.0
7Hiscox4.3 / 5.0
8AmTrust Financial4.1 / 5.0
9CNA4.0 / 5.0
10Liberty Mutual4.0 / 5.0

*Not all insurance companies provide coverage in all states.

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More on the Best Business Owner’s Policies

AdvisorSmith found and rated the top business owner’s policy insurance companies on a five-point scale, based on financial strength, customer satisfaction, ease-of-use, and a number of other factors. While many insurers were evaluated, only those with a score of 4.5 or more are listed below.

5.0 / 5.0

The Hartford has been given an A+ rating by both AM Best and Standard & Poor’s, reflecting strong financial footing and an extremely low risk of default. For qualifying businesses, professional liability insurance can be packaged as part of a business owner’s policy, covering any lawsuits that may arise if customers accuse you of making mistakes or acting negligently in your professional work. 

  • Flexible, customizable business owner's policy
  • Quick online quote process
  • Clear explanations that define what’s covered and not covered under a plan
  • You can get a quote online, but you have to talk to an agent in order to complete a purchase
  • There are reported Workers Comp and FMLA claims issues
  • The Hartford does not do business in Alaska, Hawaii and New Jersey

The Hartford also offers endorsements for other risks, such as data breach coverage and business income for off-premises utility services. Data breach coverage includes access to experts who can help you prevent incidents or deal with breaches that occur.

AdvisorSmith Rating For The Hartford 

The Hartford offers online quoting, and customers can report claims, monitor claim status, and manage their accounts online as well. The company’s website offers extensive information about available BOP coverage and factors for businesses to consider when deciding on coverage.

» Learn more from The Hartford.

» Read The Hartford Commercial Review.


4.9 / 5.0

Nationwide received A+ ratings from both AM Best and Standard & Poor’s, which indicates a high level of financial strength. Nationwide’s BOPs are designed for businesses with less than $5 million in revenue and fewer than 100 employees. Coverage can be tailored to specific businesses such as auto repair, offices, retail, food service, and wholesale. Policies may include coverage for rented vehicles, equipment breakdownscommercial crimecyberattacksaccounts receivable, and more. 

Nationwide offers online quotes and 24/7 claims service. Articles and other loss control resources are available to help businesses handle incidents and reduce the likelihood of claims. 

» Learn more from Nationwide.

4.8 / 5.0

Berkshire Hathaway GUARD has an AM Best rating of A++ and a Standard & Poor’s rating of AA, indicating superior financial strength and extremely low levels of credit risk. The company offers business owner’s policies for many industries, including service industries, professional offices, restaurants, retailers, auto services, apartment complexes, and more. 

Policies feature built-in business income, commercial crime, and inland marine coverage, and there are a variety of endorsements available for equipment breakdown, data breaches, and other industry-specific needs. Businesses may be eligible for discounts on their premiums based on the characteristics of the business. 

Berkshire Hathaway GUARD offers online quotes, 24/7 claim reporting, and online self-service to manage policies. The company’s mobile app and online service center allow policyholders to pay premiums, generate certificates of insurance, view claims and documents, and chat with a representative. Loss control resources are available to help companies manage their risk. 

» Learn more from Berkshire Hathaway GUARD.

4.6 / 5.0

Chubb has an A++ rating from AM Best and an AA rating from Standard & Poor’s, indicating a high level of financial stability. The company offers BOPs for companies with up to $30 million in revenue. Policies are available for many industries, including financial services, food services, healthcare, manufacturing, real estate, retailers, technology businesses, and others. 

Chubb’s coverage offers a number of endorsements that may include coverage for data breaches, electronic data liability, employment practices liability, equipment breakdown coverage, crime, foreign liability, and kidnap and ransom coverage. Professional liability insurance can also be added to policies for those in certain industries, including salons, dentists, florists, and veterinarians. 

Chubb offers online quotes and 24/7 claims assistance online and via phone, as well as other online resources for business owners.

  • An extensive network of agents and brokers
  • Offers a wide variety of commercial insurance policies for numerous industries
  • Superior ratings from most major ratings firms, indicating financial stability
  • Offers discounts for home-based businesses
  • Good customer service
  • Some businesses may find Chubb's coverage options to be too comprehensive (and expensive) for their needs
  • Limited online quoting system
  • No live chat support on the website
  • Not a BBB-accredited company

AdvisorSmith Rating For Chubb

» Learn more from Chubb.

» Read our Chubb Commercial Review.

4.5 / 5.0

Progressive Commercial has an AM Best rating of A+ and a Standard and Poor’s rating of AA, which indicates that the company is financially stable and has a strong ability to pay claims. Progressive offers reliable online quotes and online claim handling. Coverage is available for many small and midsize businesses, including restaurants, contractors, retailers, and wholesalers. Coverages can include a number of endorsements and policy bundles. 

Progressive offers a team of in-house commercial insurance experts who can help you choose coverage that suits your business and budget. Information about business insurance by state is also available on the company’s website. Pricing is based on the type and amount of coverage you need, as well as the size and location of your business.

  • Reliable and affordable
  • Offers a variety of coverage options
  • Pricing is based on your specific needs
  • You can get a quote online
  • Coverage can start quickly
  • Not great customer satisfaction ratings
  • Not available in all states
  • Missing some types of coverage you may need to protect your business

AdvisorSmith Rating For Progressive

» Learn more from Progressive Commercial.

» Read our Progressive Commercial Review.

Brokers for Business Owner’s Policies

Business owner’s policies are sold by a wide variety of insurers, and this product is specifically catered toward small businesses that share similar coverage needs. Generally, BOPs offer the same coverage regardless of the insurer, so it makes sense for business owners to get multiple quotes from different insurers in order to get the best price. A good way to do this is through a broker that can understand your business needs and provide you with multiple quotes. Below, we’ve highlighted a few of the top brokers that offer business owner’s policies.

Embroker is an online broker offering online quotes, online claims, and 24-hour assistance via chat, email, or phone. A personal account manager can help with insurance needs and assist you in getting the right product liability insurance for your business. Embroker does not require you to provide equity, ownership, or financial statements, making it simple to apply for coverage. Policies can be tailored to individual needs, with the option to choose your own deductibles and limits. 

Embroker is backed by Munich Re, a financially strong insurer with an A+ rating from AM Best and an AA- rating from Standard & Poor’s.

Embroker Pros and Cons

As with any insurance provider, it’s essential to weigh the pros and cons of Embroker:

  • Instant quotes and online buying
  • Industry-specific coverage
  • Expert advisors
  • Real-time claims tracking
  • Low premiums
  • 24/7 customer service

  • Not as long-established as other companies
  • No official ratings available
  • No mobile app

AdvisorSmith Rating for Embroker

» Learn more from Embroker.

» Read our Embroker Commercial Review.

CoverageSmith is a leading online broker specializing in insurance for small businesses. The company provides a modern, tech-enabled solution for businesses, allowing them to quickly get the insurance they need, completely online, from some of the most trusted insurance carriers in the world, including Chubb, The Hartford, AIG, and CNA.

» Learn more from CoverageSmith.

CoverWallet is an online broker backed by Aon, an insurer with an A rating from AM Best. The company provides online quotes, assessments to help you understand what types of insurance your business needs, and online claims processes. It may be possible to manage your pre-existing insurance policies through CoverWallet.

  • You can get free quotes from multiple insurance carriers
  • They offer many coverage options
  • You can create your own convenient bundle package
  • You can use their online tools to pay your premiums, file claims and download a certificate of insurance for free
  • While the platform is owned by AON it is not clear who is offering the policy you are requesting until the end of the application. CoverWallet is not a business insurer itself
  • You may have to call in to complete your application

AdvisorSmith Rating For CoverWallet 

» Learn more from CoverWallet.

» Read our CoverWallet Commercial Review.

Thimble is backed by Markel Insurance Company, an established insurer known for its focus on small business coverage and strong financial footing, with A ratings from both AM Best and Standard & Poor’s. Thimble is known for offering flexible policies for small business owners that can be purchased by the job, month, or year.

  • Offers flexible policies for small business owners
  • Scalable plan model
  • Fast and efficient quote process

  • May overpay for policies you don’t need

AdvisorSmith Rating For Thimble

» Learn more from Thimble.

» Read our Thimble Commercial Review.

What is a business owner’s policy?

A business owner’s policy (BOP) combines the major property and liability risks that small businesses face into one convenient package. It also helps you save money, with lower premiums than buying the individual coverages separately.

The BOP includes liability, property, and business income insurance coverages. Specifically, these include:

What does a business owner’s policy cover?

A business owner’s policy provides general liability, commercial property, business income, and extra expense coverage.

General liability insurance covers three categories of damage: property damage, bodily injury, and personal and advertising injury. Under general liability, your insurer will cover the costs of any legal defense or attorney’s fees incurred while defending against covered lawsuits, as well as any medical payments. In the event that your business is sued because of an accident, general liability can help provide financial backing to help reduce the financial strain on your business.

Commercial property insurance helps protect the value of the physical assets your business owns. If an unforeseen accident or natural disaster hits your business, having property insurance can help your business recover. In the event of a covered incident, the insurer will pay you for the value of the lost or damaged property. Property insurance provides coverage for buildings or office space your business owns or leases, the contents of those spaces, and any property belonging to others that is in your care, custody, or control. Your business personal property, which is your property not including buildings, such as equipment, tools, computers, artwork, furniture, and inventory generally must be stored within 100 feet of your business premises to be covered.

Business income insurance provides coverage for loss of income and operating expenses if your business must temporarily close due to property damage. Also known as business interruption insurance, business income insurance will provide funds to address your lost income or revenue while your business is recovering from the damage that was directly caused by a covered peril. Business income insurance can help you get back into business by ensuring that you can meet your financial obligations while rebuilding your business. With a BOP, business income insurance usually has a 12-month maximum recovery period for your business to reopen.

Extra expense coverage covers extra expenses to keep your business running after an accident or disaster. It is valuable for businesses that need to operate right away after a disaster, or who can move to a temporary location to avoid a shutdown. Extra expenses coverage will cover anything beyond your normal day-to-day operating costs. This means anything above and beyond repairing your business’s physical property that you would not have incurred without the incident that damaged your business’s property, during the period of restoration.


In order to determine the best business owner’s policy insurance providers, AdvisorSmith considered a number of factors before arriving at a final decision. The main components AdvisorSmith evaluated are an insurer’s financial strength, customer satisfaction, and ease-of-use. Together, we believe these factors play a major role in addressing your insurance needs.

Financial Strength

The financial strength of an insurance company is one of the most important factors to consider when purchasing any type of insurance policy. It is a measure of an insurer’s ability to pay claims and meet other financial obligations. In order for AdvisorSmith to assess an insurer’s financial strength, we reviewed their rating from independent rating agencies such as A.M. Best and Standard and Poor’s. These agencies examine an insurer’s balance sheet, operating performance, and business profile to arrive at a rating that reflects their opinion of the company’s financial strength.

Customer Satisfaction

Another important factor that we considered is customer satisfaction. We believe that a company with high levels of customer satisfaction is more likely to provide a better overall experience, from the quoting process to filing a claim. To assess customer satisfaction, we review data from J.D. Power as well as complaint ratings from the National Association of Insurance Commissioners (NAIC).


Finally, AdvisorSmith considered ease-of-use. We believe that a company with a streamlined quoting and policy purchase process is more likely to provide a better overall experience. To assess ease-of-use, we reviewed insurance provider websites and mobile apps in the United States.

Using our own proprietary scoring algorithm, we weighted elements based upon what we believe to be important for small and midsize business owners. Our algorithm outputted a score out of five total points. While we considered a number of insurers, we only included in this article those companies that scored 4.0 or higher.

The AdvisorSmith rankings are based upon our editorial team’s quantitative and qualitative analysis, and they are intended to serve only as a guide for our readers. We encourage our readers to conduct their own research when selecting an insurer, shop and compare quotes, and make a decision based on their own unique business needs. 

AdvisorSmith is in no way compensated for any of our reviews.

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