AdvisorSmith evaluated financial strength, customer satisfaction, ease-of-use, and more to find the best business owner's policy (BOP) insurance providers.
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 insure 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.
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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 & Poors, 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 3.5 or higher.
The Best Business Owner’s Policy Insurance Companies
| Rank | Company | AdvisorSmith Rating |
|---|---|---|
| 1 | Berkshire Hathaway Guard | 5.0 / 5.0 |
| 2 | The Hartford | 4.7 / 5.0 |
| 3 | Allstate | 4.6 / 5.0 |
| 4 | Chubb | 4.6 / 5.0 |
| 5 | Travelers Insurance | 4.5 / 5.0 |
| 6 | Progressive Commercial | 4.4 / 5.0 |
| 7 | Nationwide | 4.3 / 5.0 |
| 8 | State Farm | 4.3 / 5.0 |
| 9 | Hiscox | 4.1 / 5.0 |
| 10 | AmTrust Financial | 4.0 / 5.0 |
| 11 | CNA | 3.9 / 5.0 |
| 12 | Liberty Mutual | 3.8 / 5.0 |
*Not all insurance companies provide coverage in all states.
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 3.5 or more are listed below.
Berkshire Hathaway Guard
5.0 / 5.0
Berkshire Hathaway Guard has an AM Best rating of A++ and a Standard & Poors 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.
The Hartford
4.7 / 5.0
The Hartford has been given an A+ rating by both AM Best and Standard & Poors, reflecting strong financial footing and a 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.
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.
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.
Allstate
4.6 / 5.0
Allstate has an A+ rating from AM Best and an AA- rating from Standard & Poors, indicating that it has a strong financial position. Allstate’s policies may include equipment breakdown coverage and many other optional endorsements. Coverage for home-based businesses is available and includes coverage for off-premises activity and credit card coverage.
Other additional options that can be added to a BOP include cyberattack and data breach coverage, employee dishonesty, inland marine insurance, and shield endorsements designed to provide extra protection for valuable equipment or records necessary to your business.
Allstate provides online quotes, online claims reporting and tracking, and a variety of resources for small business owners. Allstate’s online chat function can also help business owners quickly receive answers to common questions.
Chubb
4.6 / 5.0
Chubb has an A++ rating from AM Best and an AA rating from Standard & Poors, 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.
You will need to connect with an agent to obtain a quote from Chubb, but the company does offer 24/7 claims assistance online and via phone, as well as other online resources for business owners.
Travelers Insurance
4.5 / 5.0
Travelers Insurance is considered a financially strong insurer, with a rating of A++ from AM Best and AA from Standard & Poors. Travelers has also received high marks in customer satisfaction ratings for commercial insurers from J.D. Power.
Travelers offers coverage that can be tailored to suit many industries, including retail, restaurants, contractors, real estate, healthcare, pet care, religious organizations, technology, garages, and more.
You will need to contact an agent to receive a BOP quote from Travelers. The company offers online claim management and a range of articles and risk control resources to assist small business owners.
» Learn more from Travelers Insurance.
Progressive Commercial
4.4 / 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 online quotes and online claim handling. Coverage is available for many small and midsize businesses, including restaurants, contractors, retailers, and wholesalers. Policies can include a number of endorsements for risks such as earthquakes.
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. Progressive also offers online guides to reducing risks for small businesses.
» Learn more from Progressive Commercial.
Nationwide
4.3 / 5.0
Nationwide received A+ ratings from both AM Best and Standard & Poors, 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 breakdowns, commercial crime, cyberattacks, accounts 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.
State Farm
4.3 / 5.0
State Farm’s financial strength is rated as A++ by AM Best and AA by Standard & Poors, meaning that it has an excellent level of financial strength. The company’s BOP form may feature coverage for accounts receivable, computer equipment, equipment breakdown, and money and securities as well as property, liability, and business income. Additional coverage for peak seasons is also available.
Endorsement options include data compromise, employee dishonesty, and utility interruption coverages. Policies are available for many industries, such as contractors, restaurants, landlords, medical offices, professional services, nonprofits, specialty schools, and others.
State Farm does not offer online quotes, so business owners will need to contact an agent to obtain coverage or get more information.
Hiscox
4.1 / 5.0
Hiscox received A ratings from both AM Best and Standard & Poors. The company’s business owner’s policies are specifically targeted to small professional services businesses with 10 or fewer employees. This can simplify the quoting and purchasing process for companies in this field.
Hiscox offers online quotes and assistance from insurance advisors who focus on professional services companies. Claim reporting is available 24/7. Discounts are available for companies using risk management practices and those with more than one policy from Hiscox. Policies can be customized with endorsements for hired or non-owned auto liability, commercial crime insurance, electronic data loss, and terrorism.
AmTrust Financial
4.0 / 5.0
AmTrust Financial has an A- rating from AM Best, which means that it has a strong ability to meet its financial obligations, but is not as highly rated as other insurers. Policyholders with workers’ compensation coverage from AmTrust may be eligible for a discount on a BOP. The company offers coverage for hundreds of business classes, including grocery stores, apartment complexes and condos, offices, restaurants, retail stores, and wholesalers. Coverage can be customized with endorsements providing coverage for spoiled merchandise, electronic data, equipment breakdown, forgery, and more.
AmTrust offers online quotes and an online chat option to answer questions. Claims may be reported online, and AmTrust’s mobile app allows customers to make payments, view policy information, and access live chat functions.
» Learn more from AmTrust Financial.
CNA
3.9 / 5.0
CNA received an A rating from AM Best and an A+ from Standard & Poors and is financially stable. The company’s base form for BOPs automatically includes blanket coverage for additional insureds, employment practices and fiduciary liability coverage, equipment breakdown coverage, and a number of others.
CNA offers a wide range of optional endorsements, including international coverage and data breach coverage. Professional liability coverage can be added for many professions including personal care, dental labs, veterinarians, kennels, counselors, photographers and videographers, wedding consultants, and more.
CNA offers online quotes, but you will need to speak to an agent to receive more information about coverage for your business, as the company’s website does not offer extensive explanations about coverage needs.
Liberty Mutual
3.8 / 5.0
Liberty Mutual received A ratings from both AM Best and Standard & Poors, indicating that it has a strong ability to meet financial obligations. The company offers BOPs tailored for a variety of types of small or midsize businesses, including beauty professionals, florists, medical offices, and more. You can customize your policy with endorsements such as data theft and cyber liability coverage.
Liberty Mutual does not offer online quotes and does not provide extensive online information about their business owner’s policy offerings. You will need to connect with an agent for more details.
» Learn more from Liberty Mutual.
Methodology
In order to determine the best business owner’s policy insurance providers, AdvisorSmith considered a number of factors that reflect an insurer’s financial strength, customer satisfaction, and ease-of-use. Using our own proprietary scoring algorithm, we weighted the various factors based upon what we believe to be important for small and midsize business owners. These factors included carrier ratings from AM Best and Standard & Poors, customer satisfaction data from several J.D. Power studies, complaint ratings from the National Association of Insurance Commissioners, an evaluation of each insurer’s policies, options, and website features, and more. 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 3.5 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.
