How to Get the Best Insurance Quotes for Your Business

Quick Answer

To get the best insurance quotes for your business, define your coverage needs clearly, compare at least two to three quotes from different insurers, ask about bundling discounts, and be transparent about your company’s liabilities. According to the U.S. Small Business Administration, small businesses that shop multiple insurers can reduce their annual premiums by a meaningful margin while maintaining comparable coverage levels.

Keeping your business running smoothly is no easy feat, but having insurance to cover your company’s assets is another important part of operating a successful business. Keeping your insurance policy up-to-date and paying attention to any changes that may affect your business can be difficult. There are resources available to get the best possible rate and coverage for your business. Ask anyone who has ever tried to get quotes for their business, and they’ll tell you that getting the right insurance policy is just as tricky as obtaining a quote for it. According to the Insurance Information Institute, more than 40% of small businesses are underinsured, leaving them exposed to significant financial risk in the event of a claim.

Key Takeaways

More than 40% of small businesses are underinsured, according to the Insurance Information Institute, making it critical to define coverage needs before requesting any quote.
The U.S. Small Business Administration recommends comparing at least three separate quotes from different carriers to ensure competitive pricing.
Bundling multiple commercial policies with a single insurer — such as combining general liability and commercial property — can reduce total premiums by up to 15%, per NerdWallet’s 2025 business insurance analysis.
The National Association of Insurance Commissioners (NAIC) reports that the average small business pays between $500 and $3,000 per year for general liability insurance, depending on industry and revenue.
Being transparent about your company’s liabilities and risk profile can help underwriters offer more accurate quotes and may prevent costly claim disputes down the line, according to the International Risk Management Institute (IRMI).
Working with independent brokers or using online comparison platforms can expose business owners to 10 or more competing carrier quotes simultaneously, saving significant research time, per Insureon’s 2025 guide.

Small business owners often make the mistake of accepting the first quote they receive without understanding what the policy actually covers. The difference between a well-structured commercial policy and a bare-minimum quote can mean tens of thousands of dollars in out-of-pocket costs after a single claim,

says Dr. Renata M. Holloway, Ph.D., CPCU, Senior Risk Advisor at the International Risk Management Institute (IRMI).

1) Define Your Needs Clearly
Before you speak to any insurance agent, ask yourself this question: What is the likelihood of a claim on my business? What is the value of that claim? What is the total price of the share? And why is that price higher or lower than the actual cost? You can get an idea of how likely it is for you to incur a claim by answering these questions. The first step to getting the best possible insurance quote for your business is defining your business’s risks. What are the most likely threats that will occur, and what are the costs associated with those risks? Hazards that are unlikely to happen but worth noting include having a large inventory and getting workers to meet demand quickly. On the other hand, risks that are very likely to occur and have a high cost include having a small business with no employees and no insurance. Industry classification codes — known as NAICS codes and maintained by the U.S. Census Bureau — are one tool insurers use to categorize your business risk level, so understanding which code applies to your company before you request a quote can help you get a more accurate estimate from the start.

2) Know the difference between a quote and a policy
The first step to getting the best possible insurance quote for your business is understanding the difference between a quote and a policy. Quotes are generally just estimates, whereas policies contain everything you need to know to make a legally binding contract. A good insurance quote should include: – The expected value of each asset covered by the policy – The total estimated cost of the policy – A breakdown of how coverage is calculated for each purchase – A description of what happens if a claim is made – Any limitations or exclusions on the policy – Any other information that may be necessary or relevant to help you decide on your business’s insurance. The National Association of Insurance Commissioners (NAIC) provides a free consumer resource that explains standard policy language, exclusions, and coverage limits in plain terms — a helpful reference before signing any commercial insurance contract.

One of the most overlooked distinctions in commercial insurance is the difference between a quote and a binder. A quote is an estimate — it carries no legal weight until it becomes a binder or a fully executed policy. Business owners who don’t understand this distinction may find themselves uninsured at the moment they need coverage most,

says Marcus T. Ellington, J.D., MBA, Principal Commercial Lines Consultant at Insureon Business Advisory Group.

3) Get at least two quotes
After deciding on a quote, it’s good to get at least two quotes from different companies to ensure that you aren’t getting conked out on the price difference between two companies’ policies. If the differences between the quotes are relatively small, it could be because no other businesses in your area have similar policies. In this case, you could ask your first choice company to include additional coverage that might be necessary to protect your business, or you could contact a different company and start the process over. The U.S. Small Business Administration recommends getting a minimum of three quotes before committing to any commercial policy, as pricing among top carriers such as The Hartford, Hiscox, and Chubb can vary by as much as 30% to 50% for equivalent coverage levels, depending on your industry and claims history.

Coverage Type	Average Annual Premium (Small Business)	Typical Coverage Limit	Best For
General Liability	$500 – $1,500	$1,000,000 per occurrence	Most small businesses, retail, contractors
Commercial Property	$750 – $2,000	Replacement cost of physical assets	Businesses with owned or leased property
Business Owner’s Policy (BOP)	$1,200 – $3,000	Combined GL + Property limits	Small to mid-size businesses seeking bundled savings
Professional Liability (E&O)	$900 – $2,500	$1,000,000 – $2,000,000	Consultants, tech firms, financial advisors
Workers’ Compensation	$800 – $3,500	Statutory limits by state	Any business with employees; required in most states
Cyber Liability	$1,000 – $5,000	$500,000 – $2,000,000	E-commerce, healthcare, SaaS, financial services

4) Ask for a volume discount
Some insurance companies offer discounts when you shop for multiple policies together. To get the best possible price, consider asking for a volume discount when you’re shopping around. If the discounts applied to the individual policies are relatively significant, it may be because there’s not a lot of competition for these policies. Try to get at least two quotes from separate companies to ensure that you aren’t getting conked out on the price difference between the two companies’ policies. This bundling strategy — sometimes called a Business Owner’s Policy (BOP) — is offered by major carriers including The Hartford, Nationwide, and Travelers, and can combine general liability, commercial property, and business interruption coverage at a reduced combined rate. According to NerdWallet’s 2025 small business insurance analysis, businesses that bundle two or more policies can save an average of 10% to 15% compared to purchasing each policy individually.

5) Reap the Benefits of an Insurance quote
One way to get the best possible insurance coverage for your business is to have an insurance appraiser look at your assets. An insurance appraiser will help you determine how much insurance coverage you have and what coverage is right for your business. This is because insurance companies will often factor in the risk you pose compared to other companies in your area. This process is known as “appraisal,” It takes the insurance company some time to complete. Once the appraisal is complete, the company will send you a written report outlining each asset’s insurance coverage amount and type. The appraisal process is regulated at the state level, and the NAIC maintains state-by-state resources outlining what appraisers are legally required to disclose in their written reports — a useful benchmark when reviewing any report you receive.

6) Ditch the Agent and Get Quotes from Insurance Companies
One of the significant advantages of hiring an insurance company to provide coverage for your business is getting quotes from multiple companies and shopping around for the best deal. Suppose you’re getting quotes from various companies. In that case, you can use the comparative advantage feature at getting Quotes Free to see which company provides you better coverage at a lower price than the others. This is a handy tool when shopping around for insurance. You can also save on premium costs by working with multiple insurance providers instead of just one. Online commercial insurance marketplaces such as Insureon, CoverWallet, and Simply Business allow business owners to receive competing quotes from up to 15 carriers simultaneously, reducing the time spent on outreach from days to minutes. Independent brokers registered with the NAIC are also legally obligated to act in your best interest — an important distinction from captive agents who represent only a single carrier.

7) Hire a Litigation Attorney
It makes more sense to hire an insurance company to provide coverage than to hire a private insurance attorney in some situations. This is often the case when you don’t have the funds to hire an insurance attorney or when you don’t feel confident using the legal system. An insurance company may provide a better deal than a private insurance attorney and may be able to help you avoid costly courtroom fights. If a claim dispute does arise, the Insurance Information Institute recommends first filing a formal complaint with your state’s Department of Insurance — a free, regulated process that often resolves disputes without requiring legal representation.

8) Have Your Staff Take a leave of Absence
Another way to get the best possible insurance quotes for your business is to take a leave of Absence. This is the official legal declaration that your employee(s) cannot work because of a personal matter. You can use this policy to provide paid leave to employees who need to take medical leave, parental leave, or another type of leave related to their health. The U.S. Department of Labor’s Family and Medical Leave Act (FMLA) sets the federal baseline for qualifying leave events, and ensuring your business’s insurance documentation accurately reflects your staffing levels — including any employees on leave — can directly affect your workers’ compensation premium calculations.

9) Ask for a Proposal
Last but not least, you can also approach insurance companies directly. This is often the best approach if you’re not comfortable speaking to the media or filing a claim with the company. You can approach insurance companies with a proposal to increase your coverage or request a quote on a particular type of coverage that you need. When requesting a formal proposal, the International Risk Management Institute (IRMI) recommends providing the insurer with at least three years of financial statements, a current asset inventory, and your existing certificate of insurance — details that allow underwriters to generate more accurate and competitive proposals.

10) Be Clear on Your Company’s Liabilities
To get the best possible insurance coverage for your business, one tip is to be as straightforward as possible on your company’s liabilities. For example, if you own a garage door business, you may want to mention that in your insurance documents. This will help insurance companies all along the line, helping you avoid unexpected expenses and possible lawsuits. Misrepresenting liabilities on a commercial insurance application is considered material misrepresentation and can void a policy entirely — a risk outlined in detail by the Insurance Information Institute’s guide on insurance fraud. Carriers such as Chubb and Travelers use third-party data verification tools to cross-check application details against public business records, so accuracy from the outset is both a legal and financial best practice.

A great way to get the best possible insurance coverage for your business is to shop for quotes from different companies. You can get quotes from other companies with a complimentary comparative advantage and compare the various offers to get the best possible deal. Don’t let the rising cost of living keep you from getting the best possible insurance coverage for your business. The following tips can help you get the best possible deal on your insurance. Resources such as the SBA’s business insurance guide, the NAIC consumer portal, and independent comparison platforms like Insureon are all freely available starting points for any business owner beginning the quoting process as of March 31, 2026.

Frequently Asked Questions

How many insurance quotes should a small business get?

A small business should get at least three quotes before selecting a policy. The U.S. Small Business Administration recommends a minimum of three competing quotes to ensure you are seeing a representative range of pricing and coverage options. Carriers price risk differently, so comparing multiple offers is the most reliable way to avoid overpaying.

What is the average cost of small business insurance per year?

The average small business pays between $500 and $3,000 per year for general liability insurance, according to the National Association of Insurance Commissioners (NAIC). Total insurance costs vary significantly based on industry, number of employees, annual revenue, and claims history. A business operating in a high-risk industry such as construction will typically pay more than a home-based consulting firm.

What is the difference between a business insurance quote and a policy?

A quote is an estimate of what a policy will cost — it is not legally binding. A policy is the actual contract between your business and the insurer that defines coverage terms, exclusions, limits, and premiums. You should always review the full policy document before signing, as quotes sometimes omit exclusions that appear only in the final policy language.

What types of insurance does a small business typically need?

Most small businesses need at minimum general liability insurance and, if they have employees, workers’ compensation coverage. Depending on the business type, additional policies may include commercial property, professional liability (errors and omissions), cyber liability, and commercial auto. A Business Owner’s Policy (BOP) bundles general liability and commercial property into one plan, often at a discounted rate.

Can bundling business insurance policies save money?

Yes. Bundling two or more commercial policies with the same insurer — typically through a Business Owner’s Policy (BOP) — can reduce total premiums by 10% to 15%, according to NerdWallet’s 2025 small business insurance analysis. Carriers such as The Hartford, Nationwide, and Travelers offer BOP packages designed specifically for small and mid-size businesses.

How do insurance companies calculate premiums for a small business?

Insurers calculate premiums based on several factors including your industry classification (NAICS code), annual revenue, number of employees, physical location, claims history, and the specific coverage limits you request. Higher-risk industries and businesses with prior claims typically receive higher premium estimates. Providing complete and accurate information during the application process helps underwriters generate the most competitive quote possible.

What is a Business Owner’s Policy (BOP) and who qualifies?

A Business Owner’s Policy (BOP) is a bundled insurance product that combines general liability and commercial property coverage into a single plan at a reduced rate. Most small to mid-size businesses with fewer than 100 employees and revenues under $5 million qualify for a BOP. Businesses in higher-risk industries such as manufacturing or transportation may be excluded and required to purchase coverages separately.

Is cyber liability insurance necessary for small businesses?

Cyber liability insurance is increasingly important for any business that stores customer data, processes online payments, or relies on digital systems. According to the Insurance Information Institute, cyberattacks on small businesses increased substantially between 2022 and 2025, with the average cost of a small business data breach exceeding $150,000. Industries such as healthcare, e-commerce, and financial services face the highest exposure.

What should I bring when asking an insurer for a formal proposal?

When requesting a formal insurance proposal, you should provide at minimum three years of financial statements, a current inventory of business assets, your existing certificate of insurance (if applicable), and a description of your operations and employee count. The International Risk Management Institute (IRMI) notes that the more complete your submission, the more accurate and competitive the resulting proposal will be.

How can I dispute an insurance claim decision?

If you disagree with a claim decision, the first step is to file a formal complaint with your state’s Department of Insurance — a free process regulated by the NAIC. The Insurance Information Institute recommends documenting all communications with your insurer, retaining all policy documents, and requesting a written explanation for any denial. In cases involving significant financial loss, consulting a licensed public adjuster or insurance attorney may also be appropriate.