The Most Affordable Small Business Insurance Companies in 2023

Last Updated:
February 14, 2023

The Most Affordable Small Business Insurance Companies in 2023

As a small business, having insurance is crucial as it offers peace of mind, and helps ease financial burdens in certain situations. However, insurance packages can be expensive, especially for full coverage. Below are some of the most affordable small business insurance companies you should consider, and why.


With Next, businesses can access a wide range of affordable small business insurance coverage options. Better yet, businesses can get coverage online in about 10 minutes, or opt to call and speak with a local advisor. All insured businesses get a live certificate of insurance and have the ability to customize their coverage. Some insurance coverage types available from Next include;

  • Business Owner’s Policy (Starting at $400 annually)
  • Commercial Auto Insurance
  • Worker’s Compensation Coverage
  • Professional Liability Insurance
  • Tools and Equipment Insurance

Businesses can opt to pay monthly or annually and can earn discounts by bundling plans. Find out if Next is right for your business by applying for a free online quote today.


If you are an independent contractor or freelancer, Hiscox is a great option for insurance. There are various customization options available, and they offer amazing customer service. Some of the insurance coverage options include;

  • Business Owner’s Policy (Starting at $500 annually)
  • Short-term Liability Insurance
  • Business Interruption Insurance
  • Electronic Data Loss Insurance
  • Professional Liability Insurance
  • General  Liability Insurance

Hiscox offers monthly payments with no fees, making it easy for freelancers or contractors to pay and update insurance as necessary.


For businesses in the food industry, Huckleberry could be the perfect insurance company for your needs. They cater specifically to restaurants, caterers, food trucks, and other food businesses. All policies offered through Huckleberry are underwritten by Markel or Chubb, thus, ensuring quality insurance coverage. Below is a quick look at some of the insurance options available;

  • Business Owner’s Policy (Starting at $444 annually)
  • Spoilage Coverage
  • Food Contamination Insurance
  • Equipment Coverage
  • Worker’s Compensation
  • Commercial Auto Insurance
  • Liquor Liability Coverage

Fees are paid annually, and online insurance certificates are available for each policy. See if Huckleberry is right for your needs by requesting a free online quote today.


This insurance company is backed by Berkshire Hathaway and offers a wide range of industry-specific coverage options. This makes BiBerk great for any small business looking for secure, guaranteed insurance coverage. Furthermore, as Berkshire Hathaway backs the company, businesses are assured of financial stability and quicker payouts in an emergency. Some popular insurance coverage options include;

  • Business Owner’s Policy (Starting at $500 annually)
  • Commercial Auto Insurance
  • Worker’s Compensation Insurance
  • Umbrella Insurance
  • Professional Liability Insurance
  • Industry Endorsements
  • Cyber Liability Coverage

Policyholders get amazing customer service, and policies can be obtained in just a few minutes online. Apply for a free, instant quote online today.


For businesses needing short-term, on-demand insurance coverage, Thimble is a great option. In fact, Thimble offers general liability and professional liability insurance by the hour. This is great for events, or conferences that require extra coverage not included in your standard insurance plan. Insurance policies available through Thimble include;

  • Business Owner’s Policy (Starting at $500 annually)
  • Professional Liability
  • Short-term Event Coverage
  • Worker’s Compensation C
  • Business Equipment Protection
  • Cyber Insurance (in some states)

Thimble does not offer commercial auto insurance. Additionally, businesses must be making under $5 million in revenue annually to be eligible for coverage. The customer service team is contactable via live chat or phone call and can answer any questions you have about coverage. This is especially helpful when creating a short-term coverage plan for an event.

While these are the most affordable small business insurance companies, there are various other insurance companies like Chubb and State Farm that also offer great coverage options. However, keep in mind the size of your business, and your revenue when deciding on the best insurance option. After all, your business likely has specialized coverage needs, and thus, requires a custom insurance package. We recommend that you request quotes from various companies before making your final choice.

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