One step you should never overlook in the business formation process is acquiring the necessary insurance policies to protect your company’s assets. The vast majority of businesses with physical locations — and many home-based and remote companies as well — should have at least one insurance policy.
Finding the right insurance company for your needs is every bit as important as choosing the right type of insurance coverage. And it’s hard to break down a single “best small business insurance company” because different companies have varying needs from insurers. That’s why we put together our guide to the top small business insurers in seven different categories to help your business find the right insurance company.
Chubb topped our list as the insurer best-known for efficient claims payment. But is this the best insurer for your small business?
Which Small Business Insurance Policies Does Chubb Offer?
With Chubb, small business customers have access to a wide variety of policies, including these popular coverages:
- Business liability: This type of insurance protects your business from third-party bodily injury or property damage claims, as well as matters of libel and slander.
- Commercial property: If you own or rent physical space for your business, or if your company uses equipment in its operations, this policy provides coverage for these assets.
- Business Owner’s Policy (BOP): With Chubb’s BOP, you’ll receive both business liability and commercial property insurance.
- Workers’ compensation: If you have employees, your state requires you to have workers’ comp to protect them from injuries and illnesses (unless you’re in Texas, the only state that doesn’t require it).
- Professional liability: Does your business operate in a licensed profession (such as for doctors, lawyers, chiropractors, etc.)? If so, professional liability insurance will protect you against professional errors, which is why this is also sometimes referred to as errors and omissions insurance.
- Cyber Enterprise Risk Management: If your business suffers a data breach, this policy will help you cover the expenses of having your customers’ personal information exposed. Chubb’s cyber insurance policy is one of its core offerings, and it’s packed with valuable features and coverages.
- Foreign package: If your U.S.-based business has operations overseas, the Chubb foreign package policy is specially tailored to the needs of small businesses. It covers everything from foreign workers’ compensation and employer’s liability to emergency medical and political evacuations.
For larger companies, Chubb has an incredible array of commercial insurance policies and industry-specific plans — the policies listed above are just the ones that Chubb has specially tailored to small business customers.
Chubb Small Business Insurance Review
Chubb is Incorporation Guru’s top overall pick for the company with the most efficient claims payment. Let’s dig into the details to find out why and determine if this is the right company to provide your small business insurance policies.
All things considered, Chubb is a more recent addition to the small business insurance landscape, as it has only been around since 1985. That said, Chubb has risen to the top of the pack in a big hurry, as this is now the leading commercial insurer in the United States.
Chubb underwrites more business insurance policies than any other American insurer, and the top-quality service they’re able to provide is a reflection of that popularity.
Chubb is well-known for paying claims efficiently and fairly, which is most people’s top priority when choosing a business insurance provider. This company has tremendous financial strength and an excellent reputation, so you will never find yourself nervously wondering whether or when they’re going to pay a claim.
Chubb also has a strong reputation according to two trusted industry analysis firms: J.D. Power and the National Association of Insurance Commissioners (NAIC). According to J.D. Power’s 2021 U.S. Small Commercial Insurance Study, Chubb ranks as an above-average insurer for customer satisfaction and one of the top five insurance companies in the U.S. in this metric.
Meanwhile, Chubb also has a better-than-average score in the NAIC’s National Complaint Index, which weighs the number of complaints each insurer receives from customers against an industry-average complaint ratio. With the standard being a rating of 1.00, Chubb checks in at 0.93, meaning Chubb receives roughly 7% fewer complaints than the average insurance company.
Small business insurance premiums can vary significantly from insurer to insurer, as well as from industry to industry. With Chubb, we’ve found that small business policies have roughly average pricing compared to other major insurers. There are some smaller online-only insurance companies that offer better rates, but Chubb is right in line with what you’d expect from a legacy insurer.
Our Final Thoughts
Chubb is our top pick for small business insurance customers seeking a company with efficient and fair claims payment. The fact that it has strong J.D. Power and NAIC scores for customer satisfaction doesn’t hurt either!
With a broad selection of small business insurance policies and a higher volume of business customers than any other insurer, we wouldn’t hesitate to recommend Chubb to our family and friends.
Still, if you want to take a look at our recommended insurers for other categories — such as the best options for commercial auto insurance, industry-specific policies, and more — take a look at our complete guide to the best small business insurance providers.