Best Business Insurance for Insurance Agents in 2024 (Top 10 Companies)
Travelers, Chubb, and Liberty Mutual are the top picks for the best business insurance for insurance agents, with rates beginning at $95/month. These companies distinguish themselves through comprehensive coverage options and high client satisfaction, providing insurance agents with the protection they need.
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Travis Thompson
Licensed Insurance Agent
Travis Thompson has been a licensed insurance agent for nearly five years. After obtaining his life and health insurance licenses, he began working for Symmetry Financial Group as a State Licensed Field Underwriter. In this position, he learned the coverage options and limits surrounding mortgage protection. He advised clients on the coverage needed to protect them in the event of a death, critica...
Licensed Insurance Agent
UPDATED: Apr 16, 2024
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Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Apr 16, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
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We also highlight the significance of cyber insurance in today’s digital landscape, along with the various options available for protecting against unforeseen cyber risks. Additionally, we provide real-life case studies that illustrate the positive impact of having comprehensive insurance coverage for insurance agents.
Our Top 10 Company Picks: Best Business Insurance for Insurance Agents
| Company | Rank | Multi-Policy Discount | Low-Mileage Discount | Best For | Jump to Pros/Cons |
|---|---|---|---|---|---|
 | #1 | 15% | 10% | Accident Forgiveness | Travelers |
 | #2 | 10% | 10% | Policy Options | Chubb |
 | #3 | 30% | 30% | Customizable Polices | Liberty Mutual |
 | #4 | 17% | 10% | Many Discounts | State Farm |
 | #5 | 5% | 5% | Deductible Reduction | The Hartford |
 | #6 | 25% | 25% | Add-on Coverages | Allstate |
 | #7 | 10% | 10% | Military Savings | USAA |
 | #8 | 10% | 31% | Online Convenience | Progressive |
 | #9 | 10% | 10% | Customizable Policies | Hiscox |
 | #10 | 20% | 20% | Usage Discount | Nationwide |
Don’t miss out on the opportunity to safeguard your business and financial future. Compare rates from the best commercial insurance providers today and ensure you have the right protection in place.
Our free quote tool above makes it easy to compare affordable coverage options for your business — simply enter your ZIP code to find the best commercial insurance company for you.
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#1 – Travelers: Top Overall Pick
Pros
- Accident Forgiveness: Travelers offers accident forgiveness, helping to keep premiums stable in case of an accident.
- Generous Multi-Policy Discount: Provides up to 15% off for bundling multiple policies.
- Substantial Low-Mileage Discount: Offers a 10% discount for low-mileage users. Discover insights in our Travelers insurance review & ratings.
Cons
- Higher Base Rates: Base rates may be higher, potentially offsetting the discounts.
- Limited Policy Options: Fewer customizable options compared to competitors.
#2 – Chubb: Best for Policy Options
Pros
- Broad Policy Options: Chubb excels with a wide range of customizable policy options.
- Moderate Multi-Policy Discount: Offers a 10% discount on bundling policies. Unlock details in our Chubb insurance review & ratings.
- Consistent Low-Mileage Discount: Also provides a 10% discount for low-mileage usage.
Cons
- Premium Pricing: Generally, Chubb has higher pricing reflecting its premium offerings.
- Complex Policies: Policies can be complex, which might confuse new insurance buyers.
#3 – Liberty Mutual: Best for Customizable Polices
Pros
- Highly Customizable Policies: Liberty Mutual is known for its highly customizable policies.
- Maximum Discounts: Offers substantial discounts up to 30% for multi-policy and low-mileage.
- Diverse Offerings: Provides a range of options to meet various business insurance needs. Delve into our evaluation of Liberty Mutual insurance review & ratings.
Cons
- Premium Cost: Despite discounts, premiums can be high for extensive customizations.
- Complexity in Choices: The vast array of options may overwhelm some customers.
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#4 – State Farm: Best for Many Discounts
Pros
- Bundling Policies: State Farm offers significant discounts for bundling multiple insurance policies.
- High Low-Mileage Discount: Provides a substantial discount for low-mileage usage. Access comprehensive insights in our State Farm insurance review & ratings.
- Wide Coverage: Offers various coverage options tailored for different business needs.
Cons
- Limited Multi-Policy Discount: The multi-policy discount of State Farm is not as high compared to some competitors.
- Premium Costs: Despite discounts, State Farm’s premiums might still be relatively higher for certain coverage levels.
#5 – The Hartford: Best for Deductible Reduction
Pros
- Deductible Reduction: Offers a 5% reduction on deductibles, which can add up over time.
- Stable Coverage: Known for stable, reliable coverage across various business types.
- Policy Consistency: Maintains consistent terms across different policies. Discover more about offerings in our The Hartford insurance review & ratings.
Cons
- Lower Discounts: Offers less competitive discounts, with just 5% for multi-policy and low-mileage.
- Narrow Focus: May not offer as broad a range of policies as larger insurers.
#6 – Allstate: Best for Add-on Coverages
Pros
- Add-on Coverages: Allstate excels in offering additional coverage options that can be tailored.
- Generous Discounts: Provides up to 25% discount for both multi-policy and low-mileage.
- Flexible Policies: Flexible policy structures to suit diverse business needs. Check out insurance savings in our complete Allstate insurance review & ratings.
Cons
- Higher Costs: Additional coverages can significantly increase overall costs.
- Complex Policy Structure: The options for add-ons can make policy selection and management complex.
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#7 – USAA: Best for Military Savings
Pros
- Specialized Military Discounts: Offers discounts and services tailored to military personnel and their families.
- Loyal Customer Base: High customer loyalty due to focused service and comprehensive coverage.
- Competitive Discounts: Provides a 10% discount on both multi-policy and low-mileage. Read up on USAA insurance review & ratings for more information.
Cons
- Limited Eligibility: Services are limited to military members, veterans, and their families.
- Fewer Physical Locations: Limited physical offices can affect accessibility for some customers.
#8 – Progressive: Best for Online Convenience
Pros
- High Low-Mileage Discount: Offers the highest low-mileage discount at 31%.
- Online Management: Progressive is known for its user-friendly online services. More information is available about this provider in our Progressive insurance review & ratings.
- Flexible Policies: Offers flexible policies that can be managed and adjusted online.
Cons
- Inconsistent Agent Experience: Online focus can lead to variability in agent support.
- Limited Personal Interaction: Reduced personal interaction may not suit all clients.
#9 – Hiscox: Best for Customizable Policies
Pros
- Customizable Policies: Hiscox offers highly customizable policies, particularly suited to small businesses.
- Consistent Discounts: Offers a consistent 10% discount for both multi-policy and low-mileage.
- Specialized Coverage: Provides specialized coverage that caters to niche markets. See more details in our Insurance quotes online.
Cons
- Higher Pricing: Can be more expensive due to specialized nature.
- Limited Large Business Options: May not be as well-suited for larger corporations.
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#10 – Nationwide: Best for Usage Discount
Pros
- Usage-Based Discounts: Nationwide offers a significant 20% discount for usage-based savings.
- Extensive Network: Has a wide network, ensuring accessibility across many regions. See more details in our Nationwide insurance review & ratings.
- Flexible Policy Options: Offers a variety of policy options to suit different business needs.
Cons
- Variable Customer Service: Customer service quality can vary depending on the region.
- Complexity in Policies: The wide range of options can sometimes lead to complexity in policy management.
Comparative Monthly Premiums for Insurance Agents
When selecting business insurance, understanding the cost for varying levels of coverage is essential for insurance agents. This breakdown offers insights into monthly rates for both minimum and full coverage across leading insurance companies.
Business Insurance Monthly Rates for Insurance Agents by Coverage Level
| Insurance Company | Minimum Coverage | Full Coverage |
|---|---|---|
| Allstate | $100 | $300 |
| Chubb | $150 | $400 |
| Hiscox | $120 | $350 |
| Liberty Mutual | $110 | $320 |
| Nationwide | $105 | $310 |
| Progressive | $95 | $280 |
| State Farm | $115 | $330 |
| The Hartford | $125 | $360 |
| Travelers | $130 | $370 |
| USAA | $95 | $300 |
Allstate provides insurance starting at $100 for minimum coverage and goes up to $300 for full coverage. Chubb’s rates begin at $150 for minimum coverage, escalating to $400 for comprehensive protection. Hiscox and Liberty Mutual offer competitive rates of $120 and $110 for minimum coverage, respectively, rising to $350 and $320 for full coverage.
Nationwide and Progressive present more affordable options, with Nationwide’s rates starting at $105 and Progressive at $95, both increasing to $310 and $280 for full coverage. State Farm offers minimum coverage at $115, with full coverage at $330.
The Hartford and Travelers are slightly higher, with minimum coverages at $125 and $130 and full coverages at $360 and $370, respectively. USAA matches Progressive’s lower end at $95 for minimum coverage but increases to $300 for full coverage, highlighting a balance between affordability and comprehensive coverage (For more information, read our “What is comprehensive coverage?”).
An In-Depth Exploration of Business Insurance Types for Insurance Agents
As insurance agents, it is essential to have comprehensive insurance coverage to protect your own business operations and address potential risks. Here are some key types of business insurance that insurance agents should consider:
- Errors and Omissions Insurance: Also known as Professional Liability Insurance, this policy provides coverage for claims related to professional negligence, errors, or omissions that may result in financial losses for your clients.
- General Liability Insurance: This coverage is especially important if you have a physical office or meet clients in person, as it protects you from potential lawsuits or claims arising from accidents or injuries that occur on your premises or during business activities.
- Cyber Liability Insurance: It safeguards your business against data breaches, cyberattacks, and other cyber risks. It provides coverage for expenses such as data breach notification costs, forensic investigations, legal fees, and potential liability arising from the breach.
- Commercial Property Insurance: This coverage protects your office space, furniture, equipment, and any other physical assets from perils like fire, theft, vandalism, or natural disasters. It ensures that you can recover and continue your business operations in the event of property damage or loss.
- Business Interruption Insurance: It helps cover lost income and ongoing expenses if your business experiences a covered event that forces you to temporarily suspend operations. It provides financial support during the period of recovery and allows you to maintain stability until you can resume normal business activities.
- Workers’ Compensation Insurance: It is often required by law and provides coverage for medical expenses, lost wages, and rehabilitation costs if an employee suffers a work-related injury or illness. This coverage not only protects your employees but also shields your business from potential lawsuits related to workplace injuries.
- Employment Practices Liability Insurance (EPLI): It protects insurance agents against claims made by employees for wrongful employment practices. It covers legal fees, settlements, and judgments, helping you mitigate the financial risks associated with employment-related lawsuits.
- Directors and Officers Insurance (D&O): It provides coverage for claims against directors and officers for alleged wrongful acts, such as mismanagement, errors in judgment, or breaches of fiduciary duty. This coverage protects the personal assets of directors and officers and helps attract and retain qualified individuals in these positions.
- Commercial Auto Insurance: It provides liability coverage for accidents involving these vehicles, protecting your business from potential lawsuits or claims arising from bodily injury or property damage caused by company-owned or employee-operated vehicles (For more information, read our “Commercial Auto Insurance: A Complete Guide”).
Having a comprehensive insurance portfolio tailored to the specific risks faced by insurance agents is vital for protecting your business, reputation, and financial well-being.
Melanie Musson Published Insurance Expert
Consulting with an insurance professional can help you assess your needs and find the right combination of coverage options to ensure you have adequate protection.
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Optimal Insurance Coverage Strategies for Insurance Agents
Finding the right insurance coverage for businesses can be a complex task, especially considering the unique risks and requirements of each business. As an insurance agent, your expertise and guidance play a crucial role in helping your clients navigate the business insurance landscape and make informed decisions.
Here are some recommendations to assist you in assisting your clients in finding the right insurance coverage:
- Conduct a comprehensive risk assessment. Start by thoroughly evaluating your client’s business operations, identifying potential risks, and understanding their specific needs.
- Understand local regulations. Familiarize yourself with the insurance requirements and regulations specific to the geographic location where your client’s business operates.
- Provide tailored solutions. Every business is different, and a one-size-fits-all approach to insurance coverage may not be suitable. Offer customized solutions that address your client’s specific needs and risks.
- Partner with reputable insurance carriers. Work with reputable insurance carriers that specialize in providing coverage for small businesses. Partnering with reliable carriers ensures that your clients receive quality coverage and responsive claims handling.
- Stay updated with industry trends. The insurance landscape is constantly evolving, with new risks emerging and innovative coverage options becoming available. Stay informed about industry trends, emerging risks, and advancements in insurance products.
- Provide clear explanations and educate your clients. Take the time to explain policy terms, coverage details, and exclusions in a clear and understandable manner. Educate your clients on the importance of each type of coverage and how it addresses their specific risks.
- Review coverage regularly. Encourage your clients to review their insurance coverage regularly, especially when significant changes occur in their business. This could include changes in operations, expansion into new markets, acquisition of assets, or updates to local regulations.
By following these recommendations, you can establish yourself as a trusted insurance advisor and help your clients find the right insurance coverage that protects their businesses effectively.
Providing personalized guidance and being responsive to your client’s needs will go a long way in building lasting relationships based on trust and reliability.
Case Studies: The Power of Business Insurance for Insurance Agents
Insurance is a crucial safeguard in the unpredictable world of business, providing vital protection against various risks. These case studies illustrate the significant benefits that business insurance offers to insurance agencies, highlighting how different types of policies can shield businesses from potential financial disasters.
- Case Study #1 – General Liability Insurance (GLI): An insurance agency located in a bustling downtown area had recently moved into a newly renovated office space. During an open house event, a visitor tripped on a loose carpet and suffered a serious injury. The injured party filed a lawsuit against the insurance agency, claiming negligence in maintaining a safe environment.
- Case Study #2 – Workers’ Compensation Insurance: A small independent insurance agency employed a team of dedicated agents who frequently traveled to meet clients. During one of these business trips, an agent was involved in a car accident while driving a company-owned vehicle. The agent sustained injuries that required medical treatment and time off work for recovery.
- Case Study #3 – Data Breach Insurance: A mid-sized insurance brokerage experienced a data breach when a cybercriminal gained unauthorized access to their client database. Personal information, including names, addresses, and social security numbers, was compromised.
- Case Study #4 – Commercial Property Insurance: An insurance agency leased office space in a commercial building. Unfortunately, a fire broke out in a neighboring unit, causing extensive damage to the building and the agency’s office. Their Commercial Property Insurance provided coverage for the repair and restoration of their office space, including furniture, equipment, and valuable documents.
As demonstrated by these diverse scenarios, business insurance plays an indispensable role in mitigating the financial impacts of unexpected events. Insurance agents and businesses alike can learn from these examples, recognizing the importance of adequately preparing for potential risks through comprehensive insurance coverage.
Learn more by reading our guide: Commercial General Liability (CGL) Insurance: A Complete Guide
In Brief: Business Insurance for Insurance Agents
Securing the right business insurance is crucial for insurance agents to protect their agency’s success. This guide has highlighted key insurance coverage types, including cyber, property and general liability, and professional liability insurance. Customizing coverage, comparing quotes, and following optimal insurance strategies are essential.
Real-life case studies demonstrated the positive impact of comprehensive business insurance, safeguarding against accidents, data breaches, and property damage. As an insurance agent, serving as a trusted advisor to clients and finding the right coverage is vital.
Ty Stewart Licensed Insurance Agent
Investing in comprehensive business insurance allows agents to navigate the industry confidently and focus on exceptional service. Protect your agency’s success, build a foundation for growth, and ensure a secure future. Safeguard your insurance agency today with tailored business insurance coverage. Thrive in the industry, serve clients with confidence, and protect your agency’s success.
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Frequently Asked Questions
What types of discounts do insurance companies like Travelers, Chubb, and Liberty Mutual offer for insurance agents?
These companies provide various discounts, such as multi-policy discounts of up to 15%, low-mileage discounts reaching 10%, and specialized offerings like accident forgiveness, policy options, and customizable policies.
For additional details, explore our comprehensive resource titled “How to Get Free Insurance Quotes Online.”
How do credit scores, mileage, and coverage preferences impact insurance rates across different companies?
The interplay of credit scores, mileage, and coverage preferences influences insurance rates differently for each company. Travelers, Chubb, and Liberty Mutual, for instance, showcase varying rates based on these factors.
What distinguishes the top companies like Travelers, Chubb, and Liberty Mutual in terms of financial stability and customer satisfaction?
These companies stand out with A or A+ ratings from A.M. Best, indicating strong financial stability. Additionally, they maintain low complaint levels, reflecting high customer satisfaction and reliability.
Who are the best business insurance companies for business insurance agents?
The best business insurance companies for business insurance agents include Travelers, Chubb, and Liberty Mutual, known for their comprehensive policies and competitive pricing.
What factors should insurance agents consider when selecting a business insurance provider from the top 10 companies?
Agents should weigh factors such as the specific discounts offered, the financial stability indicated by A.M. Best ratings, the company’s reputation, and the level of customization available in policies. These considerations ensure a well-informed choice.
To find out more, explore our guide titled “A.M. Best Ratings Explained.”
What should business insurance agents look for when choosing an insurer?
Business insurance agents should consider insurers’ coverage options, customer service reputation, and specific benefits that align with their business needs and risks.
How are business insurance rankings determined?
Business insurance rankings are typically based on factors like financial stability, customer satisfaction, policy options, and the ability to meet claims efficiently.
Protect your business today by entering your ZIP code below into our comparison tool for free commercial insurance quotes.
Can you list the top 10 business insurance companies?
Is there a company that caters specifically to military personnel among the top 10 business insurance providers?
Yes, USAA is a standout option for military personnel, offering up to 10% multi-policy and low-mileage discounts. Recognized for exceptional customer loyalty, USAA focuses on meeting the unique insurance needs of military members and their families.
To find out more, explore our guide titled “Business Opportunities for U.S. Military Veterans.”
What is the best business structure for an insurance agency?
The best business structure for an insurance company depends on the size and growth plans of the company. LLCs and corporations offer limited liability protection and favorable tax treatment, while sole proprietorships are less complicated and may be a good option for small businesses.
What does general insurance cover?
General insurance covers home, your travel, vehicle, and health (non-life assets) from fire, floods, accidents, man-made disasters, and theft. Different types of general insurance include motor insurance, health insurance, travel insurance, and home insurance.
What are the 4 most important types of insurance?
Most experts agree that life, health, long-term disability, and auto insurance are the four types of insurance you must have.
What insurance is most important for a business?
General liability insurance, also known as business or commercial liability insurance, is essential coverage for various claims, including bodily injury, property damage, personal or advertising injury, medical payments, products-completed operations, and damages to premises rented to you.
Where do insurance companies make the most money?
Insurance companies make money primarily from premium income, but they also invest the accumulated premiums in financial instruments to generate investment income. They also earn revenue from sources such as fees for policy services and commissions from partnering with agents and brokers.
How do you manage an insurance agency?
Define your agency’s short-term and long-term goals to guide progress. Set boundaries for manageable business growth and build a strong team. Monitor profits regularly and outsource non-essential tasks to enhance efficiency. Standardize operations for consistency and periodically reassess your offerings to stay relevant. Prioritize sales and marketing to boost revenue and promote your business effectively.
What is the difference between general insurance and insurance?
General insurance covers any other risk except for life-risk of the person injured. Life Insurance covers only the life-risk of the person insured. General Insurance. It is an insurance contract, which covers the life-risk of the person insured.
What is the easiest and most profitable insurance to sell?
On average, life insurance is one of the most profitable types of insurance to sell. Whether you are selling them to employers or individuals, these policies tend to be large, with significant annual premiums.
What is the secret of successful insurance agents?
Top insurance agents know that trust is the key to customer loyalty. They focus on their clients, understanding their needs, wants, and fears. They know that every client is unique, and what works for one might not work for another.
How do I convince my customers for insurance?
One effective way to convince customers about the need for insurance is to highlight the potential risks and consequences of being uninsured. Paint a vivid picture of the financial and emotional impact that unexpected events, such as accidents, natural disasters, or health issues, can have on their lives or businesses.
Find the best commercial car and truck insurance for your business needs by entering your ZIP code below into our free comparison tool today.
What is the most popular type of insurance?
Most common type of insurance is Car Insurance. Car insurance is designed to help protect you financially against vehicle damage and injury, depending on your coverage.
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Travis Thompson
Licensed Insurance Agent
Travis Thompson has been a licensed insurance agent for nearly five years. After obtaining his life and health insurance licenses, he began working for Symmetry Financial Group as a State Licensed Field Underwriter. In this position, he learned the coverage options and limits surrounding mortgage protection. He advised clients on the coverage needed to protect them in the event of a death, critica...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.