Insurance | Buyer's Guide

Best Insurance Brokers for Small Business 2024

Published March 5, 2024

Published Mar 5, 2024

WRITTEN BY: Nathan Weller

This article is part of a larger series on General Liability Insurance.

The chief advantage of working with an insurance broker is that you’re able to compare quotes from different companies in real time. The best business insurance brokers allow you to compare quotes from carriers but will also have other benefits like online account management, assistance with claims reporting, and expert advice when you need it.

We evaluated 16 brokers and paid particular attention to the number of carriers they work with, the convenience of using their system, the ability to compare quotes, and how many types of insurance they offered to find the leading small business insurance brokers.

Best Insurance Brokers for Small Business Compared

Simply Business: Best Overall Business Insurance Broker

Pros

Cons

Standout Features

Financial stability: The quote we were provided below was for a policy from Harborway Insurance, which is a part of Spinnaker Insurance. Spinnaker received an A- (Excellent) rating from AM Best. The following are some of the other providers Simply Business works with:

As our best SMB insurance broker, Simply Business produces quotes from multiple carriers that you can compare in real time. You can also change your inputs, such as the coverage limit or deductible, and get an updated quote instantly. This feature makes Simply Business stand out from the other brokers on this list.

While Simply Business offers insurance for a wide range of industries, its primary targets are sole proprietors, smaller businesses, and freelancers. It also has a dedicated space for sole proprietor workers’ compensation.

Cost & Coverage

After answering just a few questions, we received a quote for a general liability policy underwritten by Harborway Insurance. The policy cost $300 annually and had limits of $1 million per occurrence and $2 million aggregate.

Every quote comes with a “details” option, which includes information on the provider and more detailed information on what is covered, such as $100,000 for premises rented to your business. You can purchase the policy online or call to speak with a licensed insurance agent. Simply Business does not charge brokerage fees, helping lower the premium costs.

The broker is continually expanding its online offerings with more coverages available for online quotes. While it has started offering a business owner’s policy (BOP), this product is still in the rollout phase.

Also, you may have to call to get commercial property coverage. If you’d prefer a broker that consistently has commercial property insurance available, check out Thimble.

Customer Satisfaction & Convenience

Simply Business is available in all 50 states. If you prefer to speak with someone, you can get advice by calling a representative from 8 a.m. to 8 p.m. ET Monday through Friday.

However, this broker’s policy management system is more limited than others. To make changes to your policy, such as adding an additional insured or updating payment details, you may need to call or email Simply Business. However, you can request a COI through your portal and it will be available within 24 business hours.

Customers are happy with their options and the broker’s service. Simply Business has 4.8 out of 5 stars on Trustpilot[1] with more than 1,100 reviews.

CoverWallet: Best for Restaurants & Food Vendors

Pros

Cons

Standout Features

Financial stability: CoverWallet works with the following highly rated providers:

CoverWallet is an online brokerage with a platform that provides free quotes from multiple carriers. When it generates the quotes, Chubb offers the information on the carrier and the coverage.

This broker offers several coverages for targeted industries, including restaurants, vendors in the food service space, and commercial trucking. Since Chubb focuses on these areas, it works closely with carriers who specialize in insuring these industries, have policies designed for them, and have experience in underwriting, risk engineering, and claims for these types of businesses.

One major difference between CoverWallet and Simply Business is,that you usually cannot purchase a policy online when you go with CoverWallet and have to call to finalize the process.

Cost & Coverage

We received a quote for general liability insurance. The policy is through Hiscox, and it costs $693 annually with a limit of $1 million per occurrence and $2 million aggregate. It also included $2 million aggregate for products-completed operation and $100,000 in damage to premises rented to you. Finally, it included blanket additional insureds.

When CoverWallet provides a quote, it shares information on the provider, including its AM Best rating and the National Association of Insurance Commissioners (NAIC) number. This is helpful because it gives you a picture of the financial health of the company, and using the NAIC number, you can look up any complaints filed against it with the NAIC by visiting NAIC’s Consumer Insurance Search Results.

In terms of coverage, CoverWallet works with providers to find whatever insurance you may need—from traditional core business policies, such as general liability, property, professional liability, and workers’ comp, to more niche coverages, like special events, fiduciary liability, or even commercial auto.

In conjunction with several select carriers—including The Hartford, Chubb, and Travelers—CoverWallet offers a BOP for restaurants with coverage customized to fit the unique risks and the volatility of the industry.

Customer Satisfaction & Convenience

CoverWallet is available in all 50 states. There are four ways to start a quote: you can call, email, chat, or begin the process directly online by answering questions about your business. The broker offers a dedicated personal representative who will help manage your policy and is available to answer questions and help.

Through your “Wallet,” you can manage your policy online, get an instant COI, and file claims. However, while CoverWallet offers service hours six days a week, it does not have a staffed 24/7 support center. And sometimes, the company is unable to provide any quotes.

Customers are satisfied with CoverWallet. On the independent site eKomi[2], CoverWallet has nearly 800 user reviews and an average of 5 out of 5 stars.

AlphaRoot: Best for Cannabis & Related Industries

Pros

Cons

Standout Features

Financial stability: While we were unable to find specific companies, AlphaRoot works with dozens of different carriers and states. AM Best rated AlphaRoot an A (Excellent) rating.

AlphaRoot is a full-service small business insurance brokerage focused on cannabis, hemp, psychedelics, and holistic medicine industries. While these industries are still considered niche, they are growing as cannabis becomes legalized in more states, and it can be very difficult for these businesses to find insurance.

Working with dozens of carriers, AlphaRoot offers insurance for businesses at every stage of the supply line in the cannabis industry, making it the best option for finding coverage.

Cost & Coverage

To get a quote, you’ll need to create an account with AlphaRoot. Once done, AlphaRoot will gather information about your business and coverage needs and provide a quote for you to review and purchase.

AlphaRoot offers nearly every type of insurance a cannabis business would need. This includes key coverages like:

Customer Satisfaction & Convenience

Since the company is only eight years old, reviews for AlphaRoot are hard to find. But the ones available are all positive. There is a single review on Google[3], where AlphaRoot’s overall rating is 5 out of 5 stars.

The broker recently launched a digital platform that functions as a hub for policyholders to find everything they need—including insurance applications, COI requests, and claims management. This platform can also track your company’s growth, which gives you the ability to ensure the coverage you have in place is still in line with your needs.

Thimble: Best for Ecommerce Insurance

Pros

Cons

Standout Features

Financial stability: Thimble works with a handful of providers to underwrite the policies it sells. These include:

Thimble Insurance is available for more than 300 industries, but its target customer is businesses just starting out, especially makers or crafters who sell online. Many of Thimble’s ecommerce and maker policies are designed for businesses with revenue under $500,000 a year.

Most brokers don’t have a dedicated policy package for Amazon sellers and require you to work with them to customize the coverage to meet the requirements. However, through Thimble’s app or website, you can customize your coverage to meet Amazon’s requirements. You can also manage your policy and even file a claim through the app.

While Thimble will sometimes generate tiered coverage, which gives you some flexibility over pricing, it does not give you the comparison that most traditional brokers give.

Cost & Coverage

As a managing general agent, Thimble has a role in developing and underwriting the policies it offers. We received a quote for $1,807.68 annually. The quote was for same-day coverage and had multiple layers of protection. It included general liability with an aggregate limit of $1 million, commercial property with a limit of $100,000, and a $500 deductible. It also had $50,000 for cyber insurance with a $500 deductible.

Its Amazon Seller insurance meets the Pro Merchant requirements from Amazon and targets:

If you are a maker participating in a craft show, Thimble offers short-term coverage by the hour and day.

While the broker is continuing to expand its offerings, you currently cannot get commercial auto insurance from it. Also, it works with a smaller set of providers than some others reviewed in this guide.

Customer Satisfaction & Convenience

While the broker is in all 50 states, not every coverage is available. You can check out Thimble’s coverage map to see if what you need is available in your area.

Thimble’s emphasis is on the digital experience: in minutes—sometimes less than a minute—you can get a quote and purchase a policy for same-day coverage. You can then manage your policy, create and obtain an instant COI, or file a claim online.

Customers are happy with the broker. It has more than 1,600 reviews on Trustpilot[4] with an average of 4.4 out of 5 stars.

Gallagher: Best for Additional Cost-saving Benefits

Pros

Cons

Standout Features

Financial stability: The broker works with many carriers (view Gallagher’s full list). These are a few that it works with:

Running a business is expensive—so if you can save on your premium and on services you regularly use, all the better. Gallagher is one of the largest brokerages in the world, and its policyholders gain free access to Gallagher Perks and Travel Perks. These programs provide negotiated savings with multiple businesses, such as UPS, ODP Solutions, cybersecurity solutions, and rental cars.

Another option for getting online quotes through a broker is Simply Business. While it doesn’t offer the same level of discounts as Gallagher, it doesn’t charge broker fees on top of the quotes, which helps keep your premium lower.

Cost & Coverage

We received three quotes for a BOP. Unfortunately, we could not view the details of any of the quotes, only the price. To continue the quoting process, you will need to select one of the quotes, and then a representative from Gallagher will follow up with you to review it in detail and purchase the policy.

The three quotes we received, all for an annual premium, were:

Customer Satisfaction & Convenience

For policy maintenance, Gallagher offers an online account portal called Gallagher Go. Through this portal, you have 24/7 access to your policy and can file claims. If you need to speak with someone, Gallagher is open Monday through Friday from 7 a.m. to 7 p.m. ET.

Because of its size, Gallagher has a claims team and handles claims for other providers. It also has a claims advocacy team to help you throughout the claim-filing process, including audits, to ensure the claim is being handled quickly.

Customers are responding positively to their experience with Gallagher. It currently has 5,600 reviews with 4.6 out of 5 stars on Trustpilot[5]!

How We Evaluated the Best Business Insurance Brokers

We determined the best insurance brokers for small businesses using our in-house proprietary evaluation system, which is designed specifically for evaluating brokers. In rating the brokers in this review, we focused on the customer’s needs. We paid particular interest to convenience, financial ratings (AM Best), customer service, types of policies offered, ability to compare quotes, and the overall experience as a policyholder.

Frequently Asked Questions (FAQs)

What is a business insurance broker?

Like an agent, a broker functions as an intermediary between a customer and the insurance company. Typically, it works with multiple providers and helps a customer find the best coverage with the right company.

What is the benefit of an insurance broker for small business?

Brokers have knowledge and access to many different providers, thus giving them the ability to provide maximum coverage for your business. Our article on the ways to save money on business insurance covers how brokers also let you compare prices among different providers, helping you pick the right coverage and get a price that matches your needs.

Does it cost more to use a broker?

It can, but not always. Some brokers will charge a fee and include it in their quotes. Most are paid by the provider, and the payment comes out of the premium so it doesn’t cost you anything additional.

What is an insurance deductible?

A business insurance deductible is the amount of money a policyholder and insurance company agree a policyholder will pay in the event of a claimable loss.

What is general liability insurance?

One of the more common types of business insurance is general liability. This third-party coverage protects your business from claims that, due to negligence, your company caused property damage or bodily injury to another person or party. Some other losses general liability may include are personal and advertising injury or product liability.

What’s the difference between a broker and a provider?

A broker works with customers and multiple providers to help facilitate the sale of insurance. Brokers do not work for one provider. In contrast, an insurance provider, or carrier, underwrites and services the policy, including investigating coverage and paying claims.

One advantage of working with a broker is that it can help you save money by comparing quotes. On the other hand, working directly with a provider typically gives you one point of contact for all of your needs. For more information, read our insurance broker vs carrier comparison.

If you’d prefer to work with a provider rather than a broker, we’ve put together a guide with our best small business insurance companies.

Bottom Line

SMB insurance brokers help you find the best coverage with the right providers. The best business insurance brokers provide advice when you need it, let you compare quotes from multiple carriers, and offer online policy management. Simply Business stands out on our list for offering all these services and providing quotes for whatever insurance you need, no matter what the industry. It also lets you buy the policy online without speaking to anyone. You can get started with a free, no-obligation quote in just minutes.

Visit Simply Business

User review references: 1Trustpilot | Simply Business 2eKomi | CoverWallet 3Google | AlphaRoot 4Trustpilot | Thimble 5Trustpilot | Gallagher

Find Nathan On LinkedIn

Nathan Weller is a subject matter expert at Fit Small Business focusing on commercial insurance. He has 15 years of experience in insurance: operations, FNOL, and claims handling. He also helped build a claims department at an insurance start-up. In between his time working at different insurance carriers, he spent 8 years running a small, non-profit organization. Nathan understands the small business daily operations as well as the complexities of insurance.

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