Cheapest Commercial Insurance for Small Business
Commercial insurance costs vary 20–30% between carriers for identical coverage. Here are the cheapest carriers for small businesses in 2026, ranked by lowest minimum premiums and best pricing for low-risk industries.
Next Insurance
Best for: Small businesses and independent contractors wanting instant online purchase
Coverage: General Liability, Professional Liability, Commercial Auto, Workers' Comp, BOP
Typical GL cost: $25–$80/month
Typical BOP cost: $50–$150/month
AM Best rating: A- (Excellent)
Notable: Digital-first, fully online purchase with same-day certificate of insurance
Thimble
Best for: Gig workers, freelancers, and short-term or event-based coverage
Coverage: General Liability, Professional Liability, BOP, Commercial Auto
Typical GL cost: $5/day or $50/month
Typical BOP cost: Varies by project
AM Best rating: A (Excellent) via partner carriers
Notable: Offers short-term 'by-the-job' and 'by-the-month' policies — good for contractors between projects
Hiscox
Best for: Small businesses in low-risk industries needing fast online quotes
Coverage: General Liability, Professional Liability / E&O, BOP, Cyber Liability
Typical GL cost: $40–$100/month
Typical BOP cost: $60–$180/month
AM Best rating: A (Excellent)
Notable: Known for fast online quoting (as little as 5 minutes) and low minimum premiums
Simply Business
Best for: Small businesses in low-risk industries wanting a fast quote and instant COI
Coverage: General Liability, BOP, Workers' Comp, Professional Liability
Typical GL cost: $30–$90/month
Typical BOP cost: $55–$170/month
AM Best rating: A (Excellent) via partner carriers
Notable: Comparison-shopping approach — gets quotes from multiple carriers at once
CoverWallet
Best for: Small businesses wanting broker service with digital experience
Coverage: General Liability, Workers' Comp, Commercial Auto, BOP, Cyber, E&O
Typical GL cost: $50–$120/month
Typical BOP cost: $70–$200/month
AM Best rating: A (Excellent) — backed by Aon
Notable: Digital broker backed by Aon — hybrid of online quoting and human advisor support
Side-by-side comparison
| Carrier | Best For | GL Cost | BOP Cost | AM Best |
|---|---|---|---|---|
| Next Insurance | Small businesses and independent contractors wanting instant online purchase | $25–$80/month | $50–$150/month | A- (Excellent) |
| Thimble | Gig workers, freelancers, and short-term or event-based coverage | $5/day or $50/month | Varies by project | A (Excellent) via partner carriers |
| Hiscox | Small businesses in low-risk industries needing fast online quotes | $40–$100/month | $60–$180/month | A (Excellent) |
| Simply Business | Small businesses in low-risk industries wanting a fast quote and instant COI | $30–$90/month | $55–$170/month | A (Excellent) via partner carriers |
| CoverWallet | Small businesses wanting broker service with digital experience | $50–$120/month | $70–$200/month | A (Excellent) — backed by Aon |
Which carrier should you choose?
For the absolute lowest minimum premium: Next Insurance (starting at $25/month for GL). For project-based or short-term work: Thimble ($5/day). For low-risk industries wanting fast coverage: Hiscox. For comparison shopping: Simply Business.
Rates for identical coverage vary 20–30% between carriers. Get quotes from at least 3 before deciding.
Estimate your cost first
Before comparing quotes, know what you should expect to pay. Use these free calculators to see benchmarks for your industry and revenue: