Insurance & Small Business
Hiscox did a study of small businesses and insurance. In the last two years — the insurer said — small business has reported an increase in revenues. Even with more business, a frightening 77% of those businesses continue to be underinsured.
Here’s more:
- 60% of small businesses owners said their revenue grew last year
- 65% carry general liability
- Just 49% have property insurance
- Only 42% have professional liability insurance
Mary Boyd — CEO of Hiscox USA said that’s the basics. The survey also looked at the whys with much of it based on a lack of insurance knowledge:
- 83% of business owners couldn’t correctly define what professional liability insurance covers
- 74% think general liability covers property damage in case of fire or a flood
“Business insurance is still chronically misunderstood, with most business owners expecting a policy to cover scenarios it isn’t designed for,” Boyd said. “As an industry, we must continue to help business owners understand the differences between policies, omit alienating jargon and encourage them to let us know when their business has changed.”
Here are the small business insurers that Forbes says are the best:
1. The Hartford — Rate 9.8 out of 10
2. Next — Rate 9.4 out of 10
3. Tivly — Rate 9.4 out of 10
4. Berkshire Hathaway Specialty Insurance — 9.1 out of 10
5. Nationwide — Rate 8.9 out of 10
6. Farmers — Rate 8.8 out of 10
7. Hiscox — Rate 8.7 out of 10
8. Simply Business — Rate 8.6 out of 10
9. Markel — Rate 8.5 out of 10
10. Thimble — Rate 8.4 our of 10
Source link: PropertyCasualty360.com — https://www.propertycasualty360.com/2025/11/18/forbes-advisor-best-insurers-for-small-businesses-in-2025/
