Who are the Best Insurance Providers for Startup Insurance?

by Adam Spector in

There’s no one policy for startups. Instead, you need business insurance for the risks your startup faces, like lawsuits and property damage. A different policy covers each risk, so you want to know which ones are a problem for your business so you can get the appropriate coverage.

Insurance Providers based on Detailed Coverage

Gusto

Description: The company provides cloud-based payroll and employee benefits – such as health insurance and 401(k) accounts – through automation, ease-of-use, and expert support.

Coverage: Coverage is based on Client’s Preference and is calculated by AP Intego

Cost: Full Gusto HR Tool package comes with a base price fee ranging from $19/mo to $149/mo plus $6/mo per person to $12/mo per person. Insurance Rates are based on zip code and age of employees and dependents.

Heads Up: Health benefits through Gusto (including medical, dental, vision, HSA and FSA health plans, life and disability) are available today in Arizona, California, Colorado, Florida, Georgia, Illinois, Indiana, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington DC, Washington, and Wisconsin.

Oscar

Description:Oscar uses technology, data, and design to offer health insurance products to individuals, families, and small businesses.

Coverage: Cover Access to doctors nearby, Top hospitals and urgent care centers, Top pharmacy partners for prescriptions, Unlimited Doctor on Call, free and available 24/7, and All essential health benefits, like free annual physicals, most vaccinations, and more

Cost: Quote is customizable based on level of coverage, zip code, and number of employees.

Heads Up:

For NY-based businesses, contribution is the employer’s choice.

For CA-based businesses, the employer has the option of covering a minimum of either 50% or $100 of the employee’s premium.

For NJ-based businesses, employers must contribute a minimum of 10% of the employee premium.

Root Insurance

Description:Root Insurance offers liability coverage for bodily injury and property damage; non-liability coverages for collisions as well as comprehensive coverages & medical payments; personal injury protection; uninsured/underinsured motorist bodily injuries; uninsured motorist property damages; rentals; and roadside assistance.

Coverage: Combining Liability (Bodily Injury and Property Damage), Collision, and Comprehensive.

Cost: As low as $140/mo to $600/mo

Heads Up: Availability is not yet nationwide

Next Insurance

Description:Next Insurance is an online insurance platform that helps SMEs and entrepreneurs secure and grow their businesses.

Coverage: Covers general liability insurance, professional liability, commercial auto, and workers’ comp.

Cost: Not available

Heads Up: 100% online, 10 minutes to get covered

Insureon

Description:Insureon is an independent marketplace for online delivery of small business insurance. Headquartered in Chicago

Coverage: Covers General Liability, Commercial Property, Professional Liability, Workers’ Comp, Directors and Officers, Commercial Auto And Cyber Liability Insurance

Cost: Not available

Heads Up: Quotes are generated by top insurance carriers

The Hartford

Description:The Hartford is a financial services and insurance company offering auto, home, business, and employee benefits insurance.

Coverage: Covers a wide range of insurance products tailored fit for startups/small businesses

Cost: Average annual cost of $1,172 depending on industry and insurance coverage

Heads Up: Factors that affect insurance cost include policy details, location, size, number of employees, claim history, and industry.

Vouch

Description: Vouch is an insurance company catered to startups

Coverage: Covers General Liability, Business Property, Cyber Coverage, D&O (Directors and Officers), E&O (Errors and Omissions), Employment Practice Liability, Employee Benefits Liability, Fiduciary Coverage, Crime Coverage, Hired & Non-Owned Auto

Cost: Starts at $300

Heads Up: None

AP Intego

Description:AP Intego is an insurance company tailored fit for small business

Coverage: AP Intego partners with 19 A-rated insurance carriers, to source the best-fit, best-price coverage for their customers.

Cost: Not available

Heads Up: None

Founder Shield

Description:Founder Shield is an insurance company catered to startups and has differentiated coverage per industry

Coverage: Data-driven insurance brokerage which covers a wide range of insurance products

Cost: Not available

Heads Up: None

Cover Hound

Description:CoverHound is a comparison site for business insurance providing transparent choice & competitive rates for anyone’s insurance needs.

Coverage: Data-driven matches that allow customers to easily compare rates from trusted insurers

Cost: Not available

Heads Up: None

State Farm

Description:State Farm is largest property/casualty insurance company in the US, representing 10.1% of the market

Coverage: Covers a wide range of insurance products related to home & property, life, health, disability, and liability.

Cost: $1,234 average annual rate depending on insurance product & coverage

Heads Up: None

Berkshire Hathaway

Description:Berkshire Hathaway is the second largest property/casualty insurance company in the US, representing 6% of the market

Coverage: Covers a variety of insurance products related to professional lines, surety, travel, casualty,and property

Cost: $1,168 average annual rate depending on insurance product & coverage

Heads Up: None

Liberty Mutual

Description:Liberty Mutual holds 5.3% of the US Market

Coverage: Covers a variety of insurance products related to property & casualty.

Cost: Not Available

Heads Up: None

Allstate

Description:AllState holds 4.9% of the US Market

Coverage: Covers a variety of insurance products related to auto, business, roadside and identity.

Cost: $1,880 average annual rate depending on insurance product & coverage

Heads Up: None

Progressive

Description:Progressive holds 4.3% of the US Market

Coverage: Covers vehicle, property, finance, commercial and personal insurance.

Cost: $1,373 average annual rate depending on insurance product & coverage

Heads Up: None

Insurance Providers based on Offered Insurance Type

Gusto

General Liability: No

Commercial Property: No

Professional Liability: No

Workers’ Comp: Yes, via AP Intego

Directors and Officers: No

Commercial Auto: No

Cyber Liability: No

Health Insurance: Yes

Oscar

General Liability: No

Commercial Property: No

Professional Liability: No

Workers’ Comp: No

Directors and Officers: No

Commercial Auto: No

Cyber Liability: No

Health Insurance: Yes

Root Insurance

General Liability: Yes

Commercial Property: No

Professional Liability: No

Workers’ Comp: No

Directors and Officers: No

Commercial Auto: Yes

Cyber Liability: No

Health Insurance: Yes (Accident Insurance)

Next Insurance

General Liability: Yes

Commercial Property: No

Professional Liability: Yes

Workers’ Comp: Yes

Directors and Officers: No

Commercial Auto: Yes

Cyber Liability: No

Health Insurance: No

Insureon

General Liability: Yes

Commercial Property: Yes

Professional Liability: Yes

Workers’ Comp: Yes

Directors and Officers: Yes

Commercial Auto: Yes

Cyber Liability: Yes

Health Insurance: No

The Hartford

General Liability: Yes

Commercial Property: Yes

Professional Liability: Yes

Workers’ Comp: Yes

Directors and Officers: No

Commercial Auto: Yes

Cyber Liability: Yes

Health Insurance: Yes

Vouch

General Liability: Yes

Commercial Property: Yes

Professional Liability: Yes

Workers’ Comp: No

Directors and Officers: Yes

Commercial Auto: Yes

Cyber Liability: Yes

Health Insurance: No

AP Intego

General Liability: Yes

Commercial Property: Yes

Professional Liability: Yes

Workers’ Comp: Yes

Directors and Officers: No

Commercial Auto: Yes

Cyber Liability: Yes

Health Insurance: No

Founder Shield

General Liability: Yes

Commercial Property: Yes

Professional Liability: Yes

Workers’ Comp: Yes

Directors and Officers: Yes

Commercial Auto: Yes

Cyber Liability: Yes

Health Insurance: Yes

Cover Hound

General Liability: Yes

Commercial Property: No

Professional Liability: Yes

Workers’ Comp: Yes

Directors and Officers: Yes

Commercial Auto: Yes

Cyber Liability: Yes

Health Insurance: No

State Farm

General Liability: Yes

Commercial Property: Yes

Professional Liability: Yes

Workers’ Comp: No

Directors and Officers: No

Commercial Auto: Yes

Cyber Liability: No

Health Insurance: Yes

Berkshire Hathaway

General Liability: Yes

Commercial Property: Yes

Professional Liability: Yes

Workers’ Comp: Yes

Directors and Officers: Yes

Commercial Auto: Yes

Cyber Liability: No

Health Insurance: Yes

Liberty Mutual

General Liability: Yes

Commercial Property: Yes

Professional Liability: Yes

Workers’ Comp: Yes

Directors and Officers: Yes

Commercial Auto: Yes

Cyber Liability: No

Health Insurance: No

Allstate

General Liability: Yes

Commercial Property: Yes

Professional Liability: Yes

Workers’ Comp: Yes

Directors and Officers: Yes

Commercial Auto: Yes

Cyber Liability: No

Health Insurance: Yes

Progressive

General Liability: Yes

Commercial Property: Yes

Professional Liability: Yes

Workers’ Comp: Yes

Directors and Officers: No

Commercial Auto: Yes

Cyber Liability: No

Health Insurance: No