Insurance Companies for Contractors

  1. Next Insurance - Best for contractors that need coverage fast
  2. Thimble - Best for contractors that value payment flexibility
  3. Hiscox - Best for contractors looking for a tailored policy
  4. CyberPolicy - Best for comparing quotes and finding the lowest premium
  5. BiBerk - Best for contractors that value the financial strength of their provider
  6. Acuity Insurance - Best for contractors that want to be part of a community
  7. The Hartford - Best for contractors that need a business owner’s policy (BOP)

If you’re a contractor, you understand that customers are expecting you to put their plans into action, meet deadlines, and make sure that projects of all sizes are completed accordingly. These tasks, along with different working environments, pose unique risks that can cause damage to your client’s property, your employees, yourself, and your business. Having the right insurance can help you get through unexpected situations.

Different providers specialize in certain sectors, have certain premium costs, and policies that impact your bottom line. In this article we’ll cover 7 top business insurance companies that are focused on contractor success. We’ll talk about general offerings, pricing, pros and cons, reviews, AM Best credit ratings, and how to get started. You can use different providers for different coverages, or you can bundle with one provider and try to get a discount. Either way, we’ve got some insights for you.

AM Best is a global credit rating company providing news, credit ratings, and financial data products and services for the insurance industry. AM Best is well regarded as a standard and is taken very seriously by insurance companies because a downgrade could mean loss in customer or investor confidence. We have provided the AM Best Rating for each company and recommend choosing providers rated A or higher.


Next Insurance

Next Insurance is an insurtech platform and provider that writes some of its policies and sells other products from its partner providers. Next insurance is noted as a young, innovative platform that leverages AI to streamline and improve the entire insurance process online. Next Insurance is focused on insuring trade professionals such as contractors and carpenters that value speed.

General offerings:

  • General liability
  • Professional liability
  • Commercial auto, workers’ compensation, and more

Pricing

Due to it’s tech-driven platform and reduced overhead, Next Insurance is able to offer some of the lowest premiums on the market starting at $14/month for general liability. The cost of coverage depends on the scope of your plan and can range from $150 - $500 with discounts of up to 10% when you bundle.

Pros and Cons

Pros

  • Quotes in less than 5 minutes
  • Discounts when insurance policies are bundled
  • 0 cancellation fees
  • Flexible subscription options (monthly or yearly)

Cons

  • Only in 28 states as of 08/08/2020
  • Limited to 6 insurance products
  • A more accurate quote may be more time consuming
  • Does not offer BOP or property insurance
  • Has no mobile app

Reviews

Next Insurance has mostly positive reviews. People are enjoying the ease of getting insured, low premiums, and solid customer service.


AM Best Rating: A (excellent)


How to get a Quote with Next Insurance

Next Insurance makes it easy to get a quote. You can do everything online in under 5 minutes by answering a few questions. If you have any questions, Next Insurance gives you the ability to email, call, or live chat.


Thimble

Thimble offers insurance to small businesses, self-employed workers, and freelancers through their website and mobile app. Thimble’s differentiator is its ability to offer flexible short term converge within 60 seconds ranging from one month, to one day, to even one hour. Thimble is focused on small business, contractors, and other participants of the gig-economy.

General offerings:

  • General liability
  • Professional liability
  • Errors + omissions
  • Drone insurance
  • Covers more than 120 professions in a range of industries

Pricing

Thimble is great for people looking for affordability in an insurance plan with policies staring at just $5 an hour with a zero deductible and $1 million in coverage.

Pros and cons

Pros

  • Instant coverage
  • Flexible coverage with “Thimble Monthly” or by the hour, day, or week with “Thimble on Demand”
  • You can extend, cancel, pause, or modify policies as needed from their app
  • Underwrites with great partners such as Markel, Global Aerospace, and Hiscox
  • 24/7 claims support

Cons

  • Policies are not available in NY or WA with “Thimble on Demand” limited in certain states
  • You cannot make a claim online
  • They don’t offer phone support
  • They have limited insurance offerings - if you need workers’ comp, commercial property, or business interruption insurance, you’ll have to go elsewhere

Reviews

Thimble has 91% excellent reviews on Trustpilot with customers enjoying the ease of use of the mobile app, the affordability of its micro-polices, and fast turnaround. Negative reviews are mostly concerning issues with customer service not being responsive.


AM Best Credit Rating: All partners have an “A” or higher


How to get a Quote with Thimble

You can get an immediate quote with Thimble in under 60 seconds from their website or mobile app by answering a few simple questions regarding profession and location.


Hiscox

Hiscox has begun to focus on helping contractors, freelancers, startups, and small business owners get insurance. They offer a wide range of insurance plans. Whatever you’re looking for, they probably have it and take a tailored approach to make sure that trade workers and small business owners have coverage. They are noted as one of the top commercial insurance providers in America.

General offerings:

  • General and professional liability
  • Commercial property
  • Errors and omissions
  • Business owner’s policy (BOP)
  • Workers’ compensation

Pricing

Conveniently, Hiscox lists the pricing of theirs most common policies on their website as shown below:

  • General Liability Insurance: $29.17/month
  • Professional Liability Insurance: $22.50/month
  • Business Owner’s Policy (BOP): $41.67/month

Pros and Cons

Pros

  • User-friendly online quote generator
  • Wide range of insurance policies
  • Industry veteran founded in 1901
  • Serves independent contractors to large companies
  • Has high-average rating scores from all major rating firms
  • Over 10,000 high rating customer reviews

Cons

  • All reviews are located on their website which could be biased
  • No coverage in Alaska
  • Only offers certain insurance products their website, has partners to offer other services causing limited end-to-end service from Hiscox
  • Not for larger businesses

Reviews

Hiscox has over 10,000 high rating reviews available through their website. It is worth noting that there is very little customer reviews on third party websites. Most positive reviews mention the ease of receiving a customized quote online and their affordable rates. Most negative reviews are from owners who had their claims denied.


AM Best Credit Rating: A+ (superior)


How to get a Quote with Hiscox

You can get a tailored quote from Hiscox insurance through their online quote generator or speaking directly with a licensed insurance agent using the phone number on their website.


CyberPolicy

CyberPolicy is best for freelancers, contractors, and small to medium sized businesses (SMBs) who want to compare quotes from strong insurance providers and are technology enabled. CyberPolicy partners with carriers like Chubb, Hiscox, Progressive, and Liberty Mutual to provide competitive rates and help you better understand your insurance needs through a simple questionnaire. CyberPolicy is the only place where you can compare business insurance quotes AND buy multiple insurance policies online.

General offerings:

  • Cybersecurity coverage
  • Errors & omissions
  • General and professional liability
  • Workers’ compensation
  • Directors & officers liability
  • Cyber liability

Pricing

  • General Liability Insurance: starts at $20/month
  • Professional Liability Insurance: starts at $20/month
  • Business Owner’s Policy (BOP): starts at $20/month
  • Workers’ Compensation: starts at $20/month
  • Cyber Liability: starts at $10/month
  • Directors and Officers: starts at $10/month

Commercial auto, umbrella, surety, and liquor liability require an advisor for pricing

Pros and Cons

Pros

  • Provides a cyber threat assessment
  • Ability to compare products from multiple providers
  • Fast and online
  • Coverage starting in 24 hours
  • No broker fees
  • Strong insurance partners
  • Discounts when you bundle insurance plans

Cons

  • Does not write its own policies
  • No online claims processing or payments
  • No mobile app
  • Policy offerings vary by state

Reviews

Little reviews could be found online that weren’t directly on the CyberPolicy website. From the reviews that were found, customers are enjoying the customer service, affordability, and general experience of getting quotes with CyberPolicy.


AM Best Credit Rating: All partners have an “A” or higher


How to get a Quote with CyberPolicy

You can get a quote from CyberPolicy and take their well designed questionnaire. Compared to other brokers on the market, CyberPolicy stands out because of its tailored approach to satisfying customers’ insurance needs and the quality of its insurance partners. Although you will not be able to file a claim through CyberPolicy, the platform is worth taking their assessment and getting a few quotes.


BiBERK

BiBerk is a commercial insurance provider for small to medium sized businesses and is backed by the industry giant, Berkshire Hathaway Insurance Group. BiBerk is a solid option for contractors and small businesses that need quick coverage, want to save a few bucks by cutting out the middlemen, and value strong financial backing.

General offerings:

  • Commercial auto
  • General liability
  • Professional liability
  • Property liability
  • Workers’ compensation
  • Umbrella
  • Only business related insurance

Pricing

Being that biBERK’s insurance products are tailored to each business and individual, cost is determined depending on industry, coverage, employees, revenue, and other factors. BiBERK does state that its policies can cost up to 20% less than other providers since you are cutting off the middleman. Lastly, the insurance provider allows you to save some money by opting in to autopay for premium payments.

Pros and Cons

Pros

  • Directly provides insurance, not a broker
  • Works only with business customers
  • Quotes and purchasing can be done all online
  • Strong financial backing and competitive pricing
  • Broader coverage nationwide

Cons

  • Only business policies
  • No additional discounts offered
  • Some policies outsourced to Geico

Reviews

Most online reviews are positive. Customers are enjoying great service, fair prices, and a straightforward process. It’s worth noting that some reviews really appreciated the 20% reduction in premiums when COVID-19 hit. In the few negative reviews, customers were not satisfied with unprocessed claims and faulty quotes.


AM Best Rating: A++ (superior)


How to get a Quote with biBERK

You can get started with biBERK’s straightforward process directly from their website. Contractors that want to go straight to an insurance provider and cut out any middlemen should look into biBERKs offerings. They are backed by a financial powerhouse, have a broad range of offerings, and claim to be more affordable.


Acuity

Acuity is an industry veteran founded in 1925 offering a range of insurance products including individual, auto, and business. Acuity has a robust “contractor focused” community on Facebook where contractor best practices and industry trends are shared. Acuity differs in its focus on the customer, community, and building trust through it’s industry knowledge.

General offerings: you name the policy, Acuity is likely to get you covered.

  • General liability
  • Professional liability
  • Property liability
  • Workers’ compensation
  • Umbrella
  • Business and personal insurance

Pricing

Quotes are determined depending on industry, coverage, employees, revenue, and other factors you can provide through Acuity’s straightforward online quote generator. Some reviews have stated Acuity premiums can sometimes be on the higher end.

Pros and Cons

Pros

  • Well established insurer founded in 1925
  • Policies for individuals and businesses
  • Broad spectrum of insurance products
  • 24/7 claims support via phone
  • Contractor community
  • Offers discounts
  • Mobile app

Cons

  • Only available in 27 states
  • A bit pricier compared to competition

Reviews

Acuity states on their website that they are trusted by over 50,000 contractors and have a 95% claims satisfaction rate, which is believable considering their customer focused mission and industry tenure. Reviews across all third party websites are positive stating that the company has top quality service and customer care.


AM Best Rating: A+ (superior)


How to get a Quote with Acuity

Acuity has a quote generator for your desired industry or policy directly on their website. The process generates a quote within minutes and gives you the option to customize coverage limits and details.


The Hartford

The Hartford is one of the most reputable brands in business insurance and offers customized contractor and construction insurance. Founded in 1810, the Hartford has two centuries of industry experience over competitors, offering a variety of insurance packages across sectors.

The Hartford offers both standalone policies and bundled Business owner’s policies (BOP). You can also craft your own combination of polices depending on your needs. Here are some general offerings:

  • General liability
  • Professional liability
  • Commercial property
  • Business owner’s policy (BOP)
  • Workers’ compensation
  • Business income
  • Data breach
  • Commercial umbrella

Pricing

Small business insurance ranges from $26 to $109 per month with factors such as your business industry, location, gross sales, number of employees, claims history, policy limits, endorsements, and more determining your premium.

Pros and Cons

Pros

  • Fast convenient online quote generator
  • Customer-service oriented - they reach out within an hour of quote
  • Founded in 1810
  • Broad insurance offerings
  • 24/7 claims support

Cons

  • Most reviews found directly on website, little found elsewhere
  • Generalist company focusing on many different types of small business
  • Not transparent with pricing

Reviews

Of the 50,000 reviews found on their website, around 4,000are construction and contractor related. The reviews are overwhelmingly positive rating a 4.8/5 stars overall with customers enjoying great customer service and knowledgeable reps. It is worth noting that there are limited reviews on third party sites and when found, you can see negative reviews of customers frustrated about not getting their claims processed.


AM Best Rating: A+ (superior)


How to get a Quote with The Hartford

You can get a free quote by contacting the Hartford directly at 888-899-0875 or by using their online quote generator form that seems to only take about 10 minutes. Regardless, both steps require you speaking with a representative to move forward.


The Bottom Line

Getting insurance for your contracting business can be hard. These companies help make life a bit easier. You may choose multiple providers or go all-in on one to try and snag a discount. Regardless, it’s important to understand the trade offs associated with customer service, cost, and speed of service. The bottom line is that as long as you obtain the right insurance for your needs, you can land more projects, have more peace of mind, and get back to running your business.


Trades.org is here to help your business succeed. Our tools will help you save time and money, understand the ins and outs of business management and spend your days providing exception services to your customers rather than marketing and office tasks. We’ve got your back with practical help managing and growing your business.