1. Find out what coverage each business insurance company offers

Not every business insurer offers every type of insurance. Once you've determined what types of business insurance you require, this will help you narrow down your options. However, you may be constrained by the following factors:

• Not every insurer sells insurance in every state, and certain types of policies may only be sold in certain states. Hiscox, for example, does not provide coverage in Alaska, and business owner's policies are not available in a number of states.
• Check that each insurer's policy provides adequate coverage. If you require additional insurance for specific assets or situations, such as data breaches or liquor liability, you can eliminate companies that do not provide those options.
• If you require multiple policies, you may need to purchase them from different providers.
• Some well-known insurers do not underwrite all commercial policies that they sell. You may purchase a policy from Progressive or Geico, but the coverage may be provided by another company. That is something to consider if you want all of your policies to be with the same provider.

More information on some of the major business insurance providers can be found here:

2. Compare business insurance quotes

Obtaining quotes from multiple business insurance companies can assist you in locating the best coverage at the best price. Here are some things to think about when comparing insurance quotes.

• You can compare business insurance quotes online or over the phone, or you can work with an insurance agent or broker to find the best deal. Whatever path you take, make sure to compare policies with comparable coverage and deductibles.
• To obtain a quote, you must provide some basic information about your company, such as its name, number of employees, and ZIP code. Some insurance companies can generate a quote online, while others may require you to speak with a live person.
• Rates vary greatly because no two businesses are alike, and each insurer has its own formula for calculating premiums and discounts.
• Keep in mind that a business insurance quote is only an estimate. If an insurance company examines your company and determines that you require a different level of coverage, the price may change.

3. Research business insurance discounts

Some companies provide discounts when purchasing multiple policies. When you bundle more than one type of coverage, for example, Next gives you a 10% discount.

There may be variations in the number and type of discounts available. Comparing the discounts available to your company will ensure that you not only get the policy you want, but also benefit from investments you've made to make your company more secure in the eyes of the insurer.

4. Check customer satisfaction and complaints

• J.D. Power studies on business insurance and property claims satisfaction, which poll thousands of small commercial insurance customers each year, may help you feel more confident that you'll have a positive experience.
• Another source of information about how insurance companies perform is the NAIC website. You can learn how many complaints people filed against an insurer with state regulators, the reasons for the complaints, and whether there are more complaints than expected for a company of its size.

5. Consider financial strength

Purchase business insurance from reputable companies that have sufficient funds to pay claims. One way to determine whether an insurer meets that standard is to look at its financial strength. A rating firm such as A.M. Best can help you determine a company's financial strength.

• InsuredCircle typically recommends looking into insurers with A- or higher ratings.
• According to A.M. Best, a company rated B+ or higher has a "good" ability to meet its obligations. Companies with lower ratings may be riskier and receive more complaints.

6. Talk to a professional

A licensed commercial insurance broker or agent can assist you in assessing your risks and comparing what different business insurance companies have to offer.

Commissions are how brokers and agents make money. Brokers, in general, offer products from a broader range of business insurance companies than agents, but they may charge additional fees. In many states, agents and brokers are required to disclose their fees and commissions up front.