One of the most crucial duties involved in operating a business is purchasing small business insurance. Small business insurance can shield owners from unanticipated events like a fire that destroys goods or an employee getting hurt at work. The Guru broker and the salary involved are also discussed below, along with our ranking of the top local commercial insurance brokers. Additionally, we have put together information on how to locate the top local commercial insurance brokers.
Best Commercial Insurance Brokers
The best local commercial insurance brokers give you the option to compare prices from different insurers, manage your policy online, and get professional guidance when you need it. To identify the top local commercial insurance brokers, we assessed 15 different brokers, paying particular attention to their financial soundness, client satisfaction, ease, ability to compare quotations and the policies they offered.
#1. Simply Business
While Simply Business provides insurance for many different industries, its main market segments are freelancers, small enterprises, and sole proprietors. Even the sole proprietor workers’ compensation section has its own section. Additionally, it doesn’t charge any brokerage fees, which helps keep the price of premiums low.
Simply Business will enable you to compare quotations from various sources by drawing on a number of leading providers. It frequently allows you to change the limits and deductibles, add more coverage, and then refresh the quotes once the quotes have been generated. When you’re done browsing, you can either phone and speak to one of its knowledgeable agents or buy a policy online without speaking to anyone.
#2. Thimble
With Thimble, you can acquire a price and buy insurance in no more than 60 seconds. This speed and ease are available both online and through its mobile app. On an hourly, weekly, or monthly basis, coverage is offered.
Although it provides insurance for more than 300 industries, its target market is young companies, particularly internet producers. A large portion of Thimble’s maker and artisan policies are intended for companies with annual revenues under $500,000.
#3. CoverWallet
Online brokerage CoverWallet offers free estimates from several carriers on its website. Information on the carrier and the coverage is included in the quotes. Although it covers a wide range of coverage, it recently focused on more niche markets, such as restaurants and food service suppliers.
In collaboration with a few select carriers, including The Hartford, Chubb, and Travelers, CoverWallet provides a BOP for restaurants that is specifically tailored to the industry’s particular risks and developments. Additionally, it provides fast COIs, online policy administration, and favorable ratings.
#4. Embroker
It can be challenging for a new firm to get insurance because insurance companies frequently require information about the previous year’s income, claim history, and industry experience. Embroker is a logical alternative for a new business owner seeking a straightforward application process and personalized coverage because it offers packages that are specifically created for startup companies. It also has a taste for riskier endeavors like the cannabis industry.
#5. Gallagher
Running a business is costly; therefore, if you can reduce your premium and the cost of services you frequently use, it is a preferable course of action. One of the greatest local commercial insurance brokers in the world, Gallagher offers free access to Travel Perks and Gallagher Perks to all of its policyholders. These discounts were negotiated with a number of companies, including UPS, ODP Solutions, cybersecurity solutions, and rental automobiles. Gallagher is an excellent choice if your organization is seeking methods to cut costs.
#6. Chubb
Chubb, a major international insurer with an astonishing array of business insurance coverage, writes $40 billion in individual and commercial policies each year. The Customarq General Liability policy from Chubb is appropriate for both large corporations and small enterprises across more than a thousand different industry classification codes. Almost everything is covered by this insurance, including lawsuits, suppliers, and property damage and bodily harm. However, unlike some of its rivals, global coverage is not included and must be acquired separately.
#7. Next Insurance
Next Insurance plans are made especially for small enterprises and individual proprietors. Also, Next Insurance is at the top of our list for the self-employed seeking business security because of its products’ cheap starting monthly rates and dramatic expense reductions by eliminating coverage that is unnecessary for self-employed enterprises.
The majority of commercial insurance plans are primarily created for companies with many employees and substantial annual revenue. These algorithms have the potential to result in sole owners paying exorbitant premiums for insurance they don’t require. A relatively new entrant to the commercial insurance market, Next Insurance specializes in providing coverage for independent contractors who own their own businesses.
#8. The Hartford
Commercial property insurance, aside from general liability, is the most widely used business insurance you’ll discover because it protects everything from tools and equipment to office furniture from theft and damage. Any business, from small startups operating from their homes to major conglomerates with hundreds of millions of dollars in property to insure, can take advantage of Hartford’s commercial property insurance.
#9. Progressive
The most commercial auto direct premiums were issued by Progressive during our analysis, making it the leading supplier of commercial auto insurance in the country. Almost all commercial vehicles are eligible for coverage.
With policies covered for more than a million commercial cars as of 2022, Progressive is unquestionably the largest commercial auto insurer in the United States. Progressive offers coverage for trucks, buses, trailers, and even personal vehicles that are partially used for business, whereas competitors place restrictions on particular vehicle types and industries.
#10. Nationwide
Due to the wide variety of business insurance needs, many carriers can only provide limited coverage for particular sorts of operations. Nationwide stands out from the competition by offering policies for both small and large enterprises. Almost every form of protection you can imagine is included in the coverage, including more conventional alternatives like cybersecurity protection as well as more classic ones like general liability and umbrella insurance. There is also additional protection against equipment failures and employment-related litigation.
#11. Berkshire Hathaway
Berkshire Hathaway, which offers two conventional business owner’s policies (BOP) and one more comprehensive option, is the best in our study of business owner’s policies because it can offer unmatched combined coverage for all facets of your company.
The organization that owns GEICO is well-known as Berkshire Hathaway. However, the conglomerate also offers commercial insurance through two other channels: biBERK, a full-service provider for small businesses, and THREE, a more recent project that has gained attention for its straightforward three-page policy.
#12. Insureon
Insureon is the perfect place to assist you find the ideal local provider for your bar, restaurant, shop, or catering business because liquor liability laws differ from state to state. Also, Insureon comes out on top in our evaluation of liquor liability insurance.
Finding a single carrier that provides comprehensive liquor liability coverage is challenging because Dram shop rules differ so much from state to state. A single form on the online insurance marketplace Insureon delivers quotes from many carriers, making it simple to locate the best coverage in your state. Insureon is a licensed provider of services in all 50 states and may frequently assist you in obtaining coverage within 24 to 48 hours, despite the fact that it does not underwrite any of its policies.
With Insureon’s extensive network of commercial insurance carriers, you can save time by requesting numerous quotations for your company with just one application. Even though Insureon’s application is more complicated than what you might find on other insurers’ websites, it is still far more effective than identifying which businesses in your area provide liquor liability coverage and requesting rates from each one separately.
Commercial Insurance Brokers Salary
In the United States, local commercial insurance brokers make an average yearly salary of $75,598 as of May 16, 2023. That comes out to about $36.35 an hour, in case you need a quick salary calculator. This amounts to $6,299 per month or $1,453 per week.
Despite the fact that ZipRecruiter reports annual salaries as high as $100,000 and as low as $35,000, the majority of local commercial insurance brokers’ salaries currently fall between the 25th and 75th percentiles at $59,000 and $85,000, respectively, with top earners (90th percentile) in the United States making $92,000 annually. There aren’t many prospects for improved compensation or development, even with several years of experience, according to the average salary range for local commercial insurance brokers (about $26,000).
The local commercial insurance brokers employment market in Atlanta, Georgia, and the surrounding area is quite busy, according to recent job posts on ZipRecruiter. Local commercial insurance brokers in your area earn an average yearly salary of $82,093, which is $3 (0%) higher than the $75,598 national average.
Since there are millions of active jobs posted locally across America, ZipRecruiter regularly analyzes its database to determine the most accurate annual salary range for Insurance Broker jobs.
Guru Commercial Insurance Brokers
We are a little slow, but if you need something done right away, we will try our best to help. Customer satisfaction is our top priority. Our clients refer their friends to us. Our knowledge is based on a team of qualified professionals that can design a complete insurance program to meet your unique needs. Working with representatives who are aware of your demands will be a bonus for you. Finding the ideal policy is just the start.
You will receive accurate and useful information about your insurance policy and insurance provider after you sign up as one of our clients. A representative who represents your interests. Personal attention. No matter if you need to record a claim, update a policy, or have a concern about billing, our customer service representatives are the best in the field and will handle your request quickly and professionally. Additionally, our website is accessible around-the-clock to fit your hectic schedule. Please save our website and come back often.
Why Choose Guru Commercial Insurance Brokers?
You want to work with a reputable insurance company while making your selection. We operate a separate insurance company. In contrast to insurance companies, we work for you. When you suffer a loss, we stand by your side and see to it that you are promptly and fairly compensated.
Our responsibility as an independent, full-service insurance firm is to uphold the interests of our clients. We have a duty to offer you the greatest service and coverage at the most affordable price as your insurance brokers.
When you choose to work with us, you’ll get:
- Information that is factual and useful about your insurance coverage and insurance provider.
- A representative who represents your interests.
- Individual attention.
Our customer service representatives are the best in the business and will handle your request swiftly and professionally, whether you need to update a policy, have a concern about billing, or need to report a claim.
Guru Commercial Insurance Brokers Contact Information
Mailing Address:
Guru Commercial Insurance Brokers
PO Box 28548.
Fresno, CA 93729
Sales Office Physical Address:
516 West Shaw Ave., Suite 200
Fresno, CA 93704
Toll-Free: (800) 41-GURU-1 or (800) 414-8781
Local: (559) 842-5000
Fax: (800) 719-0714
We specialize in Workers’ Compensation, Gas Station, Construction, and Truck Insurance. Additionally, we handle truck permits and fuel tax.
What Is a Commercial Insurance Broker?
A commercial insurance broker serves as a liaison between clients and insurance providers.
What Is the Difference Between Insurance Agent and Insurance Broker?
Both insurance brokers and agents can assist you in purchasing an insurance coverage. However, insurance brokers work to promote and sell products from the one insurance company that employs them. Insurance brokers can assist customers in comparing plans from several providers and act as their representatives.
What Is the Highest Insurance Broker Salary?
Salary ranges for insurance brokers often fall between $62,000 and $141,000 annually. Insurance brokers typically make $45.2 per hour in wages.
What Are Four Examples of Commercial Insurance?
Among the most typical are the following:
- General liability.
- Property insurance.
- Business interruption insurance.
- Workers’ compensation.
- Commercial auto insurance.
- Employment practices liability insurance (EPLI)
- Cyber insurance.
- Management liability insurance (D&O)
What Are the Two Types of Commercial Insurance?
Property insurance and casualty insurance are the two primary divisions of commercial insurance.
What Are the 3 Most Common Insurance Needs That All Businesses Must Have?
Every company with employees is required by federal law to have workers’ compensation, unemployment, and disability insurance.
What Types of Insurance Are Not Recommended?
Policies of Insurance You Don’t Need:
- Private mortgage insurance.
- Extended warranties.
- Automobile collision insurance
- Rental car insurance
- Car rental damage insurance.
- Flight insurance.
- Water line coverage.
- Life insurance for children.
Conclusion
Commercial insurance brokers assist you in locating the greatest protection from the best companies. The top insurance brokers for small businesses give you the option of comparing rates from several providers, enabling online policy administration, and offering guidance when you need it.
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