Travelers Small Business Insurance Review: Many Coverage Options Available
Published Nov. 13, 2024
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Travelers has been in business for more than 165 years and is one of the most respected and well-known insurance companies in the United States. With a variety of common and specialized small business insurance products and the ability to provide coverage in all 50 states and D.C., Travelers can be a great company to check out.
Read on to find out more and learn whether Travelers could be a good fit for you.
This insurer is a good fit for: Small businesses who want coverage from one of the largest and longest-established insurance companies in the world.
Travelers is one of the oldest and most trusted insurance companies in the U.S. It offers many different types of small business insurance, and provides coverage in all 50 states. It doesn't have a fully online application, but it is a solid insurer to check out.
Travelers offers a variety of small business insurance coverage types, including (but not limited to) the following.
This is the most common type of small business insurance policy, and it is designed to protect you and your business from liability claims. In short, a BOP combines the insurance coverage types that most small business owners need in a single policy.
Provides support (financial and otherwise) if employers get hurt or ill while at work. It can provide medical care, lost wages, and other valuable benefits.
The threat of cybersecurity incidents isn't getting any smaller. Travelers' CyberRisk insurance protects businesses against losses from data breaches and other cyber attacks.
If your business provides advice, recommendations, or other services, professional liability insurance can protect you against any liability that results from your practice.
Employment practices liability protects business owners in the event an employee claims their legal rights have been violated.
The business equivalent of homeowners insurance, this type of coverage protects the business' physical property. This includes owned or leased real estate, as well as equipment and inventory contained inside of it.
Coverage that provides protection for losses that exceed the limits of other business insurance policies. This is designed to protect business owners in the case of large or catastrophic losses or injuries.
Many insurance companies, even the larger ones, don't offer coverage for small businesses in all states. Travelers offers coverage in all 50 states and D.C.
The types of small businesses insurance listed above don't even tell the full story. Travelers offers many other types of specialty coverage, such as business income and extra expense insurance, commercial auto and trucking coverage, and many others.
The MyTravelers for Business online platform offers policyholders the ability to perform several functions online, including reporting claims, checking claim status, paying bills, printing policy documents and ID cards, obtaining certificates of insurance, and much more.
As one of the largest and oldest insurance companies to offer small business coverage, Travelers offers excellent educational resources. It can be an especially great option to start the insurance search for newer business owners and those who aren't as familiar with how small business insurance works.
Travelers offers a wide variety of small business insurance products, but it doesn't offer everything. For example, it doesn't offer medical malpractice insurance, which is offered by several of its direct competitors.
While Travelers allows customers to do certain tasks online (such as filing a claim), there's no way to apply for small business insurance without working with an agent. You can't apply online, or get a personalized quote.
The cost of small business insurance depends on several variables, including the nature of your business, the insured assets owned by the business, the number of employees you have, and the amount of liability protection you want/need.
Having said that, reviews indicate that Travelers is competitive. It also offers the ability to get many discounts, and these can reduce the cost of insurance by up to 35%. According to Insureon, the average cost of a business owner's policy (BOP) is $57 per month, just for reference.
In order to get Travelers small business insurance, you'll need to connect with an agent in your area. You can find one through Travelers' website. Your agent will help select the coverage you need based on details you provide, and give you customized insurance quotes.
On various consumer review websites, including Trustpilot and Yelp, Travelers doesn't exactly have strong ratings. For example, the company has a 1.5-star average on Trustpilot, based on 48 customer reviews. However, most of the reviews are based on Travelers' auto and homeowners insurance (not small business), and it's worth pointing out that most large insurance companies have very low customer service ratings on review sites like these.
When looking for a small business insurer that offers online quotes: The Hartford is a massive and long-established insurer, but unlike Travelers, it allows customers to get small business insurance quotes online.
When looking for a small business insurer with more coverage types: Progressive is also one that is worth considering if obtaining commercial auto insurance is a priority for you, as auto coverage is Progressive's core competency. It also offers liability coverage for high-risk businesses.
Travelers is best suited for small business owners who:
Other insurance companies to consider are The Hartford if you're looking for an online quote or Progressive if you're looking for liability coverage for high-risk businesses.
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