7 Best Small Business Insurance in Indiana for 2023

Thang Truong
Thang Truong
Updated on:

Indiana offers a lot of value to entrepreneurs looking to start a small business. The cost of living is low, the people are friendly and eager to support local businesses. CNBC ranked Indiana as the best state in the nation on infrastructure and second on the cost of doing business. The Hoosier state also has a low crime rate and low taxes. 

As a small business owner, you already know that starting a business is a risk. There are so many things to keep track of, it’s easy to overlook things. One thing you shouldn’t overlook is getting business insurance. You probably don’t want to think about being sued, but it does happen. Protect yourself by getting business insurance. 

7 best small business insurance companies in Indiana 

Small business insurance is a very fragmented market with hundreds of providers, which can make it confusing for you to find the best one for you. We have research more than 30 providers in Indiana and here are our recommendations of the top 7 for your consideration: 

  • Simply Business: Best for finding low-cost coverage
  • InsurePro: Best for flexible, on-demand, pay-per-day coverage
  • NEXT: Best for cheap general liability insurance for contractors
  • CoverWallet: Best for comparing several quotes online
  • biBERK: Best for low-cost workers comp and commercial auto insurance
  • Progressive: Best Overall for commercial auto and commercial truck insurance
  • Tivly: Best if you prefer working with knowledgeable agents to find all types of small business insurance coverage

Simply Business: Best for finding low-cost coverage 

Simply Business is also an online insurance broker. They can also get you quotes from three or four partners, but keep in mind they don’t underwrite any of the policies they sell. They do have a great resource library. 


  • Get quotes from multiple insurance companies
  • Easy to compare several quotes in one place
  • Optimize to find low-cost coverage by working with several insurance companies who can offer affordable rates
  • Best to find cheap coverage


  • You have to file claims with the carriers directly, not through Simply Business
  • If you prefer working with a specific carrier that Simply Business doesn’t work with, you have to look elsewhere

InsurePro: Best for flexible, on-demand, pay-per-day coverage

The best thing about InsurePro is that you can tell them how often you work and they can find you flexible coverage that meets your needs. You can buy insurance by the job or by the month, whatever works best for you. 


  • Specialize in finding on-demand and short-term coverage
  • Affordable rates
  • Excellent digital experience from getting quotes online to buying a policy and downloading the certificate of insurance


  • May not offer every type of policy
  • Can’t make claims through InsurePro

NEXT: Best for cheap general liability insurance for contractors 

In addition to its zippy, colorful website, Next offers small businesses a quick and easy process to find insurance in seven different categories. They do small business insurance and only small business insurance, and the reviews are very favorable. 


  • Specialize in contractor insurance
  • Manage policies online
  • Get quick quotes
  • Handles all its own claims


  • Mostly provides general liability insurance: they may not have everything you need
  • May not provide coverage to all industries yet

biBERK: Best for low-cost workers comp and commercial auto insurance 

biBERK claims they can save you 20% on small business insurance over their competitors. For Indiana, they insure general liability, workers comp, professional liability, commercial auto and cyber insurance. 


  • Completely digital experience: get a quote, buy a policy, manage your policy and file claims online
  • Save 20% on premiums


  • Low coverage limits
  • May not provide coverage to all industries yet

Progressive: Best Overall for commercial auto and commercial truck insurance 

Progressive is headquartered in Ohio (right next door to Indiana) and they insure more commercial vehicles and trucks than anybody else. They also have a long list of discounts, and they’ll insure any commercial vehicle. If you need commercial auto insurance, they are definitely worth a look. 


  • The largest commercial auto and commercial truck insurane company in the country
  • One of only companies that will consistently provide online quotes for commercial vehicles
  • Bundle with other policies
  • Many discounts available


  • Only provides commercial truck/vehicle coverage directly: other business coverage is by third party
  • Customer satisfaction rating can be improved

CoverWallet: Best for comparing several quotes online

CoverWallet is great for gathering quotes. They partner with over 20 insurance companies to bring you three or four quotes, so you can comparison shop with ease. Sometimes, though, you’ll have to call to complete the purchase (or allow them to call you). 


  • Easy to get several quotes from one form
  • Wide range of policies available
  • Manage all your policies in your “wallet”


  • You will only get quotes from partner companies
  • Only third party quotes (CW is a broker, not an insurance company)

Tivly: Best if you prefer working with knowledgeable agents to find all types of small business insurance coverage 

Tivly partners with over 200 providers. Their agents know that buying insurance can be confusing and overwhelming, and they are committed to helping you figure it all out. They are really excellent at helping small business owners figure out what type and how much insurance they need.


  • An extensive network of agents who are very knowledgeable and experienced
  • Provide coverage to businesses of all sizes and in all industries
  • If you have difficulties finding coverage, working with Tivly’s agent is a great idea


  • Limited digital capabilities
  • You have to work with an agent on the phone

Business insurance coverages in Indiana 

Small business owners need to get business insurance to protect their business’s assets. The question is, what kind of insurance do you really need, and how much?

Below is the comprehensive list of small business insurance coverages that any small business may need. Different small businesses in different industries, different locations, and at different stages may need different coverages. If you are not sure which business insurance coverage your small business may need, consult with a small business insurance agent or broker. 

General liability insurance 

Accidents happen, even if you go out of your way to provide a safe workplace. General liability insurance covers you if a visitor to your workplace injures themselves in some way. It covers their medical bills and your legal fees if they should sue you. 

General liability insurance also covers you, the business owner, if you accidentally damage a customers property. Anyone who goes to clients’ homes or offices always runs the risk of damaging some priceless artifact that has been in the customer’s family for decades. 

Lastly, general liability also covers you for advertising injury, including slander and libel, and copyright infringement. If you run an ad that disparages a competitor and they lose business because of that ad, they could sue you.

Learn more at general liability insurance cost and the best general liability insurance companies

Commercial property insurance 

Commercial property insurance covers your professional space: the structure and the contents, including equipment and inventory. 

  • Theft
  • Vandalism
  • Weather
  • Lightning strikes
  • Fire
  • Smoke
  • Water damage

It should cover you for losses of business income, should one of the above factors damage your property. Landlords will usually require that you get commercial property insurance before they will rent to you: otherwise, they could be held liable for the damages to your business. 

Anyone who lives in Indiana can tell you that severe storms and tornados are not that uncommon, and can result in hundreds of thousands of dollars in damage. Tornados, unlike earthquakes and floods, don’t usually require special coverage, but check with your insurance company to make sure.

Learn more at commercial property insurance cost and the best commercial property insurance companies

Business Owners Policy (BOP) 

A Business Owners Policy combines general liability insurance and commercial property insurance, and often include business interuption insurance as well. Since these policies are bundled, they are usually less than it would cost if you purchased the policies separately. Business interuption is often included, and depending on the policy, you can usually add things like:

  • Business interruption insurance
  • Cyber liability
  • Crime
  • Rented vehicles
  • Equipment breakdown
  • Employment practices liability insurance

Shop around for the policy that provides the types of coverage you need. 

Learn more at BOP insurance cost and the best BOP insurance companies

Professional liability insurance 

Professional liability insurance protects you if you make a mistake or forget to do something while employed in a professional capacity. It’s sometimes called Errors & Omissions insurance, because it covers errors (mistakes) and omissions (negligence). If you work in health care or law, it’s called malpractice insurance. 

For example, you work as a tax preparer. You misinterpret a number a client has entered and as a result, they pay more taxes than they should have. They can sue you for this mistake.

Learn more at professional liability insurance cost and the best professional liability insurance companies

Workers comp insurance 

Almost every business in Indiana needs workers compensation insurance. You even need to include yourself (unless your a sole proprietor). Other exceptions include:

  • Railroad employees
  • Real estate agents
  • Independent contractors
  • Prison inmates
  • Coaches of youth sports teams
  • volunteers

Workers comp protects both you and your employees. It protects the employees by providing coverage if they are injured at work, and it protects you, the employer, from having to pay for their medical bills out-of-pocket. Should the worst happen, workers comp will also pay death benefits to the family of the accident victim. 

Indiana has a low cost of living, and the rates for workers compensation insurance correspondingly low: about $0.68 per $100 in covered payroll. It’s the 5th cheapest state for workers comp insurance.

Learn more at workers comp insurance cost and the best workers comp insurance companies

Commercial auto insurance 

If you use your car for business (other than just commuting back and forth to an office) you should get commercial auto insurance. Indiana law requires you to have at least 25/50/25, or $25,000 bodily injury liability, $50,000 per accident and $25,000 in property liability coverage. You also need liability coverage in case you are hit by an uninsured or underinsured motorist Keep in mind that these are the bare minimums. The Zebra recommends more coverage, as just one accident can exceed the limits of a policy. Then you wil have to pay for the rest of the damages out of pocket. These costs can bankrupt you.

Learn more at commercial auto insurance cost and the best commercial auto insurance companies

Cyber liability insurance 

Every business that operates on the internet (which is to say almost every small business) needs cyber liability protection. Cyber liability insurance protects your business from hackers, data breaches and malware attacks. It should cover you if you suffer a loss of income, the costs of letting every customer know about the breach, and restoration of your data.

Learn more at cyber liability insurance cost and the best cyber liability insurance companies

Business interruption insurance 

Business interruption insurance provides protection in case your business if forced to closed due to a named peril. It should cover you for rent/lease payments, employee wages, taxes, loan payments and lost income.

Many small business owners found out in 2020, then you will not be covered by business interruption insurance. Covered perils are usually things like:

  • Fire
  • Theft
  • Wind
  • Lightning
  • Falling objects

Indiana suffers its share of tornados and severe storms, but those are usually covered. Double check to make sure: it’s a rare Indiana summer that goes by without a tornado.

Learn more at business interruption insurance cost and the best business interruption insurance companies

Directors & Officers insurance (D&O) 

Directors & Officers insurance is like E&O (errors & omissions, also known as professional liability insurance) but for officers and directors of a company. It protects them from personal losses in the event the company is sued for some decision they made. A D&O policy will pay for legal fees to defend the company against lawsuits, either civil lawsuits or criminal lawsuits (often these are filed simultaneously). Discrimination, wrongful termination, and breach of contract are all covered by D&O insurance (not to mention among the most common reasons companies are sued).

Learn more at D&O insurance cost and the best D&O insurance companies

Which business insurance coverage do I really need in Indiana? 

There are a lot of different types of business insurance available but not all of them are necessary. 

  • General liability insurance is always a good idea, although it’s not required. 
  • If you use vehicles for business purposes, you’ll need commercial vehicle insurance. It is required by state law.  
  • If you have employees, you need workers compensation insurance. It is also required by state law. 
  • If you provide a service or offer advice in a professional capacity, consider getting professional liability insurance.

Is business insurance required in Indiana? 

The only insurance coverages that are required in Indiana is workers compensation and commercial vehicle insurance. Everything else is up to you, but like all insurance, you should weigh the risks of a lawsuit against the costs of insurance. 

Who needs business insurance in Indiana? 

Most small businesses should get at least a general liability policy, workers comp (if you have employees), and commercial auto insurance (if you drive a vehicle for business purposes). 

Below are some popular small businesses that buy insurance in Indiana: 

Restaurants Construction firmsPlumbing
Landscaping HVAC contractorHandyman
Law firmsDaycare Catering
Hair & beauty salonsNail salonsBarber shops
ChurchesElectrician Flooring contractor
Pressure washingFinancial & investment advisorsCPA & accountants

How much does business insurance cost in Indiana?

The average business in Indiana pays about $48 a month, or $676 per year, for a $1MM general liability insurance policy. If you have more policies, you’ll pay more. The best thing to do is get quotes from at least three different companies, so you won’t pay more than you have to. 

Below are the average costs in Indiana for different small business insurance coverages: 

Indiana business insurance coveragesAverage costs
General liability$48 per month
Business Owners Policy (BOP)$134 per month
Workers comp insurance$0.68 per $100 payroll
Commercial auto insurance$126 per month
Professional liability insurance$53 per month
Cyber liability insurance$108 per month
Commercial property insurance$97 per month

Please keep in mind that these are just the average rates that hundreds of thousands small businesses pay in Indiana. Your rates will be different. Be sure to shop around with a few companies and compare several quotes to find the cheapest one for your business.

What factors affect business insurance costs in Indiana? 

There are a lot of things that affect how much business insurance costs. Just a few include:

  • Location 
  • Number of employees
  • Payroll
  • Years of experience 
  • Industry (higher risk industries pay more)
  • Claims history
  • Coverage limits

It’s like buying auto insurance, in a way: insurance companies weigh the odds of how likely it is you’ll file a claim and then set your rates accordingly. 

How to find cheap business insurance in Indiana? 

The easiest way to save money on insurance is to shop around. Get quotes from at least three companies before you make a decision. For the investment of just a few hours time, you could save hundreds of dollars. 

You can also bundle policies. Business Owners Policies bundle general liability and commerical property insurance together, so you save money. Even if you only buy one type of business insurance, you can often bundle it with your homeowners insurance or your auto insurance to get a discount. 

Choose a higher deductible–make sure you have the funds to cover the deductible if you need to, but a higher deductible can reduce your monthly payments. 

Have a safe workplace. Develop a safety plan and post it where everyone can see it. Stress the importance of safety and make sure the workspace is tidy and picked up.

How to buy business insurance online in Indiana? 

Getting quotes for business insurance is very easy. You’ll just answer some questions about your business, and viola! The website should spit out some quotes. Once you have quotes from at least three companies, choose one. Sometimes you can buy the insurance online as well, and sometimes you’ll need to call to complete the purchase. 

Make sure you read reviews of a company before you buy anything. No one wants a huge hassle if they have to file a claim. Consider customer service as well. 

Small business in Indiana are important parts of the community. Good luck with your business.

Thang Truong

Thang Truong covers small business insurance and small business success at BravoPolicy. He is a licensed P&C insurance agent. Previously, he held product leadership positions at realtor.com, Capital One, NerdWallet, and Mulberry Technology. He holds a MBA degree from UC Berkeley - Haas School of Business.

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