Our take
CNA had the second-best NAIC score of the companies we ranked. It also has a robust risk control program that business owners can take advantage of to access tools, educational materials and guides to minimize risks specific to their industry. For example, there are risk control programs for accountants, real estate, healthcare and more. Reduced risk usually results in fewer claims and lower insurance costs.
- Risk control programs
- Lower-than-usual number of complaints
- Insurance bundles available
- Slightly lower-than-average customer satisfaction ratings
- No online quotes
What makes CNA different?
While every insurance company wants clients to reduce claims risk, CNA takes an extra step. The company focuses on helping small businesses mitigate risk. For instance, it employs specialists who conduct risk control assessments, consult and offer customized risk control services and tools, such as PrepWise – a platform that allows clients, agents, underwriters and risk control experts to quickly come together, assess needs and share ideas.
CNA’s commercial insurance coverages
CNA has a wide range of policies to cover most business risks, including:
- Business owner’s policy: Combines general liability and commercial property coverage.
- Commercial auto: Offers coverage for vehicles used for business purposes.
- Cyber: Pays claims resulting from cyber crimes and electronic data breaches.
- Employment practices liability: Covers the legal defense and settlement of claims for things like employment discrimination, retaliation and wrongful termination.
- Professional liability: Covers customer lawsuits and legal judgments stemming from accusations of unsatisfactory work, such as a missed deadline or mistake.
- Umbrella: Offers extended liability coverage for policies such as general liability and commercial auto.
- Workers’ compensation: Pays medical bills and wages for workers injured on the job.
How much does CNA small business insurance cost?
CNA doesn't have an online quoting tool or provide pricing details on its website. Potential customers must work with an agent to get details on policies and costs.
How to save on CNA insurance
CNA doesn’t advertise a list of discounts that are available to small business owners. However, it does offer some industry-specific discounts, such as the CNA Lawyers Allied Vendor Program, which helps strengthen law-firm risk control programs and provides a preferred rate.
How to buy CNA insurance
CNA works through a network of agents and brokers. To buy CNA insurance:
- Use the website locator tool to find an agent or broker near you.
- Tell the agent about your business and its risks.
- Get a quote for coverage.
- Modify the quoted coverages based on needs and price.
- Pay the initial premium due to enact the policy.
The importance of commercial insurance for small business
Every business is exposed to risks. A building or office can be damaged in a storm, customers can slip and fall, employees can make an error or a hacker can get into a company’s computers. Businesses are responsible for the settlement and legal defense of claims.
A small business can mitigate the cost of losses with insurance.
There are multiple insurance policies that cover different types of risks. For example, a store with a retail location needs general liability insurance to cover customer slips and falls while a professional service company, such as an accounting firm, needs professional liability to protect against mistakes made in the course of business.
Not only is it important to have small business insurance, but it is important to choose a good carrier for your coverage.
Experts recommend talking to at least three different insurers before making any insurance decisions. Be sure to ask each carrier questions about what coverage would be best for your business
“If a company or policy lacks transparency or fails to address your industry’s specific needs, it’s a signal to look elsewhere,” says Chris Peterie, chief executive of Tower Street Insurance in the Dallas-Fort Worth area.
Bottom line
CNA has a policy that fits just about every small business owner's risk needs. One thing that CNA does better than most competitors is helping businesses manage risk, which helps keep premiums competitive and affordable.
Methodology
To identify the top 10 business insurers for small businesses, we used three trusted third-party metrics.
- J.D. Power’s 2024 U.S. Small Commercial Insurance Study, the results of which we used to calculate a star score – with 5 stars being the best. American Family had the highest customer satisfaction index – a score of 727 – and was assigned 5 stars. Star scores were derived for the remaining carriers relative to their customer satisfaction index.
- AM Best Financial Strength Ratings (FSRs), which we also used to calculate a star score. A++ is the best possible FSR and companies with that rating get 5 stars. Each rating notch below A++ is assigned a 1/3 star value – for example, an A+ receives 4.67 stars, and an A receives 4.33 stars.
- 2023 complaint index data from the National Association of Insurance Commissioners (NAIC) for both commercial property and commercial liability. Again, we used the finding to calculate a star score. We collected the complaint indices and annual written premiums for each company to calculate a weighted average for each company group by line. The lowest property and liability complaint indices were assigned 5 stars, the highest complaint indices were assigned 2.5 stars. Star scores were derived for the remaining carriers relative to their complaint indices.
We then weighed the overall score with one-third for J.D. Power, one-third for AM Best, one-sixth for NAIC commercial property and one-sixth for NAIC commercial liability.
The companies were then ranked on a curve – with the top score being 5 stars and all subsequent star ratings being determined by that top score.
