Our take

Philadelphia Insurance is No. 4 on our list of the best small business insurance companies because of its strong financial foundation and the fact that it receives fewer complaints than most of the other insurers in our ranking. In addition, while not every insurer provides commercial flood insurance, Philadelphia Insurance customers can protect their businesses with one of three flood insurance programs. 

Chubb
J.D. Power Score: 702
NAIC Complaint Index: 0.88
AM Best Rating: A++
Pros:
  • Lower number of complaints than most
  • Offers commercial flood insurance
  • Specialized coverage options are available
Cons:
  • No online quotes
  • BOPs are limited to businesses with less than $5 million in revenue

What makes Philadelphia Insurance different?

Philadelphia Insurance offers three types of flood insurance:

  • Commercial primary flood insurance: The company sells policies that are individually rated based on a business’s location, its flood zone location, its building construction and other factors.
  • Federal flood insurance. The company is an authorized writer of policies under the National Flood Insurance Program (NFIP). 
  • Commercial excess flood insurance. The company provides coverage that extends above the NFIP’s limits.

Philadelphia Insurance commercial coverage

Philadelphia Insurance 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: Covers vehicles used for business purposes.
  • Flood: Covers repairs to your business’s physical location and repair or replacement of its contents in the event of a flood.
  • Management Liability: Covers a company should an employee file a claim against it for bad management, such as wrongful termination. 
  • Professional liability: Covers customer lawsuits and legal judgments stemming from accusations of unsatisfactory work, such as a missed deadline or mistake. 

How much does Philadelphia Insurance small business insurance cost?

Philadelphia Insurance doesn't have an online quoting tool or provide pricing information on its website. You can, however, call or email the company from its website. 

How to save on Philadelphia Insurance policies

Philadelphia Insurance does not advertise commercial insurance discounts on its website. However, speak to an agent about ways you can save. Utilizing a security system or having sprinklers in the office may help you lower your premium. Maintaining a claim-free history is another way you can save. 

How to buy Philadelphia Insurance

Philadelphia Insurance works through a network of agents and brokers who offer the company’s policies. To get a policy:

  1. Contact a representing agent or broker. 
  2. Complete a company screening to get a quote.
  3. Review the quote coverages and adjust to meet the needs of your company’s risk level.
  4. Pay the premium to make the policy effective and get the insurance.

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 legal defense and settlement 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. 

“Work with a company that is admitted and regulated in your state. Look for a strong reputation, particularly for their claims payment history,” says Chris Peterie, chief executive of Tower Street Insurance in the Dallas-Fort Worth area.

Having a good broker can help ensure you get the right policies and coverage. 

Bottom line

Philadelphia Insurance is a top-rated insurance carrier that earns great marks with third-party rating agencies. It offers most of the policies that a business needs to cover the risks that it might experience. Business owners will especially appreciate its flood insurance offerings. 

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