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Best Health Insurance Companies for Small Businesses for 2024

Blue Cross Blue Shield is our top pick for its availability and wellness programs

affordable health insurance plans for small business

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Blue Cross Blue Shield stands out as the best health insurance company for small businesses because of its range of coverage options. The company offers a nationwide preferred provider organization (PPO) network and extra benefits for employees, including an extensive discount program. 

Depending on your state, you may have a few options for finding health coverage for your employees, including through the Small Business Health Insurance Options Program (SHOP)—a government marketplace for small business health plans—and by purchasing a traditional group health plan from a broker or directly from an insurer. 

To choose the best health insurance companies for small businesses, we evaluated major health insurance carriers based on financial strength, customer satisfaction, coverage options, telehealth and wellness benefits, digital tools, and more. These are our top picks. 

  • Best Overall: Blue Cross Blue Shield
  • Best for Customer Satisfaction: Kaiser Permanente
  • Best for Part-Time and Seasonal Workers: UnitedHealthcare
  • Best for Self-Funded Plans: Aetna
  • Our Top Picks

Blue Cross Blue Shield

Kaiser Permanente

UnitedHealthcare

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The Bottom Line

Small business insurance options.

  • Frequently Asked Questions (FAQs)
  • Methodology

Best Overall : Blue Cross Blue Shield

Blue Cross Blue Shield (BCBS) offers flexible options to small business owners, including the option to access the nation’s leading PPO network. In many states, BCBS employee plans come packed with extra benefits, and most plans include an extensive discount program.

Nationwide availability

Health and wellness discounts

Workplace wellness programs in many states

Poor J.D. Power ranking in some regions

Blue Cross Blue Shield, which is also our pick for the best health insurance company overall, offers employers many options. Among them are plans that include access to the BlueCard PPO network, which gives employees coverage when traveling nationwide. In some states, BCBS offers fully insured, level-funded, and self-funded plans. Blue Cross Blue Shield is a group of companies, so benefits and plans vary by region, but many member companies offer extra benefits. 

For example, the member company Anthem provides an employee assistance program at no extra cost to help members manage stressful events, from legal issues to the search for care. In many states, BCBS plans also come with 24/7 telehealth and access to mobile app plan management. Most members also get access to Blue365, an extensive discount program that also offers a $25 gym membership in some states. 

BCBS and Anthem companies had a combined average of 3.5 stars out of 5 stars from the National Committee for Quality Assurance (NCQA), an independent body that judges insurance plans on the quality of their providers, as well as customer satisfaction. But customer satisfaction ratings vary by region. Check the 2023 J.D. Power U.S. Commercial Member Health Plan Study to see how BCBS fared in your region. While rankings are poor in many regions, BCBS was top-ranked in Florida. 

BCBS companies also have an A or A- financial strength rating from AM Best . 

Best for Customer Satisfaction : Kaiser Permanente

Kaiser Permanente has top customer satisfaction ratings from the NCQA and J.D. Power, along with an award-winning app and a suite of virtual care options.

4.2-star average NCQA rating

Top-ranked by J.D. Power in most regions where available

Administers HRAs, HSAs, and FSAs

Robust support for chronic conditions

Only available in eight states and D.C.

Kaiser Permanente has better customer satisfaction ratings than any of the major health insurance providers we reviewed, with a 4.2-star average NCQA rating and top J.D. Power rankings in four regions. The company offers employers many options. While Kaiser is known for its health maintenance organization (HMO) plans , it also offers preferred provider organization (PPO) plans . Employees can pair some plans with a Kaiser-administered health reimbursement arrangement (HRA) , health savings account (HSA) , or flexible spending account (FSA) . Members can even submit HRA and FSA claims using their mobile phone cameras. 

Free wellness coaching is included at no cost. Members who are at risk for chronic conditions are automatically enrolled in a disease management program with comprehensive support and remote patient monitoring. And Kaiser offers several additional employee benefits, including dental, vision, acupuncture, and chiropractic. Kaiser is also our top pick for the best digital tools, with an award-winning app, 24/7 virtual care, mental health apps, and online physical therapy. 

The main drawback is that Kaiser Permanente isn’t available everywhere. The company only offers plans in eight states and the District of Columbia. Kaiser does offer a SHOP (Small Business Health Options Program) plan in Georgia and Virginia.

Best for Part-Time and Seasonal Workers : UnitedHealthcare

UnitedHealthcare offers small business plans nationwide, including a unique coverage solution for contractors, part-time workers, and seasonal employees.

Offers a unique program for non-benefit-eligible workers

Offers wellness resources and incentives

A+ financial strength rating from AM Best

J.D. Power ratings vary by region

UnitedHealthcare is our top pick for small businesses with several types of employees and contractors, including part-time and seasonal workers. Its FlexWork program offers coverage for non-benefit-eligible employees nationwide. The program provides group-premium-equivalent rates for three plan types designed for different types of workers, and you can add extra benefits like $0 telehealth, dental, and vision. 

UnitedHealthcare also offers members access to Self Care (a wellness app), fitness incentives, an online weight loss program, a smoking cessation program, and more. Plus, UnitedHealthcare offers a large provider network of more than 1.3 million healthcare providers. 

UnitedHealthcare also boasts an A+ financial strength rating from AM Best and a 3.5-star average NCQA rating. Though J.D. Power ratings vary by region, UnitedHealthcare was the top-scoring company in Texas and Virginia. The company also offers SHOP plans in Maryland, Massachusetts, New York, and D.C.

Best for Self-Funded Plans : Aetna

Aetna is one of the few health insurance companies to offer self-insured plans tailored to small businesses. We also like that it offers virtual primary care and a CVS allowance.

Offers self-funded plans for up to 25% upfront savings

Offers a variety of health expense funds

Optional robust behavioral health benefits

Members of some plans can access affordable care at MinuteClinic locations

Fully insured group plans in some states don’t include MinuteClinic benefits

Self-funded plans from Aetna offer up to 25% savings upfront, plus stop-loss insurance if your claims for a particular month go over your maximum claims amount. When you renew your plan, Aetna will refund 50% of any surplus funding to you. 

Members get access to CVS Health virtual primary care plus up to a $100 allowance for health and wellness products at CVS. The company also offers HRAs, HSAs, FSAs, and retirement reimbursement arrangements (RRAs) in most states. In addition, you have the option of adding behavioral health benefits that include virtual counseling, mental health tools, and an employee assistance program. Many plans offer MinuteClinic benefits as well, but fully insured plans in some states are excluded. 

Aetna has a 3.5-star average NCQA rating and a financial strength rating of A with AM Best. The company also came out on top in the East South Central, Northwest, and Southwest regions in the 2023 J.D. Power U.S. Commercial Health Plan Study, but ratings vary by region. Aetna offers SHOP plans in Maryland and D.C.

Blue Cross Blue Shield offers the most options for employers, with many plans providing access to the BlueCard PPO network and 24/7 telehealth, along with a variety of funding options in some states. If you’re looking for a self-funded plan, Aetna offers the best option tailored to small businesses in many states, as well as CVS benefits and optional robust behavioral health benefits. Kaiser Permanente takes the cake for customer satisfaction, with high third-party ratings and great digital tools, while UnitedHealthcare’s unique FlexWork program makes it our top pick for nontraditional employees. 

When choosing small business health insurance, you have a few options, according to Robert Slayton, an employee benefits consultant. 

Small Group Health Insurance

One option is to purchase a small group plan directly from a commercial health insurance company that serves small businesses or through a broker. “It gives the employer control over which plans to offer and [assurance] that people will remain covered while employed,” said Slayton. However, you may also need to offer COBRA or mini-COBRA plans. Mini-COBRA plans are required by some states for companies with fewer than 20 employees.

Self-Funded Plan

You may be able to save money by taking on the responsibility of paying out employee health claims yourself. This is known as a self-funded or self-insured plan, which typically relies on a commercial health insurer to administer the provider network and provide assistance with enrollment and claims processing. 

Health Reimbursement Arrangement (HRA) 

Another option is for the employer to offer a health reimbursement arrangement (HRA), which is an employer-funded group plan that pays employees back for qualified health expenses up to a certain dollar amount each year. Expenses may include premiums for an employer-sponsored plan, as well as copays and coinsurance. There are several types of HRAs, including a qualified small employer HRA (QSEHRA) for companies with fewer than 50 full-time employees. Another type is an individual coverage HRA (ICHRA), which lets employees use the funds to buy their own health insurance with pretax dollars. Funds can also be used for copays and deductibles. “[Employers] choose an amount to give each employee so that the employee can purchase coverage on their own,” said Slayton. “Employees who claim this reimbursement must have an underlying individual plan or Medicare.” 

SHOP Plan 

The Small Business Health Insurance Options Program allows you to compare small business plans offered on the ACA Marketplace and offer one or multiple options to your employees. These plans are typically the only route to the Small Business Health Care Tax Credit. However, they’re only offered on the federal marketplace in eight states and on state-run exchanges in 13 states. 

Frequently Asked Questions

Do small businesses have to provide health insurance.

If you employ fewer than 50 people full-time, you are not required to offer health insurance to your employees. But more than half of firms that size do offer it, according to the National Federation of Independent Business. A 2022 U.S. Chamber of Commerce survey found that 88% of employees rank health insurance as the most important employer-provided benefit. If you have 50 or more employees and choose not to offer coverage that meets federal standards, you’ll be required to pay a penalty called a Shared Responsibility Payment instead.

How Much Does Small Business Health Insurance Cost?

Costs vary by location and the network and coverage you choose, but on average, small businesses contributed $7,349 per single covered employee in 2023. Experts recommend keeping your total employee benefit costs between 10% to 20% of your overall revenue.

What Is a Self-Insured Health Plan?

A self-insured health plan is a type of group health insurance in which the employer collects premiums and is responsible for paying claims when employees need care. These plans can be self-administered, or the business may work with an insurance provider to get stop-loss coverage (which puts a ceiling on your risk) and administrative support. 

There are several benefits to self-funded plans. Employers can keep surplus premiums (or receive a portion returned by the stop-loss carrier), plans can be customized to a greater degree, and certain ACA provisions that lead to high costs can be avoided. Increasingly, small businesses are opting for self-funded coverage. But self-insured plans aren’t right for every business.

Can an S Corp Pay for Health Insurance?

Yes. An S corp can provide health insurance for its employees. However, most health insurance companies require you to have at least two employees to get a group plan, so if you are an S corp owner and don’t have employees, you’ll need to get individual health insurance from the ACA Marketplace. Additionally, you can’t provide an HRA to anyone with a greater than 2% stake in your company.

How We Chose the Best Health Insurance Companies for Small Businesses

We chose the best health insurance companies for small businesses by looking at our research for our list of the overall best health insurance companies and then investigating what options these insurers offer for small businesses looking to buy plans for their employees. 

To identify which health insurance companies to review for our overall winners list, we analyzed business and market insight databases, considered health insurance company market share, and researched user-generated data from Google to determine public interest and trends in health insurance companies and plans. 

We collected data from the National Committee for Quality Assurance (NCQA), an independent organization that rates healthcare plans on quality and patient satisfaction. We also gathered data from state and federal government insurance marketplace websites and databases, and directly from companies via websites, media contacts, and existing partnerships. The data collection process took place between Sept. 29 and Oct. 23, 2023.

We then developed a quantitative model that scores each health insurance provider based on 27 criteria that fall into four major categories and are crucial in evaluating the company’s offerings and benefits. We weighted the four categories as follows for this article:

  • Plan Quality & Customer Satisfaction : 20%
  • Plan Features : 40%
  • Availability : 15%

Read our full methodology for reviewing health insurance companies.

J.D. Power. “ Commercial Health Plan Member Satisfaction Declines in Key Areas, J.D. Power Finds. ”

The Commonwealth of Massachusetts. " MiniCobra Continuation of Coverage Benefits Guide ."

Healthcare.gov. " What's An Individual Coverage Health Reimbursement Arrangement (HRA)? "

Healthcare.gov. “ SHOP Marketplace Basics for Employers .”

U.S. Department of Health and Human Services. “ As a Small Business Owner, Am I Required to Offer Health Insurance to My Employees? ”

KFF. " 2023 Employer Health Benefits Survey (Section 6) ."

affordable health insurance plans for small business

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Get health insurance for your small business

Health insurance is a critical factor for small businesses to help retain and recruit employees and sustain productivity and satisfaction. UnitedHealthcare offers a range of group health insurance options designed to help your small business save money and support your employees’ health and well-being.

Request a quote for your small business (2-50 employees)

Simply complete a quick form to get started with a quote for your small business. A UnitedHealthcare representative will get in touch and work with you to help find group health insurance options that best fit your business.

affordable health insurance plans for small business

View plans or request a quote (2-50 employees)

To get more details on health insurance options for your small business, click on your state below. In markets where the Small Business Store is available, 1 you will be directed there. In markets where the Small Business Store is not available, you can request a quote from UnitedHealthcare.

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For companies with 51 or more employees

Find the right medical plans for your employees and your business, plus supplemental plans for dental, vision, disability and more.

Explore products and solutions for small businesses

There's not just one way we work to help small businesses like yours. By offering benefits packages designed to improve employee experience and help employers manage cost, there's a number of products and solutions that may be right for your business.

Explore a range of group health plans and network options.

Discover how integrated pharmacy benefits from OptumRx may help lower costs for you and your employees.

Enhance your employees’ specialty benefits package with vision, dental, financial protection plans and more.

See how we are guiding employees to the behavioral care they need.

Get more health plan resources

Find information to help you and your employees get the most from their health benefits.

Did you know?

UnitedHealthcare’s employer-sponsored insurance plans serve groups that fall into three categories: Small Group plans refer to employers with up to 100 employees; Key Accounts is for employers with 101 to 5,000 employees; and National Accounts serves employers with more than 5,000 employees.

Building healthier workplaces together

A small business with about 40 employees shares why working with UnitedHealthcare has enabled them to provide a health plan that delivers on what matters to their employees.

affordable health insurance plans for small business

Video transcript

Instrumental music plays throughout. Three white lines curl across a blue background. Blue text centers a white screen.

ONSCREEN TEXT:          Building healthier workplaces together

Upbeat music plays to a montage of shots from employees working in warehouse, a forklift, a man outside, seed being filled into a bag, a white truck driving through plains, and a blonde-haired woman smiling.

The screen dissolves into white with the blue United U logo appearing in the center.

Inspirational music begins playing as we see an aerial view of the Albert Lea Seed Plant. The scene switches to an aerial view of a baseball field, then to the Albert Lea Seed Plant entrance. The view moves inside where Matt Helgeson speaks to a circle of employees in the warehouse.

MATT: Okay, good morning, everybody.

We've got trucks at the dock today, so it's going to be a busy Monday.

We've got trucks on the scale as well, so we'll need a couple samples pulled up.

The screen shows Matt being interviewed before a white background.

MATT: Albert Lea Seed has been in business for almost 100 years,

A blue bar slides into the bottom left of the screen, containing white text.

ONSCREEN TEXT:          Matt Helgeson Owner, Albert Lea Seed

MATT: and today our focus is distributing seed throughout the Upper Midwest and throughout the country.

A white text box with the Albert Lea Seed logo scrolls down from the top left of the screen.

ONSCREEN TEXT:          Organization Albert Lea Seed 

Location Albert Lea, MN

Industry Agriculture

Established 1923

Number of employees 40

Music continues. We see Matt checking seed and then a man pouring seed into a bag in a warehouse.

Matt: One of our key focuses is distributing an organic and non-GMO seed to farmers who are under those production methods.

We see Matt and another man examining seeds in a field.

MATT: Many of our seeds that we offer here are produced by local farmers.

Those seeds include soybeans especially, and also small grains; things like oats, wheat, barley, and rye.

We see palettes of bags of organic grain seed and barley. Scene cuts to a white truck driving on a dirt road in the fields.

MATT: Those relationships with our customers matter to us, and they matter to the farmer, and so we try to offer honest advice and seeds in which the quality we believe is truly there.

Matt gets out of truck and shakes hands with another man in a field. Matt and a man inspecting crop.

Nicole Hansen begins speaking. We see the Albert Lea Seed building sign, then Nicole speaking to employees in the warehouse, handing out open enrollment booklets. A white UnitedHealthcare U logo is at the bottom right corner of the screen

NICOLE: Good morning, everyone. I'm going to briefly talk to you guys this morning about open enrollment for 2022. I'm going to hand out some booklets for everyone.

The screen changes to Nicole Hansen interviewing before a white background. A blue bar slides into the bottom left of the screen, containing white text.

ONSCREEN TEXT:        Nicole Hansen Human Resources, Albert Lea Seed

NICOLE: A lot of people are surprised to hear that the Albert Lea Seed House even offers benefits just because we're such a small employer and we're not actually required to offer any type of health insurance.

Nicole continues speaking while we see a montage of a forklift in the warehouse.

NICOLE: We want the best for our staff and for their families. We take a lot of pride in not having high turnover rates, and that's because of how we treat our employees and how comfortable they feel with us.

The screen switches back to Nicole in front of a white background.

NICOLE: We meet with our broker every year, the controller and I do, and we're always looking at a plan that's going to impact our staff in the most positive way.

Nicole continues speaking while we see a montage of employees working with seed in the warehouse.

NICOLE: Which one is going to cover them is depending on what's going on in their life and make a positive impact on them and their families.

Matt begins speaking and we see a montage of workers in the warehouse.

Matt: The health of our employees is critically important.

The screen changes to Matt being interviewed in front of a white background.

MATT: The UnitedHealthcare plan has been very beneficial for all of our employees here.

While Matt is speaking, we now see a montage of employees at work and the white UnitedHealthcare U logo in the bottom right corner.

MATT: The incentives for employees to improve their health and have more of a preventative concept is really important.

Nicole is speaking before a white background.

NICOLE: The incentive program that's offered through UnitedHealthcare is a huge success with all of my staff here.

While she is speaking, we see Nicole and Matt walking and talking outside.

NICOLE: They love the incentive for them to get up and get moving. It gives them a great feeling, and they love the extra cash flow into their HSA. These plans that we offer through UnitedHealthcare are very important to us because happier employees are more productive employees, which are healthier employees.

The screen is changing back to Nicole speaking in front of a white background

NICOLE: And that's exactly what we strive for here at the Albert Lea Seed House.

Blue text flashes quickly on screen, centering a white background.

ONSCREEN TEXT:        There

ONSCREEN TEXT:        for

ONSCREEN TEXT:        what

ONSCREEN TEXT:        matters

A blue u-shaped logo appears against a white background, followed by text.

ONSCREEN TEXT:        UnitedHealthcare

Small black text runs along the bottom of the screen.

ONSCREEN TEXT:        All trademarks are property of their respective owners.

ONSCREEN TEXT:        Insurance coverage provided by or through UnitedHealthcare Insurance Company or its affiliates. Administrative services provided by United HealthCare Services, Inc. or their affiliates.

ONSCREEN TEXT:        © 2023 United HealthCare Services, Inc. All Rights Reserved. 23-2747306

ONSCREEN TEXT:        EI232767439 11/23

https://www.affordablehealthinsurance.com

Small-Business Health Insurance & Group Options

Learn about your options for affordable small-business health insurance.

Fact Checked

TABLE OF CONTENTS

  • I. What You Should Know About Small-Business Health Insurance Plans
  • II. How We Rate Health Insurance Companies
  • III. What is the Best Affordable Small-Business Health Insurance?
  • IV. Aetna Small-Business Health Insurance: Best for options
  • V. Anthem Small-Business Health Insurance: Best for combined plans
  • VI. Blue Cross Blue Shield Small-Business Health Insurance: Best for nationwide coverage
  • VII. Cigna Small-Business Health Insurance: Best for small-business options
  • VIII. Humana Small-Business Health Insurance: Best for large networks
  • IX. Kaiser Permanente Small-Business Health Insurance: Best for specialty services
  • X. UnitedHealthcare Small-Business Health Insurance: Best for employee-funded benefits
  • XI. How to Compare Small-Business Health Insurance Companies
  • XII. Sources

Small-Business-Health-Insurance-Group-Options-Badge

Group health insurance can support your small business, strengthen your benefits package for employees, and support your team’s health. It can also help you avoid paying a shared responsibility payment to the IRS. The best small-business health insurance plans can cover employees’ health care needs while staying on target with your budget.

Understand your group health options with this guide.

What You Should Know About Small-Business Health Insurance Plans

  • Insurance is required if you have 50 or more full-time employees (FTEs): Once your business has at least 50 full-time employees, you’ll have to offer affordable insurance. Affordable is defined as no more than 9.5% of an employee’s household income. Under the 50 FTE threshold, you may not be required to provide insurance, but state guidelines vary.
  • Tax credits are available: If your business gets insurance through the Small Business Health Options Program (SHOP), you may be eligible for the Small Business Health Care Tax Credit . The credit applies if you have less than 25 full-time employees and pay average wages under the maximum income threshold. It credits 50% of the premiums your business has paid.
  • Group plans require employees: Any small business with at least one employee who isn’t a spouse can qualify for a group health plan.
  • Employees can combine Medicare with group health: Older employees may receive Medicare , which can be combined with group health plans. If a company with 20-plus employees employs an employee or spouse, the group health plan pays first. Otherwise, Medicare pays first. Employees pay any costs not covered by either the group plan or Medicare.

How We Rate Health Insurance Companies

  • Financial strength: The financial strength rating is based on the insurance company’s A.M. Best financial strength rating. A.M. Best is a credit rating agency specializing in the insurance industry, which rates an insurer’s ability to meet ongoing obligations.
  • Customer satisfaction: The customer satisfaction rating takes into account Kaiser Permanente’s Better Business Bureau (BBB), National Committee for Quality Assurance (NCQA), and Consumer Affairs ratings. These ratings are calculated using customer complaints and satisfaction ratings.
  • Value: The value rating calculates an insurer’s overall value based on monthly premium, annual deductible, office visit cost, emergency room (ER) visit cost, and annual maximum out-of-pocket cost.
  • Coverage: The coverage rating considers the insurer’s availability of coverages, plan types, and network size.

What is the Best Affordable Small-Business Health Insurance?

Small–business group health plans may include a single insurance plan or a selection of plans available to employees. Group health insurance plans are among the most affordable plan types, and premiums are considerably lower than traditional individual health insurance plans.

These are your options for providing affordable small-business group health insurance:

  • SHOP: SHOP was created in conjunction with the ACA to allow small businesses, usually with one to 50 employees, to search for and purchase affordable small business group health insurance plans online. SHOP plans are generally the only way small business owners can claim the Small Business Health Care Tax Credit.
  • An agent or a broker: Captive agents or brokers can only sell for one insurance carrier, while independent agents or brokers can sell for multiple insurance carriers. Choosing an independent agent will likely give you more insurance plan options, as they can provide quotes from multiple providers.
  • An insurance carrier: Purchasing group plans directly through an insurance carrier cuts out the go-between. Employers can usually search for and purchase health insurance from a carrier’s website.
  • Health reimbursement arrangements: HRAs aren’t traditional group health plans, but you can use them to help employees pay for medical expenses. The types of HRAs available depend on your company’s size and can be found through an agent, broker, or insurance carrier.
  • Through the health care marketplace: If you’re a business owner with no employees, you can use the Health Insurance Marketplace to enroll in a health plan. Employees without group health benefits can also sign up at gov .

Aetna Small-Business Health Insurance: Best for options

Aetna Medicare Insurance Logo

Company Overview

Established in 1853, Aetna is one of the oldest, leading diversified health insurance providers nationwide and has various employer plans. Aetna offers flexible, integrated, and affordable small-business group health insurance plans, including preferred provider organization (PPO), health maintenance organization (HMO), indemnity, exclusive provider organization (EPO), and stop-loss options. Ancillary plans include dental, vision, pharmacy, and supplemental coverage. Not all plans and benefits are available in every state.

Is Aetna a Good Small-Business Health Insurance Provider?

What do aetna small-business health insurance plans cover.

Aetna offers several health insurance options, including:

  • Supplemental

How Is Aetna Rated?

Trusted ratings and reviews can help you understand how an insurer’s plans stack up against the competition. See how we rated Aetna.

Overall rating: 5

Anthem small-business health insurance: best for combined plans.

Anthem Logo

Formed in 2004, Anthem offers a diverse portfolio of integrated health care plans for individuals, families, and employers in 25 states. Anthem provides numerous HMOs, PPOs, and high-deductible health plans for small businesses of two to 50 employees and large businesses with 51 or more employees. It has one of the largest provider networks in the country. Businesses can combine many medical plans with pharmacy benefits, or you can add on affordable dental, vision, and supplemental plans.

Is Anthem a Good Small-Business Health Insurance Provider?

What do anthem small-business health insurance plans cover.

Anthem offers several health insurance options, including:

  • High-deductible health plans
  • Supplement plans

How Is Anthem Rated?

Trusted ratings and reviews can help you understand how an insurer’s plans stack up against the competition. See how we rated Anthem.

Overall rating: 4.3

Blue cross blue shield small-business health insurance: best for nationwide coverage.

Blue Cross Blue Shield Logo

Blue Cross Blue Shield has provided quality health insurance coverage since 1929. It offers plans in all 50 states, but not all plans are available everywhere, and regional offices have varying costs and coverages. BCBS has national networks, and most health care providers accept BCBS insurance plans. Learn more about BCBS health insurance products.

Is Blue Cross Blue Shield a Good Small-Business Health Insurance Provider?

What do blue cross blue shield small-business health insurance plans cover.

Blue Cross Blue Shield offers several health insurance options, including:

How Is Blue Cross Blue Shield Rated?

Trusted ratings and reviews can help you understand how an insurer’s plans stack up against the competition. See how we rated Blue Cross Blue Shield.

Cigna Small-Business Health Insurance: Best for small-business options

Cigna Logo

Established in 1981, Cigna is a global health service company that partners with providers who offer high-quality, cost-effective care for individuals, families, and employers. It offers an array of affordable small-business group health insurance plans, including HMO and PPO medical plans. Plans can be paired with health savings accounts, flexible spending accounts, health reimbursement arrangements, and other products to improve your overall benefits package. Because Cigna plans are only available in 10 states, explore its limitations before choosing it as your provider.

Is Cigna a Good Small-Business Health Insurance Provider?

What do cigna small-business health insurance plans cover.

Cigna offers several health insurance options, including:

  • Flexible savings account (FSA)
  • Health reimbursement arrangement (HRA)
  • Health savings account (HSA)

How Is Cigna Rated?

Trusted ratings and reviews can help you understand how an insurer’s plans stack up against the competition. See how we rated Cigna.

Overall rating: 4.2

Humana small-business health insurance: best for large networks.

Humana-Small-Business-Health-Insurance

Since 1961, Humana has provided quality health insurance coverage. As one of the largest insurers in the nation, it offers employer plans in all 50 states. Its straightforward, affordable small-business group health insurance plans are tailored to businesses with two to 99 employees. Humana also offers solutions for large businesses with 100 or more employees.

Is Humana a Good Small-Business Health Insurance Provider?

What do humana small-business health insurance plans cover.

Humana offers several health insurance options, including:

How Is Humana Rated?

Trusted ratings and reviews can help you understand how an insurer’s plans stack up against the competition. See how we rated Humana.

Overall rating: 4.8

Kaiser permanente small-business health insurance: best for specialty services.

Kaiser-Permanente

Kaiser Permanente has led the way with innovative health insurance approaches since 1945. It’s one of the nation’s largest managed-care organizations and not-for-profit health plans. Kaiser Permanente offers coverage for large businesses and small businesses of two to 50 employees, or two to 100 in California and Colorado. It provides flexible health plans for every sized business and specialty services like acupuncture, chiropractic, dental, and vision at reduced rates.

Is Kaiser Permanente a Good Small-Business Health Insurance Provider?

What do kaiser permanente small-business health insurance plans cover.

Kaiser Permanente offers several health insurance options, including:

  • Point-of-service (POS)

How Is Kaiser Permanente Rated?

Trusted ratings and reviews can help you understand how an insurer’s plans stack up against the competition. See how we rated Kaiser Permanente.

Overall rating: 4.5

Unitedhealthcare small-business health insurance: best for employee-funded benefits.

UnitedHealthcare Logo

UnitedHealthcare was established in 1977 and provides health benefits for individuals, families, and employers. Its wide spectrum of insurance plans covers nearly every need, including group health insurance plans for small-business owners in every state except New York. Employers can choose from HMOs, PPOs, and high deductible health plans, some with tiered pharmacy benefit options. Small business owners can also add employee-funded benefits or split the cost on dental, vision, and life insurance coverage.

Is UnitedHealthcare a Good Small-Business Health Insurance Provider?

What do unitedhealthcare small-business health insurance plans cover.

UnitedHealthcare offers several health insurance options including:

  • High Deductible Health Plans

What Do UnitedHealthcare Small-Business Health Insurance Plans Cover?

UnitedHealthcare offers several health insurance options, including:

  • High deductible health plans

How Is UnitedHealthcare Rated?

Trusted ratings and reviews can help you understand how an insurer’s plans stack up against the competition. See how we rated UnitedHealthcare.

Overall rating: 4.6

How to compare small-business health insurance companies.

  • Find plans available in your area: Insurance providers typically offer an online search tool on their websites. Input your ZIP code and the system pulls up what’s available in your area for you to compare. You can also work with an insurance agent or broker who can guide your decisions.
  • Research the network: Browse the list of in-network providers who’ve agreed to provide health care services to ensure a plan provides enough local options. Seeing providers outside a network incurs much higher out-of-pocket costs for your employees.
  • Research prescription drug coverage: Group health plans often include prescription coverage with tiered coverage and varying out-of-pocket costs to your employees. Research coverage levels to determine which provides the best cost for common prescription needs.
  • Compare monthly premiums: Employers often share the cost of premiums with employees, so understand the factors that affect your premium costs. The type of plans offered and bundling ancillary options make a big difference.
  • Compare deductibles: Deductibles can also vary based on plan type and coverage tiers. High-deductible health plans lower premiums and can be combined with HSAs to help cover employee costs but compare all your options first.
  • Compare copays: Most group plans require your employees to make copayments after their deductible has been met, which aren’t shared by employers. Copays vary based on the service received, so compare all possible copays to keep your employees’ out-of-pocket expenses affordable.
  • Research dental coverage: Group dental plans can be added to group medical plans. Dental coverage is varied and can be customized for your business, so research the size of the dental provider network, preventive care coverage, and deductible amounts to meet your needs.
  • Check insurer ratings: Always compare insurance providers’ ratings to see how they stack up against each other based on performance and product offerings to help you find comprehensive, affordable small business group health insurance plans.

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Tammy Burns is an experienced health insurance advisor. She earned her nursing degree in 1990 from Jacksonville State University, obtained her insurance billing and coding certification in 1995, and holds a health and life insurance license in Alabama, Georgia, Iowa, Mississippi, and Tennessee. Burns is Affordable Care Act (ACA)-certified for health insurance and other ancillary, life, and annuity products. She maintains an active nursing license and practices private-duty nursing.

Burns’ background as a nurse, insurance biller and coder, and insurance consultant includes infectious disease, oncology, gynecology, phlebotomy, post operative, family medicine, geriatrics, home health, hospice, human resources, management, billing, coding, claims, fixed annuities, group and individual health and life products, and Medicare. She’s always been driven by a desire to help people, spending more than 25 years as a practicing nurse in hospitals, private doctors’ offices, home health, and hospice. As a nurse, Burns supported patients filing insurance claims with Medicare, Medicaid, and private insurance companies as well as responding to billing questions from confused patients.

Seeing firsthand how unsuspecting patients are frequently confused by an overly complex system they don’t understand led Burns to become an insurance agent and health care consultant, now helping people understand the medical system. Since becoming an insurance agent in 2013, she has worked with some of the largest and most reputable insurance carriers and agencies in the nation, and she has built a large and loyal clientele by way of her commitment to transparency and personalized service.

  • UCenters for Medicare and Medicaid Services | Medicare & Other Health Benefits | Last accessed February 2024
  • UIRS | Affordable Care Act: What Employers Need to Know | Last accessed February 2024
  • UMedicare.gov | Exploring coverage options for small businesses | Last accessed February 2024
  • UMedicare.gov | Overview of SHOP: Health insurance for small businesses | Last accessed February 2024
  • UMedicare.gov | Health Insurance Marketplace | Last accessed February 2024
  • UMedicare.gov | Health Reimbursement Arrangements for small employers | Last accessed February 2024
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Smaller businesses work hard. Managing a busy company means making sure your employees stay healthy and productive. To do this, you need a health plan that takes care of not just their physical health, but also their emotional well-being.

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Through Cigna Healthcare SM * + Oscar, certain employers with 2-24 employees 2 can get affordable small group health insurance plans. Our partnership with Oscar is built around our national and local provider network and Oscar's digital member experience. Learn more about our product offerings and availability and to request a Cigna Healthcare + Oscar quote.

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How to Choose a Health Insurance Plan for Your Small Business

A s a small business owner, you're no doubt aware that it's important to not only attract solid talent, but do what you can to retain talented employees. And a good way to do that is to make sure you're offering a nice benefits package. That package might include a retirement savings plan you help contribute to, paid vacation time, and health insurance.

Now, you should know that if you run a business with fewer than 50 full-time employees, you're technically not required to provide health insurance. But that doesn't mean you shouldn't.

Healthcare can be an astronomical expense in the absence of insurance. And even if you're willing to raise salaries in lieu of providing insurance, you may find that prospective employees are turned off by the prospect of having to go out and purchase health coverage themselves.

Of course, choosing a health plan for your business isn't exactly an easy thing to do. Here are some tips for navigating the process.

1. Decide how much you're willing and able to spend

Within the realm of small business health insurance, there's a range of plans. As you might imagine, costlier plans tend to offer superior coverage, while those that are less expensive don't offer as much to participants.

It's important to be realistic about how much you can afford to spend on health insurance. As a smaller operation, you can't benefit from the bulk rates a company with 12,000 employees might snag. So you'll need to take a look at your banking records and see what's realistic, keeping in mind that you'll likely be picking up a large share of those premium costs.

2. Figure out if you want a high-deductible insurance plan

High-deductible health insurance plans can be burdensome for participants -- especially those with family members who tend to get sick often. But the costs for these plans can be more reasonable, as plans with higher deductibles tend to come with lower premiums. That's something to keep in mind if you'll be covering those premiums at 100%.

Also, if you offer a high-deductible plan, it may allow you to offer a health savings account in conjunction with that plan. That could make it easier for your employees to cover their medical costs while reaping tax savings.

3. Consider partnering up with an insurance broker

As a small business owner, you may not be all that well-versed on health insurance options. But it's the job of an insurance broker to walk you through your options and do research on your behalf, so you can focus on running your business. Not only might an insurance broker help you find the right plan, but they can generally help you get set up so you don't find yourself lost in a sea of paperwork.

Whether a health insurance plan is something you're looking to offer because it's a requirement or because it's a benefit you want to provide, it's important to find the best plan for your company. Take your time in making that decision so you and your employees wind up happy with it.

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How to Choose a Health Insurance Plan for Your Small Business

The 10 best insurance companies for small businesses

Running your own business can be satisfying with the perks of being your own boss, higher potential of success, and independence. But it also has its own challenges and stresses. One of the most significant challenges is protecting your business from liabilities or losses, which is why small business insurance is so important. Whether you’re the victim of a data breach or a customer is injured on your premises, the right insurance policy provides peace of mind and keeps your business operational.

To help you find the best insurance for your company, we evaluated 22 insurance companies based on their available coverages, customer service and financial stability ( view our full methodology ) and identified the top 10 small business insurers.

The 10 best small business insurers of February2024

  • Best overall: State Farm
  • Best for customer service: Nationwide
  • Best for financial stability: Chubb
  • Best for commercial auto coverage: Allstate
  • Best for coverage add-ons: The Hartford
  • Best for landlord coverage: American Family
  • Best for data breach or cyber insurance: Travelers
  • Best for policy discounts: Farmers
  • Best for home-based businesses: The Hanover
  • Best insurance marketplace: CoverHound

Whether you’re a solopreneur or you manage a growing team, running your own small businesses is a booming trend. The Economic Innovation Group reported that Americans submitted 5.5 million new business applications in 2023, an increase of 8% from the prior year. 

For new business owners and those who have been managing a company for years, it’s a good idea to shop around periodically and review your business insurance needs to ensure you have adequate coverage. To help you get started, here are our picks for the best small business insurers of 2024.

1. Best overall: State Farm

About: Founded in 1922, State Farm has been providing insurance coverage for over 100 years, and it has an outstanding reputation in the insurance industry. It has the highest-possible AM Best Financial Strength Rating of A++, signaling its financial stability and reliability, but it also stands out due to its innovative products, award-winning mobile app, online platform, and other tools. And it also has high scores for customer support. 

  • Am Best Rating: A++ (Superior) 
  • J.D. Power Customer Satisfaction Index Ranking: 2nd out of 13 issuers
  • Number of Small Business Products: 14 small business insurance products and add-ons
  • Customer support:  State Farm’s customer support is available via chat or phone, or you can contact a local agent; State Farm has over 19,000 agents in the U.S. 

Our verdict

State Farm is best for companies in a broad range of industries, from bakeries to plumbing. It is particularly useful for newer companies or business owners who are unsure of what kind of coverage they need; State Farm has several tools— including a simple online quiz— that can help you identify what insurance products and add-ons are right for your business. State Farm has comprehensive solutions, including coverage for liabilities, property, employees and even life insurance for the business owner. 

2. Best for Customer Service: Nationwide

About: Nationwide has been in operation since 1925, and it provides customers with a variety of insurance products, including both personal and business coverage options. For small business owners, Nationwide offers a broader-than-usual range of insurance solutions, including business liability coverage, workers’ compensation insurance and commercial umbrella policies. 

  • Am Best Rating:   A (Excellent) 
  • J.D. Power Customer Satisfaction Index Ranking: 1st out of 13 issuers
  • Number of Small Business Insurance Products: 14 
  • Customer support:  Nationwide allows business owners to get quotes online, or you can connect with an agent over the phone or in person. 

Our verdict 

Nationwide is best for small business owners with fewer than 100 employees and under $5 million in revenue because that’s the company’s requirements for its business owners policies (BOPs).  BOPs are packages of coverage that combine business liability, commercial property, business income and equipment breakdown insurance into one policy. 

Nationwide has an outstanding reputation for customer service, and you can reach customer support in several different ways. Additionally, the company has many optional add-ons you can use to customize your policy for added protection. 

3. Best for Financial Stability: Chubb

About: Chubb is a major insurer for both small and large businesses. It has a separate website and division for small businesses, with products specifically designed for small business owners, such as BOP and general liability coverage. 

  • AM Best rating: A++ (Superior) 
  • J.D. Power Customer Satisfaction Index Ranking: 9th out of 13 issuers
  • Number of small business insurance products: 7
  • Customer support:  You can contact Chubb customer support through a local agent or by phone.

As a business owner, you hope your business will be in operation for years to come, so you want to know your insurer will be able to protect you for the long-term. Chubb has the highest-possible AM Best rating of A++ (Superior), indicating that it should be able to honor any claims today and in the future.

4. Best for Commercial Auto: Allstate

About: Allstate is known for both its personal and business insurance, but it may be an especially appropriate choice for those who need commercial auto coverage. Allstate insures a wide variety of vehicles, including box trucks and service utility trucks. 

  • AM Best rating:   A+ (Superior)
  • J.D. Power Customer Satisfaction Index Ranking: 5th out of 13 issuers
  • Number of small business insurance products: 6
  • Customer support: Customer service is available through a local agent, phone or online chat. 

If you have a fleet of commercial vehicles for deliveries, moving inventory or shipping supplies, Allstate can provide necessary protection. Through Allstate, your vehicles will be protected with liability, collision, comprehensive and uninsured/underinsured motorist protection. Plus, you can also get rental car coverage to keep your business in operation if one of your vehicles is damaged in an accident 

5. Best Coverage Add-Ons: The Hartford  

About: The Hartford is a leading commercial insurance provider, offering both commercial business insurance and employee benefits. The Hartford has robust coverage options, including specialized insurance policies for a broad range of industries and optional add-ons you can use to customize your coverage. 

  • AM Best rating: A+ (Superior)
  • J.D. Power Customer Satisfaction Index Ranking: 10th out of 13 issuers
  • Number of small business insurance products: 17
  • Customer support:  The Hartford’s customer support is available through phone or local agent.

The Hartford is an insurance company best-suited for business owners in specialty industries, such as shipping companies that send goods overseas or those that operate in areas prone to flooding; the Hartford has commercial flood insurance and inland marine insurance options, which aren’t commonly found from all insurers. 

6. Best Landlord Coverage: American Family

About: American Family has been in operation since 1927, and it sells personal, business and farm and ranch policies. For landlords that rent out houses, condos or apartment buildings, American Family has unique options to protect your building structures, and offer liability coverage. 

  • J.D. Power Customer Satisfaction Index Ranking: 7th out of 13 issuers
  • Customer support:  You can reach American Family’s customer support through an agent or by phone. 

Getting adequate coverage as a landlord can be challenging, so American Family may be a valuable resource. Its complete coverage option for landlords provides comprehensive insurance, and includes an extensive loss control program to reduce potential losses in the future. 

7. Best for Data Breach or Cyber Insurance: Travelers

About: Travelers has a longstanding history and presence globally; it operates offices and has agents in the U.S., Canada, the United Kingdom and Ireland. Besides essential business insurance products like business owner’s policies and general liability, it also has specialized options for a range of industries, including companies who do most of their business online and need cyber insurance. 

  • AM Best rating: A++ (Superior)
  • J.D. Power Customer Satisfaction Index Ranking: 12th out of 13 issuers
  • Number of small business insurance products: 14 
  • Customer support:  Travelers insurance policies are sold through independent agents, and the agent is who you can go to with any questions about coverage.

If you’re part of the 29% of businesses that conduct business online, Travelers provides cyber insurance coverage and added features for digital businesses.  In addition to cyber insurance, it also provides customers with cyber security training modules, risk assessment tools and other resources to help you protect your business. 

8. Best for Policy Discounts: Farmers

About: Farmers Insurance can trace its history to 1928, and it offers a variety of business insurance products for small businesses. And it has a larger-than-usual number of discount options which can make your small business insurance policy more affordable, including: 

Corporation discount: If your business is a corporation, you can save 15% on your premiums. 

Vehicle safety discount: If you have commercial vehicles with safety features like lane departure notifications, you may qualify for added savings. 

Multi-policy discounts:  If you purchase multiple insurance products, such as BOPs, worker’s compensation or personal auto or homeowners insurance, you may qualify for a reduction in your premiums. 

  • AM Best rating: A (Excellent)
  • J.D. Power Customer Satisfaction Index Ranking: 4th out of 13 issuers
  • Customer support: Farmers’ customer support is available via chat, phone or agent. You can reach customer service Monday through Friday, from 7:00 a.m. through 11:00 p.m. CST, and Saturday and Sunday from 8:00 a.m. through 8:00 p.m. CST. 

Small business owners looking to save money may benefit from Farmers’ small business insurance. Particularly if you have a corporation, need to purchase a BOP or have commercial auto vehicles, Farmers’ discounts can be especially valuable. 

9. Best for Home-Based Businesses: The Hanover

About: Founded in 1852, The Hanover is one of the oldest insurance companies on our list. It has coverage options for both personal and business insurance. The company has several specialized small business insurance products, including four separate packages for those who run home-based businesses. 

  • AM Best Rating: A (Excellent)
  • J.D. Power Customer Satisfaction Index Ranking: Not rated 
  • Number of small business products: 12
  • Customer support:  Customer support is available via phone or agent. 

If you have a home-based business, such as listing your property on homeshare sites, tutoring or graphic design, The Hanover could be a good match. It has several packages designed for the unique needs of home-based businesses of different sizes, ensuring you have protection for your business, inventory, equipment and any clients. 

10. Best Insurance Marketplace: CoverHound

About: CoverHound is an insurance marketplace that connects users to personal and business insurance policies. It sells policies to residents of all 50 states, and it partners with major insurers like Chubb, Liberty Mutual and Nationwide. 

  • Number of small business products: 13
  • Number of partner carriers: 7
  • Customer support: You can reach CoverHound’s customer service team via email, phone or secure message. Customer support is available Monday through Friday, from 10:00 a.m. through 8:00 p.m. EST. 

CoverHound is a good match for people looking to purchase coverage quickly and streamline their research efforts; you can get quotes from several major insurer carriers at once. Once you find a match you like, you can buy a policy online, and it will go into effect in as little as 24 hours.

What to know about Small Business Insurance  

As a business owner, you likely need some kind of small business insurance. But what kind of coverage depends on the type of business you run, its size and its revenue. 

The most common small business insurance products include: 

  • Business owner’s policy (BOP): A BOP is a basic package of business insurance products combined into one policy. It combines essentials like property insurance, liability coverage and business interruption insurance. 
  • Commercial auto: If you make deliveries, transport clients or use vehicles for other business operations, you’ll likely need a commercial car insurance policy. 
  • Liability insurance: Liability insurance protects you against lawsuits resulting from bodily or personal injuries or property damage incurred by clients or vendors in dealing with your business.  
  • Property insurance: Property insurance is a must if you have valuable equipment, supplies or a physical business space; it protects you from losses that may occur due to storm damage, fires or theft. 
  • Workers compensation : If you have employees, you’ll likely need to get workers’ compensation coverage to protect your employees in cases of work-related injuries or illnesses. 
  • Errors and omissions (professional liability) insurance: Businesses that give advice, such as financial planners, or provide physical care need professional liability insurance. It covers your legal expenses and other fees if you’re sued due to negligence or a failure to provide services. 

Besides those basic coverage options, you can often customize your policy by adding additional coverages to your policy. Common add-ons include: 

  • Cyber liability: If you do most of your business online, handle sensitive information or store customer data like email dresses or payment information, you’ll need a cyber liability policy. These policies provide protection in cases of hacks or data breaches that compromise sensitive information. 
  • Business interruption insurance: If your business operations are interrupted and you lose revenue for a covered reason, such as building damage after a fire, business interruption coverage provides you with some compensation. 

How to choose a small business insurance company

To choose a small business insurer, consider the following factors: 

  • Company size: Some insurers specialize in policies for freelancers or solopreneurs, while others may offer policies to businesses with 20 to 100 employees. Your company size — and how much you expect it to grow — will affect which insurer is a good fit. 
  • Equipment and buildings: If your business operations involve a brick-and-mortar store or warehouse, equipment, vehicles and several employees, you’ll need a much more robust policy than someone operating a small, online business from their home office. Depending on your company’s operations, you may even need specialized coverage add-ons, such as cyber insurance or commercial auto coverage. 
  • Risks: Businesses vary in risk based on their industry and business model. For example, an academic tutoring business will likely have less of a liability risk than a roofing company. Think about what risks your company faces, such as what kind of equipment you work with, how often clients or customers will come onto your property and if you handle sensitive information. 
  • Cost: Small business insurance can vary significantly in cost between companies, so it’s a good idea to get quotes from several leading small business insurers to find the best deal. 

If you’re still unsure about which types of insurance products are right for you, take a look at our comprehensive guide to small business insurance .

Frequently asked questions

What does business insurance cover.

Business insurance coverages and exclusions vary by policy; a basic BOP covers the following: 

  • Property insurance for the business’ buildings and equipment
  • Business interruption insurance for the loss of earnings that may occur from fires, storm damage or other major disasters
  • General liability protection that covers your legal responsibility if another party is injured or experiences damages from your business

What is general liability insurance? 

General liability protects you from losses related to injuries, property damage or misleading advertising. If you have clients who visit your business premises — and therefore are at risk of becoming hurt in an accident on your property — general liability coverage is a necessity. 

How much does business insurance cost? 

The cost of coverage depends on a wide range of factors, including your company size, industry and location. In general, you should expect to pay anywhere from $500 to $5,000 per year for a basic business owners policy (BOP). 

Our methodology  

We reviewed 22 insurance providers and insurance comparison marketplaces to help you find the best small business insurer for your unique needs. To evaluate the companies and come down with our final list, we ranked the companies based on the following factors: 

  • Financial stability: We looked for companies with AM Best Financial Strength Ratings of A (Excellent) or better. 
  • Availability and eligibility: Preference was given to companies that issue policies in the majority of the U.S. states., and that insured companies with one to 100 employees. 
  • Product options: We looked for companies that offered at least 10 small business insurance products, including essentials like BOPs, commercial liability and business property coverage. 
  • J.D. Power ranking: Companies with scores above the study average were given extra weight. 
  • Online quote availability: Companies that allow customers to get small business insurance quotes were given additional consideration. 
  • Complaint index: We reviewed the complaint index, number of commercial liability complaints and types of complaints submitted about each company to the National Association of Insurance Commissioners (NAIC). 
  • Potential discounts: We looked for companies that offered at least one discount option for small business insurance customers. 

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How to Find the Best Travel Insurance

Elina Geller

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

Table of Contents

What travel insurance covers

How much does travel insurance cost, types of travel insurance, how to get travel insurance, what to look for in travel insurance, best travel insurance comparison sites, which insurance company is best for travel insurance, when to skip travel insurance, travel insurance, recapped.

Travel insurance can cover medical expenses, emergencies, trip interruptions, baggage, rental cars and more.

Cost is affected by trip length, pre-existing medical conditions, depth of coverage, your age and add-ons.

You can get it through credit cards or third-party companies, & can shop on travel insurance comparison sites.

Before buying, evaluate risks, know existing coverage, obtain quotes online and review policy details warily.

Skip it if you buy flexible airfare and hotels, already have coverage or only book refundable activities.

Booking travel always carries some degree of uncertainty. Travel insurance provides a safety net so you can step out with confidence. You may not need travel insurance for inexpensive trips, but it can provide a sense of security when you prepay for pricey reservations, a big international trip or travel during cold and flu season, which can be unpredictable.

According to insurance comparison site Squaremouth, travelers in 2023 spent an average of $403 for comprehensive coverage, compared to $96 for medical-only policies. Comprehensive plans typically cost between 5% and 10% of the insured trip cost.

Since that price tag is no small amount, it helps to know how to shop smart for travel insurance. Here's how to find the right travel insurance plan for you and your next adventure.

Depending on the type of coverage you’re looking for, the chart below will help you determine what to look for when selecting a policy:

Depending on the policy, travel insurance reimburses you or offers services when something goes awry. There’s even coverage for the worst-case scenario: if you die in an accident while traveling. Accidental death coverage pays your beneficiary a lump sum in that case.

Before you buy, take a little time to get familiar with different types of travel insurance products, how it’s priced, and what it covers and excludes. If you’re traveling during these uncertain times, you’ll want to make sure that the policy you select covers coronavirus-related emergencies. Usually, the more thorough the coverage, the more it will cost.

Travel insurance costs vary depending on:

Length and cost of the trip: The longer and more expensive the trip, the higher the policy cost.

Cost of local health care: High health-care costs in your destination can drive up the price of trip insurance.

Medical conditions you want covered: Conditions you already have will increase the cost of travel insurance coverage.

Amount and breadth of coverage: The more risks a policy covers, the more it will cost.

Your age: Generally the older you are, the higher the price.

Any optional supplement you add to your policy : Cancel For Any Reason , Interrupt For Any Reason and more.

Keep these factors in mind when considering different travel insurance options.

You’ll find a wide selection of travel protection plans when you shop for a policy.

Typically, travel insurance is sold as a package, known as a comprehensive plan, which includes a variety of coverage.

Here are seven of the most common types of travel insurance:

Travel medical insurance

These plans provide health insurance while you’re away from home. Although in some ways these policies work like traditional health plans, generally you cannot use travel health insurance for routine medical events. For example, a routine medical checkup is usually not covered. In addition, these policies often include limitations on coverage and exclusions for pre-existing conditions.

Although most travel insurance plans cover many recreational activities, such as skiing and horseback riding, they often exclude adventure sports, such as skydiving or parasailing, or competition in organized sporting events. You may need to buy a special travel policy designed for adventure or competitive sports.

International travel insurance

Most likely, your U.S.-based medical insurance will not work while you’re traveling internationally, and Medicare does not provide any coverage once you leave the United States outside of a few very specific exemptions. If you plan on traveling abroad, purchasing travel medical insurance could make a lot of sense.

» Learn more: Travel medical insurance: Emergency coverage while you travel internationally

Trip cancellation, interruption and delay

Trip cancellation coverage reimburses you for prepaid, nonrefundable expenses if the tour operator goes out of business or you have to cancel the trip for one of the covered reasons outlined in the policy, such as:

Your own illness.

The illness or death of a family member who’s not traveling with you.

Natural disasters.

Trip interruption insurance covers the nonrefundable cost of the unused portion of the trip if it is interrupted due to a reason outlined in the policy.

Trip delay coverage reimburses you for expenses such as lodging and meals if you’re delayed during a trip (e.g., your flight gets canceled due to weather ).

Many package policies cover all three. These policies are different from the cancellation waivers that cruise lines and tour operators offer, the Insurance Information Institute says. Waivers are cheap, ranging from $40 to $60, and often include restrictions. For example, according to the institute, waivers might not refund your money if you cancel immediately before departure. Waivers are technically not insurance policies.

Some companies offer additional layers of coverage at extra cost. “Cancel For Any Reason” coverage will reimburse a large part of the trip cost, no matter why you back out. And some companies let you pay extra to cover pre-existing conditions if you cancel for medical reasons.

Some insurers and comparison sites let you customize a policy by choosing types of coverage a la carte. For example, TravelInsurance.com is a comparison site that provides quotes from different providers.

Baggage and personal belongings

How does lost luggage insurance work? This coverage reimburses you for baggage and personal belongings that are lost, stolen or damaged during the trip. Some plans also reimburse you for extra expenses if you experience a baggage delay for more than a certain period, such as 12 hours.

Your renters or homeowners insurance may cover personal belongings while you are traveling. It’s best to review your homeowners insurance policy to determine the level of coverage it provides so you do not end up paying for a benefit you already have.

» Learn more: Baggage insurance explained

Emergency medical assistance, evacuation and repatriation

This coverage pays medical expenses if you get sick or injured on a trip . Medical evacuation coverage pays for transporting you to the nearest hospital, and medical repatriation pays for flying you to your home country.

» Learn more: Can I get travel insurance for pre-existing medical conditions?

24-hour assistance

This service is included with many package plans. The insurer provides a 24-hour hotline that you can call when you need help, such as booking a flight after a missed connection, finding lost luggage, or locating a doctor or lawyer.

Generally, travel insurance companies do not cover sports or any activity that can be deemed risky. If you’re thinking of incorporating adventurous activities into your vacation, choose a plan that includes adventure sports coverage.

Most travel insurers cover a wide array of services, but the specific options vary. Some plans include concierge services, providing help with restaurant referrals, tee time reservations and more. Many services also offer information before the trip, such as required vaccinations. The only way to know what’s included is to read the policy.

» Learn more: Should you insure your cruise?

Accidental death and dismemberment insurance

This coverage pays a lump sum to your beneficiary, such as a family member, if you die in an accident while on the trip. Accidental death and dismemberment insurance policies also pay a portion of the sum to you if you lose a hand, foot, limb, eyesight, speech or hearing. Some plans apply only to accidental death in a plane.

This coverage may be duplicative if you already have sufficient life insurance, which pays out whether you die in an accident or from an illness. You may also already have accidental death and dismemberment insurance through work, so it's best to check your policies to ensure you’re not overpaying.

» Learn more: NerdWallet's guide to life insurance

Rental car coverage

Rental car insurance pays for repairing your rental car if it’s damaged in a wreck, by vandals or in a natural disaster. The coverage doesn't include liability insurance, which pays for damage to other vehicles or for the medical treatment of others if you cause an accident and are held responsible.

Ask your car insurance company whether your policy will cover you when renting cars on the trip. U.S. car insurance policies generally don’t cover you when driving in other countries, except Canada.

Car insurance requirements are complex because they vary among countries. You can usually purchase liability insurance from the rental car company. Learn about car insurance requirements by searching for auto insurance by country on the U.S. Embassy website .

» Learn more: Best credit cards for rental car coverage

A note about single vs. long-term policies

Single trip insurance plans are a great option for those going on a single trip for a specific length of time (e.g., a two-week vacation) and then returning home. The price of the policy is usually determined by the cost of the trip.

Long-term travel policies cover you for multiple trips, but there are limitations to how long you can be away from home, if you can return home during your travels and how many trips you can take. In addition, trip cancellation and interruption coverage is either not offered or capped at a dollar amount that can be significantly below the total cost of all the trips taken during the covered period.

Long-term travel insurance plans — often called 'multi-trip' or 'annual travel insurance' — are a suitable option for those who travel often and are satisfied with the amount of trip cancellation coverage for all the trips they take over the duration of the policy.

» Learn more: How annual (multi-trip) travel insurance works

Below, we include how to obtain travel insurance, along with the pros and cons of each option.

Some credit cards offer trip cancellation and rental car insurance if you use the card to book the trip or car.

When you book a trip with your credit card, depending on the card you use, you may already receive trip cancellation and interruption coverage.

» Learn more: 10 credit cards that provide travel insurance

Here are a handful of credit cards with travel insurance benefits.

Chase Sapphire Preferred Credit Card

on Chase's website

Chase Sapphire Reserve Credit Card

on American Express' website

Chase Ink Business Preferred Credit Card

• Trip delay: Up to $500 per ticket for delays more than 12 hours.

• Trip cancellation: Up to $10,000 per person and $20,000 per trip. Maximum benefit of $40,000 per 12-month period.

• Trip interruption: Up to $10,000 per person and $20,000 per trip. Maximum benefit of $40,000 per 12-month period.

• Baggage delay: Up to $100 per day for five days.

• Lost luggage: Up to $3,000 per passenger.

• Travel accident: Up to $500,000.

• Rental car insurance: Up to $75,000.

• Trip delay: Up to $500 per ticket for delays more than 6 hours.

• Travel accident: Up to $1 million.

• Rental car insurance: Up to the actual cash value of the car.

• Trip delay: Up to $500 per trip for delays more than 6 hours.

• Trip cancellation: Up to $10,000 per trip. Maximum benefit of $20,000 per 12-month period.

• Trip interruption: Up to $10,000 per trip. Maximum benefit of $20,000 per 12-month period.

Terms apply.

Pros: Coverage is free.

Cons: You can’t customize the insurance to meet your needs. Most credit cards offer secondary car rental insurance, which pays for the costs not covered by your regular car insurance plan.

Travel agents and travel reservation sites

You can buy travel insurance when you book your flight, hotel and car rental.

Pros: Buying is as quick and easy as clicking “yes” when you book reservations. Coverage is inexpensive.

Cons: You can’t customize the coverage.

» Learn more: Airline travel insurance vs. independent travel insurance

Travel insurance comparison sites

You can compare different policies and review quotes at once based on the trip search criteria you’ve input into the search form. Examples include marketplaces like Squaremouth or TravelInsurance.com.

Pros: You can choose a policy that fits your needs and compare policies and pricing in one place.

Cons: Comparing multiple policies takes time.

Travel insurance companies

You can purchase travel insurance directly from an insurance provider.

Pros: You can choose a policy that fits your needs. Many travel insurer websites also offer information to help you understand the coverage.

Cons: You’ll need to go to multiple websites to compare coverage and pricing.

» Learn more: The best travel insurance companies right now

Keep these tips in mind when you’re considering a trip insurance policy.

Evaluate the financial risks you face when traveling. Can you bear those costs yourself, or do you want insurance?

Examine what coverage you already have: Does your credit card offer travel insurance? Do you have renters or homeowners insurance to cover belongings? What is the deductible? Will your health plan cover you in all the locations where you travel?

Get quotes for trip insurance online. Choose a package of the benefits you need and compare prices for similar coverage among carriers.

Narrow your choices and then read the policy fine print to understand what’s covered, what’s excluded and the limits on coverage. You may find that the lowest-priced policy is too restrictive and that paying a little more gets you the coverage you need. Or you might find that the cheapest, most basic policy fits the bill.

If you don’t know which provider to go with, it makes sense to browse a list of plans on a travel insurance comparison site. These online marketplaces will often include plans from the best travel insurance companies along with customer reviews.

Squaremouth

affordable health insurance plans for small business

Compare plans from more than 30 providers.

Over 86,000 customer reviews of insurers.

Under its Zero Complaint Guarantee, Squaremouth (a NerdWallet partner) will remove a provider if any customer complaint isn't resolved to its satisfaction.

Has a filter option to see policies that provide COVID-coverage.

TravelInsurance.com

affordable health insurance plans for small business

Compare plans from 13 providers.

See good and poor customer ratings and reviews for each insurer when you receive quotes.

“Learning Center” includes travel insurance articles and travel tips, including important how-to information.

Quotes provided from each provider include a link to COVID-19 FAQs, making it easy for customers to review what’s covered or not.

InsureMyTrip

affordable health insurance plans for small business

Compare plans from more than two dozen providers.

More than 70,000 customer reviews.

“Anytime Advocates” help customers navigate the claim process and will work on behalf of the customer to help with appealing a denied claim.

Includes a link to plans that offer COVID coverage.

affordable health insurance plans for small business

Compare plans from 11 providers.

Search coverage by sporting activity, including ground, air and water sports.

Many types of plans available for students, visiting family members, new immigrants, those seeking COVID quarantine coverage and more.

affordable health insurance plans for small business

Compare different insurance plans from 35 providers.

Over 5,600 customer reviews on Trustpilot, with an average 4.9 stars out of five.

Formerly known as AardvarkCompare, AARDY includes a “Travel Insurance 101” learning center to help customers understand various policies and benefits.

Quote search results page includes COVID-coverage highlighted in a different color to make it easier for customers to review related limits.

Whether you’re looking for an international travel insurance plan, emergency medical care, COVID coverage or a policy that includes extreme sports, these providers have you covered.

Our full analysis and more details about each organization can be found here: The Best Travel Insurance Companies Today .

Allianz Global Assistance .

Travel Guard by AIG .

USI Affinity Travel Insurance Services .

Travel Insured International .

World Nomads .

Berkshire Hathaway Travel Protection .

Travelex Insurance Services .

Seven Corners .

AXA Assistance USA .

There are a few scenarios when spending extra on travel insurance doesn't really make sense, like:

You booked flexible airline tickets.

Your hotel room has a good cancellation policy.

It's already included in your credit card.

You haven't booked any nonrefundable activities.

» Learn more: When you don't need travel insurance

Yes, especially for nonrefundable trips and travel during the COVID-era. Whether you purchase a comprehensive travel insurance policy or have travel insurance from your credit card, you shouldn't travel without having some sort of travel protection in place to safeguard you and your trip. Travel insurance can protect you in case of an unexpected emergency such as a canceled flight due to weather, a medical event that requires hospitalization, lost luggage and more.

There are many good travel insurance policies out there and a policy that may be great for you may not be good for someone else. Selecting the best plan depends on what coverage you would like and your trip details.

For example, World Nomads offers a comprehensive travel insurance policy that has excellent coverage for adventure sports. Allianz provides coverage for trips of varying lengths of time through its single trip plans and multi-trip plans. Some providers offer add-on options like Cancel For Any Reason travel insurance. If you’re not sure which plan to go with, consider looking at trip insurance comparison sites like Squaremouth or Insuremytrip.

Yes, you can. However, it's better to purchase it sooner rather than later, ideally right after booking your trip because the benefits begin as soon as you purchase a policy.

Let’s say you’re going on a trip in a month and a week before departure, you fall and break your leg. If you’ve purchased a travel insurance policy, you can use your trip cancellation benefits to get your nonrefundable deposit back.

Most comprehensive travel insurance plans offer trip cancellation, trip interruption, emergency medical and dental, medical evacuation, trip delay and lost luggage coverage. Many plans offer COVID coverage, but you’ll always want to check to ensure that the policy you choose provides that benefit if you’re traveling during these times. Some plans may also allow you to add features like Cancel For Any Reason travel insurance.

It depends which credit card you have. Premium travel cards like the Chase Sapphire Reserve® and The Platinum Card® from American Express offer travel insurance benefits if you book a trip using your card or points.

However, the coverage provided by the credit cards is usually lower than if you purchased a standalone policy. Review the travel insurance benefits on your credit card and check that the limits are adequate before foregoing from purchasing a separate plan.

Let’s say you’re going on a trip in a month and a week before departure, you fall and break your leg. If you’ve purchased a travel insurance policy, you can use your

trip cancellation benefits

to get your nonrefundable deposit back.

It depends which credit card you have. Premium travel cards like the

Chase Sapphire Reserve®

The Platinum Card® from American Express

offer travel insurance benefits if you book a trip using your card or points.

Unpredictability is one of the mind-opening joys of travel, but travel insurance should contain no surprises. The time you spend to understand your options will be well worth the peace of mind as you embark on your next adventure.

Whether you’re seeking a single or a long-term policy, each travel insurance option offers different strengths and weaknesses. Choosing the right policy depends on your trip needs, your budget and how important various benefits are to you.

Keep reading

If you want to dig in deeper to world of travel insurance, these resources will point you in the right direction.

What is travel insurance? How much is travel insurance? Is travel insurance worth it? What does travel insurance cover? Does travel insurance cover COVID?

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2024 , including those best for:

Flexibility, point transfers and a large bonus: Chase Sapphire Preferred® Card

No annual fee: Bank of America® Travel Rewards credit card

Flat-rate travel rewards: Capital One Venture Rewards Credit Card

Bonus travel rewards and high-end perks: Chase Sapphire Reserve®

Luxury perks: The Platinum Card® from American Express

Business travelers: Ink Business Preferred® Credit Card

1x-10x Earn 5x total points on flights and 10x total points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards® immediately after the first $300 is spent on travel purchases annually. Earn 3x points on other travel and dining & 1 point per $1 spent on all other purchases

60,000 Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $900 toward travel when you redeem through Chase Ultimate Rewards®.

1x-5x 5x on travel purchased through Chase Ultimate Rewards®, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases.

60,000 Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®.

Chase Southwest Rapid Rewards® Plus Credit Card

1x-2x Earn 2X points on Southwest® purchases. Earn 2X points on local transit and commuting, including rideshare. Earn 2X points on internet, cable, and phone services, and select streaming. Earn 1X points on all other purchases.

30,000 Limited-time offer: Earn Companion Pass® good through 2/28/25 plus 30,000 points after you spend $4,000 on purchases in the first 3 months from account opening.

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affordable health insurance plans for small business

IMAGES

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  28. How to Find the Best Travel Insurance

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