The Best Password Managers for Businesses 2024

As small businesses continue to rely on digital platforms for their daily operations, it is important they have robust cybersecurity. Password managers can help businesses achieve this goal by generating and securely storing complex, unique passwords for every account, which minimizes the risks associated with data breaches and unauthorized access.

We have carefully evaluated several password managers, focusing on their features, ease of use, and cost-effectiveness. Our top three picks for small businesses are 1Password, Bitwarden, and LastPass. These password managers not only provide comprehensive security features but also boast user-friendly interfaces and competitive pricing, making them the ideal choice for businesses seeking to bolster their online security posture.

The best password managers for businesses 2024

Password managers are essential for businesses of any size. They help secure access to sensitive information, protect accounts from data breaches, and ensure compliance with regulatory standards. While there are many password management solutions available, not all of them offer the same levels of security and convenience. Below is a list of some of the best business password managers:

• 1Password: Best for comprehensive security features
• Bitwarden: Best for budget-conscious businesses
• LastPass: Best for password sharing and team collaboration

Top 3 password managers for businesses compared

Password manager
Starting price	Starts at $7.99 per user per mo	Starts at $3.00 per user per mo	Starts at $4.00 per user per mo
Password sharing
Two-factor authentication
Form filler
Password generator
Compatibility	Chrome, Safari, Edge, Firefox, Brave, and more	Chrome, Safari, Edge, Firefox, Brave, Vivaldi, Opera, and more	Chrome, Safari, Edge, Firefox, Opera, and more
Learn more	See 1Password Pricing	See Bitwarden Pricing	See LastPass Pricing

1Password: Best for comprehensive security features

Who it’s best for

1Password is an ideal choice for small business owners and employees who prioritize robust security features, appreciate an intuitive user interface, and require seamless integration with multiple platforms. This password manager caters to users who manage multiple accounts, collaborate with teams, and need to securely share sensitive data.

What we liked

1Password stands out due to its comprehensive password security offerings. Your data is protected with AES 256-bit encryption, which is the industry standard for encryption.

The Watchtower feature is a particularly valuable addition, as it proactively monitors users' accounts and alerts them to potential security breaches or weak passwords that need to be changed into strong passwords. This ensures businesses can take quick action to minimize the risk of unauthorized access to their sensitive data. Watchtower even notifies you of accounts that support two-factor authentication (2FA), that way you can turn it on and keep your passwords safe.

What we didn’t like

While 1Password offers a wide range of security features and an intuitive user interface, one potential drawback for small businesses might be the absence of a free version. For those with very limited budgets, this could be a deciding factor when choosing a password manager.

1Password specs

Price range	$7.99–$19.95/mo
Free version	No, but there is a 14-day trial
Password sharing	Yes
Two-factor authentication	Yes
Form filler	Yes
Password generator	Yes
Compatibility	Chrome, Safari, Edge, Firefox, Brave, macOS, Windows, Linux, iOS, Android
Learn more	Read Our 1Password Review

Bitwarden: Best for budget-conscious businesses

Who it’s best for

Bitwarden is an ideal solution for small businesses seeking a secure and reliable password manager while on a budget. With its open-source nature and transparent security model, Bitwarden provides a cost-effective solution without compromising on essential features.

It's perfect for businesses that require password management tools — such as password sharing, password generation, secure storage, and two-step login — but also want to minimize their expenses while maintaining a high level of security for their digital assets.

What we liked

We were particularly pleased by Bitwarden's open-source platform, which promotes transparency and continuous enhancement of its security features. This open-source nature fosters user confidence while also allowing the community to contribute to its growth. Bitwarden's low cost and free version make it a viable option for enterprises of all sizes, even those with few resources.

What we didn’t like

While Bitwarden offers a strong feature set, it lacks some of the sophisticated capabilities seen in commercial password managers such as 1Password. For example, it does not provide a security dashboard like 1Password's Watchtower, which monitors and notifies users of potential security breaches and insecure passwords.

Bitwarden specs

Price range	$4.00–$6.00/mo (for paid versions)
Free version	Yes
Password sharing	Yes
Two-factor authentication	Yes
Form filler	Yes
Password generator	Yes
Compatibility	Chrome, Safari, Edge, Firefox, Brave, Vivaldi, Opera, macOS, Windows, Linux, iOS, Android
Learn more	Read Our Bitwarden Review

LastPass: Best for password sharing and team collaboration

Who it’s best for

LastPass is ideal for small businesses looking for a feature-rich password manager that combines convenience and security. It is suitable for those who require seamless integration with various devices, as well as the ability to manage and share passwords easily among team members.

With its intuitive interface and extensive features, LastPass caters to businesses that need to maintain high levels of security while ensuring ease of use for employees.

What we liked

LastPass impressed us with its complete collection of features tailored to small organizations, making it an ideal choice for improving online security. The platform's user-friendly interface enables a seamless connection with numerous devices, making it easy for staff to maintain and securely exchange passwords. It also provides several options for multi-factor authentication (MFA), such as biometrics, authenticator apps, one-time passwords, and more.

In addition, LastPass's admin dashboard provides an impressive selection of customizable settings. This includes options to assign different levels of permissions and access rights, allowing admins to control who has access to what information. These features have proven useful in our experience when dealing with employees who need privileged access to systems or confidential customer data.

LastPass also offers dark web monitoring to monitor your accounts for breached information; it sends you alerts if it has been compromised.

What we didn’t like

One noteworthy source of concern for users is its history of previous data breaches, which may cause fear for some consumers. Although LastPass has already made steps to improve its security, it is still critical to be careful and diligent when choosing any password manager.

LastPass has another drawback: the free version has limited functionality compared to its premium counterpart, which may be a concern for small businesses with tight budgets. The free plan doesn't allow password sharing, which is an essential feature for team collaboration, forcing users to upgrade to a paid plan to access this feature.

LastPass specs

Price range	$4.00–$6.00/mo (for paid plans)
Free version	Yes
Password sharing	Yes (on Premium and Business plans)
Two-factor authentication	Yes
Form filler	Yes
Password generator	Yes
Compatibility	Chrome, Safari, Edge, Firefox, Opera, macOS, Windows, Linux, iOS, Android
Learn more	Read Our LastPass Review

Password managers that didn’t make the cut

Although several other password managers are available, two notable options that didn't make the cut are Dashlane and NordPass. While both of these password managers have their merits, they didn't quite measure up to our top picks due to a few drawbacks.

Dashlane's business plans are more expensive than our top picks, which may be too pricey for small firms on a tight budget. On the other hand, NordPass is a newer password manager that lacks several sophisticated features, such as safe password sharing and protected storage for critical documents.

Dashlane

Dashlane is a well-known password manager with a variety of features, including password creation, autofill capabilities, and safe password sharing with team members. Dashlane also offers a digital wallet for storing and managing online payment methods, as well as a virtual private network (VPN) for increased privacy protection when browsing the web.

Despite its outstanding feature set, Dashlane didn’t make our top three because of its higher pricing point for business plans, which can be a major worry for small enterprises on a tight budget. It costs about double what Bitwarden and LastPass offer for their cheapest plans.

NordPass

NordPass is a cloud-based password manager developed by the creators of the popular VPN service, NordVPN. This password manager offers secure password storage, a password generator, autofill capabilities, and the ability to share passwords securely with team members. NordPass also includes a zero-knowledge architecture, ensuring that your data remains private and secure, as only you hold the decryption key.

While NordPass is a solid option with a decent feature set, it didn't make our top three due to its relatively limited functionality compared to our selected password managers. Specifically, its ability to add items to your password vault is limited, and its autofill feature has been found to be unreliable. Furthermore, although NordPass offers a free version, its business plans may not provide as much value as the more feature-rich and competitively-priced options in our top three.

Best password managers for businesses FAQs

Bottom line: The best password managers for businesses

In conclusion, the top three password managers for small businesses are 1Password, Bitwarden, and LastPass. 1Password excels with its advanced security features like Watchtower, while Bitwarden provides a cost-effective and transparent open-source solution. LastPass stands out for its feature-rich platform that combines convenience and security for seamless password management.

3 best password managers for businesses 2024

	Starting price	Best for	Learn more
	Starts at $7.99 per user per mo	Best for comprehensive security features	See 1Password Pricing Read 1Password Review
	Starts at $3.00 per user per mo	Best for budget-conscious businesses	See Bitwarden Pricing Read Bitwarden Review
	Starts at $4.00 per user per mo	Best for password sharing and team collaboration	See LastPass Pricing Read LastPass Review

How we tested the best password managers for businesses

We thoroughly tested and evaluated the five password managers featured in this article by considering a range of essential features that are crucial for small businesses. We believe these features are vital for businesses to ensure the safety and efficient management of sensitive data.

• Security: We looked at encryption standards, two-factor authentication, and other security measures to ensure that stored data is well protected.
• Ease of use: A user-friendly interface is essential for quick adoption and seamless daily usage by all team members.
• Cross-platform compatibility: We considered password managers that work well on various platforms and offer various browser extensions, ensuring accessibility for every team member, regardless of the device they use.
• Password sharing: The ability to securely share passwords among team members is essential for collaboration and efficient workflow.
• Pricing: We accounted for the pricing plans and the availability of a free version to ensure affordability for businesses of different sizes.

By evaluating these features, we narrowed down our top three password managers, offering the best solutions for small businesses.