As a business owner, you work hard to earn revenue, pay yourself and make sure employees get paid. But don’t forget to also protect your revenue and your ability to keep your business running.
The Hartford has been in the insurance business for over 200 years and has insured over 1.3 million small business customers. Wondering if The Hartford is right for you? Read on to learn more about its coverage offerings, pricing and more.
The Hartford Business Insurance
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Cost
The best way to estimate your costs is to request a quote
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Policy highlights
The Hartford has been offering insurance policies for over 200 years and insures over 1 million small businesses. It offers coverage for a variety of industries and is highly rated for customer satisfaction.
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App available
Pros
- Quotes available online
- Highly rated for customer satisfaction
Cons
- App doesn’t support business policy management
The Hartford business insurance review
The Hartford features
The Hartford offers a Business Owners Policy (BOP) insurance, which encompasses three types of coverage: general liability insurance, commercial property insurance and business income insurance, the latter which helps your company replace income you lose due to property damage.
Other types of insurance coverage offered by The Hartford include:
- Workers’ compensation
- Professional liability insurance
- Commercial auto insurance
- Cyber insurance
- Commercial flood insurance
- Commercial umbrella insurance
- Employment practices liability insurance
- Home-based business insurance
- Inland marine insurance
- Multinational insurance
- Risk engineering
- Surety bonds
CNBC Select ranked The Hartford as the best small business insurance for home-based businesses given its coverage offering in this area. This type of insurance covers your business’ technology, files and professional equipment. According to The Hartford, a few examples of home-based businesses that may need this type of insurance include consultants, technology services and business services.
To get started with a policy from The Hartford, you can visit their website and input some basic information to see what coverage you may need and get a price quote.
Pricing
Most insurance providers don’t disclose exact pricing for their premiums online, so the best way to estimate how much you may pay for coverage is to get a quote.
However, according to The Hartford’s website, their small business customers pay an average of $141 per month and $1,687 per year for BOP insurance. Here are averages for their other coverage options:
- General liability insurance: $68/month
- Workers’ compensation: $81/month (for businesses with less than $300,000 on payroll)
- Professional liability insurance: $62/month
- Commercial auto insurance: $574/month
- Commercial property insurance: $134/month
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Annual Percentage Yield (APY)
3.46% with a daily balance of $5,000,000 or below; 4.42% with a daily balance above $5,000,000
Pros and cons
Still on the fence about a business insurance policy from The Hartford? Weigh these pros and cons.
Pros
- Offers coverage made for home-based businesses
- Potential customers can get quotes online
- Offers an app
- Discloses average price their customers pay
Cons
- App doesn’t support business policy management
Should you purchase The Hartford business insurance?
The Hartford offers a few unique small business coverage types that some other insurers don’t offer, like home-based business insurance, inland marine insurance for vehicles carrying cargo and surety bonds. So, if this is the type of small business insurance you’re interested in, The Hartford may be a good place to start looking at coverage.
Another positive is that The Hartford offers a mobile app for the convenience of paying bills and accessing ID cards, however, business policy management isn’t available in the app.
Alternatives to The Hartford business insurance
Here’s how The Hartford compares to other insurers on the market.
Chubb
Chubb Business Insurance
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State availability
Available in all 50 states
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Policy highlights
Chubb’s business insurance is available to companies with up to $30 million in revenue. It offers a variety of services to businesses in a number of industries, and a number of coverage enhancements for business owners’ policies to customize coverage.
Pros
- Quotes available online
- Highly rated for customer satisfaction
Cons
- Certificates of insurance must be requested
Chubb covers businesses making up to $30 million across over 1,000 industries. The Hartford doesn’t disclose exactly how many industries it covers, but its website lists dozens of covered fields for small business insurance.
Chubb also offers quotes online and is available in all 50 states.
Nationwide
Nationwide Business Insurance
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State availability
Not available in Alaska, Hawaii, Louisiana and Oklahoma
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Policy highlights
Nationwide offers insurance policies for small and large businesses alike in a variety of industries. A number of insurance types also help business owners to tailor their coverage.
Pros
- Highly rated for customer satisfaction and financial strength
- Wide variety of industries and coverages sold
Cons
- App doesn’t support business policy management
Nationwide is one of the most well-known names in insurance. It offers small business coverage across many industries, however, Nationwide small business insurance isn’t available in every state. Coverage is currently unavailable in Alaska, Hawaii, Louisiana and Oklahoma.
FAQs
Do you need general liability insurance for your business?
General liability insurance isn’t a requirement, but it’s typically recommended because it can help protect your business’ finances under specific circumstances.
Should I have insurance as a small business owner?
If you run a business that involves some risk of liability, it can be a good idea to get some insurance coverage to protect your business.
What does business insurance cover?
Business insurance coverage depends on the policy you select and if you’ve opted for any add-ons. But typical BOP insurance covers general liability, commercial property insurance and loss of business income insurance.
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Why trust CNBC Select?Â
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every small business insurance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of small business insurance products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
