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The Hartford Review

Sunday, April 14th

2024 Business Insurance Provider Reviews

The Hartford Review 3.5 Star Rating

The Hartford

3.5 Star Rating
  • One of the oldest insurance providers in the United States
  • Diverse insurance products, including auto, home, business, and specialty lines
  • Fortune 500 company
  • "A+" rating from the BBB

The Hartford is a well-established insurance company with over two centuries of experience, making it one of the oldest insurance providers in the United States. Founded in 1810, The Hartford has an over 200-year history of serving the insurance needs of individuals and businesses. They have more than one million small business customers and have a 14x rating with Ethisphere,

Excellent range of coverage types

The company offers a wide range of insurance products, catering to both personal and business needs. Some of the insurance types they provide include auto insurance, home insurance, business insurance, workers' compensation, group benefits, and specialty lines like marine and surety bonds.

Choose between online quote or calling an agent

To apply for a business insurance quote from The Hartford, go to the website and click on the "Quote Today" button or call their toll-free number to talk to an agent. If you click the button, it will ask you for keywords that describe your business. Then choose which activities your business engages in. In our case, with a web designer scenario, the site presented us with a list of coverage types including Business Owners Policy (BOP), General Liability Insurance, and Professional Liability.

Online quote process has multiple steps

At that point, there was another button labeled "Begin an Online Quote" , which was a little confusing given that we thought we had already begun the process. We clicked it and were redirected to a whole new form asking for more description of our business including whether we currently have insurance, how it's structured, locations, another question of the type of business it is, and longevity. Then we finally got to where we could choose the types of coverage we needed and when to start it. Following that, we were asked if we were part of any high-risk or high-stakes operations, such as fire, security, aviation, combat, nuclear, or cryptocurrency. And then even more details. It was beginning to feel like the process would never end. Once we filled out what coverage amounts we wanted on the General Liability Limits page and clicked "Next" , we were asked for contact information and then it gave us a direct quote.

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Premiums are higher

Just don't come to The Hartford looking for an insurance bargain. Compared to other companies with comparable plans and coverage, their annual premium was about $400 to $500 more expensive.

Big difference between BBB rating and client sentiment

In the insurance marketplace, The Hartford has long been known for its commitment to customer service and financial stability. They are also a Fortune 500 company, highlighting its financial strength. The company has an "A+" unaccredited rating from the Better Business Bureau. However, there are over 500 complaints closed in the last 3 years and over 200 of those were in the last 12 months, giving them a 1-star rating average with the BBB. On Trustpilot, The Hartford suffers from an astonishing 98% of customers giving it 1- and 2-star ratings, the lowest of all the companies we've evaluated. We expected more from a company with such a long track record. On its own website, however, The Hartford displays mostly positive reviews from verified customers. Therefore, it is not easy to know what is really going on with their customer satisfaction.

Good but not great

The Hartford is a well-known brand with one of the longest-standing presences in the insurance marketplace. We can provisionally recommend it on that level, but the higher price also gave us another reason not to consider them. So, if you plan to include The Hartford in your list of choices when comparing business insurance plans, take a measured look at not only the positive things said about them, but also the complaints and, especially, the price.

Where Can You Find the Best Business Insurance?

In a world becoming more legally sensitive, protecting your company from accidents, property damage, or injuries is critically important. It plays a pivotal role in safeguarding a business against a a myriad of risks. And in many states and industries, it's not just a good idea but something you have to do.

Even where it's not required, business insurance is a popular idea. In today's world, companies operate in an environment fraught with risks, ranging from natural disasters and accidents to legal liabilities. Without insurance, these events could lead to substantial financial burdens that might cripple or even bankrupt a business. Insurance policies act as a financial cushion, ensuring that a business can recover and continue operations.

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Business Insurance Provider FAQ

There are two main areas of coverage: business liability and commercial property. The former is used in the event that someone holds your company liable for injury, damages or loss; the latter covers damaged or stolen business property, plus any buildings you own (not lease).
Unless you've got money to burn, you need insurance coverage to protect you from any number of unexpected situations: a slip-and-fall at your store, an employee injury at your warehouse, or damage to a customer's home during a project, just to name a few. Lawsuits, medical bills, and property damage claims get expensive, and business insurance helps mitigate those risks and costs.
That will depend on several factors, including but not limited to state laws where your business operates and any licensing requirements for your specific industry. If you have employees, you'll likely be required to have workers' compensation coverage, and any vehicles owned by your business (and not you as an individual) need a commercial auto insurance policy.
That also depends on your state and your industry. At a minimum, expect that you'll need general liability insurance (which is often required as part of a client contract or commercial lease), plus workers' comp if you have employees and commercial auto if your company owns vehicles. Beyond that, you'll need to consider how your business operates and what specific types of policies might be required or just a good idea (such as Liquor Liability if you own a bar).
As with any other type of insurance, your premiums for business policies depend on many factors: the size of your company and number of employees, desired coverage limits, annual revenue and business location. However, most small businesses pay $65/month on average for General Liability coverage, $99/month for Business Owner Policy (which bundles property insurance with general liability), and $111/month for Workers Compensation.
It's true that most insurers only offer standard one-year policies, with prorated refunds if you cancel before the 12 months are up. But, with more and more people working in non-traditional ways (gig economy, freelancers, event specialists, and so on), the business insurance industry is evolving to keep up. There's at least one company that specializes in business insurance with short-term options: hourly, daily, monthly, depending on the company's needs.
Typically, yes! The premiums for your policy are a business expense and can be deducted like any other cost.
Absolutely. Some of the biggest names in the insurance industry allow business owners to get quotes directly through their websites. Other insurers specialize in online-only service, allowing you to get your quote, policy, and proof of coverage with just a few clicks. Of course, you should do your due diligence and select an insurer with a strong reputation before committing to a business insurance policy.
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Continued from above...

The insurance needs for any business can vary depending on its size. For example, small businesses often have different challenges compared to larger ones. Meeting the insurance needs that big companies can handle with lots of resources can be harder for small businesses. That's because small businesses don't have as many employees, accountants, and lawyers.

The legal landscape is another area where business insurance is indispensable. Liability claims and lawsuits are commonplace in the business world. Without adequate insurance, legal expenses and settlements can pose existential threats to a company. Insurance policies focused on professional liability, general liability, and other specific risks mitigate the financial impact of legal challenges, allowing a business to focus on their core activities rather than litigation.

But figuring out the right insurance can be confusing. After all, it's not an "exciting" business expense, protecting yourself against situations that you hope don't happen, but it's a big help when unexpected things do.

So, how can you figure out the exact coverage and how much you need? Instead of going to a local agent right away, who might not know a lot about small businesses, people are increasingly turning to online searches to find an insurance company with knowledge and specialty in the business world.

As you look into different places to get business insurance, keep these things in mind:

  • Types of coverage. Make sure the coverage options available are what you need. Are you limited to basic liability plans, or can you make a policy that's right for your business?
  • Convenience. See how easy it is to find information and get quotes on the website. Do you have to talk to someone before you can get coverage?
  • Reputation. Has the service or company been reviewed by the Better Business Bureau? Look at what other business customers say about their experience during the application process and after they get the policy.

Today's market has a bunch of top business insurance providers, and the experts at Top Consumer Reviews have researched and ranked some of the best-known names in the industry. Our goal is to help you get the coverage your company needs to protect it from expensive lawsuits, liability issues, and unexpected problems.

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