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.
- Home-based small business owners can get coverage for property damage, lost income and legal fees
- Professional liability insurance and cyber coverage are available
- BOPs include business income coverage
- Quotes are available easily online, making it possible to shop for coverage
- 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
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.
3.09% with a daily balance of $5,000,000 or below; 3.90% with a daily balance above $5,000,000
$100 to open account
2.75%
None
Pros and cons
Still on the fence about a business insurance policy from The Hartford? Weigh these pros and cons.
- Offers coverage made for home-based businesses
- Potential customers can get quotes online
- Offers an app
- Discloses average price their customers pay
- App doesn't support business policy management
Is The Hartford business insurance right for you?
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
- Businesses with up to $30 million in revenue are eligible
- Offers BOP, commercial auto insurance, workers compensation and umbrella insurance
- Has niche coverages not available from all insurers, including environmental insurance and management liability coverage
- 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
- Covers a variety of industries including food service, retail, auto repair, photographers, wholesalers and consulting offices.
- Offers accounts receivable coverage, which protects against losses if your customer fails to pay.
- 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's 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?
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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