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The Hartford Small Business Insurance Review: A 200-Year Old Digital Insurance Leader

Published Nov. 5, 2024
Matt Frankel, CFP®
Author: Matt Frankel, CFP®
Matt Frankel, CFP®
Matt Frankel, CFP®
Writer, Analyst

Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for Motley Fool Money and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column for the Motley Fool ("Ask a Fool") that is syndicated in USA Today, and his work with Motley Fool Money has also been syndicated to MSN and Yahoo! Finance. He has been regularly featured on Fox Business and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.

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Ashley Maready
Fact Checked: Ashley Maready
Ashley Maready
Ashley Maready
Writer and Editor

Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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The Hartford is one of the oldest and largest small business insurance providers in the United States, with over two centuries of experience. The company not only offers many different types of small business insurance, but it has one of the best digital experiences in the industry, especially for a large and traditional insurer. Read our full review of The Hartford small business insurance to find out if it might be right for you.

This insurer is a good fit for: Businesses that need several different types of small business coverage and want to handle most policy management digitally.

Full The Hartford small business insurance review

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Digital user experienceThe Hartford
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4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Bottom Line

The Hartford is an iconic brand in the insurance industry, with more than 200 years of history. It has recently invested in an innovative, streamlined, award-winning digital experience for getting insurance quotes and managing your policy online. The Hartford offers a wide range of coverages for all kinds of industries, risks, and situations, including business income insurance and multinational insurance. One downside: based on our research, The Hartford's premium costs tend to be a bit higher than some other insurance companies.

Pros

  • Top-ranked digital small business insurance
  • Local insurance agents for real-world support
  • More than 200 years of experience
  • Wide range of small business insurance coverages

Cons

  • Premiums can be higher than competition
  • Must buy coverage through an agent
  • Not available in all states

Business insurance coverage options

The Hartford offers several different types of small business insurance, including the following.

General liability insurance

This is what many people think of when they hear "small business insurance." General liability insurance protects you, your business, and its assets if someone sues for negligence, injury, property damage, or slander.

Workers' compensation insurance

If you have employees, most states require you to carry workers' compensation insurance to cover your employees in the event they have a work-related injury or illness.

Data breach insurance

Different insurers have different names for this type of coverage, but this protects your business against cyber attacks and data breaches. If you deal with sensitive customer information in the course of your business, this is a type of insurance to consider.

Commercial auto insurance

This isn't just for professional drivers (although it certainly can be). Commercial auto insurance covers you and your employees when driving for business purposes.

Professional liability coverage

If you provide professional services to clients and are found to be negligent, professional liability insurance can protect you.

Business property insurance

This is essentially the business version of homeowners or renters insurance. Business property insurance protects real estate you own or lease, as well as any equipment and machinery contained within them.

Business income insurance

Let's say that a fire happens and you can't operate your business. Business property insurance would help replace the building and its content, but may not cover your lost income while you can't work. That's where business income insurance comes in.

Top perks

Can get quotes online

To be fair, this is both a perk and a drawback. The Hartford allows you to get coverage quotes online. In fact, The Hartford has been named the Top Digital Small Business Insurance Company by Keynova for five years in a row.

However, you cannot complete the entire process online. Once you get a quote and decide to move forward, you'll have to buy a policy through an agent.

Over 200 years in business

The Hartford is one of the oldest and largest small business insurance companies in the United States. It has served customers for more than 200 years and has over 1.5 million small business insurance customers.

Lots of coverage options

The Hartford offers a variety of small business insurance products and allows for extensive customization of policies. The Hartford also breaks down insurance solutions by industry, as well as by state law, making it easy to find what you need and what types of coverage you should carry.

What could be improved

Costs are relatively high

We'll get into this in the next section, but The Hartford's small business insurance premiums can be a bit on the high side, relative to some of its competitors.

Not available in all states

The Hartford offers small business insurance in most -- but not all -- U.S. states. Coverage isn't available in Alaska or Hawaii. And certain types of coverage may not be available in all states, even the 48 where the company does business.

Monthly premium costs

The Hartford claims that its average small business insurance customer pays $85 per month, or $1,019 per year, for a business owner's policy (BOP). While the cost of business insurance policies varies significantly based on the coverage options chosen, your business' location, and more, this is certainly on the higher end based on our research and averages given by other companies.

In addition, The Hartford provides averages for other types of small business coverage:

  • Business owner's policy (BOP): $85 per month
  • General liability insurance: $67 per month
  • Workers' compensation insurance: $86 per month
  • Professional liability insurance: $76 per month
  • Commercial auto insurance: $574 per month
  • Commercial property insurance: $134 per month

How to get The Hartford small business insurance

The Hartford allows prospective customers to obtain a customized insurance quote online by filling out a short series of forms. You'll need some basic information about your business, and you can fill out the quote request in just a few minutes.

However, while you can get a quote online, you'll need to work with an insurance agent to help you determine the right amount of insurance for you. The company claims that customers can get business insurance coverage as soon as the same day.

Customer service and ratings

The Hartford allows customers to perform most functions online, but also offers small business customer service by phone on weekdays from 8 a.m.-8 p.m. ET.

For ratings, it's important to mention that most insurance companies have abysmal ratings on third-party customer service sites, so take it with a grain of salt. And The Hartford is no exception. It has a 1.1 out of 5-star average rating based on 274 Yelp reviews, although many reviews have to do with the company's auto and homeowners insurance. On Trustpilot, the average is the same 1.1 out of 5.

Alternatives to consider

When looking for a small business insurer that specializes in commercial auto: Progressive insurance is primarily an auto insurer, so it shouldn't be a surprise that this is an area where it shines for small businesses. But keep in mind that it ranks behind The Hartford in digital functionality.

Read Progressive review

When looking for a small business insurer for multiple policies: NEXT Insurance is also a great choice if you're looking to bundle several types of business insurance policies together, as bundles are a NEXT Insurance specialty.

This small business insurer is best for:

The Hartford is best suited for people who:

  • Want a rock-solid insurance company
  • Want a strong digital experience
  • Need several types of coverage

Other insurance companies to consider are NEXT Insurance if you want to bundle policies together, or Progressive if you need a specialty insurance product.