You’re probably familiar with some of the top names in insurance, at least as far as personal insurance such as auto and homeowners insurance goes. But when it comes to business insurance, there are some other names that you should familiarize yourself with. Whether you’re starting a business of your own or making decisions for a company, Hiscox and The Hartford are two insurance companies you should know. So, let’s look into the details of Hiscox vs. The Hartford.
Hiscox vs. The Hartford Insurance
Hiscox USA is a small business insurance provider with origins that date back to 1901. The company has over 500,000 small business customers. Hiscox’s insurance plans are available in every state except for Alaska.
The Hartford is an insurance company that provides policies for both people and businesses. The company originally began in 1810 as a fire insurance company. Fifteen years later, The Hartford became the first company to write an insurance policy for a higher education institution when they insured Yale University. The Hartford policies are available nationwide, but coverages can vary by state.
Those are a few of the details you need to know when asking the question, Hiscox vs The Hartford.
Hiscox Insurance Offerings
General liability insurance: Also known as small business liability insurance or commercial liability insurance, this type of coverage offers protection in a couple of ways. It includes coverage for businesses against claims by others regarding bodily injury, personal injury or property damage.
Professional liability insurance: Also known as errors and omissions (E&O) or indemnity insurance, professional liability insurance protects your business against claims that you acted with negligence. This type of coverage is recommended for businesses that provide professional services or regularly give advice to clients. You may also need it if a client requests you to have it as part of your contract.
Medical malpractice insurance: Medical malpractice insurance is also known as medical professional E&O and is a form of professional liability insurance. It protects medical professionals from claims of negligence that result in physical or mental pain for patients. It can also cover the cost of a patient’s economic damages, such as lost wages and the costs of ongoing care.
Business owner’s policy (BOP): A BOP is an enhanced policy that includes both general liability insurance and property insurance. It helps protect businesses from the losses of their customers as well as their own losses.
Cyber security insurance: This type of policy protects businesses against computer-related crimes and losses. Some examples include targeted cyber hacks on businesses, data hacks, phishing and malware. It also includes coverage for misplaced laptops that contain confidential materials, which can put a business at risk for cyber crimes.
Short-term liability insurance: Short-term liability coverage is designed for businesses that only need coverage for short periods of time because of short-term projects or if a business needs to be insured against a specific risk for a short period of time. Hiscox partners with Thimble to offer short-term business insurance for small businesses and contractors.
Workers compensation insurance: Workers compensation is for any business that has one or more employees. It protects your employees and business from work-related accidents and illnesses. If an employee becomes unable to work because of a work-related injury or illness, your workers compensation coverage will help cover a percentage of the employee’s lost wages. Most states require businesses to carry workers’ compensation insurance.
Commercial auto insurance: Just as your personally owned vehicles probably have auto insurance, vehicles used for work purposes may need to be covered by a commercial auto insurance policy. Hiscox offers this type of insurance to cover vehicles that are owned or rented by businesses and some employee vehicles.
Directors & officers insurance: A lesser-known business insurance, this type of policy provides financial protection for the directors and officers of a company against claims of wrongdoing.
Umbrella insurance: Umbrella insurance policies provide an additional layer of protection for businesses that face expensive claims. It can help cover the costs of claims that exceed the policy limits of your business’s standard liability insurance policy.
Employment practices liability insurance: This type of coverage protects your company from claims filed by employees that allege inappropriate workplace conduct. This coverage can include claims of discrimination, harassment and wrongful termination.
Hartford Insurance Offerings
Auto insurance: The Hartford offers The AARP® Auto Insurance Program exclusively for AARP members. It includes new car replacement coverage, lifetime car repair assurance, accident forgiveness, disappearing deductible and 24/7 roadside assistance. The policy also includes RecoverCare, which helps you pay for things that you can’t do yourself while you’re recovering from an accident-related injury. Coverage can include the costs of alternate transportation, snow removal, lawn maintenance and dog walking.
Homeowners insurance: The Hartford also offers the AARP® Homeowners Insurance Program exclusively for AARP members. It covers property damage, personal property coverage, personal liability, medical payment and other standard homeowners insurance coverages. AARP members can combine homeowners and auto insurance from The Hartford to save even more on their insurance rates.
Business insurance: The Hartford offers several types of business insurance coverages that can be customized to meet the needs of small businesses. The types of business coverage it offers include:
- Business property insurance helps protect the structure you do business in (whether owned or rented) and company equipment such as computers and inventory.
- Business income insurance can help replace lost income if your business cannot operate because of covered property damage such as fire or burglaries.
- General liability insurance
- Business owner’s policy (BOP)
- Workers compensation insurance
- Business auto insurance
- Cyber liability (data breach) insurance
- Professional liability insurance
Key Similarities of Hiscox and The Hartford Insurance
Hiscox and The Hartford and both reputable insurance providers that have been in business for over 100 years. Both companies offer small business insurance policies nationwide, though each company has policies that may not be available everywhere.
Major Differences Between Hixcox and The Hartford Insurance
The biggest difference when it comes to Hiscox vs The Hartford is that The Hartford offers forms of personal insurance in addition to small business insurance. Hiscox only offers small business insurance.
What to Look for in an Insurance Company
Insurance companies may offer the same or similar policies, but it’s still important to carefully consider and compare insurance companies. Here’s what you should look for when you’re shopping for an insurance policy.
- You’ll want to make sure that the company is licensed to operate in your state so if something goes wrong, your state department can help.
- Check the ratings from independent rating agencies to ensure that the company is financially secure.
- See which company can offer the best price for your insurance policies. You’ll want to compare insurance plans between companies to see who can offer the better deal.
- Similarly, check to see exactly what each policy covers. Some insurance companies bundle multiple coverages in different ways, and the one that works best for you might depend on the type of business that you run.
- See who offers good service. To do this, you can call the insurance company’s customer service line to ask questions about its policies. You can also ask around to see if anyone you know has experience with the companies you’re considering or check complaint information online.
- Make sure that whichever company you use makes you feel at ease. Your insurance policy is there to offer you peace of mind as well as financial protection. Your insurance company should be easy to reach, and you should understand what kind of support to expect if you need to file a claim.
Compare Business Insurance
Benzinga is committed to bringing you the latest insights and reviews on all of the top insurance providers. Whether you’re looking for health insurance, auto insurance or another type of policy, we can help you compare your options just like we did in this Hiscox vs The Hartford review.
Frequently Asked Questions
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The cost of your business insurance policy or policies will depend on several factors, including the size of your business, your industry and the types of coverage you choose. To see how much a Hiscox insurance or The Hartford insurance policy might cost, you can get a free quote.
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The type of business insurance you need depends on the type of business you run. Most businesses need general liability insurance and business property insurance. Combining the coverages into a BOP is a popular option among businesses. If you have employees, your state may require that you have a workers compensation policy. Some businesses may need other types of coverage as well, such as professional liability insurance or cyber security insurance.
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The most common type of business insurance is general liability which protects business owners in the event that a customer is injured due to actions of the business.
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