As a contractor, you know the importance of having high-quality tools that are ready to work. You also need to think of your business insurance as one of the most critical financial tools you can have. The insurance company you choose becomes more important when viewed in that light.
There are numerous companies offering insurance for small businesses. However, some have more experience than others in providing insurance coverage for contractors and construction professionals. At General Contractor License Guide, we have prepared comprehensive and unbiased reviews of the leading commercial insurance companies and brokerages to help you make an informed decision about policy choices.
One company you will likely see in your search is The Hartford. Based in Hartford, Connecticut, it has been providing insurance coverage and financial products for over 200 years. It offers an excellent variety of policy options to customize your coverage. If you are getting small business insurance quotes The Hartford is worth looking more closely at.
Keep reading our The Hartford commercial insurance review to help you decide if The Hartford is a good match for your business insurance needs.
Who Is The Hartford?
As you shop for business insurance, you are bound to come across the name The Hartford. Operating since 1810, the company has a long history of providing solid, dependable insurance and investment products to its clients. That history doesn’t mean the company is outdated, though. In fact, The Hartford offers online quotes in as little as 10 minutes.
As a company, The Hartford understands the unique needs of small business owners, whose premiums make up nearly a third of its annual revenue. It boasts a dedicated small business service center to help meet the need of small business owners — people like you who need quality coverage that doesn’t drain your budget.
Awards and Accolades
The Hartford was named one of the world’s most ethical companies by Ethisphere in 2022, an honor it has received 13 times.
Additionally, its insurance division consistently ranks among the top-performing and most stable companies. Our The Hartford insurance review revealed the following industry ratings:
- A.M. Best — A+
- Moody’s — A1
- S&P — A+
Types of Commercial Insurance Offered
Like with any other tools, the various types of insurance policies serve different purposes. Once you understand what each does to protect you and your finances, you can begin building a customized policy package.
General Business Liability Insurance
No matter what insurance company you choose for your business coverage, the general liability portion is the cornerstone of your entire policy package. This protects you if someone files a claim against your business for an injury, property damage, or reputational harm. It can also help cover the costs of medical expenses if an accident or injury happens on your business property, regardless of whether or not a legal claim is filed.
Commercial Property Coverage
Business property coverage protects your company’s physical assets. This includes buildings and grounds, equipment, and furnishings needed for business operation. If these assets are damaged due to a covered event, such as fire, theft, or vandalism, the policy will help pay for repairs or replacement.
When purchasing a commercial property policy, be sure to look carefully at how the replacement of lost assets is covered. For example, some policies adjust claims for depreciation of equipment and buildings while others pay full replacement value. You will need to see which one better meets our business needs and budget.
Business Interruption Insurance
Suppose you find yourself unable to work after a covered loss, such as damaged equipment. This is where business interruption insurance comes in. It covers income lost during work stoppages or slowdowns that result from events like a covered disaster, theft, or vandalism.
Virtually all states require employers to carry a minimum amount of workers’ compensation insurance. This pays medical expenses when an employee is injured on the job. It can also help cover lost wages while he recovers. Workers’ comp policies with The Hartford generally cover immediate medical expenses, lost wages, disability, and costs associated with rehab. They may also pay a survivor benefit if an employee is killed at work.
Because there are higher rates of accidents and injuries in many construction trades, contractors in many states often face stricter rules than other business owners. You should always check the workers’ comp laws and requirements in your state of operation to ensure you meet coverage minimums.
Commercial Auto Insurance
Any company-owned vehicles should be listed on a commercial auto policy. Coverage limits are generally higher on these compared to personal policies, which helps protect your company’s assets in case of an accident.
If you regularly rent additional vehicles, you may also want to consider a hired and non-owned vehicle policy for extended coverage.
Business Owners’ Policy
Many contractors will find sufficient coverage in a basic business owner’s policy. At The Hartford, that combined policy includes business interruption insurance, general liability, and property coverages.
Policy limits are selected based on commonly expected losses. However, there may be times when your limit on a specific policy portion is not high enough, or you may experience a loss outside of the traditional framework of your specific policy. An umbrella policy fills those gaps by expanding your company’s written coverage amounts and types.
Additional Coverage Options
These are the most common types of coverage for contractors. However, The Hartford also provides other types of policies that you might want to consider, including:
- Data breach insurance
- Employment practices liability
- home-based business coverage
The Hartford’s Quote Process
A simple online quote process is easily accessed from The Hartford’s business insurance home page. Once you click the link, you’ll be taken to a brief questionnaire that looks like this:
The Hartford understands if you prefer to speak with a representative to get a quote. Simply call 866-256-1860 to connect with an agent who can give you a personalized quote over the phone.
Making Adjustments to Your Quoted Policy
One of The Hartford insurance company’s greatest strengths is the flexibility it allows in designing customized commercial policies. This is especially important for small businesses where daily operations and business needs can vary greatly between companies.
If the initial small business insurance quotes The Hartford provides are not exactly what you expected, reach out to a customer service representative to ask about changes. On the other hand, if you know precisely what type of coverage you need, explain that and ask for a quote. The more upfront you are, the more likely you are to get a policy that meets your needs.
Purchasing a Policy With The Hartford After Getting a Quote
Your policy can be quoted, written, and bound within about 30 minutes when you use the online process. However, unlike with some other insurance companies, you may need to complete the purchase directly with a representative over the phone after receiving a small business insurance quote from The Hartford.
What is The Hartford Best Known For?
The Hartford is best known for its insurance products. While it has provided coverage for well-known individuals, including Abraham Lincoln and Babe Ruth, it also has a solid small business customer base.
How Long Does It Take for The Hartford to Process a Claim?
There is no predetermined amount of time it takes to process a claim. However, there may be time limits based on policy type and your location. You will generally receive an acknowledgment of your claim within two weeks. However, it can take up to two years to get a determination and payout, depending on the complexity of your claim and the level of cooperation from involved parties.
The Claims Process From Start to Finish
Claims can be handled directly from your policy dashboard. However, if you have questions or prefer to speak with an individual, that is also an option. Representatives are available around the clock to help with questions or to help file a claim.
Once you file a claim, it will be assigned to a claims handler. This insurance professional will walk you through the entire process from start to finish.
Be prepared to provide any requested documentation to help speed along the claims process. Depending on the type of claim, this may include repair bills, estimates, or proof of an occurrence, such as a police report.
What Customers Say
When you look online at The Hartford insurance reviews, you will undoubtedly come across some negative feedback. However, most of that is centered around personal, disability, and auto coverage. When it comes to small business insurance, the feedback is much more positive. Here are some customer testimonials taken from The Hartford’s customer feedback forms:
“We had a water damage in our place of business and Hartford responded super quickly, they told me exactly what was going to happen and the next steps. I’m so thankful with them. They really made me feel protected! excellent insurance company.” — Zammy
“The minute I contacted The Hartford for the first time, I fell that everything was going to be ok and I started to sleep better I had been 3 days since the incident and, I just could not rest. I was reimbursed for the part and the shipping cost within one week from my initial contact! This is a fantastic company to do business with, they really had my back!”— The CNC Repair Guy!
“Hartford has been exceptional every time we have used them in the past. It’s nice to have them handle the claim after initial incident.” — Mike
What To Expect
You’ve received small business insurance quotes from The Hartford and several other companies. Suppose you decide the coverage and premium offered by The Hartford are the most attractive package. Here’s what you can expect when working with the company.
First, like with any company, there are both pros and cons to working with The Hartford. Let’s look a little closer at what those are.
Pros of Choosing The Hartford for Business Insurance
There are many pros to working with The Hartford for your business insurance needs. For starters, it has a long history within the industry. Excellent rating with industry groups means the company has solid financial backing, so you can rest assured the assets are available to cover any losses you may incur.
- Secure financial position and a long history of excellent service
- Recipient of many industry awards
- Flexible policy design
- Large range of policy options
Cons of Choosing The Hartford for Business Insurance
A long and successful past does not mean everything will always be smooth sailing in the future. If you choose to purchase a business policy after reading this The Hartford commercial insurance review, be aware that a few cons are associated with the company.
For example, recent customer reviews suggest that customer service is lacking. There are also numerous complaints about the claims processing process. These range from delays or an outright lack of communication to denied claims.
It may be helpful to keep in mind that most negative feedback is centered around The Hartford’s AARP policies, with largely positive reviews for commercial insurance policies.
- Relatively low coverage limits on small business policies
- Recent reports of negative customer service interactions
- Many denied claims reported
How Much Does Business Insurance From The Hartford Cost?
The best way to get an accurate price is to request a quote from The Hartford. However, you can get an idea of what you may pay based on some company averages. According to its website at the time of writing, these are the average annual premiums for each type of small business policy written by The Hartford:
- Business Owner’s Policy: $3,135
- Workers’ Compensation: $840
- General Liability: $1057
Bottom Line for Contractors
If you want dependable coverage without paying an arm and a leg, then The Hartford is worth a closer look. The company has consistently helped clients out of difficult situations with a history stretching more than 200 years.
The quote and policy purchasing processes are straightforward, and help is available if you need it. However, recent reviews suggest that you may want to read other insurance company reviews if you’ll need extensive assistance when filing a claim.
Still trying to figure out which insurance option will be the best for your business? See our list of the Best Insurance Companies for Contractors and Trades.