You’re probably familiar with some of the biggest names in insurance, at least when it comes to personal insurance like auto insurance and homeowners insurance. But when it comes to commercial insurance, there are other names you should become familiar with. Whether you’re starting your own business or making decisions for a business, Hiscox and The Hartford are two insurance companies you should know about. So let’s look at the details of Hiscox vs. The Hartford.
Hiscox versus Hartford Insurance
Hiscox USA is a small business insurance provider with roots dating back to 1901. The company has more than 500,000 small business customers. Hiscox insurance plans are available in all states except Alaska.
Hartford is an insurance company that offers personal and commercial insurance policies. The company began in 1810 as a fire insurance company. Fifteen years later, The Hartford became the first company to underwrite an insurance policy for an institution of higher education by insuring Yale University. Hartford policies are available nationwide, but coverages may vary by state.
These are some of the details you need to know when asking the Hiscox vs The Hartford question.
Hiscox insurance offers
General liability insurance: Also known as small business liability insurance or commercial liability insurance, this type of coverage provides protection in several ways. It includes coverage for businesses against third-party claims for bodily injury, bodily injury, or property damage.
Professional liability insurance: Also known as errors and omissions (E&O) insurance or indemnity insurance, professional liability insurance protects your business against claims that you acted negligently. This type of coverage is recommended for businesses that provide professional services or regularly give advice to their clients. You might also need it if a client asks you to have it as part of your contract.
Medical malpractice insurance: Medical malpractice insurance is also known as professional E&O insurance and is a form of professional liability insurance. It protects healthcare professionals against negligence claims resulting in physical or mental pain to patients. It can also cover the cost of a patient’s economic damages, such as lost wages and ongoing care costs.
Contractor Agreement (BOP): A BOP is an enhanced policy that includes both general liability insurance and property insurance. This helps protect businesses against customer losses as well as their own losses.
Cybersecurity insurance: This type of policy protects businesses against IT crimes and losses. Some examples include business-targeted cyberhacks, data hacking, phishing, and malware. It also includes coverage for misplaced laptops containing confidential documents, which can put a business at risk of cybercrime.
Short-term liability insurance: Short-term liability coverage is designed for businesses that only need coverage for short periods due to 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 to small businesses and entrepreneurs.
Workers’ Compensation Insurance: Workers’ compensation is for any business that has one or more employees. It protects your employees and your business against work-related accidents and illnesses. If an employee becomes unable to work due to a workplace injury or work-related 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 personal vehicles are likely covered by auto insurance, vehicles used for business purposes may need to be covered by a commercial auto insurance policy. Hiscox offers this type of insurance to cover vehicles owned or leased by businesses and certain employee vehicles.
Insurance for directors and officers: Lesser-known business insurance, this type of policy provides financial protection to a company’s directors and officers against claims of wrongdoing.
Umbrella insurance: Umbrella insurance policies provide an additional level of protection for businesses facing costly claims. It can help cover the costs of claims that exceed the limits of your company’s standard liability insurance policy.
Employment Practices Liability Insurance: This type of coverage protects your business against claims filed by employees alleging inappropriate workplace conduct. This coverage may include claims for discrimination, harassment and wrongful termination.
Hartford Insurance Offers
Car insurance: The Hartford offers the AARP® auto insurance program exclusively for AARP members. It includes new car replacement coverage, lifetime car repair insurance, accident waiver, missing person excess and 24/7 roadside assistance. The policy also includes RecoverCare, which helps pay for things you can’t do on your own while you recover from an accident-related injury. Coverage may include costs for alternative transportation, snow removal, lawn maintenance and dog walking.
Home insurance: The Hartford also offers the AARP® Home Insurance Program exclusively for AARP members. It covers property damage, personal property coverage, personal liability, medical expenses, and other standard home insurance coverages. AARP members can combine home insurance and auto insurance from The Hartford to save even more on their insurance rates.
Business insurance: The Hartford offers several types of commercial insurance coverage that can be customized to meet the needs of small businesses. The types of commercial coverages it offers include:
- Professional property insurance helps protect the structure in which you do business (whether owned or leased) and business equipment such as computers and inventory.
- Business income insurance can help replace lost income if your business can’t operate due to covered property damage such as a fire or burglary.
- General liability insurance
- Contractor Agreement (BOP)
- Workers’ Compensation Insurance
- Business auto insurance
- Cyber liability insurance (data breach)
- Professional liability insurance
Main Similarities Between Hiscox and Hartford Insurance
Hiscox and The Hartford and two reputable insurers that have been in business for over 100 years. Both companies offer small business insurance policies nationwide, although each company offers policies that may not be available everywhere.
Major Differences Between Hixcox and Hartford Insurance
The biggest difference between Hiscox and The Hartford is that The Hartford offers forms of personal insurance in addition to small business insurance. Hiscox only offers insurance to small businesses.
What to look for in an insurance company
Insurance companies may offer the same or similar policies, but it is always important to review and compare insurance companies carefully. Here’s what you should look for when shopping for an insurance policy.
- You’ll want to make sure the company is licensed to operate in your state, so if something goes wrong, your state department can help you.
- Check ratings from independent rating agencies to make sure the company is financially strong.
- Find out which company can offer the best price for your insurance policies. You will want to compare insurance plans between companies to see who can offer the best deal.
- Likewise, check exactly what each policy covers. Some insurance companies bundle multiple coverages in different ways, and which one is best for you may depend on the type of business you run.
- See who offers good service. To do this, you can call the insurance company’s customer service to ask questions about their policies. You can also ask around if anyone you know has experience with the companies you’re considering or check the complaint information online.
- Make sure that whatever company you use, you feel comfortable with it. Your insurance policy is there to give you peace of mind as well as financial protection. Your insurance company should be easy to contact, and you should understand what type of assistance to expect if you need to file a claim.
Compare business insurance
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Frequently asked questions
The cost of your business insurance policy(ies) will depend on several factors, including the size of your business, your industry, and the types of coverage you choose. To find out how much Hiscox or The Hartford insurance might cost, you can get a free quote.
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 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 also need other types of coverage, such as professional liability insurance or cybersecurity insurance.
The most common type of business insurance is general liability, which protects business owners in the event that a customer is injured due to the actions of the business.