The Hartford vs Hiscox for small business insurance

How each one works

The Hartford is a US insurance group headquartered in Hartford, Connecticut, whose parent, The Hartford Insurance Group, Inc., trades on the New York Stock Exchange. Its business coverage is issued by one or more of the grouper property and casualty insurance subsidiaries. The Hartford says it has served customers for more than 200 years and has more than 1.3 million small business customers. It also insures midsize and large businesses and sells employee benefits and personal auto and home insurance.

Hiscox USA, which Hiscox says began in 2010, is part of the Hiscox Group, a specialist insurer with roots dating to 1901 and more than 3,000 employees in 14 countries. Its US policies are mainly issued by Hiscox Insurance Company Inc., a Chicago-domiciled insurer that Hiscox says is admitted or licensed in all 50 states and the District of Columbia, with Hiscox Inc. acting as its general agent. Hiscox says it has more than 500,000 small business customers.

Hiscox Inc. is also a Lloyder coverholder that underwrites surplus lines business for Lloyder Syndicates 33 and 3624, which is placed through licensed surplus lines brokers. Check which company is named on any Hiscox quote you receive.

The Hartford and Hiscox side by side

The table summarizes what each company publishes about itself. Availability and products can change, so confirm the details on any quote.

Coverage differences

The Hartford lists business ownerer policies, general liability, professional liability, workerser comp, business income, commercial auto, commercial property, commercial flood, commercial umbrella, cyber, employment practices liability, management liability, inland marine, multinational coverage, surety and fidelity bonds and home-based business insurance. Its BOP combines property, general liability and business income coverage and can be tailored with options such as data breach and business income for off-premises utility services. The Hartford notes that a BOP does not include workerser comp, professional liability, commercial auto or data breach coverage unless you add them.

Hiscox writes general liability, professional liability (errors and omissions), BOPs and cyber itself, and also lists short-term liability and medical malpractice coverage. Its professional liability page describes coverage for services performed by employees, temporary staff and independent contractors, claims from past work back to an agreed date and worldwide coverage as long as the suit is brought in the US, its territories or Canada. Hiscoxer BOP lists earthquake and flood damage among its exclusions.

For other lines, Hiscox sends you to other companies:

• Workerser comp: offered through partnerships with other carriers, according to Hiscox.
• Commercial auto: underwritten by GEICO; Hiscox says quote-seekers are redirected to a website it does not own or control.
• Umbrella, employment practices liability, commercial property and inland marine: quoted through Hiscoxer partnership with Tivly.

Who each tends to fit

Neither company suits every business, and fit depends on what you need insured rather than on which name is larger. Both say coverage is subject to underwriting and is not available in every state or for every type of business.

Based on what each company publishes, these patterns stand out:

• Businesses with employees, vehicles and a premises that want workerser comp, commercial auto, property and liability from one insurance group: The Hartford writes all of these itself.
• Professional services firms whose main risk is a client alleging a mistake: Hiscoxer own products include professional liability, and it names industries such as architecture and engineering, consulting and health and wellness.
• Businesses that want a local agent: The Hartforder site includes a small business agent locator, while Hiscox sells online and by phone.
• Freelancers who need liability cover for one job: Hiscox lists short-term liability coverage for a set period.
• Businesses needing surety bonds, commercial flood, management liability or multinational coverage: The Hartford lists these lines.
• Businesses in Alaska: Hiscox says its small business coverage is currently unavailable there.

Buying, service and claims

At Hiscox you enter a ZIP code, answer questions about your business and get an online quote, or call to speak with a licensed agent seven days a week. Hiscox says policyholders can get a certificate of insurance online in minutes.

The Hartford offers an online quote, a phone line and agents. Its My Account portal gives 24/7 access to billing, policy documents, certificates of insurance and claim filing, along with claims history and payment status. The Hartford says a certificate request takes about 5 minutes online and most are emailed within 4 hours, and that most auto ID card requests are processed within one business day. Account service is available by phone Monday through Friday, 8 a.m. to 8 p.m. ET, with a separate line for premium audit questions.

On price, The Hartford reports that its customers paid an average of $1,687 a year, or about $141 a month, for a BOP, and stresses that this is an estimate rather than a guarantee. Your own quote from either company will depend on your business, location, limits and claims history.

If you buy commercial auto through Hiscox, GEICO issues the policy and the information you give on its quote site is subject to that siteer terms. For any line Hiscox offers through a partner, billing, service and claims generally sit with the insurer that issues the policy, not Hiscox.

Why comparing several quotes matters

Both companies price each business individually. The Hartford says actual cost, premium and coverage are set at the time of quote and are specific to each risk, and Hiscox says premium and coverage depend on underwriting and rating factors. Two businesses in the same trade can get very different answers from the same insurer.

When you compare, line up the limits and deductibles, the company that actually issues each policy, the exclusions (for example, Hiscoxer general liability excludes vehicle use and professional services) and whether your workerser comp and auto policies would sit with a different insurer from your liability coverage. A broker such as Florin can compare quotes from several insurers side by side, including lines that one company may only offer through a partner.