Choosing business insurance is a critical decision for any business owner. It can be the difference between staying afloat during difficult times and having to close up shop. When selecting business insurance, it is important to consider the type of coverage needed as well as the cost associated with different policies.
Business insurance helps protect a business from unexpected losses due to liability issues, natural disasters, employee injury and more. As part of choosing an appropriate policy, it's important to review the various types of coverage available, determine which ones best suit your business needs, and understand what it covers in case of an incident. We’re comapring two of the most reputable companies, Simply Business and The Hartford.
Simply Business Overview
Simply Business is a UK-based insurance broker that offers a range of insurance products for business owners. Here are some of the products they offer:
- Public liability insurance: This type of insurance is designed to protect your business if a member of the public is injured or their property is damaged as a result of your business activities.
- Professional indemnity insurance: If your business provides advice or professional services to clients, this type of insurance can help protect you if a client suffers financial loss as a result of your advice or services.
- Employer's liability insurance: This is a legal requirement if you have employees, and it covers your business if an employee becomes ill or injured as a result of their work.
- Business interruption insurance: If your business is forced to close temporarily due to a fire, flood, or other insured event, this type of insurance can help cover your lost income and other expenses.
- Cyber insurance: This type of insurance can help protect your business if you suffer a cyber attack or data breach.
- Commercial property insurance: If you own or lease commercial property, this type of insurance can help protect it against damage or loss.
- Tools and equipment insurance: This covers your business equipment, such as tools and machinery, against theft or damage.
Simply Business offers these and other insurance products for a range of business types and sizes, from sole traders to large corporations. They also offer online quotes and customer support to help business owners find the coverage that's right for them.
The Hartford Overview
The Hartford is an insurance company based in the United States that offers a variety of insurance products for both individuals and businesses. Here are some of the products they offer for business owners:
- Commercial property insurance: This type of insurance covers physical damage to your business property, including buildings, equipment, and inventory.
- General liability insurance: This type of insurance covers bodily injury, property damage, and personal injury claims that arise from your business operations.
- Workers' compensation insurance: This type of insurance provides benefits to employees who are injured or become ill as a result of their work.
- Professional liability insurance: If your business provides professional services, this type of insurance can help protect you from claims of negligence or mistakes.
- Cyber liability insurance: This type of insurance can help protect your business from cyber attacks and data breaches.
- Employment practices liability insurance: This type of insurance provides coverage for claims related to employment practices, such as wrongful termination, discrimination, or harassment.
- Business income insurance: If your business experiences a covered loss, such as a fire or flood, this type of insurance can help cover your lost income and expenses while you get back on your feet.
The Hartford also offers other insurance products for businesses, such as auto insurance, marine insurance, and surety bonds. They have been in business for over 200 years and are known for their customer service and financial stability.
About Simply Business
Simply Business was founded in 2005 in the UK by two entrepreneurs, Jason Stockwood and Jasper Martens, who wanted to make it easier for small business owners to find and purchase insurance online. The company grew rapidly and was acquired by global insurance giant Aon in 2017. Today, Simply Business is one of the UK's leading online insurance brokers, with over 700,000 customers and a range of insurance products for businesses of all sizes.
About The Hartford
The Hartford was founded in 1810 in Hartford, Connecticut, USA as a fire insurance company. Over the years, the company expanded its product offerings to include other types of insurance, such as auto, homeowners, and workers' compensation. The Hartford also played a key role in insuring some of America's most iconic landmarks, such as the Golden Gate Bridge and the Hoover Dam. Today, The Hartford is one of the largest insurance companies in the United States, with over 200 years of experience in the industry and a reputation for financial stability and customer service.
Comparing Simply Business and The Hartford
Simply Business Insurance and The Hartford are two popular business insurance providers. While they both offer a range of services to companies, they have several distinct differences that set them apart.
Simply Business Insurance offers a range of customisable products designed to fit the needs of small businesses and freelancers. They provide tailored policies, allowing customers to tailor coverage options in order to get the best value for money. They also offer online forms for quick and easy quotes, as well as a 24/7 customer service team for any queries or concerns. In addition, Simply Business Insurance provides discounts for paying annually, as well as rewards for loyalty.
The Hartford focuses on providing business insurance for medium-sized companies and large corporations. They offer more comprehensive coverage options compared with Simply Business Insurance, including risk management services and access to resources such as legal advice and health benefits information. Prices are generally higher than those offered by Simply Business Insurance due to the added level of protection provided by The Hartford’s policies. However, The Hartford also offers discounts if businesses purchase multiple policies or pay their premiums annually.
Both Simply Business Insurance and The Hartford provide an array of business insurance solutions tailored to meet the needs of different types of businesses. Both offer competitive pricing structures depending on the type of policy purchased and offer various discounts depending on payment method chosen or other factors. Additionally, both providers have customer service teams available 24/7 should clients need assistance or support with their policies at any time.
Customer Service
Both Simply Business and The Hartford have a strong reputation for customer service, but there are some differences in how they approach it.
Simply Business:
As an online insurance broker, Simply Business places a strong emphasis on providing excellent customer service through its website and digital channels. The company has won several awards for its customer service, including the Feefo Platinum Trusted Service Award, and its customer reviews are generally positive. Simply Business offers online quotes, 24/7 customer support, and a variety of self-service options to help customers manage their policies.
The Hartford:
The Hartford is known for its personalized approach to customer service. The company has a team of experienced insurance agents who work directly with customers to help them find the right insurance coverage for their needs. The Hartford also has a strong focus on claims handling, with a dedicated team of claims specialists who are available 24/7 to help customers with any issues that arise. The company has won several awards for its customer service, including the J.D. Power U.S. Property Claims Satisfaction Study.
Availability
Simply Business and The Hartford also have some differences in terms of availability:
Simply Business operates exclusively through its website and digital channels. While the company has a customer support team available 24/7, customers primarily interact with the company through its online platform. This means that customers can get quotes, purchase policies, and manage their coverage at any time, from anywhere with an internet connection.
The Hartford operates through a network of agents and brokers, as well as through its website and digital channels. Customers can get quotes and purchase policies online, but they also have the option to work directly with an agent to customize their coverage and get personalized advice. The Hartford has a large network of agents throughout the United States, which means that customers can often find an agent in their local area.
In summary, Simply Business is primarily an online insurance broker that is available to customers 24/7 through its website and digital channels. The Hartford operates through a network of agents and brokers, as well as through its website and digital channels, which means that customers have the option to work with an agent to customize their coverage and get personalized advice.
Policy Pricing and Rates
Simply Business Insurance and The Hartford offer competitive pricing plans for their customers. Simply Business Insurance typically provides lower monthly rates than The Hartford, with basic business insurance plans starting as low as $15 per month. On the other hand, The Hartford's pricing structure is a bit more complex, offering bundles of coverage options that can range from around $25-50 per month.
In terms of additional discounts, both companies provide potential savings on certain policies and services that are tailored to individual businesses. For example, Simply Business Insurance offers a loyalty discount for long-term customers, while The Hartford offers multi-policy discounts when you bundle two or more insurance policies together.
It's important to note that both providers also offer extra services that may not be included in your basic plan but can end up saving you money in the long run. For instance, some of Simply Business' packages include liability insurance and even cyber security features such as malware protection to help protect your business against online threats. Likewise, The Hartford's policies often come with additional benefits like access to legal support and 24/7 customer service.
When comparing Simply Business Insurance vs The Hartford in terms of pricing, it’s important to look at more than just base rates – taking into account extras like loyalty discounts, bundled plans and extra services can help you find the best deal for your particular needs.
Mobile Apps
Both Simply Business and The Hartford have mobile apps that customers can use to manage their insurance policies on-the-go:
Simply Business has a mobile app for iOS and Android devices that allows customers to manage their policies, view policy documents, and make payments. The app also includes a feature called "Business Assistant" that provides tips and advice on running a small business, as well as access to discounts on business services and products.
The Hartford has a mobile app for iOS and Android devices that allows customers to manage their insurance policies, view policy documents, make payments, and file claims. The app also includes a feature called "Digital Locker" that allows customers to store important documents, such as driver's licenses and insurance cards, in a secure online location.
Both Simply Business and The Hartford have mobile apps that provide customers with convenient access to their insurance policies and other services. Simply Business's app includes a range of business-related resources, while The Hartford's app includes a digital document storage feature.
Payment Methods
Simply Business offers several payment options, including credit card, debit card, PayPal, and direct debit. Customers can also choose to pay their premiums in full or set up a monthly payment plan. Payments can be made through the company's online customer portal, mobile app, or by phone.
The Hartford offers several payment options, including credit card, debit card, electronic funds transfer (EFT), and paper check. Customers can also choose to pay their premiums in full or set up a monthly payment plan. Payments can be made through the company's online customer portal, mobile app, or by phone. The Hartford also offers a feature called "Pay-As-You-Go" that allows customers to pay for their insurance coverage based on their actual payroll, rather than estimated amounts.
Which is Better Overall?
When it comes to choosing between Simply Business Insurance and The Hartford, it's important to consider each company's features and benefits.
Simply Business Insurance offers an easy-to-use online platform that allows customers to compare quotes from various insurers in just minutes. They provide comprehensive coverage options for different types of businesses, including sole proprietorships, limited companies, partnerships and more.
On the other hand, The Hartford provides an extensive selection of specialized business insurance products designed to cover a range of risks associated with running a business. They also offer customers access to personalized assistance from one of their business insurance experts.
Overall, both Simply Business Insurance and The Hartford are excellent providers of business insurance but each offers something different that may make them the better fit for your needs.
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