The Hartford is our choice as the best workers’ compensation insurer for small businesses because of its multiple payment options and wide medical options for employees.
The Hartford stands out due to its financial strength and various insurance options for small businesses, including business liability insurance, property, income, data breach, and auto insurance policies. Most importantly, in particular, its workers’ compensation insurance product offers multiple payment options, standard rate determinations, and more than 65,000 participating pharmacies throughout the U.S. can fill prescriptions, usually with no out-of-pocket expense to the injured worker. It is for these reasons why The Hartford is our choice as the best workers’ compensation insurance for small businesses.
The Hartford’s workers’ compensation offering remains the best we found during our research. What stood out to us about their coverage are the various benefits they offer to both the employer and employee, as well as the strength of its large, nationwide medical network that can serve injured employees.
From the employer’s perspective, The Hartford offers two types of payment options: You can pay annually, or there is a pay-as-you-go option, which bases premium payments on actual payroll. This type of pay structure can help businesses manage cash flow and reduce audit surprises. Not all of the insurers we evaluated offered both types of payment options.
From an employee perspective, The Hartford has several medical options available to help injured workers get the care and treatment they need. The Hartford has its own preferred medical provider network. This allows employees to choose a healthcare provider from a nationwide network of more than 1 million providers experienced in treating workplace injuries.
Additionally, injured employees to fill prescriptions, with no out-of-pocket costs, at more than 65,000 pharmacies throughout the U.S. Injured workers can also take advantage of a prescription mail-order service.
Experienced nurse case managers are available to coordinate treatment with physical, emotional and occupational therapies.
Premium costs for workers’ compensation vary by state. According to The Hartford, rates are typically determined based on the amount of payroll the business has, the type of work employees are doing and how many past claims the business has submitted.
The Hartford was the first insurer to offer real-time changes to coverage levels, deductibles, employee information, etc. Its systems can generate monthly premiums for workers’ compensation policyholders and classify new employees.
Additionally, its online portal offers easy access to express pay, two years of policy information, bills and claims (with online claims history and current payment status), certificates of insurance (most of which are emailed within four hours), and a way to submit audits.
In addition to workers’ compensation, businesses can purchase other commercial insurance products. The Hartford’s small business liability insurance provides financial protection for your company if you are ever sued or if you face injuries or property damage that threatens to financially devastate your business.
Specifically, the company offers general liability insurance, which helps protect businesses from customer injuries and damage to customer property. It can help pay for medical expenses, as well as legal costs, if an incident leads to a lawsuit. It can also protect against claims of libel, slander and copyright infringement.
The Hartford offers as much as $2 million in coverage for each general liability claim and $4 million for the policy aggregate. Umbrella policies of up to $15 million are available.
Commercial general liability insurance is available as a stand-alone policy, or in combination with property insurance as part of a business owner’s policy (BOP). Rates depend on several factors, including the size of your company, the industry your business is in and where it’s located.
Other types of liability insurance available from The Hartford include employment practices liability, professional liability, management liability and employment practices liability.
Business income, commercial auto, commercial flood, data breach, home-based business, marine, multinational and risk engineering are other types of policies you can purchase from The Hartford.
There are two ways you can get a quote: You can call a local agent or get a customized quote online. With either option, the process usually takes between 10 and 20 minutes. Once you’re signed up, you can manage your account online. You can pay online, access your billing and policy documents, and manage users.
All claims, regardless of policy type, can be filed 24/7 by phone or online. Claims should be filed as soon as possible.
When filing a workers’ compensation claim, employers need to have their account number and policy number handy. They should also relay all the details on the injured employee, including his or her name, birth date, address, phone number, Social Security number, marital status, dependents, hire date, years in current position and current wage information. They should also have all the details on the incident, including where the injury occurred.
Once the claim is submitted and investigated, The Hartford will either approve or deny the claim. You can track the status of a claim on The Hartford’s workers’ compensation claim page.
To learn more about The Hartford’s insurance products, you can contact the company by phone from 7 a.m. to 7 p.m. CT, Monday through Friday. You can call to obtain a quote between 8 a.m. and 7 p.m. ET, Monday through Friday.
While the Hartford is not accredited by the Better Business Bureau, it has an A+ rating. There have been 327 complaints filed against the company in the past three years and 116 complaints in the past 12 months. Not all of those complaints, however, were concerning its business insurance.
Additionally, The Hartford has been named a World’s Most Ethical Company 12 times by the Ethisphere Institute.