PRODUCT: Spectrum® Business Owner’s Policy

COMPANIES: Hartford Fire Insurance Co.

BEST RATING: A+ (Superior)

AVAILABILITY: Appointed agents and brokers only

FOCUS: The Hartford has been insuring small business owners for more than 200 years and was one of the first carriers to create a dedicated business unit for small commercial more than 30 years ago. The company, along with its agents, serves more than 1 million small business customers.

The Hartford has launched the next generation of its industry-leading Spectrum® Business Owner’s Policy that delivers tailored insurance coverage recommendations; real-time, transparent pricing; and simplified coverage explanations. Agents can see the pricing of each coverage selection immediately, providing transparency as they move through a quote.

The new policy offers tailored coverage recommendations as the quote is being built. If the agent has a question about a recommended coverage, a pop-up window is available with a simple description and an explanation for why the coverage is recommended for a specific business.

COVERAGE DETAILS: With a broader range of limit options and industry-focused stretch options that deliver easy-to-understand customized solutions, Next Gen Spectrum builds on the coverage suite that The Hartford’s small business customers have come to expect.

These coverage enhancements reflect the ever-changing needs of small business customers and includes green upgrade coverage, perishable goods in transit, and enhanced cyber-related coverage for data breach fines and penalties.

In addition, the quote proposal and policy documents have been rebuilt with the customer in mind. They include easy-to-understand descriptions, intuitive coverage groupings, detailed pricing explanations and a glossary of terms to ensure small business owners fully understand their insurance coverage and limits.

“Our agents tell us that the combination of the product and platform make it a unique experience,” says Lynn Lagram, VP, The Hartford Small Commercial. “For example, as an agent begins to fill in the business owner’s information, we’re pulling data behind the scenes to fill in blanks and make coverage recommendations.”

“Because we know so much about so many small businesses, we’re in a unique position to take meaningful coverage recommendations for each unique business they quote,” she adds. “Consumers have come to expect modern, personalized, digital experiences. We figured, why should quoting business insurance be any different for our agents?”

UNDERWRITING: Businesses can be quoted and issued without underwriting engagement from The Hartford, which keeps the process quick and easy, especially for smaller, less complex risks.

MINIMUM PREMIUM: N/A

TARGET: The product is designed to meet the needs of a range of small businesses. “From businesses with 25 employees that also need property and contents coverage to a consultant striking out on their own who only needs limited coverage, Spectrum can provide a customized solution to meet their needs,” Lagram says.

COVERAGE AVAILABILITY: Coverage is available in all states except California.

CONTACT: Spectrum® BOP, The Hartford Small Commercial, The Hartford.

Will Jones is IA senior editor.