Hanover Small Business Insurance Reviews 2019 (Ratings, Coverage & Complaints)
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Commercial General Liability Insurance
How much does commercial insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number.
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it.
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
Hanover Small Business Insurance Reviews
Hanover Small Business Insurance Reviews 2019 (Ratings, Coverage & Complaints). Hanover has been around for a long time, and despite a few challenges over the years, they seem to have adapted to the changing needs of the commercial insurance industry. As small business insurance providers, their products are flexible, practical and relatively affordable.
They also offer a lot of options, and most of their insurance packages are designed for different types of businesses and industries. So if you want to learn more about Hanover's small business insurance products then here's what you need to know.
If you are a small business owner looking to buy liability insurance, read Hanover small business insurance reviews to learn about Hanover's products.
Check out Hanover Insurance Group small business insurance reviews & ratings for general liability, workers comp and other commercial policies.
About Hanover Small Business Insurance
Hanover was founded back in 1852, shortly before the American Westward expansion. At around this period, Hanover also formed a general agency to provide their services to new frontier towns, but their insurance products were limited to fire protection only.
Despite their limited products, however, Hanover continued to grow, and by 1880, they had insured numerous major American companies, including JP Morgan, Westinghouse, Colgate, PT Barnum and more. In 1958, Hanover began to offer insurance products other than fire protection, and today, they are a large insurance company. The Hanover small business insurance reviews on the Internet are hard to find but good.
What Commercial Insurance Policies Does Hanover Offer?
The Hanover Insurance Group's primary small business insurance package is called the basic business owner's policy or BOP, which offers general liability and property coverage. However, this is only the start. For entrepreneurs who want additional coverage, Hanover also offers insurance packages designed for more than 500 different types of small businesses, in more than a dozen industries.
Moreover, Hanover also offers numerous add-on coverage options. One good example is worker's compensation insurance, which offers employees a financial safety net for work related accidents and contingencies. Another good add-on is Hanover's commercial automobile insurance, which protects the business owner's commercial vehicles and assets.
For small business owners who want to maximize their insurance coverage, there is also the Hanover commercial umbrella policy, which includes excess liability coverage options not offered by the BOP. Moreover, their industry specific coverage plans are some of the most affordable risk management tools in the industry, and offer good protection for concerns which are unique to different types of businesses. Hanover ratings here are ok.
All things considered, Hanover is very good at providing personalized products. Their general liability limits are a bit low, but they are enough for most small businesses, and thanks to their umbrella policies, they can also offer their clients added value and coverage.
Hanover Commercial Insurance - The Pros
Hanover's leading characteristic is that it has insurance packages for different types of businesses, including small and micro business. Hanover's small business insurance packages were designed specifically to cover damages that most small and medium businesses encounter, including material damages, theft, loss of money, personnel accidents, business interruptions and more. They even have a policy for incidents of data breach. Hanover commercial insurance ratings are fair.
Additionally, Hanover's small business packages are compatible with businesses that belong to several industries, including manufacturing, transportation, retail, hospitality and more. These small business insurance packages are also flexible and allows policy holders to increase their coverage limits.
Hanover's insurance products are also geared towards efficient risk management, and their personnel often make on-site visits to better make sure each client gets exactly what they need. This explains why Hanover has a lot of industry specific insurance products. Their small business insurance policies were designed around practical risk management goals, which for the most part work very well. Hanover small business insurance reviews are good for there industry specific policies.
Hanover Commercial Insurance - The Cons
Despite their good services, it's important to keep in mind that Hanover has a history of unimpressive financial ratings. Although they have recovered from this problem in recent years, other small business insurance providers have more impressive reputations.
Moody's, for example, once gave Hanover a Baa3 rating, which is fairly middling as far as Moody's is concerned. Likewise, Standard and Poor's ICR once gave Hanover a BBB- rating. So if you want to work with the best insurance company then Hanover is not the company you want. Although they do offer good insurance services, they just aren't in the same league as other major small business insurance providers out there. Hanover small business insurance reviews for financial strength are below average.
Aside from Hanover's past of middling financial rating, it's also worth mentioning that some of its products may be a bit confusing, particularly if you're looking for something that belongs to a specific industry or sector. Because many businesses overlap, it's not unusual for some of Hanover's insurance packages to have the same issue. So if you have a hard time figuring out what Hanover's insurance policies offer, you should probably contact one of their representatives for a better explanation.
Hanover Ratings Online
Following are some ratings found online which appear mixed:
- BBB.org - The Better Business Bureau rates them 3.92 out of 5 stars.
- ConsumerAffairs.com - Consumer Affairs rates them 1.4 out of 5 stars.
- Yelp.com - Yelp rates them 1.0 out of 5 stars.
Hanover Insurance Contact Information
Address: 440 Lincoln Street, Worcester, MA 01653-0002
The Bottom Line On Hanover Small Business Insurance
All in all, Hanover is the kind of insurance provider that likes to offer a lot of options to their business clients. Hanover small business insurance reviews are decent. Additionally, they also offer flexible insurance plans that cater to real risks and problems, and risk management is something that they do very well, which also happens to complement their personalized approach to small business insurance.
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