Having sufficient business insurance coverage is an essential aspect of any small business plan — it covers everything individual businesses should think about when protecting their work, staff and clients. This guide will help you understand the best business insurance in Hawaii and how you can protect your Hawaii business from lawsuits and settlements that can spell financial ruin.
Best Business Insurance Options in Hawaii
As a business owner, you want to know you’re dealing with a carrier that understands your concerns and offers the right guidance. The right company makes a huge difference, but the right policy terms and benefits are just as essential.
Want to get the best business in Hawaii to protect your business? Start with our list of business insurance providers in Hawaii.
Best for Business Owners Policies: The Hartford
The Hartford has decades fo experience insuring businesses just like yours, customizing business owners policies that can include event coverage, EPL, D&O, surety bonds, business income or interruption insurance, workers’ comp and much more.
Any business owner in Hawaii can visit The Hartford’s website, sign up right away, get a quote and manage their policy all in one place.
Best for Tailored Coverage: Simply Business
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Simply Business offers a comprehensive suite of business insurance that specializes in making it easy to insure your business.
Whether you’re looking for construction workers' insurance or insurance for your startup, Simply Business helps you find the right coverage at the right price.
Tell Simply Business a little bit about your business and you'll get almost-instantaneous affordable quotes from top insurance providers. You can look into workers’ comp insurance, business owner’s policies, liability for general and commercial purposes, commercial auto plans and much more that will cover everyone on your team, and you can get covered in accordance with Hawai’i law without overspending.
Building your business is hard enough. Let Simply Business make it easier. Get a quote from Simply Business today.
Best for Small Businesses: Hiscox
Hiscox tailors your business insurance policies to match the risks and needs of your profession or industry. Depending on your industry, the company can provide coverage recommendations for what suits you. Hiscox insures professions like architecture and engineering, IT and technology, real estate, consulting, health and beauty and more.
Hiscox lets you make monthly payments with no additional fees for easier cash flow management. Your business is also covered for any work done outside Hawaii. Just file the claim in the United States, a U.S. territory or Canada. The company also assigns a dedicated claims representative to help you when you report a covered claim.
Get a fast, free quote online today and obtain insurance coverage that satisfies most standard contract insurance requirements.
Best for Self-Employed: Suracy
Suracy provides national business insurance programs to aid a wide selection of small businesses, unions, franchises and other organizations. Its experience in multiple industries and partnerships with top-tier carriers creates diverse coverage options for self-employed individuals. Suracy can tailor policies to reflect your business’ budget and vision.
Just provide some background information about your business and your business insurance quote will be ready in minutes. Suracy’s 24/7 online claims filing service ensures your business continues operations even when you need to make a claim. For any assistance, you can email a customer care representative at email@example.com or call 855-809-1521.
Best for Business Auto: Progressive
Progressive, the No. 1 commercial auto insurer in the U.S., insures over 1 million commercial vehicles. It can provide customized coverage for your business-owned vehicles and adjust your policy to reflect seasonal changes in your business.
Progressive’s commercial auto insurance covers:
- Business autos like vans, cars, light trucks, SUVs and more. You can access network shops throughout the country.
- Trucks, including tractor trailers and dump trucks. You also access a vast truck repair network.
- Commercial trailers like large dump body trailers and pickup truck utility trailers.
A Progressive commercial auto policy ensures you’ll enjoy flexible billing and payment options, adjustable coverage, 24/7 policy service, unlimited travel radius and highly trained claims adjusters.
The company also offers policy discounts if you’ve maintained insurance coverage for the past 12 months, have been in business for over 3 years or have an in-force BOP. You’ll also save up to 15% by paying your total premium at once. Use its simple commercial versus personal auto insurance tool to find out whether you need commercial vehicle insurance.
Best for Instant Coverage: biBERK
Want same-day coverage to protect your business? Consider biBERK, a little-known carrier with decades of experience in business insurance. It’s part of the Berkshire Hathaway group of insurance companies, so you can count on its financial strength and insurance packages for multiple industries. You can insure your Hawaii business without speaking to any of its agents.
biBERK lets you save up to 20% on insurance policies by insuring your business directly, with no insurance broker or middleman. You can purchase its BOP, which provides property and general liability coverage. Depending on the nature of your business, here are additional coverages you may include in your BOP at no extra cost:
- Accounts receivable
- Electronic data
- Damage to premises rented to you
- Employee dishonesty
- Forgery or alteration
Call 1-844-472-0966 or email firstname.lastname@example.org to report a claim.
Types of Business Insurance
Start by determining the type of coverage you need and find a carrier that meets your policy requirements. Some companies will specialize in certain coverages like Progressive for commercial auto, while others provide unique coverage for things like intellectual property insurance. However, most insurance providers offer the same basic types of coverage.
A general liability policy offers protection if a 3rd party sues you for physical injury, property damage or an advertising injury. A general liability insurance quote also includes:
- Medical payments
- Damage to premises rented to you
- Products and completed operations
This policy doesn’t cover professional errors, employee injuries, damage to business property and business-owned vehicles. General liability insurance isn’t mandated by law but may be a condition of contract to get business. You may also need to provide proof of coverage to obtain specific professional licenses.
Product liability insurance protects your business from the fallout that occurs when a product causes damage or injury to 3rd parties. A product can cause harm depending on how it’s manufactured, designed, misused or marketed. You may still be liable for damages that arise if an item is used incorrectly.
Commercial property coverage is important coverage for individuals who run home-based businesses. It protects your business’ physical assets from explosions, fire, storms, burst pipes, vandalism and theft. Commercial property insurance doesn’t cover floods and earthquakes — you must add this to the policy.
The amount you pay for commercial property insurance greatly depends on the value of your business assets. Your company location, construction materials and industry will also impact your premium. Some carriers let you get this insurance through a BOP while others have it as a standalone policy.
Workers’ compensation insurance provides coverage for medical expenses, lost wages, rehabilitation expenses and death benefits resulting from an employee’s illness or injury arising from the job. Covered medical expenses may include hospital care, doctor visits, surgery, physical therapy, prescription medication and more.
The insurance benefits provided by this policy are regulated by each state, so they may differ in each state.
Professional liability or errors and omissions (E&O) insurance provides protection for specific risks in your field. It protects you and your business against claims that you negligently performed or delivered services, even if you’re not at fault.
A professional liability policy helps cover common claims like misrepresentation, negligence, inaccurate advice and violation of good faith. In some cases, professional liability insurance may be a condition of a contract to undertake work.
Cost of Business Insurance in Hawaii
A general rule of thumb is to count on spending 20% to 30% of your gross sales on comprehensive coverage that includes basic business coverages as well as employee life and health insurance benefits. However, costs can vary widely depending on the coverages you pick and multiple risk factors specific to your business. These include:
- Industry risk: Riskier businesses will pay more for business insurance. Risk factors include physical and financial risks to the business, its customers, employees and more.
- Location: You’ll pay more for business insurance if your business is located in a heavily populated area — there’s a higher likelihood of vandalism.
- Payroll size: The larger your business’ payroll, the higher the workers’ compensation insurance premium.
- Coverage levels: You’ll pay a higher premium if you have more insurance policies and higher coverage limits.
You can save money on business insurance costs by:
- Bundling coverage
- Reviewing your coverages annually
- Lowering your risk exposure
- Opting for a higher deductible
- Paying premiums upfront
- Improving safety procedures and protocols
In 2019, Progressive reported that the average monthly premium of a policy purchased through the Progressive Advantage® Business Program was $46 for professional liability, $53 for general liability and $85 for workers’ compensation.
Protect Your Hawaii Business Today
Owning a business means you’ve already made a huge investment. Whether it’s a home-based business or brick-and-mortar location, you could be at risk of ruin without business insurance. Although there are many coverage options, remember that every business is different and encounters distinct risks.There’s no one-size-fits-all technique for obtaining the right coverage. You need to research your options. Leverage 3rd-party statistics for better insight into the coverages you might need. Take the next step toward protecting your business by working with any of the licensed insurance companies on our list.