Harborway Insurance Review

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Contributor, Benzinga
October 25, 2023

Located in Boston, Massachusetts, Harborway Insurance, of Harborway Insurance Agency, LLC, is a small business insurance provider. Designed to support small businesses when things get rough, Harborway Insurance caters to various industries and offers customizable coverage to suit each business’s specific needs. Since the company has not been in operation for long (it was founded in 2019 and recently incorporated in December 2020) there is a lack of information about the business online and minimal data on the website about details of coverage.

Best For
  • Small business contractors
  • Professional service providers
  • Mom-and-pop shops
  • Customizable coverage options
  • Available in all 50 states
  • Fast claims processing
  • Claims filing only by phone

Harborway Insurance Ratings at a Glance

Harborway Insurance Products

Harborway Insurance provides business coverage for small companies operating in a diverse range of industries. Self-employed individuals and small businesses may turn to Harborway for general liability, property and casualty coverage. These coverages can work together to cover the costs of damage to property or legal claims. 

Harborway Insurance is licensed in all fifty states, as well as the District of Columbia. Despite the fact that the company advertises offering a range of coverage types, the company is vague on its website regarding the details of these coverages. As a result of this lack of information, this small business insurer earns a four-star rating as opposed to a five-star rating.

Spinnaker Insurance Company underwrites Harborway Insurance’s policies. Spinnaker Insurance Company is rated by AM Best as A- (Excellent), indicating its strong financial position. As an insurance underwriter, Spinnaker Insurance Company helps Harborway by assessing the risks of insuring various businesses. By evaluating the risks using advanced software solutions and actuarial data, Spinnaker calculates reasonable pricing for the risks to be covered. 

Harborway Insurance is also reinsured by Munich Re, rated A+ (Superior) by AM Best. Munich Re US was founded in 1917 and has offices throughout the United States as one of the largest reinsurers in the country. Munich Re insures insurance companies. Insurance companies obtain insurance from reinsurers to reduce risk rather than holding it all centrally. Reinsurance allows insurance companies to take on more risk than they would typically because they are insured for risks that fall outside their financial capabilities.

Harborway Insurance serves the contracting industry, protecting businesses in the event that a customer or client sues them for damages, negligence or another covered claim. Those running professional service companies can also turn to Harborway for business coverage, which can include professional errors and omissions coverage. Professional service providers may include architects, engineers, scientists, designers and professionals in other fields. 

In addition to professional services and contracting, Harborway supplies small business insurance options for health and wellness companies, retail and restaurants. Rather than overlooking small businesses, Harborway Insurance makes them its focus. Mom-and-pop shops, neighborhood businesses and self-employed professionals may all turn to Harborway Insurance for coverage, such as general liabilty coverage or business property coverage, knowing they will receive full attention despite their small size. Harborway delivers a range of product offerings; however, the company should focus on strengthening the information accessible on the website surrounding policy options.

Harborway Insurance Customer Service

Harborway Insurance offers multiple methods that you can use to get in contact with the company’s customer service team.

  • By phone: You can contact Harborway’s team over the phone by calling 866-538-7491. This is Harborway Insurance’s general contact number — a separate 24/7 phone line is available for claims reporting. Harborway’s general phone lines are monitored from 8 a.m. to 8 p.m. EST, Monday through Friday.
  • Via email: If you prefer to contact Harborway Insurance through email, you can do so by sending a message to info@harborwayinsurance.com. For the fastest possible response, use the email associated with your insurance policy if you have one.

Like other commercial insurance providers, Harborway Insurance offers 24/7 claims reporting. To report a claim over the phone, call 844-333-7401. Harborway does not advertise a way to report claims online, which is an area that the company can improve on in the future.

Harborway Insurance Pricing

Like most other business insurance providers, Harborway Insurance does not offer one-size-fits-all coverage, as each commercial operation is unique. Some of the factors that will play a role in the final price that you’ll pay for your business insurance coverage include the following.

  • Business revenue: Your business’s revenue is a major factor that determines your insurance rates. If you run a high-value company, you’re statistically more likely to file an expensive claim and hit your coverage limit when compared to a smaller business within the same industry. As your income increases, so will the price of your business insurance.
  • The number of employees that you have: Depending on the state that you live in, you might need to purchase workers’ compensation insurance as soon as you hire your first full-time or part-time worker. This separate coverage is required by law for most businesses, and it comes with its own premium, deductible and coverage limitations.

Even if you aren’t required to purchase worker’s compensation insurance, having more employees will still make your general liability and other coverage more expensive. When you employ more individuals, there’s a higher probability that one of them will make a mistake, resulting in a claim. This factor makes your business riskier to insure and increases the price you pay.

  • The industry you work in: Some workplace industries are riskier than others. For example, the risks that a logger takes on going to work every day are much different than those faced by a writer or marketing professional. If you work in a more dangerous or risky industry, you’ll pay more for your business insurance.

As the company’s focus is on offering small business owners access to flexible coverage, Harborway Insurance offers affordable policies. However, you’ll need to get a quote online before you’ll know exactly how much you’ll pay. Thankfully, Harborway’s partnership with Simply Business, an online insurance brokerage, makes it possible to get pricing on commercial policies in as little as a few minutes.

Harborway Insurance User Benefits

When you work with Harborway Insurance to provide your small business insurance, you can expect several benefits. One of the biggest benefits of Harborway Insurance is its flexible coverage. This feature means that customers can adjust their insurance policies to meet the distinct needs of their unique businesses. Uniform coverage is an outdated concept since, today, enterprises need policies specifically tailored to cover their particular risks. Harborway Insurance fills the needs of a niche emerging class of small business owners who need flexible, accessible business coverage. 

Harborway Insurance's policies are affordable. Because the company provides business insurance for small companies, premiums are budget-friendly. While taking advantage of flexible coverage options, customers can forgo unnecessary coverage to lower their premiums. Harborway further benefits customers by processing claims quickly, so users can spend time instead on the essential tasks of running a successful business. Supporting small businesses as they grow, Harborway Insurance warrants a 4.5-star rating for user benefits with its fast, affordable, flexible coverage.

Harborway Insurance User Experience

To obtain a quote from Harborway Insurance online, you must first click the get-your-quote button and fill out some questions on the Simply Business platform. Simply Business is an online business insurance broker that helps connect small business owners with affordable coverage online. You cannot currently request a quote online directly through Harborway’s website.

When completing your application, Simply Business asks for details about the small business you’re insuring, including the type of business, location, years in business, legal structure and contact details. The process is straightforward and only takes about 10 minutes to complete, making it easy to begin comparing coverage prices. 

Customers may file claims 24/7 by phone. Harborway’s website does not display alternative methods to file claims, which is limited compared to other business insurers that offer several ways to make claims, including the use of online forms. One area where Harborway can make its customer experience process better is by offering the ability to submit a claim online via a contact request or an online customer portal or through mobile app. 

Harborway Insurance has only been in business for a few years, having been incorporated in December 2020, so there is little information online about the company. The internet is free of customer reviews and ratings, which makes it difficult to gauge the quality of service provided. While the no-news-is-good-news mindset may be one way to consider the company's lack of online reputation, it is all the more important for potential customers to speak with the company directly to form an impression of their own. 

Although Harborway’s partnership with Simply Business makes it easy to obtain a quote, because of the singular claims filing option and the inability to gauge prior customer satisfaction from online information, user experience is rated 3.5 stars.

Harborway Insurance vs. Competitors

Harborway Insurance is a relatively new insurance provider, which means that information about the company is scarce compared to its competitors. If you’d prefer to work with a company that has a longer and more established history, know that you have options for business insurance. Harborway Insurance competitors like Nationwide, Progressive, Travelers and Liberty Mutual all offer comprehensive business insurance packages around the country.

Benzinga offers insights and reviews on the following commercial insurance policy providers. Consider beginning your search for the right business coverage using one or more of the links below.  

Harborway Insurance Overall

Overall, Harborway Insurance is a strong small business insurance provider with a 4.5-star rating. It offers general liability coverage and property and casualty insurance coverage for various industries. Spinnaker Insurance Company underwrites the policies, and Munich Re reinsures Harborway Insurance, adding another layer of support to the company. Customers of Harborway benefit from a fast claims process, affordable prices and customizable coverage. By accessing the Simply Business platform, potential buyers may obtain a quote in just minutes. 

Harborway Insurance's website lists the phone as the only method to make a claim, which is limited compared to competitors with several claim filing options. Additionally, minimal information is available on the website regarding coverage details, and there is a lack of prior customer reviews, making it challenging to ascertain users' experiences. Harborway provides solutions for small businesses seeking insurance. Still, because of the company's short history, it is wise for interested parties to connect with Harborway Insurance personally to determine if the company will support them in growing their business and reaching their goals.

Frequently Asked Questions


What is the cheapest business insurance?


The cheapest type of business insurance is usually general liability insurance. General liability insurance helps you cover the cost of legal expenses if a client or customer sues you after they’re injured on your property. It can also cover legal expenses if you damage a customer’s property or if you accidentally commit an act of slander, libel or copyright infringement. The average monthly cost of general liability insurance is $42.


What should I look for in commercial insurance?


The first thing you should look for in commercial insurance is coverage. Decide which types of coverage you need based on the way that you structure and operate your business as well as the services that you provide and the liabilities you might run into. Once you find a few companies that offer all the coverages you need, get a quote from each and compare prices. You can also look at the number of years each company has been in business and its credit rating.


How does general liability insurance work for a small business?


General liability insurance for small businesses provides coverage and financial protection in the event of claims or lawsuits. General liability coverage typically includes bodily injuries, property damage, and personal injuries caused by the business. The insurance company will investigate and provide legal defense and compensation if necessary. It is important for small businesses to have this insurance to protect their assets and reputation.

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