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Lockton vs THREE by Berkshire Hathaway

Lockton serves technology and private-equity organizations through broker and advisor teams, with no self-service bind route documented; THREE offers an online small-business quote. Lockton may fit complex or international programs, while THREE gives an eligible smaller firm a direct starting point. 12,1,2,23,32

Introduction

Coverage Comparison

CoverageLocktonTHREE by Berkshire Hathaway
Business owner’s policyNot listedListed 32,24Marketed within THREE’s combined commercial policy; the quote and issued form determine the protection.
Cargo and transitListed 5Lockton arranges cargo insurance.Not listed
Commercial autoListed 5Lockton arranges commercial auto insurance.Listed 32,24Marketed within THREE’s combined commercial policy; the quote and issued form determine the protection.
Commercial propertyListed 6Lockton arranges commercial property insurance.Listed 32,24Marketed within THREE’s combined commercial policy; the quote and issued form determine the protection.
CrimeListed 10Lockton arranges commercial crime insurance.Not listed
Cyber liabilityListed 3,2Lockton arranges cyber insurance.Listed 32,24Marketed within THREE’s combined commercial policy; the quote and issued form determine the protection.
Directors and officersListed 4,2Lockton arranges directors and officers liability insurance.Listed 32Marketed within THREE’s combined commercial policy; the quote and issued form determine the protection.
Employee health and benefitsListed 8Lockton arranges employee health and benefits programs.Not listed
Employment practices liabilityListed 10Lockton arranges employment practices liability insurance.Listed 32Marketed within THREE’s combined commercial policy; the quote and issued form determine the protection.
Equipment breakdownNot listedListed 32,24THREE lists equipment breakdown within the package; its displayed sample excludes machinery, equipment or listed vehicles that stop without an accident. Check the quoted form for the actual protection.
Fiduciary liabilityListed 9Lockton arranges fiduciary liability insurance.Listed 32Marketed within THREE’s combined commercial policy; the quote and issued form determine the protection.
General liabilityListed 5Lockton arranges general liability insurance.Listed 32,24Marketed within THREE’s combined commercial policy; the quote and issued form determine the protection.
Key personListed 10Lockton arranges key person insurance.Not listed
Liquor liabilityNot listedListed 32Marketed within THREE’s combined commercial policy if required; the quote and issued form determine availability and protection.
Product liabilityListed 5Lockton arranges product liability insurance.Not listed
Professional errors and omissions (E&O)Listed 10Lockton arranges professional errors and omissions insurance.Listed 32Marketed within THREE’s combined commercial policy; the quote and issued form determine the protection.
Representations and warrantiesListed 10Lockton arranges representations and warranties insurance.Not listed
Surety bondsListed 10Lockton arranges surety bonds.Not listed
Tools, equipment and inland marineNot listedListed 32Marketed within THREE’s combined commercial policy; the quote and issued form determine the protection.
Umbrella and excess liabilityListed 5Lockton arranges umbrella and excess liability insurance.Not listed
Workers’ compensationListed 7,5Lockton arranges workers’ compensation insurance.Listed 32,24Marketed within THREE’s combined commercial policy; the quote and issued form determine the protection.

A listing may be arranged through an insurer or partner. “Not listed” means this catalogue has no separate offering recorded; ask the provider whether it can quote the coverage and request the policy terms.

Current Spot Scores

Each score uses the rubric for that provider’s documented role. Providers with more than one role may have a score for each.

Lockton

Broker

Broker

5.6/ 10

Assessed provider: Lockton. Scope: Lockton's U.S. brokerage presentation, including Lockton Companies, LLC d/b/a Lockton Insurance Brokers, LLC and Lockton, Inc. as named in reviewed U.S. materials; scope is commercial placement and claims advocacy and does not identify a quote-specific risk-bearing insurer.

Provider assessment

THREE by Berkshire Hathaway

Carrier

Carrier & MGA

No Spot Score

Assessed entity: Berkshire Hathaway Direct Insurance Company. Scope: Berkshire Hathaway Direct Insurance Company (BHDIC), the insurer named on the displayed THREE sample policy. THREE is the commercial product/DBA label. This assessment uses BHDIC-specific evidence only; information about parent companies, affiliates, brokers and other Berkshire insurers is not transferred to BHDIC.

Provider assessment

Review Scores

These averages can combine ratings for different products, locations, and customer groups, including approximate BBB grade conversions. Read each review for the sources, scope, and calculation.

Lockton

8.4/ 10

Review Score

3 rated sources

Lockton’s reviews vary by office and entity. Local Google-derived ratings provide some service feedback, but no reliable firmwide verdict.[2][6][7][8]

Read Lockton reviews

THREE by Berkshire Hathaway

7.3/ 10

Review Score

2 rated sources

The inspected sources report separate measures: NerdWallet’s 4.0/5 editorial rating is excluded from the source-rating average; Trustpilot displayed 2.5/5 from five user posts and BBB displayed 4.8/5 from 265 reviews. Trustpilot and BBB include different purchase, service and agent/intermediary interactions, not a verified common policyholder cohort. BBB separately lists complaints. Any source-rating average weights eligible platforms equally and is not a pooled, representative customer-experience estimate or a claims-quality measure.[4][3][1][2]

Read THREE by Berkshire Hathaway reviews

Key Differences Between Lockton and THREE

Business Roles and Access to Insurers

Lockton’s documented role shapes who handles underwriting and how you reach a policy.

You work with Lockton as a broker for risk, benefits and retirement programs; it arranges and services policies but is not the risk-bearing insurer. 1,13,20Company-reported. Company-reported US brand and Terms of Business. The contracting Lockton company can differ by client. Private-ownership and independence claims are marketing statements, not a regulatory finding.

THREE documents its own insurance role and access arrangement.

THREE is the commercial brand and product form used by Berkshire Hathaway Direct Insurance Company (BHDIC), which identifies itself as doing business as THREE and names itself as issuer on the sample THREE policy. THREE’s FAQ describes THREE or THREE Insurance as the product name, not a separate insurer. The state-specific issued policy controls. 23,24,25Company-reported. U.S. THREE commercial-insurance brand and sample policy; current company identity pages checked 2026-09-28. Company-reported legal disclosure; the state-specific issued policy controls the buyer’s contract.

Customer Fit and Application

Compare each provider’s stated customer focus against your business activities and stage; a published target market is not a guarantee of eligibility.

Technology, hardware, software, internet, medical-device, semiconductor and telecom organizations can ask Lockton about brokerage; public pages give no company-size, funding or revenue minimum. 1,2,10Company-reported. US technology, homepage and private-equity service pages. Presence of a technology practice is not an eligibility guarantee for a bootstrapped or early-stage startup.

THREE describes its focus as businesses and presents industries it serves. Berkshire Hathaway’s 2025 annual report says BH Direct and GUARD together primarily offer commercial insurance to small and medium-sized businesses; it separately says BH Direct underwrites through the biBERK.com and Threeinsurance.com distribution platforms. Eligibility varies by state and business. 23,29Company-reported. THREE’s company-described business focus and industry examples, plus the 2025 report’s joint BH Direct-and-GUARD SMB statement. The report does not attribute that customer-size focus to BHDIC alone; actual eligibility varies by state and business.

These entry points show how to start; they do not confirm eligibility or that coverage has been bound. 1 12 2 23 23 32

You can start with a Lockton team inquiry or email its cyber and technology group; reviewed pages do not offer a self-service bind flow or guaranteed quote turnaround. 12,1,15,3,14Company-reported. US contact, privacy, technology and cyber-technology pages. Form submission was not completed. Website terms state site content is general information, not broking advice.

THREE directs prospective customers to an online quote flow and says licensed Small Business Advisors can help them start or continue the process; the company’s FAQ also describes a phone quote and says an unfinished quote can be saved and resumed. This documents quote routes, not online purchase or binding by an individual customer. 23,25Company-reported. U.S. business insurance quote application. Company-described online and phone process; no customer form was submitted and no binding outcome was tested.

What to Confirm in Quotes

Ask Lockton which specialist will lead the account and which markets fit the exposure. Ask THREE whether its available product handles your technology, international operations and requested limits. Ask each provider to identify the proposed insurer, exact forms and endorsements, any intermediary or account service contact, and the steps required to bind. Compare premiums only after matching limits, retentions, exclusions, policy periods, taxes and fees.

Compare Services

What each provider documents about the services you may need

CriteriaLocktonTHREE by Berkshire Hathaway
Business role

You work with Lockton as a broker for risk, benefits and retirement programs; it arranges and services policies but is not the risk-bearing insurer. 1,13,20Company-reported. Company-reported US brand and Terms of Business. The contracting Lockton company can differ by client. Private-ownership and independence claims are marketing statements, not a regulatory finding.

Confirm the legal producer on your California broker agreement: Lockton’s terms name Lockton Companies, LLC and affiliates, its site operator is Lockton, Inc., and certificates use Lockton Insurance Brokers, LLC as a California DBA. 13,14,21Company-reported. Company legal disclosures and company-issued certificates. Missouri charter number 00498854 appears in website terms as a company statement. Current secretary-of-state and producer-license status were not independently verified.

Verify Lockton’s current California producer authority before appointing it: certificates list license 0F15767 for Lockton Companies, LLC dba Lockton Insurance Brokers, LLC, but status, classes and expiration were not independently checked. 21,22Not found in reviewed sources. Company-issued certificate header versus CDI lookup homepage only. Not a finding that the license is inactive or that California product placement is unavailable.

THREE is the commercial brand and product form used by Berkshire Hathaway Direct Insurance Company (BHDIC), which identifies itself as doing business as THREE and names itself as issuer on the sample THREE policy. THREE’s FAQ describes THREE or THREE Insurance as the product name, not a separate insurer. The state-specific issued policy controls. 23,24,25Company-reported. U.S. THREE commercial-insurance brand and sample policy; current company identity pages checked 2026-09-28. Company-reported legal disclosure; the state-specific issued policy controls the buyer’s contract.

Berkshire Hathaway’s published company list identifies Berkshire Hathaway Direct Insurance Company (THREE) and lists Berkshire Hathaway Specialty Insurance (BHSI) and biBERK separately. Its 2025 annual report says BH Direct and GUARD together primarily offer commercial products to small and medium-sized businesses; it separately describes BH Direct’s admitted commercial underwriting and use of the biBERK.com and Threeinsurance.com distribution platforms. The reviewed list and report do not establish the exact direct-versus-indirect ownership chain. 30,29Company-reported. Berkshire Hathaway company list checked 2026-09-28 and 2025 annual-report discussion of BH Direct and GUARD; group relationship and commercial operating scope only, not a precise ownership-chain finding.

Customer focus

Technology, hardware, software, internet, medical-device, semiconductor and telecom organizations can ask Lockton about brokerage; public pages give no company-size, funding or revenue minimum. 1,2,10Company-reported. US technology, homepage and private-equity service pages. Presence of a technology practice is not an eligibility guarantee for a bootstrapped or early-stage startup.

THREE describes its focus as businesses and presents industries it serves. Berkshire Hathaway’s 2025 annual report says BH Direct and GUARD together primarily offer commercial insurance to small and medium-sized businesses; it separately says BH Direct underwrites through the biBERK.com and Threeinsurance.com distribution platforms. Eligibility varies by state and business. 23,29Company-reported. THREE’s company-described business focus and industry examples, plus the 2025 report’s joint BH Direct-and-GUARD SMB statement. The report does not attribute that customer-size focus to BHDIC alone; actual eligibility varies by state and business.

Application process

You can start with a Lockton team inquiry or email its cyber and technology group; reviewed pages do not offer a self-service bind flow or guaranteed quote turnaround. 12,1,15,3,14Company-reported. US contact, privacy, technology and cyber-technology pages. Form submission was not completed. Website terms state site content is general information, not broking advice.

THREE directs prospective customers to an online quote flow and says licensed Small Business Advisors can help them start or continue the process; the company’s FAQ also describes a phone quote and says an unfinished quote can be saved and resumed. This documents quote routes, not online purchase or binding by an individual customer. 23,25Company-reported. U.S. business insurance quote application. Company-described online and phone process; no customer form was submitted and no binding outcome was tested.

THREE describes a partner-agency channel. Its partner page says the Agency Service Team assists policyholders and agents and that agency partners can use the THREE platform to quote, bind, and issue policies online. This describes the partner channel, not the direct public quote flow. 28Company-reported. THREE partner agency program and platform capabilities as described by the company; these capabilities apply to partner agencies and do not establish direct-customer self-binding.

Sources

Lockton Official Website

  1. Lockton United States. Lockton; Opening description of independent insurance brokerage for risk, benefits and retirement; Ask an Expert link to contact-us. Accessed 2026-09-16.
  2. Technology. Lockton; Industry introduction; cyber liability heading; dedicated technology team; listed services including claims advocacy, contract review, directors and officers liability, and international program design; 24/7 service model. Accessed 2026-09-16.
  3. Cyber & Technology. Lockton; A complete solution to inform, improve, and insure cyber and privacy risk; insurer partnerships; Insure step including claim life cycle; contact cyber@lockton.com. Accessed 2026-09-16.
  4. D&O Insurance. Lockton; Program description; Side A/B/C overview; who can be covered; Claims management and Professional & Executive Risk Claims team. Accessed 2026-09-16.
  5. Casualty Insurance. Lockton; Introduction on designing and placing liability, auto and workers’ compensation programs; Casualty Insurance Solutions: Auto, Cargo, General & Product Liability, Umbrella & Excess Liability, Workers’ Compensation; dedicated service team. Accessed 2026-09-16.
  6. Property Insurance. Lockton; Matching property risks to the global marketplace; manuscript property policy; assistance with complex claim recovery. Accessed 2026-09-16.
  7. Workers' Compensation. Lockton; Program design with claims experts; access to more than 100 regional, global and program markets; claims service advocates. Accessed 2026-09-16.
  8. Lockton People Solutions. Lockton; Introducing Lockton People Solutions; integrated health and risk programs; FAQ on products (employee experiences, total rewards and benefits, management and measurement) and private ownership. Accessed 2026-09-16.
  9. Fiduciary Liability Insurance. Lockton; What is fiduciary liability insurance; typical coverage list; claims management; distinction from ERISA bonds. Accessed 2026-09-16.
  10. Risk & People Solutions for Private Equity Firms. Lockton; Lockton capabilities across the investment life cycle: D&O/GPL, transaction insurance (reps, tax, litigation), E&O, crime and FI bonds, cyber, EPL, surety, portfolio company programs, key person insurance and benefits design. Accessed 2026-09-16.
  11. Loss Prevention and Claims. Lockton; Claims consulting description: investigations, policy mapping, discussions with insurer lawyers and loss adjusters; documenting and presenting claims. Accessed 2026-09-16.
  12. Contact Us. Lockton; Inquiry form requiring Terms of Use and Privacy Notice acknowledgment; general enquiries mailbox disclaimer. Accessed 2026-09-16.
  13. US Terms of Business. Lockton; Opening entity definition; Surplus Lines; Use of a Particular Insurer; Compensation Disclosure; servicing, claims handling and renewal language in Confidentiality section; Intermediaries. Accessed 2026-09-16.
  14. Lockton US Terms of Use. Lockton; Who we are: Lockton, Inc., Missouri corporation, charter number 00498854; Kansas City principal office; last updated October 15, 2021; Site content is general information, not broking or insurance advice. Accessed 2026-09-16.
  15. Lockton Companies Website Privacy Notice. Lockton; Last updated January 2025; collection when visitors solicit an insurance policy quote; disclosure to insurance companies and intermediaries for quotes. Accessed 2026-09-16.
  16. Offices - Lockton US. Lockton; Global headquarters Kansas City, 444 W 47th St. Suite 900; US inquiry email KC-Inquiries@lockton.com. Accessed 2026-09-16.
  17. Lockton Insurance Brokers - San Francisco. Lockton; Office heading Lockton Insurance Brokers - San Francisco; Suite 600, Three Embarcadero Center, San Francisco, CA 94111. Accessed 2026-09-16.
  18. Lockton Insurance Brokers - Los Angeles. Lockton; Office heading and 777 S. Figueroa St. Suite 5200, Los Angeles, CA 90017. Accessed 2026-09-16.
  19. Lockton Insurance Brokers - Irvine. Lockton; Office heading and 19800 MacArthur Blvd., Irvine, CA 92612. Accessed 2026-09-16.
  20. Our Story. Lockton; Independence changes everything; family organization and private ownership statements; insurance, employee benefits consulting and retirement services. Accessed 2026-09-16.
  21. Lockton-produced certificate of insurance producer header. Lockton; Producer block: Lockton Companies, LLC DBA Lockton Insurance Brokers, LLC in CA; CA license #0F15767. Accessed 2026-09-16.
  22. California Department of Insurance — Check a License. California Department of Insurance; Public license-status inquiry page. Accessed 2026-09-16.

THREE by Berkshire Hathaway Official Website

  1. THREE by Berkshire Hathaway — small business insurance. Berkshire Hathaway Direct Insurance Company, dba THREE; Issuer, business focus, and industry scope, lines 70–81; quote/advisor route, lines 405–420; DBA footer, lines 432–434. Accessed 2026-09-28.
  2. The Policy. Berkshire Hathaway Direct Insurance Company, dba THREE; Sample declarations, limits and three-day Business Interruption waiting period (lines 58–76); Section I: interruption follows a property loss the insurer pays and ends on resumed normal operations or an applicable limit (lines 82–86); Section III: machinery/equipment/listed vehicles stopping without an accident are excluded (lines 104–112). Accessed 2026-09-29.
  3. FAQs: Understanding THREE. Berkshire Hathaway Direct Insurance Company, dba THREE; Quote save/resume, lines 73–76; claim/update routes, lines 78–89; product-not-company wording, lines 98–100; one-year policy/payment terms, lines 129–130; servicing requests, lines 141–157. Accessed 2026-09-28.
  4. Terms & Conditions. Berkshire Hathaway Direct Insurance Company, dba THREE; BHDIC dba THREE, lines 20–23; recurring automatic bank draft qualification, lines 27–33. Accessed 2026-09-28.
  5. Filing a Claim: Call to get started. Berkshire Hathaway Direct Insurance Company, dba THREE; Online/phone claims and account-manager assignment, lines 24–43; claim updates, lines 59–61. Accessed 2026-09-28.
  6. Become a THREE Partner. Berkshire Hathaway Direct Insurance Company, dba THREE; Partner-agency program and platform permissions, lines 6–18; state availability, lines 30–35. Accessed 2026-09-28.
  7. Berkshire Hathaway Inc. 2025 Annual Report / Form 10-K. Berkshire Hathaway Inc.; 2025 annual report, PDF page 5, printed K-4, lines 303–308: BH Direct and GUARD joint SMB focus; BH Direct platforms/admitted products. Accessed 2026-09-28.
  8. Links to Berkshire Hathaway Subsidiary Companies. Berkshire Hathaway Inc.; Published subsidiary-company list; BHDIC (THREE), BHSI, and biBERK shown separately, lines 11–16. Accessed 2026-09-28.
  9. THREE online quote application. Berkshire Hathaway Direct Insurance Company, dba THREE; THREE online quote entry point inspected; the page is a route to begin an application. No form was submitted or quote generated; this source alone does not establish customer self-binding. Accessed 2026-09-28.
  10. Business Owners Policy | THREE. Berkshire Hathaway Direct Insurance Company, dba THREE; Product page explicitly markets Business Liability categories (including liquor liability if required), Property (including equipment breakdown and inland marine), Business Auto (including cargo liability and hired/non-owned), Business Interruption, Cyber and Workers’ Compensation, within one combined policy description (lines 8–9, 19–21, 23–76); BHDIC dba THREE footer (lines 93–94). Accessed 2026-09-29.
  11. Benefits | THREE. Berkshire Hathaway Direct Insurance Company, dba THREE; Page copy: commercial coverage category descriptions for liability, cyber, property/business interruption, business auto and workers compensation; describes product benefits, not a complete policy form. Accessed 2026-09-29.
  12. THREE logo SVG. Berkshire Hathaway Direct Insurance Company, dba THREE; Direct official SVG asset; viewBox 0 0 720 253; embedded title “Three by Berkshire Hathaway”; downloaded and preserved byte-for-byte as assets/three-logo.svg. Accessed 2026-09-29.

Updated . Spot, a product of Tools for Enlightenment, publishes this research and works in the commercial insurance market. The comparison applies the same criteria to both providers; it is not a recommendation for a specific policy. Editorial policy. To suggest a correction, contact Spot with the page URL and supporting source.

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