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Hiscox specializes in small business insurance, offering coverage for hundreds of professions. With roots dating back to 1901, Hiscox has, over the past decade, emphasized providing insurance directly to policyholders through its online quote and bind system.
This review delves into the specifics of Hiscox Business Insurance. Continue reading to determine if Hiscox meets all your insurance needs. If not, alternatives are also discussed.
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About the Company
Hiscox Insurance Company offers insurance products across 49 states and Washington, D.C., serving over 500,000 small business customers. Originating as an insurance underwriter in London in 1901, Hiscox had over $2 billion in reserves by 2023.
A well-established business insurance provider, Hiscox offers essential coverage such as general liability insurance and business owner’s policies. These policies can be purchased online through the Hiscox website, independent insurance agents, or Geico.
Hiscox’s small-business insurance policies are primarily tailored for professional services like accounting and consulting but also cater to beauty, fitness, and health businesses. If you need liability insurance and prefer working with a reputable brand, it’s worthwhile to spend a few minutes getting a quote from Hiscox online.
For other types of coverage, such as commercial auto insurance and workers’ comp insurance, Hiscox will direct you to partner websites for quotes from other providers. If you prefer consolidating all your insurance policies with one company, Hiscox might not be the ideal choice.
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Hiscox Business Insurance: Pros and Cons
Pros
- Quote and purchase policy online
- Dedicated small business insurer
- Cybersecurity resources
- 14-day money-back refund policy
- Professional liability policies cover work done anywhere in the world
- Discounts of up to 5% are available when you buy two or more Hiscox products.
Cons
- No 24/7 call center
- Some coverage may not be available directly from Hiscox
- High customer complaints
- Lower limits for some online quotes
- No coverage is available in Alaska; business owner’s policies are unavailable in several states
- Business owner’s policies generally only available to businesses with ten employees or fewer
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What Small Business Insurance Policies Does Hiscox Offer?
Hiscox provides a range of business insurance options, such as general liability, professional liability, workers’ compensation, and medical malpractice coverage.
Business Owners Policy (BOP)
Hiscox offers a comprehensive Business Owner’s Policy consolidating general liability and property insurance into a single contract. This coverage includes bodily injury, property damage, personal injury, business equipment damages, defense costs, and damages to rented premises.
It also features commercial property coverage for up to five business locations, provisions for business interruption, extra expense, accounts receivable, replacement cost, and protection for valuable papers and records.
Workers’ compensation
Hiscox’s workers’ compensation policy covers work-related accidents, illnesses, or fatalities involving employees.
For instance, if an employee slips and is injured during their regular job duties, this policy covers medical expenses and lost wages resulting from such incidents. Hiscox collaborates with The Hartford to offer quotes for workers’ compensation insurance.
General Liability
General liability insurance shields businesses from claims made by third parties, covering bodily injury, property damage, or personal injury. This type of insurance is also known as small business liability insurance or commercial liability insurance.
Professional Liability
Professional liability, or errors and omissions (E&O) insurance, is tailored for businesses providing professional services, such as accountants, architects, real estate agents, IT consultants, and engineers.
It safeguards against lawsuits alleging mistakes, negligence, misrepresentation, or failure to disclose crucial information, covering defense costs, judgments, or settlements.
Short-term Liability
Hiscox provides short-term liability insurance to accommodate fluctuating insurance needs throughout the year. This option is ideal for contractors engaged in seasonal projects, offering flexible coverage periods such as hourly, daily, weekly, or monthly renewable policies.
Hiscox partners with Thimble, another small business insurer, to provide short-term general liability and professional liability coverage.
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Employment Practices Liability
Employment practices liability insurance protects businesses from employee claims regarding workplace practices, including lawsuits related to discrimination, harassment, and wrongful termination. Hiscox collaborates with CyberPolicy to offer quotes for this type of insurance.
Commercial Umbrella
Hiscox’s commercial umbrella policies fill gaps in coverage for excessive liability claims that exceed primary policy limits. These policies increase coverage limits when standard policies are insufficient for covered claims. Hiscox partners with CyberPolicy to offer quotes for commercial umbrella insurance.
Commercial Auto
Hiscox’s commercial auto insurance covers company vehicles, including owned, rented, hired, or employee-operated vehicles. It includes standard auto insurance protections like liability, medical payments, uninsured/underinsured motorist, comprehensive, and collision coverage. Hiscox collaborates with CyberPolicy to provide quotes for commercial auto policies.
Cybersecurity
Hiscox’s cybersecurity policy safeguards businesses against privacy breaches, data exposures, and network vulnerabilities. Coverage includes losses from phishing attacks, data recovery expenses post-breach, defense against privacy lawsuits, and regulatory fines. However, this policy does not extend to subsidiaries without majority ownership.
Medical Malpractice
Hiscox’s medical malpractice insurance covers healthcare professionals for professional negligence, HIPAA fines, penalties, and licensing board defense. This coverage, also known as medical professional errors and omissions insurance, is provided in partnership with NOW Insurance.
Directors and Officers (D&O)
Directors and officers (D&O) liability insurance from Hiscox protects board members and executive officers from claims arising due to alleged or actual wrongful acts impacting the company. Hiscox collaborates with CyberPolicy to offer quotes for D&O policies.
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Hiscox Cost
We received several quotes for same-day coverage for a small IT consulting firm and a professional liability quote for an HR consulting firm. You could call to finish the process or purchase the policy online without speaking to anyone.
Business Owner’s Policy: $41.65 per month or $500 annually
The Business Owner’s Policy (BOP) combines general liability and business personal property coverage. It did not mention including lost business income, typically a standard feature of BOPs, nor did it specify this as an optional upgrade.
The policy quoted offers limits of $1 million per occurrence for liability, $2 million aggregate, and $25,000 for property damage with a $1,000 deductible. Optional upgrades include coverage for employee theft and additional blanket insurance.
Cyber: $23.74 per month or $285 annually
The quoted cyber insurance policy covers response costs for breaches to mitigate damage, financial losses due to phishing scams, revenue losses, data recovery costs from breaches or extortion threats, and defense expenses. It provides a total limit of $250,000 (per occurrence and aggregate) with a $10,000 deductible.
Professional Liability: $48.73 per month or $624.78 annually
Professional liability insurance is structured differently, with an initial two-month payment required as a down payment, followed by ten monthly installments. The policy quoted includes a total limit of $1 million (per occurrence and aggregate) with a $500 deductible. It incorporates blanket additional insured language.
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Hiscox Policyholder Services
Hiscox provides various services to policyholders, empowering them with the flexibility to manage their insurance needs. Clear guidelines are available online to distinguish between self-service options and those requiring direct contact with Hiscox.
For those needing a certificate of insurance for an additional insured or client, Hiscox offers an online tool for customization and request, with the updated form delivered via email. Contact with Hiscox is available on weekdays, Monday through Friday, from 7 a.m. to 10 p.m. ET.
Customers also benefit from access to Hiscox CyberClear Academy, an online resource offering free cybersecurity training materials for employees. Additionally, they receive complimentary access to Paladin Shield, a software platform featuring training and live consultative services.
Overall, Hiscox demonstrates a comprehensive approach to supporting small businesses by providing insurance coverage and valuable resources. These resources include templates, a
profit calculator, and exclusive discounts on services such as QuickBooks for policyholders.
How to Get Hiscox Insurance
Hiscox offers insurance directly to customers through its website and collaborates with various brokerages and agents to extend its insurance offerings. To obtain insurance directly from Hiscox, you can visit its website and provide details about your business, including:
- Type of industry
- Year of establishment
- Anticipated annual revenue
- Number of employees
- Industry-specific information
Within minutes, Hiscox will either generate a quote, request further details via phone, or inform you that coverage for your business has been declined without specifying reasons for the declination.
Given its partnerships with numerous brokers, it’s common to receive quotes from Hiscox when visiting platforms like CoverWallet, Simply Business, or CyberPolicy.
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Hiscox Business Insurance Reviews from Real Users
Hiscox boasts an impressive reputation on Trustpilot with 886 reviews and a stellar 4.7-star rating. Customers particularly value the ease of purchasing business insurance through Hiscox.
However, it’s noteworthy that Hiscox is not accredited by the Better Business Bureau and holds an A- score. There have been 12 customer reviews, averaging a 1-star rating. Over the past year, the company successfully resolved 15 complaints.
Hiscox Business Insurance Alternatives
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NEXT Insurance targets small businesses and entrepreneurs with a digital-first approach that simplifies the insurance process. Customers can easily purchase and manage policies online, appealing to those who prefer digital transactions.
NEXT offers customizable options such as general liability, professional liability, and commercial auto insurance, tailored to meet the needs of various industries. This makes NEXT Insurance convenient for business owners seeking efficiency and personalized insurance solutions.
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With over 200 years of experience, The Hartford serves a broad spectrum of businesses ranging from small enterprises to large corporations. Known for reliability and comprehensive coverage, The Hartford provides many business insurance options.
Additional services such as risk management and an efficient claims process enhance its offerings, making The Hartford a dependable choice for businesses seeking extensive support and a proven track record.
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Simply Business simplifies comparing quotes and coverage from top insurers like Hiscox, helping you pinpoint the perfect option for your needs. It lets you secure a policy online in less than 10 minutes, streamlining your insurance procurement.
If you need extra help or have questions, licensed agents are just a phone call away. This service is precious for businesses and individual proprietors, providing customized insurance advice tailored to specific industries like landscaping, accounting, or photography.
While Simply Business doesn’t manage claims directly, this responsibility lies with the insurer you select, it aids by ensuring easy access to your policy documents and linking you with your provider for any necessary support.
Hiscox Business Insurance Review – FAQs
Bottom Line – Hiscox Business Insurance Review
In summary, Hiscox offers essential business insurance policies directly to consumers through its website and brokers. It’s known for its expertise in cybersecurity and provides quick quotes and policy purchases online, making it convenient for small business owners.
>> Get Your Business Insured With Hiscox! >>
