Hiscox is an insurance carrier that offers insurance for even the tightest budgets. Read on to learn pros, cons, pricing, and more.Visit Website
Hiscox is an insurance carrier that was founded in 1901. Its focus is on underwriting small business industries that are popular new businesses to open. These include many service providers such as licensed contractors, plumbers, and electricians. Hiscox is known for having reasonable pricing, making small business insurance affordable for even the tightest of business budgets.
Some of the key features of Hiscox Insurance include:
Hiscox is in line with many insurance carriers when it comes to policy exclusions. Each policy will have its own set of exclusions. For example, a general liability policy doesn’t cover business property or workers’ injuries. It is important to review the policy's exclusions so that you are not caught off guard when an incident happens. By knowing the exclusions, you can apply for other coverage that fills the gaps.
Policy modifications are also known as riders and endorsements. If you want to add coverage to a policy, a rider may be the way to do so. A common business insurance endorsement would be to add coverage for casual employees to a workers’ compensation policy. Talk to a representative to add a rider or endorsement, as these do not automatically populate in the online application.
You can file a business claim with Hiscox in one of three ways. You can do a quick online form that allows you to add attachments like photos and inventory lists. You can also call the claims department directly at 866-424-8508 Monday through Friday from 7 a.m. to 10 p.m. Hiscox also accepts claims via mail at:
Hiscox Claims 5 Concourse Parkway Suite #2150 Atlanta, GA 30328
It takes just five minutes to get through the online quote process. Once you have a quote, you can complete the application for insurance in another couple of minutes. Hiscox makes the process straightforward and easy. A small business owner can be insured within 10 minutes of starting the process.
Getting a Hiscox small business insurance policy is easy. It starts with getting an online or phone quote. If the price fits your budget, you complete a simple application and pay the premium to get the policy. The process doesn’t take more than a few minutes and is laid out in an easy-to-understand format to avoid confusion.
Hiscox insures more than 180 professions. The most common industries that it works with include:
Hiscox does not advertise any small business insurance discounts. However, its policies are priced at a rate better than most competitors.
We did notice that Hiscox has a small business partner section. These partners are advertised as possibly giving discounts to Hiscox policyholders. Partners include:
You can cancel a policy at any time. Any unearned premium will be returned to you for the remainder of the paid policy period. To cancel, simply call 855-587-1677.
Hiscox offers the most common policies that a small business owner will need. You can get one policy through them or a whole package to complete your business insurance needs in one place.
A business owner’s policy is a combination policy that holds both general liability insurance with commercial property insurance in one policy. It may also cover business income coverage for the business. This is a simple and cost-effective way to get a lot of coverage for the least amount of money.
General liability insurance is a policy that protects a business from third-party claims. These claims assert that the business is responsible for the property damage or injuries of a third party, like a customer. Often, these are referred to as “slip-and-fall policies.”
Commercial property insurance is a type of small business insurance policy that protects the assets that the business owns. Assets may include furniture, computers, tools, and equipment. If there is a loss, such as a fire or theft, the commercial property policy will pay to repair or replace the items.
When you have a major claim, chances are your business will be shut down for a period of time. If this happens, business income insurance will pay for lost revenues that the business would have generated had it remained open. This is based on historical revenues and is designed to help the business meet overhead costs which don’t cease due to a claim.
Workers’ compensation insurance is a type of insurance policy that pays for the medical bills and lost wages of employees hurt on the job. This policy is likely required by state law for any business that has at least one part-time employee.
A professional liability insurance policy protects against claims that assert that you did not do your job according to professional standards. This is sometimes called an errors and omissions policy and may be required by licensing boards such as doctors who need malpractice insurance.
While commercial property insurance covers tools and equipment at the business’ headquarters, it does not cover these items while in transit. For this, you need an inland marine policy, sometimes called a tools and equipment policy. This covers businesses that transport tools to and from work sites.
Commercial auto insurance is an auto insurance policy for commercial vehicles. Personal auto insurance won’t cover accidents that happen on the job. For this, the business owner needs a specially underwritten policy designed for business pursuits.
Each Hiscox small business insurance policy will be priced based on the industry, revenues, location, and claims history of the business. While rates will vary widely, we were able to get a quote for a small office business run from a home office for $381 per year. This is as reasonable of a rate as we have seen while comparing insurance companies.
If you decide that Hiscox is not for you, here are some common alternatives for you to consider.
CommercialInsurance.net is a small business insurance marketplace with hundreds of partners that it can refer you to. They take a simple phone consultation and then refer you to the best company that will serve your needs. The process is less than 10 minutes.
Thimble is a small business insurance carrier specializing in micro policies for gig workers. Not only can you get a traditional 12-month policy with the company, but you can also get insurance on demand for as short of a period as an hour to meet the needs of your clients or vendors.
CoverWallet is a small business insurance broker with top-rated partners that include Chubbs, CNA, Employers, and Berkshire Hathaway. CoverWallet is known for its online platform that makes managing insurance policies and getting certificates of insurance easy.
Next Insurance is a small business insurance carrier that focuses policies on the micro-sized business. They work with many independent contractors to provide reasonably-priced policies that cover the essentials needed by the business.
Insurance321 is a small business insurance marketplace. It pairs a small business owner with the right partner. They have more than 200 top-rated partners to choose from, making their ability to provide insurance for just about any business easy and accessible.
Hiscox Insurance has the experience to help small business owners, having been founded in 1901. They have the longest history for the market they serve, proving they can help business owners through damaging claims. When it comes to walking you through a loss, Hiscox brings its know-how to the table.
|Quote in 10 minutes||Yes||Yes||Yes||Yes||Yes||Yes|
|Per gig policies||No||No||Yes||No||No||No|
Hiscox is a good insurance company for most small businesses. Its sweet spot is for businesses with less than 20 employees. If your business is larger than this, you might not find the policy to be the right fit either in coverage or in price. For larger companies, we recommend going with one of the marketplace providers noted above (CommercialInsurance.net or Insurance321).
Hiscox starts with your Zip Code to make sure it can underwrite your location.
Then Hiscox wants to know what you do.
It then recommends what types of policies you need.
Now, Hiscox gets your contact information, followed by your physical address.
Hiscox then asks for more details about the company.
Then enter the estimated revenues for the business for a 12-month period, and your quote will be on the next page.
If you’re looking for a fast way to get your business insurance started, Hiscox is an excellent option. They are fast but come to the table with a vast history, demonstrating that they know what they are doing. You’ll get professional service at a price that is tough to beat.
When looking at small business insurance carriers, we want to know that our customers are working with the best. This is why we search for carriers that have high AM Best ratings or marketplaces that work with carriers that have those ratings. We review the key features of the provider and look at how costs are derived. The quote process is essential to a good customer experience, which is why we go through the process to test the efficiency of the system.
Hiscox has an AM Best rating of A (Excellent).
Hiscox Insurance is owned by Hiscox Group, which offers insurance across 14 countries worldwide.
Hiscox is a legitimate company offering small business insurance to business owners.
Professional liability insurance pays claims where you allegedly don’t do your job professionally, resulting in property damage or injury.
Hiscox is an underwriting carrier and is not an MGA.
Hiscox does not offer an app at this time.
Four types of business insurance are workers’ compensation, general liability, professional liability, and commercial property.
Business income insurance is sold to help business owners cover overhead expenses during a covered loss.
Yes. A sole proprietorship still has the risk of loss that a corporation or LLC have.
Reviewing claims before submission is important because it ensures that all the claim details are correct and included for expedited processing.
Errors and omissions insurance is another name for professional liability insurance, which pays when you fail to do your job professionally and that results in an injury or property damage.
You want to review your insurance policy to make sure all the details are correct, and you have the coverage that you need.
It is important to do an insurance policy review to review coverages as your business continues to grow. Needs change as your business changes.
Product liability insurance pays claims when a manufactured or sold product leads to an injury or property damage.