Hiscox Small Business Insurance Review
Insurance specialist
Every small business needs to have affordable insurance with best coverage. Finding an insurance provider to meet your business’s unique needs is as essential as selecting an appropriate type of policy. Yet finding a single “best small business insurance company” remains difficult as different businesses require different services from insurers. So, in this review we are going to review the best affordable Hiscox insurance for small business.
Hiscox Small Business Insurance
Further in this review, Hiscox Insurance Policies specialize exclusively in small business policies. Therefore they do not sell car, home, or life policies directly to individuals. To request a quote you can either complete their online application form or call an agent licensed with Hiscox directly by phone.
Hiscox currently holds an A rating from AM Best, which measures an insurer’s financial strength and ability to cover claims.
Hiscox provides products in all states except Alaska. Their services can also be found in Washington D.C.
Hiscox Small Business Insurance Coverage
Let’s take a detail look into hiscox small business insurance coverage in this review. Hiscox provides an array of business insurance coverages. So the specific coverages your policy entails depend on which policy type is selected and your organization’s needs. Here is a general overview of some of Hiscox’s more widely available policies:
General Liability:
This form of coverage forms the core of most business insurance policies, providing your business with protection for bodily injuries or property damages caused by its operations to third parties resulting from customer visits to your premises, employee negligence claims or product liability lawsuits.
Professional Liability Insurance (E&O):
Protecting your business against negligence claims or errors and omissions in its professional services is especially vital for professionals such as consultants, architects, accountants and IT technicians.
Professional liability, or “errors and omissions insurance”, covers claims when someone alleges your business of negligence in court. For instance, if one of your employees makes an accounting error that leads to financial losses for one of your clients and they decide to sue your business – this coverage would cover legal fees as well as settlement payments even if these allegations prove false.
Business Owner’s Policy (BOP):
Combining general liability and property insurance to cover your business assets against events like fire, theft or vandalism. Further, Hiscox provides business owners with one convenient package that provides both general liability and property coverage in one contract, such as bodily injury, property damage, personal injury claims, equipment damages to business equipment, defense costs and damages to rented premises. Commercial property coverage is limited to five business locations with automatic coverage for interruption, extra expense, accounts receivable, replacement cost, valuable papers, records coverage as standard.
Cyber Security Insurance
Hiscox also provide cyber security insurance in their coverage of small business insurance. If your business experiences a cyberattack which puts client information at risk, cyber liability insurance may provide the protection to cover costs related to this incident. Also referred to as cyber liability cover.
Commercial Auto Insurance
Hiscox provides comprehensive and best commercial auto insurance policies to businesses of all sizes, covering vehicles used exclusively for business purposes. Their coverage extends to vehicles owned, rented or hired for work purposes – as well as any additional risk such as collisions, theft, vandalism and other covered events.
Additionally, this policy covers medical expenses and property damage you cause others in an accident. Furthermore, additional coverages such as medical payments, uninsured, underinsured motorist, cargo, and inland marine can be added for your own specific policy needs. Don’t miss opportunity to avail best commercial auto insurance coverage from Hiscox.
Commercial Umbrella Insurance
Hiscox Commercial Umbrella Insurance offers businesses additional protection in case of large lawsuits or claims, sitting alongside existing primary policies like general and professional liability coverage to provide additional coverage when these reach their limits.
Hiscox provides commercial umbrella insurance policies with limits of up to $10 Million.
Umbrella policies provide comprehensive protection from various claims, such as bodily injury, property damage, personal injury and advertising injury claims – plus employment-related ones too!
Hiscox Directors & Officers Insurance
Hiscox Directors & Officers (D&O) Insurance provides directors and officers of a company with protection from personal financial losses caused by lawsuits, investigations or claims alleging wrongful acts within their roles. It covers an array of potential allegations such as:
- Breach of fiduciary duty
- Negligence
- Misrepresentation
- Employment practices violations
- Securities fraud
Hiscox provides an assortment of D&O policies tailored to the needs of businesses of various types – from start-ups and small public companies, all the way through to large multinational conglomerates. Their policies typically address risks unique to each insured company.
Hiscox Small Business Insurance Cost
The average monthly cost for Hiscox small business insurance varies depending on the type of coverage. General liability insurance costs around $30 on average per month. While professional liability insurance starts at $22.50 and up per month. Business owner’s policy premiums start at $33.33 and up per month. Annually, these costs would amount to around $360 for general liability, $270 and up for professional liability, and $400 and up for a business owner’s policy.
How to Buy Hiscox Small Business Insurance Plan?
Hiscox makes purchasing small business insurance easier with their website and quote form. Which requires details such as your business name, address, years in operation, revenue estimates and gross sales numbers. Policies may be purchased either directly through Hiscox’s website or from independent insurance agents such as Geico. Furthermore, on weekdays from 7 am to 10 pm ET during your quote process you can speak to an licensed insurance agent for assistance – giving your small business the protection it needs.
We’ll also help you in getting Hiscox small business insurance quote easily.
Pros and Cons Of Hiscox Small business Insurance:
In this review, we’re looking into pros and cons of Hiscox small business insurance:
Pros
- Online quotes and purchasing policy
- Policy rates can be very competitive
- Very wide policy coverages for small businesses
- One of the best customer support
- Discounts of up to 5% when buying two or more products
- Able to arrange for customers to obtain medical malpractice insurance via a third-party partner
Cons
- limited availability of coverage in certain states like Alaska
- Low limits for some online quotes
Final Thoughts
Our Insurancheck’s team does honest reviews and analysis for insurance companies. Hiscox is a small business insurer offering core policies most businesses need directly to consumers via its website or brokers, with exceptional cybersecurity resources and research capabilities. Quote and purchase online policies in minutes when visiting Hiscox.
Hiscox Insurance Services are our top choice for small business customers looking for commercial insurance coverage. Their outstanding online customer reviews, as well as transparent pricing structures are hallmarks of excellence for them.
Hiscox provides a broad selection of business insurance policies and one of the finest cyber liability plans available; therefore we would gladly refer them to our family and friends. We hope you get enough information about Hiscox small business insurance in this review. Get Quote Now!
Very easy process. Could not have been any easier, and I’m not the most tech-savvy person. Good price and outstanding response time for the business insurance i needed for a consulting job