Hiscox provides a broad selection of business insurance policies tailored to specific industries. Their experienced agents specialize in small businesses in those industries to offer competitive rates.
Hiscox provides short-term liability through Thimble, making them suitable for projects which do not need an annual policy. They also offer business property, directors and officers insurance and cyber coverage through CyberPolicy marketplace.
Costs
Hiscox provides small businesses with an assortment of business insurance policies designed to meet their specific needs, such as business owners policy (BOP), general liability coverage, commercial property coverage and workers’ compensation coverage. These products provide protection from potential financial impacts associated with an unexpected event such as damage to commercial properties.
Hiscox also provides additional services that assist its customers with managing and reducing the likelihood of losses, such as online services such as policy modification, additional insured coverage requests and certificate acquisition. Their customer service representatives can answer questions Monday-Friday between 7 AM and 10 PM ET.
Hiscox business insurance premiums depend on the type and scope of coverage you select, along with factors like location, size, payroll expenses and annual revenue of your business. Furthermore, any claims submitted and paid may have an effect on premium costs – though Hiscox rates remain competitive among leading providers.
One way to reduce costs is to choose a lower coverage limit for your general liability policy, lowering both monthly premiums and annual payments while still protecting against catastrophic loss. Hiscox offers general liability limits ranging from $300,000 up to $2 Million.
One way to reduce costs is to choose a higher deductible on your commercial property policy, which will lower premiums while still covering any catastrophic losses that arise from disaster. Hiscox offers commercial property policies with named perils coverage, business interruption coverage and stolen equipment coverage that can help.
Hiscox provides short-term general and professional liability policies to small business in partnership with Thimble, another insurer of small enterprises. These short-term policies are an ideal way for contractors bidding on seasonal projects to meet their insurance needs throughout the year.
Coverage
Hiscox provides various business insurance policies, such as general liability, workers’ compensation and medical malpractice coverages. It also offers bundle policies known as business owner’s policies to save small businesses money by consolidating different coverage types into one package. Furthermore, Hiscox provides commercial auto, directors and officers liability, employment practices liability as well as umbrella policies.
Hiscox Insurance began operations in 1901. Now listed on the London Stock Exchange, they operate offices worldwide providing small businesses with comprehensive protection plans that understand specific industries better, providing quality policies at reduced rates compared to many of their competitors.
The company’s website makes it simple and cost-effective for businesses to obtain quotes and purchase online, using a user-friendly questionnaire that collects details about employees, years in operation and estimated annual revenue, gross sales and payroll estimates for your business. Depending on which coverage option they select, additional details may also need to be provided in some instances.
Once basic business information has been provided, the site generates a quote for a business owners policy which covers general liability and property coverages as well as professional liability, crime, cyber liability and employment practice liability coverages. They also offer business interruption insurance which covers lost income in case of disaster that shuts down operations.
Hiscox also provides additional products through partnerships with other providers, such as commercial auto insurance provided through Thimble’s marketplace for small business insurance where users can enter their information and get multiple quotes from competing insurers.
Hiscox received an A+ rating from AM Best, signifying their financial strength and ability to cover large claims. Finding an insurance provider capable of meeting its promises in case of an accident is vitally important; Hiscox stands up admirably here.
Claims
Hiscox Insurance Group specializes in business insurance and is one of Insureon’s highest-rated providers. Their long history and customer dedication have allowed them to cultivate an excellent reputation among its customers, along with competitive rates and an impressive array of coverages that help small businesses address common risks.
Hiscox’s user-friendly online process provides quick and convenient ways for customers to get quotes and purchase policies quickly and easily. In addition, you can make changes such as adding an authorized representative or changing address online; for other changes such as changing/cancelling an policy or requesting loss runs or subrogation waivers you’ll need to call Hiscox instead.
Hiscox provides several key coverages, such as general liability, errors and omissions, business interruption, workers’ compensation, product liability and directors and officers insurance. These policies cover everything from an unhappy client to physical injuries on your premises. Errors and omissions insurance (E&O), sometimes called malpractice coverage, protects against claims that your professional services have not been performed competently – something especially useful for businesses providing advice or providing services which require specialist knowledge.
Workers’ compensation coverage provides expenses associated with employee injuries or illnesses, such as lost wages. In many states this insurance requirement is mandatory. Product liability covers costs related to damaged or faulty products manufactured, sold, or distributed by your business – often required by law for manufacturers.
Directors and officers insurance, or D&O coverage, provides protection for board members and executive officers of your business. Typically required of publicly traded firms, it provides protection in case of actual or suspected wrongdoing by directors or executives of the organization.
Hiscox FinTech insurance was developed specifically to meet the unique risks faced by innovative regulated and non-regulated financial technology businesses, including cyber attacks, legal action and increased compliance requirements. Our coverage can help shield your business from these events so you can remain focused on driving it forward.
Customer Service
Hiscox customer service representatives are available weekdays between 7 a.m. and 10 p.m. ET to answer any of your queries about insurance policies or claim filing. You can also get help through online chat or email.
Hiscox business insurance policies feature an array of coverages tailored specifically for various types of businesses. Some industries, like health, marketing and consulting, retail beauty or home maintenance are covered while other general policies may provide professional liability, cyber, or medical malpractice cover as well. Furthermore, workers’ compensation coverage provides workers’ health if accidents or illness occurs at work.
Hiscox not only offers comprehensive business insurance coverage, but they also offer additional resources to small business owners. Their business portal includes tools like profit calculator and profit analysis calculator that enable informed decisions for small business. Hiscox CyberClear Academy also offers employees free training in cybersecurity issues while Paladin Shield – an integrated platform combining tools with expert consultation services – offers free cybersecurity training.
Customers can quickly determine their Hiscox policy costs online by providing some key details, and the site will generate or ask for more details as necessary. Hiscox also accepts quotes from third-party brokers so you can compare prices and coverage options for your business.
When purchasing a Hiscox policy, it’s essential that you understand its coverages and limits in depth. Furthermore, any special needs your business may have should also be taken into consideration; for instance if workers’ compensation coverage or medical malpractice insurance are necessities; be sure to contact your state insurance department regarding requirements in advance.
Hiscox Insurance Services has long been recognized for their exceptional business insurance offerings to small business owners both directly and through brokers. Their policies are consistently highly-rated by NerdWallet’s evaluation system based on pricing, coverage options, customization and customer experience; Hiscox stands out as being one of the few insurers offering bundle professional liability and property coverage as one contract; they also offer short-term general and professional liability policies for temporary protection such as contractors bidding on projects or seasonal businesses providing seasonal work.