Thursday, April 24th
2025 Business Insurance Provider Reviews
Hiscox
- Holds an "A+" rating from the Better Business Bureau (BBB)
- Transparent and affordable pricing
- Immediate policy availability
- More than 100 years of industry experience
Hiscox is a longstanding name in business insurance, starting in the UK more than 50 years ago and broadening into the US market over the last two decades. Hiscox's range of online quotes includes General Liability, Professional Liability, and Business Owners Policies (BOPs). Should you require other types of coverage such as Commercial Auto, Umbrella, Workers Compensation, and the like, Hiscox provides an option to receive a quote online. However, for such cases, Hiscox redirects you to one of their third-party insurance partners to facilitate the process.
Easy-to-use online quote tool
If you're uncertain about the type of insurance that suits your needs, Hiscox offers a handy tool. You can locate it on the home page in the conspicuous red box labeled "Get a Quote". Add your zip code and then click through and answer a series of questions, delving into the nature of the services you provide and whether you own or lease your business space. Subsequently, you will receive a recommended list of suitable policy types. Hiscox's main business insurance page also offers an abundance of information for a more in-depth understanding of each coverage type.
Lots of questions to answer
To proceed with the quoting process for one of Hiscox's offered coverage types, you'll need to specify your state and profession. The quote generator will then recommend insurance types that correspond to the services you're likely to provide, and you can select the coverage you wish to include in your quote. The subsequent questions aim to gather pertinent details about your company, such as the number of employees and whether you produce any tangible goods.
No phone call required
What sets Hiscox apart is its efficiency in providing a detailed quote for the specific coverage you've specified. Unlike many other business insurers, Hiscox doesn't leave you hanging, waiting to consult an advisor just to obtain an actual quote. This approach eliminates the guesswork and waiting game often associated with obtaining insurance.
Transparent, affordable premiums
The pricing for Hiscox policies is notably reasonable. For instance, for the small business General Liability quote we requested, the monthly premium was a budget-friendly $33.32, or $406.80 annually as a one-time payment. The flexibility to add supplementary coverage like Professional Liability or Business Property and Equipment and seeing the direct impact on premiums was incredibly convenient.
Coverage within minutes
We received an email with the quote details. The subsequent steps involved only took a matter of minutes to complete the application, make the payment, and receive confirmation that the policy was in effect. This streamlined process is a significant advantage over most business insurance providers, which often take hours or even days to provide coverage.
Recent feedback isn't uniformly positive
Due to a somewhat more recent set of negative reviews, Hiscox has seen its Trustpilot rating average drop to 3.0 despite having over 95% in earlier 4- and 5-star reviews. It also seems to have dropped in its customer reviews rating at the Better Business Bureau from a 5-star rating to 1.2 stars and an unaccredited "A+” rating. A survey of customer sentiment through the BBB comments reveals a hefty number of complaints about policy price increases, mistaken large charges, and problems with refunds.
Some small businesses might not be eligible here
We identified another drawback when it comes to choosing Hiscox for business insurance coverage: some industries that typically involve contractors or freelancers are not included in their list of covered professions when compared to our highest-ranked insurer. For instance, pet/animal services such as dog walking and child care were notably absent from the list of covered professions. This omission might limit options for certain small business operators.
Reliable option for business insurance
It's not reassuring that Hiscox has experienced significant decreases in positive customer sentiment. Nonetheless, the majority of companies are likely to find the coverage they need when exploring insurance options with Hiscox. They are still a strong option given their longevity in the insurance marketplace and share of insurance underwriting overall.
More Business Insurance Provider Reviews
The 10 Best Business Insurance Providers
Where Can You Find the Best Business Insurance?
In a world becoming more legally sensitive, protecting your company from accidents, property damage, or injuries is critically important. It plays a pivotal role in safeguarding a business against a a myriad of risks. And in many states and industries, it's not just a good idea but something you have to do.
Even where it's not required, business insurance is a popular idea. In today's world, companies operate in an environment fraught with risks, ranging from natural disasters and accidents to legal liabilities. Without insurance, these events could lead to substantial financial burdens that might cripple or even bankrupt a business. Insurance policies act as a financial cushion, ensuring that a business can recover and continue operations.
Business Insurance Provider FAQ
Continued from above...
The insurance needs for any business can vary depending on its size. For example, small businesses often have different challenges compared to larger ones. Meeting the insurance needs that big companies can handle with lots of resources can be harder for small businesses. That's because small businesses don't have as many employees, accountants, and lawyers.
The legal landscape is another area where business insurance is indispensable. Liability claims and lawsuits are commonplace in the business world. Without adequate insurance, legal expenses and settlements can pose existential threats to a company. Insurance policies focused on professional liability, general liability, and other specific risks mitigate the financial impact of legal challenges, allowing a business to focus on their core activities rather than litigation.
But figuring out the right insurance can be confusing. After all, it's not an "exciting” business expense, protecting yourself against situations that you hope don't happen, but it's a big help when unexpected things do.
So, how can you figure out the exact coverage and how much you need? Instead of going to a local agent right away, who might not know a lot about small businesses, people are increasingly turning to online searches to find an insurance company with knowledge and specialty in the business world.
As you look into different places to get business insurance, keep these things in mind:
- Types of coverage. Make sure the coverage options available are what you need. Are you limited to basic liability plans, or can you make a policy that's right for your business?
- Convenience. See how easy it is to find information and get quotes on the website. Do you have to talk to someone before you can get coverage?
- Reputation. Has the service or company been reviewed by the Better Business Bureau? Look at what other business customers say about their experience during the application process and after they get the policy.
Today's market has a bunch of top business insurance providers, and the experts at Top Consumer Reviews have researched and ranked some of the best-known names in the industry. Our goal is to help you get the coverage your company needs to protect it from expensive lawsuits, liability issues, and unexpected problems.
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