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Hiscox Review

Sunday, April 14th

2024 Business Insurance Provider Reviews

Hiscox Review 4.5 Star Rating

Hiscox

4.5 Star Rating
  • 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.

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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.

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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.

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.

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Business Insurance Provider FAQ

There are two main areas of coverage: business liability and commercial property. The former is used in the event that someone holds your company liable for injury, damages or loss; the latter covers damaged or stolen business property, plus any buildings you own (not lease).
Unless you've got money to burn, you need insurance coverage to protect you from any number of unexpected situations: a slip-and-fall at your store, an employee injury at your warehouse, or damage to a customer's home during a project, just to name a few. Lawsuits, medical bills, and property damage claims get expensive, and business insurance helps mitigate those risks and costs.
That will depend on several factors, including but not limited to state laws where your business operates and any licensing requirements for your specific industry. If you have employees, you'll likely be required to have workers' compensation coverage, and any vehicles owned by your business (and not you as an individual) need a commercial auto insurance policy.
That also depends on your state and your industry. At a minimum, expect that you'll need general liability insurance (which is often required as part of a client contract or commercial lease), plus workers' comp if you have employees and commercial auto if your company owns vehicles. Beyond that, you'll need to consider how your business operates and what specific types of policies might be required or just a good idea (such as Liquor Liability if you own a bar).
As with any other type of insurance, your premiums for business policies depend on many factors: the size of your company and number of employees, desired coverage limits, annual revenue and business location. However, most small businesses pay $65/month on average for General Liability coverage, $99/month for Business Owner Policy (which bundles property insurance with general liability), and $111/month for Workers Compensation.
It's true that most insurers only offer standard one-year policies, with prorated refunds if you cancel before the 12 months are up. But, with more and more people working in non-traditional ways (gig economy, freelancers, event specialists, and so on), the business insurance industry is evolving to keep up. There's at least one company that specializes in business insurance with short-term options: hourly, daily, monthly, depending on the company's needs.
Typically, yes! The premiums for your policy are a business expense and can be deducted like any other cost.
Absolutely. Some of the biggest names in the insurance industry allow business owners to get quotes directly through their websites. Other insurers specialize in online-only service, allowing you to get your quote, policy, and proof of coverage with just a few clicks. Of course, you should do your due diligence and select an insurer with a strong reputation before committing to a business insurance policy.
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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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