Where can you find the best business insurance online? Entrepreneurs have a lot of things to consider when starting a company - what kind of business they'd like to be in, where they will house their offices, how they'll advertise, whether they should incorporate, and if they will want to have employees or do things on their own. One thing is clear though: small business owners realize that typically they'll need help to protect what they've built, which is where business insurance comes in.
Great
For more than a century, Hiscox has been protecting businesses with their specialty insurance. The worldwide company boasts the theme "encourage courage," protecting businesses so they can do and be more.
Established insurance provider
More than 600,000 small businesses trust their coverage to Hiscox. Since 1901, their coverage has enabled entrepreneurs to grow their businesses, protected against the unexpected.
Many industries covered online plus more via phone
Hundreds of small professional service businesses are covered in twelve categories: architecture & engineering, beauty, commercial maintenance, consulting, fitness, health, home services, marketing, property, retail, therapy, and travel. Hiscox notes that if your occupation isn't listed, they still can help. The online form isn't designed for custom business options though, so you'll probably have to call them for a quote.
Helpful guiding questions, tailored policies
Don't be confused by the myriad of options for business insurance coverage at Hiscox - they offer a "find out in 20 seconds" option to help entrepreneurs determine what they need to protect their companies. Saying they have tailored policies to fit your company's situation, Hiscox offers the kinds of insurance businesses most need: general liability, professional liability (E&O), business owner's policy (general liability plus property coverage for physical assets), and cyber security. Businesses may also get workers' compensation, short-term liability, medical malpractice (E&O), commercial auto insurance, directors & officers insurance, umbrella insurance, and employment practices liability insurance, but these are provided through a partnership with CyberPolicy, The Hartford, Thimble, or NOW Insurance. If you want one of those policies, you'll be redirected when you click to get a quote. The fact that they don't offer these types of policies themselves isn't clear at first, leading to confusion and frustration when you're seeking a quote from them.
Quick quote process for some types of policies
Offering fast quotes leading to instant coverage, Hiscox knows that businesspeople don't want to spend a lot of time getting insured. Their online options for coverage are general liability, professional liability, cyber security, and business owner's policy. First, provide your ZIP code and then tell them the type of work you do, how the business is structured, and when you want coverage to start. Then you'll be offered "essential business protection" options: most likely general liability and cyber security. However, you're unable to bypass these options if you're looking for something else. Once we selected one of the choices presented, we were asked for personal contact information and our anticipated income for the next year, and then quoted a monthly and annual amount for coverage. Annoyingly, they continue to offer you cyber coverage if you don't take it right away. On the quote page, you're able to adjust the aggregate limit, occurrence limit, and deductible, add upgrades (such as terrorism and media liability), and see policy details. Depending on your type of insurance, you may be asked additional questions to try to determine needs you may have.
Guarantee and discount offered
Hiscox policies come with a 14-day guarantee, though no further details are listed. Policies can be canceled at any time. They say pricing for a general liability policy could be $30 per month, and bundling products will allow you to save up to 5%. We also appreciate the business-centered blog on their website which inspires and informs with topics such as understanding tariffs, registering a veteran-owned business, and mistakes to avoid to protect your business.
Straightforward claims process with a friendly promise
Claims on your policy can be filed online or made by phone or mail. Hiscox says their process is to acknowledge the claim, assign a representative, validate your coverage, and then make a decision. In their FAQs, they mention that they "dislike denying claims" and will give each decision a "full and fair review." Additionally, they note that you can provide information to help them see how they got it wrong and may re-examine their decisions. We like that they say they'll take another look at a claim in such a friendly manner.
Declining reputation concerns
An accredited business by the BBB, Hiscox has had less than 30 complaints in the past three years. Across online review platforms, their reviews are varied. The ratings average anywhere from a dismal 1.6 to an exceptional 4.8 across online review platforms from nearly 30,000 reviewers. Pleased customers mention knowledgeable representatives, reasonable prices, and the easy sign-up process. Negative reviewers complain the claims process wasn't easy and customer service was poor. Others say they were sold insurance online only to find out later their business was not covered. Customers who have been around for a while lament that the service "used to be great but they are now atrociously bad." While we're impressed with the sheer number of 5-star reviews (more than 20,000), we note that there have been recent issues worth keeping in mind when comparing policies.
Excellent choice for entrepreneurs
Long-established as a provider of insurance for small businesses, Hiscox has the offerings most companies desire. Though their slight decline in reputation over recent years keeps them from our top spot, Hiscox offers an excellent choice for purchasing small business insurance online.
Continued from above...
Entrepreneurs have a lot of things to consider when starting a company - what kind of business they'd like to be in, where they will house their offices, how they'll advertise, whether they should incorporate, and if they will want to have employees or do things on their own. One thing is clear though: small business owners realize that typically they'll need help to protect what they've built, which is where business insurance comes in.
In today's litigious society, it's essential for companies to protect themselves from accidents, property damage, injuries, and cyber attacks. Not only is it a good idea to have insurance for your business, but in some states and industries, the law requires it.
Despite the regulations involved, business insurance is a good idea in general. Risks such as natural disasters or accidents could easily place a substantial financial burden on a small business. Without coverage, such expenses might cripple a business or even lead to a bankruptcy. If you're not covered and someone sues your company, it could spell the end of your business.
With a myriad of options to offer a shield against the risks involved in doing business, some people find themselves wondering what they actually need. Recommendations for coverage vary depending on the size of the business, the type of work done, the property owned, the technology involved, and other considerations. This can be confusing, but some insurance companies make it easier with questionnaires, checklists, and even phone consultations.
Small businesses and sole proprietors can especially be at risk since they lack the resources for a legal team and accounting division. And let's face it - insurance isn't an "exciting" expense. It's something your customers won't usually see and you will probably forget about -until you need to use it.
With specialty small business insurers and large companies competing to provide you with insurance policies, you should be able to compare quotes online to find the best price for the right protection. Use the online resources to help you understand terms and select what you need to be covered.
There are many factors to consider when determining the proper coverage. Here are some things to keep in mind as you compare your options for business insurance:
With such an important decision on the line for your business, we at Top Consumer Reviews have ranked some of the top business insurance providers online to assist you in narrowing down the options. Use our research to make it even easier to get the proper coverage you need, in order to protect your company from unexpected problems, expensive lawsuits, and liability issues.
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