Hiscox Business Insurance Review | U.S. News

Hiscox is a specialty insurer that offers a selection of policies specifically designed for businesses and business owners. For example, the company underwrites business owner insurance policies, liability policies, and cybersecurity insurance policies. Hiscox Insurance was founded in 1901 and now claims over half a million small business customers.

Landing at the top of our ranking, Hiscox’s small business insurance has a lot going for it. It offers a wide variety of policies, including general and short-term liability, workers’ compensation, medical malpractice, and umbrella policies. However, it doesn’t offer a farm and ranch policy.

You can get a quote and manage your policy online, but there can be exceptions here. For example, you may have to call the company directly to make changes to your policy. Hiscox also has an option to talk with an agent or broker about your insurance needs and how to meet them.

Hiscox is available in all states except for Alaska. The cost of Hiscox insurance is dependent on your unique business needs and location, so it’s difficult to say if it’s the most affordable option. However, there will be variations in cost regardless of which insurer you choose.

Hiscox offers business insurance that caters to both those who want the expertise of an agent and those who prefer a primarily online insurer. Many small business owners will find the coverage they need from Hiscox’s wide range of options, from industry-specific coverages to general liability insurance.

Your business insurance costs will depend on several factors, including the policy type, coverage needs, costs of payroll, annual revenue, and deductibles. Beyond that, insurers also look at the amount of risk that’s involved with covering your business. There will generally be higher premiums for businesses that are higher-risk, require a lot of coverage, choose low deductibles, or have high annual payroll costs.

For example, let’s say you have a coffee shop in a location where similar businesses tend to file more claims than coffee shops in the next county over. You’ll likely pay more for coverage than shops in low-claim areas. Certain industries are considered riskier than others, so that will also impact how much you pay for coverage.

Lowering the coverage amount on a high-premium policy can lower the monthly cost of coverage. However, you may have out-of-pocket expenses if you need to file a claim to replace broken equipment. It’s important to make sure you can afford those expenses should something go wrong. You’ll want to make certain that you meet any minimum insurance requirements for your business’s location. Also, note that many companies will not allow you to write coverage that is lower than the value of the equipment or property being insured.

Because there are so many factors that go into rate setting for business policies, the best way to understand your options is to shop around and get quotes. That way, you’ll be able to compare the costs and coverages, and choose an option that offers affordability as well as adequate coverage.

Hiscox’s application process starts with getting an online quote. For that, you’ll need to provide information like:

According to the company, if you have all of that information handy, the quote should take just a few minutes to complete.

Once you’ve submitted a quote, you’ll be able to choose your payment frequency (annual or monthly) and give them your payment details. You can do the entire application process online. However, if desired, you can also give them a call between 7 a.m. and 10 p.m. Eastern Standard Time to speak with an insurance agent about your needs.

Hiscox offers several types of business insurance, including multiple types of liability policies (like general, short-term, and professional liability), workers’ compensation, errors and omissions, and medical malpractice coverage.

A business owners policy from Hiscox provides coverage for general liability as well as property coverage bundled together. That includes things like bodily injury, property damage, personal injury, business equipment damages, defense costs, and damages to rented premises. Property coverage is capped at five business locations.

Hiscox’s workers’ compensation policy pays in the event of work-related accidents, illnesses, or deaths for your employees. For example, if a worker slips during the regular course of their job and is injured, that would be a workers’ comp claim. This policy type covers medical costs and lost wages that result from those events.

General liability insurance covers you in the event that a claim is made against your business by others. This includes things like bodily injury, damage to property, or personal injury. You may also see this type of policy called small business liability insurance or commercial liability insurance.

Unlike general liability, professional liability insurance is designed to cover you against specific risks that are related to your field or industry. This includes things like defense or settlement costs in the event that you’re sued for negligence. You may also see this referred to as errors and omissions insurance (E&O insurance) or indemnity insurance.

An errors and omissions (E&O) policy is a form of professional liability insurance. In this case, it’s more narrow and is designed to cover claims of negligence or inadequate work. Think: libel, slander, and copyright infringement. This can include industries like IT, accounting, wellness, engineering, real estate, marketing, and consulting.

If you have insurance needs that may vary throughout the year (for instance, you work on several short-term projects throughout the year or one project that requires extra insurance), short-term liability can help provide protection, and you wouldn’t have to pay for an annual policy. Hiscox provides short-term liability in partnership with Thimble, a fellow small business insurer.

While general liability policies cover third-party claims, employment practices liability protects businesses against claims made by employees about the company’s employment practices. That can include things like lawsuits for inappropriate workplace conduct, including discrimination, harassment, and wrongful termination.

Hiscox’s umbrella policies are meant to help fill coverage gaps for excessive liability claims (claims that exceed your current policy’s liability limits). They can provide increased policy limits on general liability policies, including higher primary liability limits in the event of large claims.

A commercial auto insurance policy from Hiscox provides coverage for company cars, including owned, rented, hired, or employee vehicles. Like traditional auto insurance, these policies can provide auto liability, medical payments, uninsured/underinsured motorists, comprehensive, and collision insurance.

The cybersecurity policy from Hiscox covers companies against privacy, data, and network exposures. That includes things like lost revenue from phishing attacks, data recovery costs following a data breach, defense against privacy lawsuits, and any resulting regulatory fines. However, this type of cyber insurance doesn’t extend to subsidiaries that you don’t have majority ownership over.

Malpractice insurance is for those who provide care to patients and can cover things like professional negligence, Healthcare Insurance Portability and Accountability Act (HIPAA) fines and penalties, and licensing board defense. You may also see this kind of policy labeled as medical professional errors and omissions coverage. Hiscox’s medical malpractice insurance is provided in partnership with NOW Insurance.

As the name implies, a Directors and Officers insurance policy from Hiscox provides protection for directors and those who serve on a company’s board as an officer. Coverage applies in the event that there is an actual or alleged act of wrongdoing. For example, if there are claims that stem from their decisions that negatively impact the company, this policy could provide financial protection.

For most policies, there are a few ways you can file a claim with Hiscox:

If you bought your insurance policy via one of Hiscox’s agents or brokers, you’d also have the option to contact them to file a claim.

There may be exceptions to these primary claims methods, depending on your policy type. For example, those with a workers’ comp policy will be issued claims directions alongside their policy documents.

Once you file a claim, a representative would be assigned to the claim. They would let you know about the necessary next steps, validate your claim, and let you know the insurer’s decision.

Hiscox and Travelers provide many of the same offerings. For example, you could get a business owners policy, general and professional liability, workers’ compensation, and cybersecurity coverages from either insurer. Both insurers let you file claims online. That said, Travelers doesn’t necessarily offer all of the policies that Hiscox does. For instance, you can’t get short-term liability with Travelers.

On the flip side, Hiscox is available in 49 states and Washington, D.C., while Travelers is available in all 50 states and the District. Of the two companies, only Travelers offers insurance in Alaska. In addition, Travelers offers a farm and ranch policy while Hiscox does not.

When it comes to cost, it’s hard to say which would be cheaper. That’s why a quote is key when choosing a business insurance company. Ultimately, the best option for you will depend on your coverage needs, budget, and location.

Chubb and Hiscox both offer many different types of policies. While they do offer a number of the same type of policies, there are differences between the two. For example, Chubb has a ranch and farm policy, while Hiscox doesn’t. However, Hiscox has a short-term liability option, while Chubb doesn’t.

You can also report claims online with either company. Like Hiscox, you can get an online quote with Chubb, as long as your company brings in $1 million or less in annual revenue. That said, companies with higher revenues will have to contact a Chubb agent to find out what rates they’d get with the company. So, you might prefer Hiscox if you’re looking for an online-only option and your business falls into the latter revenue category.

Again, the costs and coverages will be a major factor in determining which insurer will be better for your business. Going through the quote process can help clarify what to expect from each insurer.

Learn more in our Chubb review.

It can. For example, if you have cybersecurity insurance and employ remote workers, that policy can help protect you against incidents caused by a remote worker’s actions. Still, it’s important to verify that your individual policy provides this type of protection if you have remote workers on your payroll before signing up.

Yes. For example, there is a home-based business discount, which can be as high as 10%. Plus, you can get a 5% rate reduction if you have multiple policies with Hiscox.

You can submit certain requests online, such as adding an authorized person or changing your business address. You’ll have to call Hiscox for other changes, like updating your billing method or adjusting your coverages.

You can only cancel a Hiscox policy by calling the company directly. When you cancel, you’d be able to get money back if you’re owed any unused premiums.