Our Summary
Many small business owners find that Hiscox can often beat the premium of other small business insurance carriers. Hiscox focuses on small business needs in industries that it understands. This is a recipe for quality insurance policies for less money.
Company Overview
Hiscox was founded in 1901 and is headquartered in Hamilton, Bermuda. The company trades on the London Stock Exchange and reported $3 billion GBP in revenues in 2020. It has more than 3,000 employees in over 14 countries. Hiscox has over 500,000 small business customers who trust them to protect against the unforeseeable.
Geographic Representation
Hiscox is currently licensed to conduct business in 49 states and the District of Columbia. It is not able to write business in Alaska.
Lines of Coverage
Hiscox provides coverage for over 180 professions. They offer a multitude of insurance policy types to make sure that you have the coverage that you need.
The types of commercial insurance policies listed with Hiscox Insurance include:
- General Liability: Pays third-party claims where you are responsible for property damage or bodily injury
- Business Owners Policy (BOP): Combines general liability with commercial property insurance for one comprehensive policy
- Professional Liability: Protection from professional negligence leading to a client’s loss or injury
- Cyber Security: Protection from hacking, ransomware, and data breaches
- Workers’ Compensation: Covers employees who are hurt while working
- Commercial Auto: Protection for at-fault accidents in your company vehicles
Top Industries Served
Hiscox has a wide appetite for industries. It advertises that it works with small business owners, sole proprietors, entrepreneurs, side hustlers, contractors, and home-based businesses. It has a specific affinity for service-based businesses and professionals such as accountants and consultants.
Premium Costs
Hiscox Insurance advertises that a general liability policy can cost as little as $30 per month or $360 annually. Your premium will depend on the type of policy that you choose, your industry, your revenues, and your claims history.
Underwriting Process
Quotes are available via the online platform or you can call during business hours. Hiscox has extended business hours to accommodate the needs of a busy business owner. Their hours of operation are Monday through Friday, 7 a.m. to 10 p.m. EST.
It takes just a few minutes to get a quote and you can purchase it immediately from the quote page.
AM Best Ratings
It’s important to know whether or not a company can fulfill its promise of paying a claim when the time comes. One measure of a company’s financial solvency is its AM Best financial strength rating. Hiscox has an A rating by AM Best. It also was rated by Fitch who gave it an A+. This suggests that the company is in good financial standing and can pay even catastrophic claims.
Complaint Index
A complaint index is a score provided by the National Association of Insurance Commissioners (NAIC). When a company has a score over 1.0, it has more complaints than expected for its market share and size. When it has a score below 1.0, it has fewer complaints. The baseline is always 1.0. So if a company has a 2.0 score, they would have twice as many complaints as expected for their size.
Hiscox had a 1.59 score in 2020 based on 15 complaints. This is up from 2019 when it had 11 complaints and 2018 when it had 8 complaints.
Reputation
We look at what real customers have to say about the company to get a better understanding of what they do well and where they need improvement. Hiscox has 886 reviews with a 4.7-star rating on Trustpilot. People appreciate how easy Hiscox makes the process of buying business insurance.
Hiscox is not accredited with the Better Business Bureau and maintains an A- score. There are 12 customer reviews with a 1-star average rating. The company closed 15 complaints in the past 12 months. Upset customers said that the process wasn’t efficient with people asking for details repeatedly. It appears that the company has some growth to do in customer service.
Concluding Thoughts
When we think of an insurance company for the solopreneur, Hiscox comes to mind. They have spent decades understanding the risks of various industries to help better underwrite policies. That means they can be competitive on pricing while offering all the bells and whistles that you need in a policy. If you’re looking for business insurance, Hiscox is worth the time to get a quote.
Learn more about Hiscox Insurance
Methodology
CommericalInsurance.net employs its own independent research to come up with the details for reviews. We do this so that you can have as many insights as possible about a company so that you can make the best decision for your commercial insurance. We take into consideration the company’s history and where they serve. We want to highlight the appetite that a company has as this suggests where business owners can get the most competitive rates. Where possible, we include premium data. From there, we take into account formal complaints, and financial strength ratings along with public reviews painting a broad picture of the company’s reputation.
This insurance purchase for my business was the most seamless phone encounter I have ever had in any phone purchase process bar none. Information was requested once and moved smoothly from one person to the next as we moved thru the purchase. Each person I dealt with was friendly, professional, and focused on determining my needs and the best way to match me up with the solution. Absolutely stellar!!!
We had a great experience. Michael, was super helpful, answered all our questions and did a great job finding us an insurance company. He also made an effort to get everything done as fast as possible. We are very thankful for the excellent service.
5 STAR. Matched our company with the perfect insurance company! Customer Service OUTSTANDING!Affordable Towing
