Last Updated 26 October 2018 | By:

Hiscox Business Insurance Review

Are They The Best Fit For Your Business?

Hiscox Business Insurance ReviewWhen you need insurance for your business, it can be difficult to know which of the many carriers is the best choice. While shopping for insurance can be a hassle, it’s one or the most important steps in the early life cycle of any business. Getting the right coverages from a company you can trust is vitally important to your success as a business owner.

Hiscox is one of the top commercial insurance providers in America, but that doesn’t necessarily mean they’re a good fit for your company. This review will analyze Hiscox’s business insurance policies to help you determine if their service is right for you.

Pros and Cons of Hiscox Business Insurance

Pros

  1. Hiscox’s online quote generator is incredibly convenient and user-friendly. In about ten minutes, Hiscox will provide prospective customers with a detailed quote that they can manipulate and adjust to find the perfect coverage level and price. They even sell insurance directly to customers online.

  2. Hiscox has focused solely on providing business insurance since their founding in 1901. This means their singular mission is providing the best possible commercial insurance coverage for their customers.

  3. Hiscox serves small, midsize, and large companies with a wide variety of policies and coverages.

  4. Hiscox is one of the leading providers of cyber insurance in the world.

  5. Hiscox maintains high-average rating scores from all major ratings firms, making them a safe bet when it comes to covering your claims.

  6. Hiscox’s website features a highly informative company blog and podcast where current and prospective customers can gather a wealth of information.

  7. Hiscox receives stellar customer reviews, with very high rating scores across over 10,000 reviews.

Cons

  1. While Hiscox’s reviews are very impressive, nearly every single review is located on their own website. Though not necessarily a red flag, it’s noteworthy that there are virtually no reviews of Hiscox on any third-party websites.

What Kinds of Business Insurance Does Hiscox Offer?

Hiscox provides an impressive range of coverages tailored to small, medium, and large businesses in a multitude of different fields. While this list is not exhaustive, these are their most popular forms of commercial insurance coverage:

  • General Liability
  • Professional Liability
  • Errors and Omissions
  • Business Owner’s Policy (BOP)
  • Workers Compensation
  • Cyber Security

 

Hiscox also offers specialized coverage for a number of specific industries, including policies in the following fields:

  • Architecture and Engineering
  • Beauty
  • Consulting and Freelancers
  • Contractors
  • Fitness
  • Health
  • IT and Technology
  • Marketing
  • Therapy

How Can I Get a Quote From Hiscox?

While you always have the option to obtain a quote via phone or in person with a Hiscox agent, they also offer a convenient and intuitive online quote generator tool. You can obtain your quote in about 10 minutes by filling out a few simple forms on their website.

After Hiscox provides your quote, you can then adjust the deductible and other limits of the policy to find a price point and coverage level that works best for you. You can get quotes for both monthly payments and annual prepays. It’s possibly the best online quote tool available from a commercial insurance provider.

How Does Hiscox Rank for Financial Strength?

When choosing an insurance carrier, it’s important to consider their financial stability and strength. When you file a claim, you never want to be concerned with your insurance carrier’s ability to cover your expenses.

Thankfully, Hiscox has great financial strength ratings, meaning you won’t need to worry about their ability to protect you and your business.

A.M. Best Financial Strength Rating: A

“Assigned to insurance companies that have an excellent ability to meet their ongoing insurance obligations.”

A.M. Best Issuer Credit Rating: a+

“Assigned to entities that have an excellent ability to meet their ongoing senior financial obligations.”

Standard & Poor’s Financial Strength Rating: A

“An insurer rated ‘A’ has strong financial security characteristics but is somewhat more likely to be affected by adverse business conditions than are insurers with higher ratings.”

How Much Does Hiscox Business Insurance Cost?

In general, it’s quite difficult to make fair cost comparisons among insurance providers. There are simply too many variables to consider. One provider may have a lower price for general liability insurance, while another offers cheaper property coverage. The level of benefits offered for the cost can also vary.

Unlike most providers, though, Hiscox lists prices for their most common policies right on their website. Here are the starting rates for some popular coverages:

  • General Liability Insurance: $29.17/month
  • Professional Liability Insurance: $22.50/month
  • Business Owner’s Policy (BOP): $41.67/month

While these rates will increase depending on the size and nature of your business, for starting prices they are very reasonable.

Customer Reviews

Customer reviews can be a difficult thing to qualify. It’s impossible to determine exactly which policy each reviewer holds and the specific circumstances behind their experience. With insurance, in particular, anyone who has had to file a claim is likely dealing with a difficult situation. Still, there is value in examining how a typical customer views a company since it can give you a glimpse into their general customer support reputation.

Hiscox receives excellent feedback from their customers, with very high average rating scores and well over 10,000 reviews available online. However, there is a striking lack of customer reviews among any third-party websites.

Score 4.7 out of 5 is a fantastic record for customer satisfaction. Customers rave about the high-quality customer service, straight-forward claims process, and affordable prices. However, a more diverse sampling of reviews would help solidify this outlook.

Final Thoughts

Final ThoughtsOverall, Hiscox earns a score of 4.8 out of 5. Hiscox is truly one of the best commercial insurance providers in America, thanks in large part to their exclusive focus on business policies.

Compared to most competitors, Hiscox has advantages that greatly outweigh their disadvantages, making them one of the best options when it comes to selecting a  commercial insurance policy.

They offer a wide range of policy types to fit any company, and make finding and purchasing their policies fast and convenient.

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