Hiscox specializes in insurance for small companies, offering a wide range of coverage types for a diverse set of industries. Hiscox particularly stands out in insurance policies for businesses run out of the home. The company tailors its policies by reducing coverage in your BOP to match the reduced risk.
A general liability policy from Hiscox averages about $30 for most small businesses, and you can bundle property coverage into a BOP that starts at just $42 per month.
Hiscox also offers:
- Monthly payment plans for no extra charge
- A 14-day full money-back guarantee.
Hiscox specializes in liability insurance and can tailor products to cover exposures in nine industries and more than 70 specific professions. On top of the common policies, such as general liability, cybersecurity, and workers’ compensation, Hiscox can quote others.
Here are a few of Hiscox’s additional liability policies:
- Directors and officers insurance
- Management liability insurance
- Employment practices liability insurance
- Hired & non-owned auto liability insurance
Hiscox Customer Reviews
Hiscox customer reviews trend positive, with many customers commenting on the company’s fast service and helpful representative. Clients also say the application is easy to use and appreciated being able to call to get questions answered.
What Hiscox Is Missing
With an online service portal, live chat, and simple application, Hiscox does an excellent job of using technology to create a positive client experience. However, the company doesn’t offer surety bonds. While not an insurance policy, bonds are often needed for contract work, especially in the construction industry.
How to Apply for Business Insurance at Hiscox
You can apply with Hiscox online anytime and get same day coverage. To start an application, choose your industry and state from the drop-down menus, click Get a Quote, and answer a few questions about your business. The process takes only minutes to complete.
How much is business insurance at Hiscox?
Hiscox does not offer a standard price for the different products they offer. The price of products is determined by the number and types of products that a company chooses and the amount of coverage chosen in each of those products. For example, the value of the equipment in an office, the security measures of the company and the location of the business premises will greatly affect the price of the premium insurance price.
Hiscox is not known to offer cheap insurance, but this was not considered bad as the company has many customers. Due to the comprehensive insurance cover offered by the business insurance company and its track record in the payment of claims, the price of their products has not played a major role with customers.
Quotes are offered by agents selling insurance products. Online offers are not accurate, as they are just sample awards. The company needs more details to get accurate prices. The company offers phone quotes during business hours. The prices for one and the same product may vary between different companies.
Based on the information on the company’s website, professional liability insurance is offered for only $ 22.50 per month, while general liability insurance premiums are already offered for $ 19.17 per month. Business owner policies are offered starting at $ 41.67. This is the combined package cover. Hiscox offers a large number of discounts, including multi-policy discounts and low rates for companies that demonstrate risk management practices.
Filing claims with Hiscox Small Business Insurance
Claims may be submitted at any time on the Company’s website. However, the company offers specific deadlines for handling claims. Typically, the company processes claims within a day and responds with an email and application number and contact information that can be used in an emergency. Within 48 hours, a claims representative will be sent to monitor the loss in your organization and check all the details to make sure everything is tracked.
The claims representative will work for 5 to 10 days to collect as much detail as is required for the application. During this time, the Claims Representative will remain in contact with the Insured to verify the details. The validation of the insurance coverage will be communicated within 20 days and sometimes within 10 days, depending on the availability of the information on the damage.
In view of the large number of claims made, the period between the occurrence of damage and the payment of claims varies greatly. The insured person can work with the insurance company for a few days and this can sometimes take weeks. This is especially true if the nature of the loss or damage is not clear and information is not readily available.
Within five days of confirmation of the loss value of the business, Hiscox will pay insurance claims. Liability claims vary in length as there may be a lawsuit. As can be seen on the company’s website, the transparency of the application process is ensured. If a customer is not satisfied with claims processing, they can file a complaint through the opposition division simply by sending an e-mail.
What do consumer reports say about Hiscox?
Hiscox has addressed many of its customers with its products. There are a large number of online reviews, most of which are positive. They claim that the company offers fast services, that their products are offered at competitive prices and that their record deposit records are clean. These positive reviews have helped to increase the number of customers seeking insurance from Hiscox.
Hiscox is certified by the BBB. The company has an A + rating based on the BBB multi-factor rating system. According to BBB, the company had only four in the last six years and only one complaint in the last year. Complaints are directed to the New York office. Therefore, other complaints may be directed to other offices in the UK or in other countries.