Hiscox Business Insurance Review 2023: Pros, Cons, Alternatives
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Hiscox business insurance
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Hiscox business insurance: Pros and cons
| Pros | Cons |
|---|---|
| Can get a quote and purchase policies online. | You might not be able to buy all the coverage you need from Hiscox directly. |
| Discounts of up to 5% available when you buy two or more Hiscox products. There is a 14-day money-back refund policy. | No coverage available in Alaska; business owner's policies are unavailable in several states. |
| Professional liability policies cover work done anywhere in the world. | Business owner's policies are generally only available to businesses with 10 employees or fewer. |
Hiscox business insurance: Types of coverage
- General liability.
- Professional liability.
- Business owner's policy.
- Cyber insurance.
Hiscox general liability insurance
NerdWallet Small Business helps you get the right coverage based on partnerships with more than 20 national carriers. Get quality customer service and guidance through our partner, Turbo.
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NerdWallet Small Business helps you get realtime quotes from 30+ insurers, and instant access to your Certificate of Insurance (COI) through our partner, Coverdash.
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Hiscox professional liability insurance (errors and omissions insurance)
Hiscox business owner's insurance
- Fire damage to the office.
- Data losses.
- Hired or non-owned vehicles.
- Terrorism.
- Employee dishonesty.
How to get a Hiscox business insurance policy
How much does Hiscox business insurance cost?
| Type of coverage | Average monthly cost |
|---|---|
| General liability insurance | $30 on average. |
| Professional liability insurance | $22.50 and up. |
| Business owner's policy | $33.33 and up. |
Should you choose Hiscox for business insurance?
- Want to work with an established brand: Hiscox has been active in the insurance industry since 1901.
- Work internationally: Professional liability insurance from Hiscox covers work performed anywhere in the world, as long as the claim is filed in a covered jurisdiction.
- Don’t mind working with multiple insurance companies: Hiscox only underwrites a handful of policies for small-business owners. If you need commercial auto or workers’ comp insurance — which many business owners do — you’ll have to manage policies from another insurer alongside Hiscox.
Alternatives to Hiscox business insurance
- If you like Hiscox for its century of experience: Consider Chubb, which was founded in 1882 and also sells business insurance online. You can quickly get a quote to compare coverage and costs. And in addition to a BOP, professional liability and cybersecurity insurance, you can buy umbrella and workers’ compensation insurance from Chubb online.
- If Hiscox doesn’t have a package for your industry: Next Insurance sells business insurance packages tailored to more than 1,000 professions. Next is a much newer company than Hiscox — it was founded in 2016 — but it offers a list of policies that should be sufficient for many small-business owners, including commercial auto insurance and workers’ comp.
- If Hiscox’s BOP isn’t available to you: If you work in a state where Hiscox’s BOP isn’t available, The Hartford offers a similar business owner’s policy. It includes general liability, commercial property and business income insurance, and you can tack on cyber liability and professional liability insurance coverage.
Article sources
Methodology
Business insurance ratings methodology
NerdWallet’s business insurance ratings reward companies that offer small-business owners reliability and ease of use. Ratings are based on weighted averages of scores in several categories, including financial strength, customer complaint data, shopping experience and customer service. Learn more about how we rate small-business insurance companies.
These ratings are a guide, but insurance policy details and prices can vary widely from business to business and provider to provider. We encourage you to shop around and compare several insurance quotes.
NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.
Insurer complaints methodology
NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2018-2021.
To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period.
Our star ratings consider ratios for both general liability insurance and commercial property insurance. When an insurer sells policies that are underwritten by several different insurance companies, we consider the NAIC complaint ratios of all the underwriters.
