Hiscox is an international insurer headquartered in Bermuda and listed on the London Stock Exchange. Through its Hiscox Retail division, it offers various business insurance policies in the U.S., where it has nine offices. Hiscox may be a good candidate for small businesses that want comprehensive coverage specialized for their industry.

Hiscox business insurance: Pros and cons

Commercial auto insurance covers a wide range of vehicles and uses, including dual personal and business use.

No coverage available in Alaska; business owners policies are unavailable in several states.

Discounts of up to 5% available when you buy two or more Hiscox products. There is a 14-day money-back refund policy.

Businesses needing more than $2 million of coverage from a policy may need to look elsewhere.

Professional liability policies cover work done anywhere in the world.

Business owners policies are generally only available to businesses with 10 employees or fewer.

Hiscox business insurance: Types of coverage

Hiscox offers the following coverage options for small-business owners:

Beyond those core business insurance products, Hiscox also offers commercial auto insurance, directors and officers insurance, umbrella insurance and employment practices liability insurance, among other options. It does business in every state except Alaska, though the availability of specific types of policies varies by state. The company offers coverage to people in over 180 different industries.

Hiscox general liability insurance

Hiscox offers general liability insurance with coverage limits ranging from $300,000 to $2 million. You can apply online or over the phone; your policy and certificate of insurance are issued via email, which can be helpful if you need to forward them to a client quickly as proof of insurance.

General liability insurance is recommended for all business owners. It typically covers bodily injury, damage to a third party’s property, personal injury, advertising injury, medical expenses, legal defense costs and electronic data liability. If your business is sued, general liability insurance can help cover legal fees and settlements.

Liability coverage applies only to third-party claims, such as customer injuries. It doesn’t cover theft or damage to your property, for example.

Hiscox professional liability insurance (errors and omissions insurance)

Hiscox professional liability insurance is designed to protect businesses against actual or alleged errors and omissions in the professional services or advice they provide. Your business may need this kind of insurance protection if it provides services to customers for a fee. Hiscox policy limits range from $250,000 to $2 million, and you can customize coverage to meet the needs of your business and your industry. For example, a web designer might need software copyright infringement coverage, but the owner of a dog-walking business might not.

Hiscox professional liability insurance covers:

  • Alleged or actual negligence, such as misinterpreting instructions, failing to inform clients about cost overruns, mistakes in work, bad recommendations or failing to complete all of the steps in a process.

  • Legal defense costs.

  • Libel or slander.

  • Errors made by employees, temps and independent contractors.

  • Claims from work completed in the past.

Hiscox also covers claims on work performed all over the world, though the claim must be filed in the U.S., a U.S. territory or Canada.

Hiscox business owners insurance

A Hiscox business owners policy combines general liability insurance with property insurance for damage to your own furniture and equipment at up to five different locations. Deductibles range from $500 to $10,000 for building or business-related equipment losses. You can customize these policies to cover:

  • Fire damage to the office.

  • Data losses.

  • Hired or non-owned vehicles.

  • Terrorism.

  • Employee dishonesty.

However, Hiscox business owners insurance doesn’t cover vehicles or boats, any failures to protect personally identifiable information, inaccurate or incomplete advice you give to clients or any professional services you perform. Also, it’s not available to businesses with more than 10 employees, nor is it available in Alaska, Delaware, Florida, Kansas, Rhode Island, Washington or West Virginia.

How much does Hiscox business insurance cost?

It’s difficult to predict the cost of business insurance, as rates vary widely depending on coverage, location, business type and associated risk factors, but a ballpark figure is helpful to index against as you shop for coverage.

Below are prices for various coverage types in 2021, as reported by Hiscox.

Type of coverage

Average monthly cost

General liability insurance

$30 on average.

Professional liability insurance

$22.50 and up.

Business owners policy

$33.33 and up.

You can get a business insurance quote online by supplying a few details, including your business name, physical address and years in operation. You also may need to provide revenue and payroll estimates, as well as gross sales numbers, depending on your business and the coverage selected. NerdWallet recommends getting quotes from multiple business insurance companies to find the policy that best fits your needs.

Previous articleThings Break. How to Make Sure Your Emergency Fund Can Cover Them
Next articleShopping Guide: How to Get the Best Deals Online

I would really love you to Leave a Reply and let me know what other content you would like from me. Thank You!

This site uses Akismet to reduce spam. Learn how your comment data is processed.