Hiscox Business Insurance Review 2023: Costs & Alternatives
Nathan Weller is an Insurance Expert focusing on insurance for small business. He has 15 years experience in insurance operations, FNOL, and claims handling.
This article is part of a larger series on General Liability Insurance.
Hiscox, an insurer focusing exclusively on insuring small businesses, has coverage for hundreds of professions. The company’s roots go back to 1901, but in the last 10 years, it has focused on offering insurance directly to policyholders via its online quote and bind system. Its primary offerings are general liability, professional liability, cybersecurity, and commercial property insurance.
Overall Score:
3.75 / 5
Pros
- Quote and purchase policy online
- Dedicated small business insurer
- Cybersecurity resources
Cons
- No 24/7 call center
- High customer complaints
- Lower limits for some online quotes
Standout Features
- Online quoting and policy purchase system
- Worldwide coverage
- Small business support
Average Annual Pricing*
- General liability: Starts at $350
- Professional liability: Starts at $441
- Business owner’s policy: Starts at $500
*On the Hiscox website, there are sample starting annual cost examples for an information technology (IT) consultant.
- You need cybersecurity insurance: Hiscox offers cyber coverage, free resources, and monitoring software to protect your business.
- You need to save money: Hiscox doesn’t charge fees for businesses paying monthly payments for their premium.
- You need insurance fast: Online, you can get a quote and purchase a policy quickly after entering basic information about your business.
- You have a home-based business: Hiscox offers insurance and a discount of up to 5% for a home-based business.
- Your business requires multiple types of coverage: If you need more than the core policies or are looking for higher limits, The Hartford—our best small business insurer—offers nearly every type of small business insurance with high limits. You can learn more about it through our detailed review of The Hartford.
- Your business needs commercial auto: Tivly works with more than 200 different providers and is a great option for a business needing commercial auto insurance.
- You want to compare quotes before buying: CoverWallet, one of the best business insurance brokers, can provide you with quotes from multiple providers to compare and purchase the coverage that works best.
Hiscox Alternatives
 |  |  |
|---|---|---|
Better for: Businesses that need multiple types of coverage | Better for: Small business owners who need commercial auto insurance | Better for: Small businesses looking to compare quotes and purchase a policy online |
AM Best rating: A+ (Superior) | AM Best rating: A- to A+ (Excellent to Superior) | AM Best rating: A to A++ (Excellent to Superior) |
Hiscox Policies & Coverage
As a dedicated small business provider, Hiscox has the core group of policies that small business owners need to protect their businesses. These are:
- General liability
- Professional liability, or errors and omissions (E&O)
- Commercial property
- BOP
Additionally, it offers cybersecurity insurance. Over the years, the Hiscox Cyber Readiness Report™ has become a reliable source of information on the cost of cyber claims. If you’re interested in it, you can download the report.
To provide other insurance options, Hiscox partnered with two online brokers. In its partnership with Thimble, Hiscox can provide short-term liability insurance for your business. Meanwhile, through its partnership with CyberPolicy, Hiscox can offer:
- Commercial auto
- Directors and officers (D&O) insurance
- Umbrella Insurance
- Employment practices liability insurance (EPLI)
- Workers’ compensation
Hiscox provides insurance in 49 states—it’s unavailable in Alaska. However, one standout feature is that it provides worldwide coverage. So if your business has an overseas loss, there can still be coverage.
After starting a quote, there’s an option to answer a few questions to receive coverage recommendations if you’re unsure what type of insurance your business needs.
Hiscox Cost
We received several quotes—all of which were for same-day coverage—for a small IT consulting firm and a professional liability quote for a human resources (HR) consulting firm. You could either call to finish the process or purchase the policy entirely online without speaking to anyone.
- BOP: $41.65 monthly or $500 annually
The BOP was a combination of general liability and business personal property. There was no mention of lost business income, which is often included with a BOP, nor of it being an optional upgrade. The limits on the quoted policy were $1 million per occurrence and $2 million aggregate for liability, and $25,000 for a property with a $1,000 deductible. Optional upgrades included crime for employee theft and blanket additional insured.
- Cyber: $23.74 monthly or $285 annually
The quoted policy covered response costs to a breach to mitigate damage, lost money because of a phishing scam, lost revenue and data recovery because of a breach or extortion threat, and defense costs. It had a total limit of $250,000 (occurrence and aggregate) and a $10,000 deductible.
- Professional liability: $48.73 monthly or $624.78 annually
The monthly payment structure for this coverage differed from the other two, requiring two months of coverage as a down payment and then ten monthly installments. The quoted policy had a total limit of $1 million (occurrence and aggregate) with a $500 deductible. It included blanket additional insured language.
Hiscox Policyholder Services
Hiscox offers several services to its policyholders, many of which give them the freedom to manage their insurance. Helpfully, it makes it clear online what services a policyholder can do and which ones require contacting Hiscox directly.
If you need a certificate of insurance (COI) for an additional insured or a client, Hiscox offers an online option to customize and request one. It will email you the updated form.
If you need to reach out to Hiscox, it’s only open during the weekdays—Monday through Friday, from 7 a.m. to 10 p.m. Eastern time.
Customers also have access to Hiscox CyberClear Academy™, which is an online hub for free training resources for employees around the area of cybersecurity. Customers also gain free access to Paladin Shield, a software platform with training and live consultative services.
When surveying Hiscox’s offerings, there’s an impression that Hiscox has a holistic approach to helping small businesses: both by offering insurance and resources. It has resources like templates, a profit calculator, and even discounts for policyholders for items like QuickBooks.
Hiscox Insurance Customer Satisfaction
For this Hiscox insurance review, we examined third-party organizations and user review sites to determine how Hiscox performs as an organization in customer satisfaction. This is a weak area for it, but there are signs of improvement:
- Trustpilot: With nearly 900 reviews, Hiscox has 3.8 out of 5 stars. Most of the recent reviews are all 1-star reviews with an emphasis on poor customer service. For example, users reported having to repeatedly call to reach someone just to get policy documents.
- Consumer Affairs: Hiscox has over 110 reviews and a 4.3 out of 5 rating. Like with Trustpilot, its recent reviews highlight poor customer service for claims and policy management. Common complaints are claims being denied and slow and unresponsive service.
- National Association of Insurance Commissioners (NAIC): This is a good bellwether for how a provider is performing nationally—and it shows a positive trend for Hiscox. The NAIC complaint index is 1.00, and in 2020, Hiscox had an index of 1.59. While this score is high, it has been moving in the right direction. In 2022, the score decreased to 0.88, making its complaints lower than the national average.
- Hiscox’s website: There are more than 1,000 user reviews on Hiscox’s website—and these are overwhelmingly positive at 4.6 out of 5 stars. The most recent comments reflect the NAIC trend. You can find comments complimenting Hiscox for a seamless renewal process and responsive and great service for customers.
How To Get Hiscox Insurance
Hiscox provides insurance directly to customers through its website. It also works with other brokerages and agents to offer insurance.
To get insurance directly from Hiscox, visit its website and enter information about your business. Be prepared to answer questions about:
- Type of industry
- Founding year
- Anticipated revenue
- Number of employees
- Industry-specific questions
In a matter of minutes, Hiscox will either generate a quote, ask you to call to ask more questions, or let you know it has declined coverage for your business. Unfortunately, when it declines coverage, it doesn’t provide any reasons.
Because Hiscox works with numerous brokers, don’t be surprised if you visit CoverWallet, Simply Business, or Cyber Policy and receive a quote from Hiscox.
Bottom Line
Hiscox is a small business insurer offering the core policies most businesses need directly to consumers through its website or via brokers. It excels in its cybersecurity research and resources. You can get a quote and purchase a policy online in minutes when you visit Hiscox.
