Hiscox Business Insurance Review 2024: Costs & Alternatives

Hiscox is a small business insurance company with 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, cyber security, and commercial property insurance. However, it continues to expand the coverage it offers, and recently, it added workers’ compensation insurance.

Hiscox Policies & Coverage

As a dedicated small business provider, Hiscox has the core group of policies that small business owners need to protect their business. These are as follows:

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

In addition to its cyber insurance package, 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 visit Hiscox and 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 is able to offer the following:

• Commercial Auto
• Directors and Officers Insurance
• Umbrella Insurance
• EPLI

Hiscox provides insurance in 49 states—it is 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 is an option to answer a few questions to receive coverage recommendations if you are 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 an HR consulting firm. You could either call to finish the process or purchase the policy entirely online without speaking to anyone.

• Business Owner’s Policy: $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, $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 due to a phishing scam, lost revenue and data recovery due to 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 was different 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 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 do need to reach out to Hiscox, it is only open during the weekdays—Monday through Friday, from 7 a.m. to 10 p.m., ET.

Customers also have access to Hiscox CyberClear Academy™, which is an online hub for free training resources for employees around the area of cyber security. Customers also gain free access to Paladin Shield, a software platform with training and live consultative services.

When surveying Hiscox’s offerings, there is an impression that Hiscox has a holistic approach to helping small businesses: by offering both 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 terms of customer satisfaction. This is a weak area for it, but there are signs of improvement.

• National Association of Insurance Commissioners (NAIC): This is a good bellwether for how a provider performs nationally—and it shows a positive trend for Hiscox with an unfortunate setback. 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. Unfortunately, in 2023, the number of complaints jumped to 1.97.
• Hiscox’s reviews page^[1]: There are over 1,000 user reviews on Hiscox’s website—and these are overwhelmingly positive at 4.7 out of 5 stars. The most recent comments reflect customers’ appreciation for the ease of getting a quote, the expert advice from advisors, and the timely resolution of claims. You can find comments complimenting Hiscox for a seamless renewal process and responsive and great service for customers.
• Trustpilot^[2]: With over 900 reviews, Hiscox has 1.9 out of 5 stars. However, when surveying the comments and reviews, many of them seem to be from Great Britain and are reviewing the parent company of Hiscox, which is British-based, and not this specific company. There are also several reviews where the comments make it clear the person is upset about something political and not their experience as a customer. So, take this low score with a grain of salt.

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 the following:

• 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 does not provide any reasons.

Because Hiscox works with numerous brokers, don’t be surprised if you visit CoverWallet, Simply Business, or CyberPolicy and receive a quote from Hiscox.

Frequently Asked Questions (FAQs)

Yes, Hiscox is a reputable insurance company. Its roots go back to 1901 in the United Kingdom. It recently launched an American company focused on offering insurance exclusively to small businesses.

Yes. As an insurance company, Hiscox is the one paying claims for its policies. That doesn’t mean, however, that it pays all claims. Every policy has a section of exclusions, which are prohibited actions or scenarios that carriers will not pay out on.

Hiscox is available only on weekdays from Monday to Friday from 7 a.m. to 10 p.m. ET. If you need to speak with someone, you can reach it at 1-844 727 8530.

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 cyber security research and resources. You can get a quote and purchase a policy online in minutes when you visit Hiscox.

User review references:

^[1]Hiscox Business Insurance Reviews
^[2]Trustpilot