Hiscox Small Business Insurance Review

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Starting a business is one of the biggest challenges in life; you will undeniably have the desire to work toward financial independence, but there are some things to keep in mind first.

Many entrepreneurs surrender because of unrealistic expectations, not being able to keep growing, or something as simple as not having insurance.

Getting insurance for your business is fundamental –as well as a legal requirement in most states.

As a general rule, they protect you from illegitimate claims, which end up costing a lot or protect third parties by providing solutions to accidents involving property or people.

On this article, we will review one of the most known companies that dedicate to this field: Hiscox Business Insurance.

Who Are Hiscox Business Insurance?

It is a leading specialist insurance company with origins dating back to 1901.

It is not a traditional insurer though, they rather focus on specific types of insurance in which they have developed experience.

They differ from other companies in the industry because they often focus their efforts on areas that other insurers find too complex to insure.

Because they go beyond the conventional in several specific markets, they can offer market-leading products and services for companies with very flexible features. Generally speaking, they offer general liability, professional liability, and property insurance through brokers, or if you prefer, direct online insurance for small businesses.

What Does Hiscox offer?

Among its line of products, and benefits obtained by hiring them, are:

General Liability Insurance:

This protects your business from third party claims for bodily injury, property damage, and personal injury.

Professional Liability:

Also known as errors and omissions, this coverage protects your business from claims of negligence during the course of business. You’re protected even if you haven’t really made a mistake.

Errors and Omissions:

Provides protection for your professional services business, making it ideal for contractors and related companies against claims of negligence or failure to perform their professional duties.

Business Owners Policy:

Includes the benefits of general liability insurance, and adds coverage for your company’s property, including the furniture, equipment, tools and other assets you need to put your business into practice.

Workers’ Compensation:

Protects your business from the costs associated with a work-related illness or injury suffered by an employee.

You need this to avoid fines imposed on employers who do not have workers’ compensation insurance.

Cybersecurity:

Cybersecurity insurance can protect your business against cyber-attacks by providing the necessary tools to prevent an attack before it occurs or minimize the damage afterward.

Highlights

There are many things that can hinder the growth of your business or company, and you need to know how to deal with all that, as well as tips for continuing to do well or even improve.

To help you lead your business better this website has a resource center which can be really useful for a first starter.

Here, they provide tips and tools to help small businesses succeed, blog ideas, more information on liability insurance, or ways to take advantage of discounts and offers from selected partners.

Partners include License Logix, Incorparate.com, Square and Fundera.

You may also be a broker and be interested in working with them.

Although the products offered to wholesale and retail brokers vary and you must log on to the site for details, the general requirements are:

  • Active E&O coverage with an added limit of $5 million or more.
  • A reputable licensed agent and/or broker in the states where you plan to write a business.
  • A guaranteed total of $1,500,000 in written premiums during the first year of doing business with Hiscox USA.
  • Excellent reputation, a high degree of experience, market knowledge and financial security.

On the downside, Hiscox is currently licensed to offer small business insurance in 49 states nationwide in the US and 13 countries offshore.

In Summary

As a company with more than 100 years of experience, you can expect nothing less than excellent quality service.

In the end, we can say that it is a trustworthy company, with good reviews and satisfied customers.

On the other hand, it should be noted that working such a complex sector, they currently operate in 13 countries; on the home page, you have a telephone number where you can get answers to various questions and start hiring the service.

If you are new to the world of business, give them a try and find out a plan that fits your initial budget, this may save you from some headaches in the long run.

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