Hiscox Small Business Insurance Review

Finding the right insurance company for your needs is every bit as important as choosing the right type of insurance coverage. And it’s hard to break down a single “best small business insurance company” because different companies have varying needs from insurers.

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Hiscox topped our list as the insurer best-known for its exclusive focus on commercial rather than personal insurance policies. But is this the best insurer for your small business?

Which Small Business Insurance Policies Does Hiscox Offer?

With Hiscox, small business customers have access to a wide variety of policies, including these popular coverages:

  • Business liability: This type of insurance protects your business from third-party bodily injury or property damage claims, as well as matters of libel and slander.
  • Commercial property: If you own or rent physical space for your business, or if your company uses equipment in its operations, this policy provides coverage for these assets.
  • Business Owner’s Policy (BOP): With the Hiscox BOP, you’ll receive both business liability and commercial property insurance.
  • Professional liability: Does your business operate in a licensed profession (such as for doctors, lawyers, chiropractors, etc.)? If so, professional liability insurance will protect you against professional errors, which is why this is also sometimes referred to as errors and omissions insurance.
  • Cyber: If your business suffers a data breach, this policy will help you cover the expenses of having your customers’ personal information exposed.
  • Workers’ compensation: If you have employees, your state requires you to have workers’ comp to protect them from injuries and illnesses (unless you’re in Texas, the only state that doesn’t require it).
  • Short-term liability: Do you only require liability insurance for a set period of time? Perhaps you’re tackling a major (but temporary) project and need more liability insurance than your standard business liability policy provides? If so, Hiscox has short-term liability insurance that can meet your needs.

Hiscox also offers specially tailored coverage for companies operating in more than 180 different industries. However, there are some common small business insurance policies — like commercial auto and umbrella insurance — that Hiscox doesn’t underwrite itself. Rather, it outsources these policies to a company called CyberPolicy.

Hiscox Small Business Insurance Review

Hiscox is Incorporation Guru’s top overall pick as the company that focuses solely on business insurance. Let’s dig into the details to find out why and determine if this is the right company to provide your small business insurance policies.

Company Background

Hiscox is one of the most trusted business insurers in the industry today, as it has been almost exclusively focused on providing commercial insurance policies since its inception in 1901 — Hiscox only offers a very select few personal insurance policies, mostly tailored for high-net-worth individuals. It has a wide array of small business insurance products, including policies intended for companies with 1-5 employees, as well as many policies for larger companies.

Selling Points

Hiscox is one of the premier providers of cyber insurance in the industry today. In our highly tech-focused economy, it’s a good idea for many businesses to have cyber coverage.

Hiscox started providing cyber insurance long before most competitors, and it offers more coverage in this area than many insurers as well, including breach costs, cyber extortion, cybercrime, business interruption, data recovery, and digital media coverages.

In addition, Hiscox receives great reviews on the reputable third-party review aggregator platform Feefo. With an average score of 4.8/5 among the 19,605 reviews on this platform, it’s clear that most Hiscox customers are highly pleased with the service they receive.

Pricing Info

Hiscox provides more transparent pricing information on its website than most major business insurers. We love how they break down potential costs for different types of customers, as in this screenshot:

Overall, Hiscox usually quotes slightly lower prices than many legacy insurers, and the transparency is highly impressive as well.

Our Final Thoughts

Hiscox is our top pick for small business insurance customers seeking a company with an exclusive focus on commercial insurance coverage. The fact that it has great online customer feedback is a great attribute, in addition to its transparent pricing.

With a broad selection of small business insurance policies and one of the best cyber insurance plans you’ll find anywhere, we wouldn’t hesitate to recommend Hiscox to our family and friends.

Still, if you want to take a look at our recommended insurers for other categories — such as the best options for commercial auto insurance, industry-specific policies, and more — take a look at our complete guide to the best small business insurance providers.

Disclaimer: The content on this page is for information purposes only and does not constitute legal, tax, or accounting advice. If you have specific questions about any of these topics, seek the counsel of a licensed professional.

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Written by Team ZenBusiness

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