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Hiscox (https://www.hiscox.com/) is a specialist insurer providing important insurance coverage to small businesses and homeowners alike. It’s been operating in the United States for around 40 years and has a history that goes back to the very beginning of the 20th century. Providing exceptional and much-needed services via Lloyd’s in London, Hiscox expanded all over the US in 2006.

Quick Overview

This insurer offers a diverse range of services, including professional liability and many specialty products, such as coverage for high-net-worth (HNW) individuals in case of ransom, terrorism, and other similar incidents. This blog reviews Hiscox’s services thoroughly.

Company Snapshot

Hiscox was established in 1901. Hiscox USA started in 2010 as part of the Hiscox Group. Now, Hiscox has more than 3,000 employees in 14 countries all over the globe, serving over 500k businesses altogether. As an Anglo-Burmedian insurer, it’s listed on the London Stock Exchange. Hiscox offers quality property/casualty insurance to clients as an underwriter at Lloyd’s of London. Let’s give you a brief snapshot of their business operations.

Contact Information

Hiscox didn’t provide an email for small businesses. The email listed on their Contact Us page is for those who have discovered a security vulnerability on their website (showcasing how seriously they take their clients’ information). You can still reach them via:

• Website: https://www.hiscox.com/
• Phone: +1 866 283 7545
• X: https://www.twitter.com/hiscoxsmallbiz
• Facebook: https://www.facebook.com/HiscoxSmallBiz/
• LinkedIn: http://www.linkedin.com/company/hiscox-small-business-insurance/

They’re available to pick up your call between 7 AM and 10 PM from Monday to Friday. They are located in 7 different cities in the United States, naming the following:

• Atlanta (headquarters)
• Los Angeles
• Scottsdale
• Chicago
• Miami (for those who lack a US domicile)
• White Plains
• Manhattan

Also, it seems that Hiscox had a branch in Dallas that had been disenfranchised.

Reviews & Ratings

Hiscox US has been highly rated for providing business insurance coverage to home-based small businesses. Also, policyholders can request policy changes easily and even get online certificates of insurance. Here are some more reviews and ratings for Hiscox:

• US News gave Hiscox 4.6 out of 5 stars
• NerdWallet gave Hiscox 4 out of 5 stars
• Trustpilot gave Hiscox 4.5 out of 5 stars (based on 1,300 reviews)
• Feefo gave Hiscox 4.8 out of 5 stars (based on almost 3,600 reviews)

As per the most recent online reviews published on different websites, customers praise Hiscox’s services for being very fast and efficient. Eligible businesses get coverage quickly (in about 15 minutes or so). Moreover, the online quote is very easy to get. However, what makes the service provider most prominent is how they always respond to negative reviews.

They apologize for the reviewer’s bad experience and offer to reconsider their case.

Types of Business Insurance Provided

Here are 5 major insurance types of insurance provided by Hiscox:

1.   Contents Insurance

This insurance covers your high-value contents, such as furniture, carpets, electronic items, paintings, bicycles, etc.

2.   Buildings Insurance

This insurance type protects your business premises from damage. If your building has sustained damages from arson, fire, explosion, gas leakage, flooding, or something else, this insurance will come in handy.

3.   Legal Expenses Insurance

If you are fighting a case or went through a lawsuit in the past, this insurance type will keep your finances in check.

4.   Professional Indemnity Insurance

You can protect your small business with professional indemnity (PI) insurance. It helps you when a client claims that you’ve made a mistake or had been negligent in your duties.

5.   Public Liability Insurance

If you run a janitorial business or provide handymen to work in homes and then someone takes you to court on false charges of property damage, this insurance type will protect you.

Industries Served

Hiscox serves different industries, offering comprehensive coverage to not only companies founded by small business owners but also high-net-worth (HNW) individuals and people in need of insurance from hacking, kidnapping, satellite damage, and other harmful incidents.

As per their website, they cover the following industries:

• Engineering & Architecture
• Construction, cleaning, HVAC, janitorial, window cleaning, and property management services
• Makeup artists, beauty insurance, hairdressers, nail technicians, etc.
• Accounting, bookkeeping, financial planning, interpreters/translators, tutors, human resources (HR), etc.
• Personal trainers, golf instructors, Zumba teachers, yoga/pilates gurus, etc.
• Home health aides, personal care assistants, massage therapists, etc.
• Plumbing, carpeting, gardening, and other services
• Web designing, digital marketing, event planning, and other services
• Insurance inspectors, land surveyors, real estate agents, and others

Eligibility Criteria

Whether you stand eligible to receive small business insurance from Hiscox or not relies on a number of factors outlined throughout Hiscox’s website across various pages. We have reviewed these extensive pages and realized that Hiscox deems your business eligible for insurance based on these characteristics:

• Your line of work and whether your business belongs to an industry that falls under Hiscox’s purview
• The size of your business and how much you’re making annually (showcased by if your annual turnover is above or below $3 million)

Further queries shall be directed to the Hiscox US sales department.

Cost & Prices

The cost and pricing of Hiscox can vary based on your needs, business size, the intensity of your situation, and many other factors. However, based on the information provided by both the US and the UK branches of Hiscox, we can say this about their pricing method:

• The UK branch claims that at least 10% of their policyholders get business insurance quotes that begin at the price of £8.4 per month.
• In the US, general liability policies start at a modest sum of $30 per month.

FAQs – Insurance Bee

How many clients does Hiscox have?

In 2023 alone, 500k businesses were receiving public liability insurance and professional indemnity insurance from Hiscox.

Is Hiscox a Lloyd’s syndicate?

Founded in 1901, Hiscox is an old Lloyd’s syndicate. It provides comprehensive coverage to not just UK and US-based businesses but also flood insurance to homeowners. Even the oil rigs can get ample insurance coverage by working with Hiscox.

Can I cancel my Hiscox insurance policy?

Yes, you can cancel your insurance very easily anytime you want. There’s no cancellation fee, yet you have to give them a 30-day notice first.

Is Hiscox a broker or insurer?

Hiscox is an insurer specializing in diverse personal and commercial line risk. As a leading insurance provider, Hiscox provides much-needed coverage to small businesses.