What Does Hiscox Business Insurance Cover?
Hiscox’s small business insurance provides a wide range of coverage options. The starting point is often a business owners policy and from there customers can add endorsements to customize a policy.
Hiscox’s Business Owners Policy (BOP)
A Hiscox business owners policy (BOP) combines three valuable types of coverage.
General liability insurance. This part of a BOP pays claims made by others against your business for injuries or damage to their property. General liability insurance also covers issues such as copyright infringement, electronic data loss, advertising injury and legal costs in case of a lawsuit against you.
Business property insurance. This type of insurance pays out if your business assets, like equipment, furniture and building structures are stolen or damaged. Commercial property insurance from Hiscox extends coverage to up to five business locations.
Loss of business income: If you lose revenue because of property damage, business interruption insurance can compensate you.
You can add coverage on a Hiscox BOP, such as:
- Insurance for electronic data loss.
- Liability insurance for hired or non-owned vehicles used for business activities.
- Commercial crime insurance in case of employee dishonesty.
Hiscox’s Professional Liability Insurance
Also referred to as “errors and omissions insurance,” professional liability insurance pays claims in case someone accuses your business of negligence and files a lawsuit. For instance, if one of your employees makes an accounting mistake that results in financial losses for a client and they sue your business, this coverage can cover legal fees and settlements, even if the allegations are untrue.
Hiscox’s Cyber Security Insurance
If your business experiences a cyberattack, putting clients’ personal information at risk, cyber liability insurance can pay costs associated with the incident. This insurance is also referred to as cyber liability insurance.
Hiscox’s Medical Malpractice Insurance
Hiscox’s medical malpractice insurance, also known as medical professional E&O, can provide coverage if your business is accused of making professional errors that harm others. For example, let’s say someone sues you for providing inadequate care that led to their physical or mental distress. This coverage can pay for legal fees and other losses, including their lost wages and ongoing care expenses.
Workers’ Compensation Insurance
Through its partnership with The Hartford, Hiscox offers workers’ compensation insurance covering expenses arising from employee accidents, illnesses or fatalities. This coverage assists in paying for employees’ medical bills and compensating for lost wages if they become sick or injured due to their jobs.
In many states, employers are required to have this insurance.
Hiscox’s Short-Term Liability Insurance
Short-term liability insurance is provided through a partnership with Thimble. This coverage is for projects that span a short period of time, such as a week or a month. It covers accidental property damage and injuries to others that your business is liable for. It can also cover your legal expenses, judgments and settlements in the event of a lawsuit stemming from an incident.
Short-term liability insurance might be a suitable choice for a seasonal or short-term business.
Hiscox’s Commercial Auto Insurance
Commercial auto insurance from Hiscox provides coverage for vehicles used for business activities, such as cars, trucks or vans. Given that personal auto insurance policies typically do not extend coverage for vehicles used for business purposes, a commercial auto insurance policy becomes necessary.
Hiscox’s Commercial Umbrella Insurance
Hiscox’s commercial umbrella insurance increases your general liability coverage by providing higher policy limits beyond the coverage in the base policy, particularly for significant claims. For instance, if your business has to pay a $700,000 liability lawsuit and your general liability is capped at $500,000, a commercial umbrella policy can cover the remaining $200,000 (up to its policy limits).
Hiscox’s Directors & Officers Insurance
If a member of your business’s leadership team faces financial risks like being sued for decisions made on behalf of the company, directors & officers insurance can cover claims. For instance, allegations of mishandled funds or poor investments could result in legal action. This type of coverage can also pay for legal costs.
Hiscox’s Employment Practices Liability Insurance
If someone makes a claim against your business for wrongful termination or violations of employee rights, employment practices liability insurance can pay the claims. It can also cover the legal expenses when defending your business against these types of lawsuits.
How Much Does Hiscox Business Insurance Cost?
Hiscox small business insurance can be very cost competitive. Here’s a look at rates compared to some of Hiscox’s competitors. Rates below are based on general liability limits of $1,000,000 per occurrence/$2,000,000 aggregate.
| Small business type and business structure | Hiscox | BiBerk | The Hartford | Next |
|---|---|---|---|---|
|
Advertising – LLC
|
$350
|
$448
|
$410
|
$968
|
|
Carpentry – S-corp
|
$500
|
$980
|
$1,126
|
$1,721
|
|
Carpentry – Single-Member LLC
|
$500
|
$1,623
|
$2,431
|
$5,646
|
|
Carpentry – Sole Proprietor
|
$500
|
$1,062
|
$1,008
|
n/a
|
|
Consulting – LLC
|
$350
|
$275
|
$352
|
$887
|
|
Drywall – Corporation
|
$500
|
$635
|
$2,304
|
$1,702
|
|
Electrical work – Sole Proprietor
|
$500
|
$461
|
$1,236
|
$913
|
|
Electrician – Sole Proprietor
|
$500
|
$783
|
$1,220
|
$996
|
|
Electrician – Sole Proprietor
|
$500
|
$694
|
$1,275
|
$996
|
|
Handyman – LLC
|
$683
|
$1,229
|
$1,105
|
$3,188
|
|
Janitorial Services – Single-Member LLC
|
$2,561
|
$3,642
|
n/a
|
$4,634
|
|
Painting – LLC
|
$500
|
$1,247
|
$1,343
|
$2,369
|
|
Tile/stone work – Sole Proprietor
|
$500
|
$832
|
$1,214
|
n/a
|
Source: Berkshire Hathaway Direct Insurance Company filing in Connecticut, 2022.
The amount you’ll pay for Hiscox business insurance varies based on factors such as your industry, annual revenue, number of employees and the types of coverage you want.
How to Get Hiscox Business Insurance
Here’s how to get Hiscox business insurance:
Start by identifying the types of insurance your business needs. A business owners policy is a good starting point, and then you can add extra coverage specific to your business’s risks. For example, consider cyber liability insurance if you store your clients’ personal information.
Obtain a free quote. Once you know what coverage you need, you can get a quote at the Hiscox website. Or request a quote by phone by calling 1-866-826-1083.
Where Is Hiscox Business Insurance Available?
Hiscox sells small business insurance in all states except Alaska.
Who Is Hiscox Business Insurance Most Suitable For?
Hiscox insurance may be suitable for business owners who:
- Like the convenience of an online insurer, including quotes and buying online.
- Are looking for low rates. While it’s always smart to shop around for business quotes, Hiscox offers competitive rates.
Alternatives to Hiscox Business Insurance
Exploring your options is a good idea when looking for a small business insurance policy. Here are a few alternatives.
Allianz. Although Allianz has a reputation for covering major enterprises, small businesses can benefit from its knowledge and risk advisory services.
Allstate. An Allstate agent can help you understand your choices for business insurance and online quotes are available.
Farmers. Provides a wide range of business insurance options and online quotes. Besides general liability and commercial property insurance, you can buy commercial auto insurance, umbrella insurance, manufacturing coverage and other options.
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Methodology
Our rating is based on complaint data for commercial liability and commercial property insurance in 2022. Complaint data is based on complaints upheld by state insurance departments in every state and collected by the National Association of Insurance Commissioners.
