Hiscox is a leading business insurance provider that offers tailored coverage for small and medium-sized businesses. With Hiscox business insurance, you can protect your company against risks like property damage, lawsuits, cyber attacks, and more.
This post will provide a look at Hiscox business insurance, its features and benefits, cost, and how to determine the right coverage for your company.
What is Hiscox Business Insurance?
Hiscox business insurance provides protection for both physical and non-physical assets of a business. It goes beyond just covering property to also safeguard against liabilities and losses stemming from lawsuits, employee injuries, cyber incidents, and disruptions to operations.
Some key offerings of Hiscox business insurance include:
- General liability insurance – Covers legal costs and damages if customers get injured on your business premises or by your products/services.
- Professional liability insurance – Protects against claims arising from errors, negligence or failures in service. Important for consultants and service professionals.
- Cyber and data security insurance – Safeguards businesses fromcosts associated with data breaches, hacking, malware and other cyber incidents.
- Business income insurance – Offsets income lost due to disruptions or closures from covered incidents.
- Commercial property insurance – Insures your business location and its contents against damage from covered causes like fires, natural disasters, theft, vandalism and more.
- Business owner’s policy (BOP) – Bundles general liability, property coverage, and business income insurance into one.
Hiscox offers these policies on both a stand-alone basis or as part of a customizable package tailored to your company’s needs.
Key Benefits of Hiscox Business Insurance
There are many advantages to securing Hiscox business insurance, including:
- Broad, Flexible Coverage
Hiscox policies are designed to be comprehensive and can be customized with add-ons to build adequate protection for your specific business. General liability limits go up to $6 million or more if required.
- Expert Underwriting
Hiscox employs specialist underwriters with expertise in 150+ industries. This enables precise risk evaluation and pricing suited to your business operations and assets.
- Superior Claims Service
Hiscox invests heavily in claims services and provides policyholders with direct access to claims experts for efficient resolution. They have in-house cyber claim specialists to swiftly handle data breach incidents.
- Financial Strength
With over 115 years of experience insuring businesses, Hiscox is financially very strong, rated A (Excellent) by A.M. Best. This gives policyholders added confidence in their ability to pay out claims.
- Loss Prevention Resources
Hiscox partners with your business to help minimize risks. Their risk management services provide tools and advice to strengthen cyber security, prevent workplace accidents, protect reputation and more.
What Does Hiscox Business Insurance Cover?
Hiscox offers tailored business insurance policies that can include wide-ranging coverage, such as:
Property Insurance
- Damage to buildings, furnishings, equipment due to covered causes like fire, lightning, windstorms, hail, explosions, civil unrest
- Business interruption expenses from covered incidents
- Equipment breakdown, mechanical or electrical failures
- Off-premises property like mobile equipment, trade show booths
Liability Insurance
- Third party bodily injury and property damage
- Personal injury, false advertising, libel, slander, defamation
- Products/completed operations liability
- Professional liability errors and omissions
Other Coverage Include:
- Commercial auto insurance
- Workers compensation
- Cyber and data breach response
- Employment practices liability (EPLI)
- Fidelity or employee dishonesty
- Identity fraud expense reimbursement
Hiscox can bundle these as a customized business owner’s policy or standalone tailored policies aimed at specific risks like cyber liability or EPLI.
What Does Hiscox Business Insurance NOT Cover?
While Hiscox policies are broad, some key exclusions are:
- Illegal activities, professional misconduct, pollution incidents
- Unexplained disappearances or inventory shortages
- Losses occurring when premises are vacant for 60+ days
- Cyber extortion payments
- Bodily injury to contractors or employees of vendors
- Gradual building damage, wear and tear
- Losses arising from non-covered causes
It’s important to review your Hiscox business insurance policy documents to fully understand exclusions and coverage gaps for your operations. Your agent can explain the fine print and help secure endorsements to tailor protection.
How Much Does Hiscox Business Insurance Cost?
Hiscox business insurance premiums vary based on these key factors:
Industry and Operations
Businesses perceived as higher risk like construction, real estate, consulting are charged higher premiums than professional services like accounting or insurance agencies.
Location
Premises in areas prone to natural catastrophes like floods, hurricanes or wildfires have higher premiums. Urban locations also tend to cost more than rural.
Claims History
Businesses with past claims or lawsuits get rated higher than claim-free accounts. Good loss history helps lower premiums.
Coverage Limits and Deductibles
Higher limits and lower deductibles increase premiums. Optimal deductibles reduce premiums.
Business Size
Larger firms with more employees, property, revenue have higher premiums. But Hiscox also serves small businesses.
On average, Hiscox policyholders pay anywhere from $500 to $15,000 annually depending on their coverage scale, risk profile and other factors.
How to Get Hiscox Business Insurance
Follow these steps to get Hiscox business insurance:
- Review Exposures
Conduct a risk assessment of potential liabilities and property exposures so you can determine adequate coverage types and limits.
- Prepare Information
Collect details on your operations, business structure, revenue, payroll, premises, compliance and past losses. Hiscox will need these to quote.
- Work with an Agent
Contact a qualified independent agent familiar with Hiscox. They can answer questions, get you the best rates and facilitate smooth enrollment.
- Complete the Application
Fill out Hiscox applications accurately with your agent’s help. Pay attention to material facts that influence coverage terms and pricing.
- Submit Claims Carefully
If a loss occurs, notify Hiscox promptly with evidence of covered cause and damage. Cooperate fully in the claim investigation and resolution process.
How to Make a Claims
If something happens, here is an overview of how claims work with Hiscox:
- Report incident promptly to Hiscox within designated time limits. Provide as much documentation as possible.
- Investigation – Hiscox will assign an adjuster who contacts you for details on the loss circumstances, damage incurred, witnesses, etc.
- Submission – Compile and submit all supporting documents like police reports, invoices, receipts to back up your claim.
- Review and response – Hiscox will evaluate, confirm coverage applicability and may request supplemental information.
- Settlement – Once claim validity is established, Hiscox communicates a settlement offer for review. If acceptable, they issue payment.
- Appeals – In case of claim denial or dispute over settlement amount, you can provide added proof and appeal directly to Hiscox.
Why Choose Hiscox for Business Insurance?
Here are top reasons to choose Hiscox business insurance for your company:
- Specialized coverage and expert underwriting
- Direct access to claims specialists
- Proactive loss prevention guidance
- Flexible, customizable policies
- Rated A (Excellent) for financial strength
- 150 years of experience as an insurer
- Award-winning claims service
- High customer satisfaction ratings
- Reliable support from knowledgeable agents
Hiscox provides an optimal blend of tailored coverage, top-notch service and steadfast claims handling to protect your company and support your growth.
Conclusion
With unpredictable risks facing today’s businesses, Hiscox provides an invaluable safety net to keep your company resilient.
Their experienced underwriters, claims teams and agents make Hiscox business insurance a wise investment for mitigating liabilities, safeguarding your property and protecting profits.
Review your risks, research options and request a free quote to get started on building proper insurance foundations for your enterprise to thrive.
Check Out:
- Business Insurance for Car: How to Get Car Business Insurance?
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