Hiscox Insurance Review

Hiscox Insurance
Financial Strength

Looking for Business Insurance?
We Recommend Hiscox
An international company with a long history, Hiscox focuses on products for small businesses. Now writing insurance in every state, they are well established in the American market and handle complex risks.

Hiscox Insurance Summary

Hiscox Insurance was founded in 1901, and now has its headquarters in Bermuda. The company sells products in 11 different countries including America and the UK. Hiscox is an underwriter for the famed Lloyd’s of London and sells products through them in the United States. They serve all of the states as well as the District of Columbia. Hiscox Insurance in the United States is based out of Chicago, IL, but has offices in several states including New York.

Hiscox sells small business insurance products including general and professional liability and business owner’s policies. They are well known for serving the technology, consulting, and marketing industries, but write insurance policies for a wide range of businesses from health and beauty professionals to architects. Policies are sold through independent agents, although the company does sell directly for businesses with less than 10 employees.

Insurance Products

Hiscox Insurance offers a range of products for small businesses of many different types. The business types they write far fall into several categories:

  • Architects and Engineers
  • Bookkeepers
  • Business Consultants
  • Cleaning Services
  • Health, Beauty and Well-being
  • Insurance Agents
  • IT
  • Janitors
  • Landscapers
  • Marketing and PR
  • Photographers
  • Property Managers
  • Real Estate Agents
  • Retail
  • Web and Graphic Designers

General Liability Insurance

Hiscox writes General Liability policies for a wide variety of companies. This type of insurance protects businesses from the various risks that come with running a company and doing business. Hiscox general liability covers you for:

  • Bodily Injury: claims resulting from injuries occurring in your premises or as a result of doing business
  • Property Damage and Data Loss: claims against you for damage you or an employee cause to a customer’s property and for loss of data as a result of your activities
  • Personal Injury: claims for slander, libel, and other forms of injury to the reputation of a person or business as a result of your activities or an employee’s activities

Professional Liability Insurance

This coverage is specifically designed to protect professionals from the type of liability that comes from providing professional advice, writing contracts, and providing services where a mistake or omission could do damage to the client financially or otherwise. Also referred to as Errors & Omissions Insurance depending on the type of business, it is common to businesses such as Real Estate Agents, Insurance Agents, Bookkeepers, and Consultants, among others.

Business Owner’s Policy

Hiscox also offers combination policies that provide both General Liability and coverage for business property. Hiscox Business Owner’s Policies do not include Professional Liability/Errors and Omissions coverage but these can be purchased from the company in conjunction with a package.

Additional Products

In addition to the main small business insurance products, Hiscox also sells Commercial Crime Policies, Non-Owned Auto Insurance, Electronic Data Insurance, and a range of other products designed to meet the specific needs of small businesses.

Hiscox Insurance Rates

Hiscox Insurance offers online quotes as well as quoting through the agents selling their policies. Online quotes are example premiums only as more information about the business is needed to create an accurate quote. Quotes are also available over the phone during business hours. Because businesses differ in their needs and risk levels, rates can vary greatly.

According to the company’s website, Professional Liability coverage starts at $22.50 per month. General Liability premiums start at $19.17 per month, whiles Business Owner’s Policies start at $41.67 per month for combined package coverage. Hiscox offers a variety of discounts to reduce insurance rates, including multi-policy discounts and lower rates for businesses displaying risk management efforts.


Hiscox Insurance offers 24/7 claims reporting online through their website. The company outlines a very specific timeline for claims processing.

Within 1 day of submitting a claim, customers can expect to receive an email with a claim number and contact information for emergencies. Within 2 days, a claims representative is assigned and contacts the insured directly to go over the details of the loss. At the 5-10 day point, the claims representative will have gathered all necessary information and remain in contact with the insured to verify information, and within 10-20 days will notify the insured of the validation of coverage and what the next step will be.

Because of the variety of different claims, the length of time that the insured can expect to work with the insurance company can vary greatly. Hiscox pays out property damage claims within 5 days of confirming the value of the loss and benefit available under the policy. Liability claims differ in length due to the possibility of court proceedings. Hiscox promises transparency in the claims process.

Hiscox claims decisions can be appealed by sending an email to the appeals department at appealmyclaim@hiscox.com.

Consumer Research and Complaints

Hiscox, Inc. is a BBB accredited company, but has only recently been rated by the Better Business Bureau, with the record going back to only 2012. The company holds an A+ rating based on the BBB multi-factor system.

The BBB shows 4 complaints against Hiscox in the past 4 years, with only one in the past 12 months. This is a very low number for an international company of this size. Because the BBB shows a record of the New York office of Hiscox, there may be more complaints directed at other offices, but this remains a strong record for the company.

Financial Strength

Rating Company Grade Financial Outlook
AM Best A Stable
Fitch A- N/A

Bottom Line

Hiscox Insurance has a very strong history and financial background and is backed by an international reputation and an affiliation with one of the world’s best-known insurance companies, Lloyd’s of London. They are a good choice for small businesses that seek very focused insurance and a company with a specific understanding of business insurance needs. Hiscox is known for assisting companies with complex or unusual insurance needs, making it a good choice from any business needing something beyond the basics.

For a list of companies that we recommend, visit our Best Insurance Companies page.

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