If you own a small business, you likely want to do all you can to ensure that it is protected against claims that could disrupt or even put you out of business. Most business owners use business insurance to protect them against such losses. But it can be difficult to know what type of small business insurance policy to get or which business insurance company to use. Benzinga helps clear up some of the confusion by providing this Hiscox Insurance review.
Who’s Hiscox Insurance for?
If you’re a small business owner, you probably want to find an insurance provider that understands the unique challenges you face. Hiscox focuses on offering small business insurance products and policies designed with your business in mind. You’ll appreciate Hiscox’s attentiveness to its customers.
Hiscox Insurance Products
Hiscox offers customizable quotes designed to meet your needs. They include workers’ compensation insurance, small business owner insurance, cyber security insurance, errors and omissions insurance, general liability and professional liability insurance.
Small Business Owner Insurance
A small business owner’s policy combines general liability and property insurance for businesses. You can protect your property and even losses suffered by your clients if you own the property your business operates from. Hiscox offers policies that are tailored to your specific business needs.
Errors and Omissions Insurance
Errors and omissions insurance provides a form of professional liability insurance. It can protect you and your employees against negligence or inadequate work claims from clients. Most errors and omissions insurance policies cover the legal costs associated with these types of claims.
The policy will come with a settlement limit from Hiscox. Some businesses are required to have errors and omissions insurance. This requirement varies by state and profession, so be sure to check with your licensing board.
General Liability Insurance
Also known as small business or commercial liability insurance, this policy type offers blanket coverage for your business, including property, personal injury or bodily injury. It’s important to carry this type of policy if you have a physical location for your business. If a customer is injured at your place of business, your general liability policy would cover that customer’s medical costs.
It can also cover the cost of repair or replacement if someone else’s personal property is damaged and your business is held responsible. It can also help you with accidental copyright infringement. Unlike some of its competitors, Hiscox offers electronic data liability coverage in its liability insurance policies.
Professional Liability Insurance
Professional liability insurance can offer protection if you regularly provide a professional service or give advice to your clients. In some cases, clients may require you to have professional liability insurance before signing a contract with you. If a client claims that you were negligent in your services or advice, professional liability insurance can help with your defense costs. It also provides coverage for claims made based on services provided to your clients in the past.
Available Discounts and Tips on Getting the Best Rate
You’ll want to take a few steps to get the best rate. First, consider your business needs. If your industry brings more physical risk for employees, work closely with your insurance agent to discuss coverage. Your agent may also recommend adjusting coverage as your business grows and gains employees. As always, compare policy options to choose the best for your business needs and budget.
Hiscox offers a number of resources to help you get answers to your questions.
- Resources: Hiscox’s small business blog features articles related to workers’ compensation policies, cyber readiness, ageism in the workplace and more. It also showcases spotlights on small business owners throughout the country. Claims can be filed online and you can also manage most policy changes through its online form. Changes take effect within 1 business day.
- Licensed insurance advisor: Connect with a Hiscox licensed insurance advisor if you have more specific questions. You can speak with an advisor on weekdays from 9 a.m. to 10 p.m. ET by calling 866-283-7545.
- Online quote: Hiscox writes online quotes in all 50 states. Submit your business information for a policy tailored to your business.
You can file a claim in 4 ways:
- Fill out a form online and include the necessary attachments.
- Call a representative at 866-283-7545 on weekdays from 7 a.m. to 10 p.m. ET
- Mail your claim information to the Hiscox claims center:
- Contact your agent to submit a claim on your behalf.
Pricing and Value
The cost of your insurance policy can depend on a number of factors. For a workers’ compensation policy, the most important factors are:
- State laws
- Size of your business
- Your payroll total
- The type of work your employees perform
- Your business’s claims history
Consider your business needs and compare quotes to find the best value. Hiscox can be a great budget option to bundle and save. You can also pay your premium monthly with no additional fees.
Is Hiscox Right for Your Business?
Find out whether Hiscox specializes in your needs. Hiscox offers coverage for areas other companies find too complex. Get a quote today to see if its products offer the best coverage for your small business.
Frequently Asked Questions
The length of time that an employee can remain on workers’ compensation is set by the state. Usually, the range is from 3 to 7 years. In addition to that, there is generally not a limit for permanent disability benefits unless you live in a state that terminates the benefits at age 65. For employers seeking the cheapest workers’ compensation insurance, check out these top providers.
The employer is responsible for purchasing workers’ compensation insurance to cover the benefits of employees. The must pay a monthly premium based on class code and payroll. To get a custom workers’ compensation quote, click here.
This depends on which state you have employees. The following states require workers; compensation under specific requirements: AK, CA, CO, CT, DE, HI, IL, IA, KS, KY, MD, MA, MI, MN, MS, NH, NJ, NY, NC, OH, OK, SC, SD, UT, WA. Every other state requires workers’ comp coverage under less-stringent requirements, except TX. To get the best workers’ compensation premium, enter your zip code here.