Hiscox Business Insurance Review 2022

We looked into Hiscox to see if it really is the right company for your insurance. From affordability to efficiency, check out our review.
Best for new small businesses
Hiscox
Hiscox Business Insurance
4 out of 5 stars
4.0
  • pro
    Quick and easy coverage
  • pro
    Bundling discounts available
  • pro
    File claims 24/7 online
  • con
    Not BBB accredited

Data as of 10/17/22. Offers and availability may vary by location and are subject to change.

We are committed to sharing unbiased reviews. Some of the links on our site are from our partners who compensate us. Read our editorial guidelines and advertising disclosure.

Hiscox is an old company, like an over-100-year-old company. Founded in 1901, they currently insure over 400,000 small businesses. This means they understand the issues and risks small businesses face.

Hiscox offers a simple interface for buying insurance as well as filing claims. It covers a ton of different types of insurance and provides coverage for over 180 different types of professions. The only drawback is that, although Hiscox is one of the oldest rating businesses in the country, it’s still not Better Business Bureau (BBB) accredited and not all of Hiscox’s  coverage is available online—which is a little frustrating for finding what you need.

The bottom line is that Hiscox business insurance is a great option if you have a brand new business because of how simply you can get approved for coverage and use its online interface to file claims. It can save you some stress in those early stages of starting your business.

Pros
pro Quick and easy coverage
pro Affordable
pro File claims 24/7 online
Cons
con Not BBB accredited
con Not all coverage available online
con Mixed customer reviews
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Hiscox business insurance features

According to customer reviews, the most popular thing about how Hiscox does business is its quick and easy application process. All it takes is about 10 minutes to either apply for coverage or update your policies.

Getting a quote is simple. You just submit your zip code and basic details about your business (i.e., the profession, the size, the needs). Immediately, you’ll receive a quote. You can go ahead with it and most times be approved immediately unless something goes wrong.

You can then use the online interface to buy different policies or even file claims.

Hiscox business insurance top coverage includes:

  • General liability insurance
  • Errors and omissions
  • Professional liability
  • Business Owners Policy
  • Short-term liability insurance
  • Cyber security insurance
  • Medical malpractice
  • Workers compensation
  • Commercial auto insurance
  • Directors & officers insurance
  • Umbrella insurance
  • Employment practices liability insurance

Although your coverage will greatly depend on your needs and location, Hiscox touts that most businesses pay $30/mo. or less for coverage.

Hiscox business insurance drawbacks

Not BBB accredited

Now, BBB accreditation may not seem like a huge deal but it does instill trust for potential clients. Businesses can earn accreditation by paying a sum and also submitting invoices so the BBB can verify their validity. If a company chooses not to go through that process, the BBB will still rate that business. In other words, receiving a BBB rating does not equal accreditation.

It is just strange that a company over 120 years old does not want to remain accredited by the BBB. This is not a conspiracy nor do we think anything nefarious is happening, but we are likely to choose a company that’s accredited by the BBB over one who’s not.

Mixed customer reviews

This is to be expected. Obviously, every business cannot please every single client, but the reviews talk of both an incredibly perfect company and one with horrible customer service. In fact, Wallethub gives Hiscox a 2.5 out of 5 stars while the BBB gives it an A-.

Normally, we would not be so choosy about online reviews, but it is helpful to look at these reviews and find that middle ground. Check them out to get an idea of what you might run into before applying.

Schedule employees with ease

Sage HR offers an intuitive interface that visualizes employee schedules.

  • Easily receive employee requests
  • View schedules across numerous timeframes
  • One-click time-off approval and easy schedule templates

The takeaway

Hiscox offers a great service and has been consistently awesome since 1901, but there are some drawbacks like pretty extreme negative reviews and its choice not to get BBB accredited.

Bottom line: if you are a brand new business trying to save time and save yourself from lawsuits, this is great insurance. You get quick approval and can file claims while being able to shop for policies tailored to your profession online at any time of the day.

Want some ideas for your workers compensation insurance? Check out our favorite workers comp insurance businesses.

Related reading

Hiscox FAQ

Is Hiscox owned by Geico?

No, Hiscox is not owned by Geico. But Geico has partnered with Hiscox to sell business insurance products.

Is Hiscox a good company?

Yes, Hiscox is a great company. Not only does it score A- with BBB but also an A (excellent) rating from A.M. Best.

What type of insurance is best for a small business?

We cannot tell you which insurance is best for a small business. This greatly depends on what your business needs are. We recommend general liability insurance because that covers the basic needs every business has. If you have questions, definitely speak to a representative at Hiscox who can advise you on what insurance can help you best with your specific needs.

What kind of insurance is Hiscox?

Hiscox sells multiple types of insurance:

  • General liability insurance
  • Errors and omissions
  • Professional liability
  • Business Owners Policy
  • Short-term liability insurance
  • Cyber security insurance
  • Medical malpractice
  • Workers compensation
  • Commercial auto insurance
  • Directors & officers insurance
  • Umbrella insurance
  • Employment practices liability insurance

Methodology

We reviewed contact methods, support hours, customer reviews, complaint indexes, and more to get our scores and rankings.

Disclaimer

At Business.org, our research is meant to offer general product and service recommendations. We don't guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services.

Nicolle Okoren
Written by
Nicolle Okoren
Nicolle Okoren is a writer with over twelve years of writing experience. She has a BS in sociology and MA in journalism from Goldsmiths, University of London. Nicolle has bylines in The Guardian, Huffpost UK, Independent, CNN, Irish Independent, BridgeUniverse and Utah Business Magazine. Prior to jumping into journalism, she worked as a content writer for multiple startups and is passionate about unpacking the many barriers that prevent entrepreneurs from thriving.
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