Hiscox
Author: Kaitlyn Short
Hiscox USA is a specialist insurance company that targets specific types of business insurance. The company offers general liability, professional liability, and property insurance through brokers and directly online to small business groups. Hiscox USA is part of the Hiscox Group, which employs over 2,300 people in 13 countries. It has an Excellent rating by A.M. Best with a group financial size category of 2 billion or greater, which shows it has strong capital reserves. The Hiscox corporate headquarters are in New York, NY and it is licensed to do business in all 50 states and the District of Columbia.
The Good
- Provides Niche Coverage
- Time in Business
- Licensed in All 50 States
Provides Niche Coverage
In addition, to General Liability Insurance (CGL), Professional Liability Insurance, Errors and Omissions Insurance, Workers Compensation, Cyber Security Insurance, and Business Owners Policy (BOP), Hiscox USA offers market-leading products and services to businesses that other insurers may find too complex to insure:
- Commercial Auto Insurance: Covers physical damage to owned, rented, hired, or employee vehicles and medical costs for you, your employees, and other passengers.
- Directors and Officers Insurance: Provides protection against adverse financial consequences due to company leaders from actual or alleged covered acts of wrongdoing while serving on the board and/or as an officer.
- Umbrella Insurance: Provides increased policy limits above the primary liability limits in the case of large claims.
- Employment Practices Liability Insurance: Protects your company from claims by employees alleging inappropriate workplace conduct such as discrimination, harassment, and wrongful termination.
Time in Business
Hiscox USA has origins dating back to 1901, which makes it one of the most long-established business insurance companies. It is part of the Hiscox Group, which is a diversified international insurance group. Listed on the London Stock Exchange, it has over 2,300 staff across 13 countries.
Licensed in All 50 States
Hiscox USA is either admitted or licensed to service all 50 states, including the District of Columbia. Because of this, it is able to provide insurance to all types of businesses, regardless of where they’re located.
The Bad
- Emphasis on Small Business
Emphasis on Small Business
Hiscox USA puts an emphasis on small businesses which means it may be somewhat limited in what it can offer to a larger business. Hiscox may not be equipped to meet your needs depending on what they are. On the plus side, Hiscox's policies are tailored to the specific risks of each business to make sure you don't pay for coverage you don't need. If you're unsure if Hiscox can meet your needs, you can get a quote online or over the phone with a licensed agent to determine if it's a good match.
The Bottom Line
Hiscox USA has a great reputation for offering niche services and liability coverages. If you’re a small business, the company is definitely worth reaching out to see if it would be a good fit. And if you go with Hixcox, the company says it offers risk management rewards and high deductible rewards in the form of lower rates and premiums. Hiscox USA is well established, which makes it a good choice if you’re looking for a company with a history of success and happy customers.
