Hiscox Insurance is a storied organization that offers a variety of insurance products to its customers. However, Hiscox is not without its faults and there are some things potential customers should be aware of before they decide to purchase a policy from Hiscox. In this Hiscox Insurance review, we take an in-depth look at the company, its products, and customer service in order to help you decide if Hiscox is the right commercial insurance provider for you.
Hiscox Pros and Cons
There are many pros and cons to choosing Hiscox as a commercial insurance provider.
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AdvisorSmith Rating For Hiscox
- Overall rating: [2.5] / 5 stars
- Coverage options: [4] / 5 stars
- Cost: [2] / 5 stars
- Ratings and complaints: [2.5] / 5 stars
- Digital experience: [3] / 5 stars
- Customer service: [1] / 5 stars (20% of overall rating)
Hiscox Coverage Options
Hiscox insurance has many policies available including general liability insurance, errors and omissions, professional liability, business owners policy, short-term liability insurance, cyber security insurance, medical malpractice, workers compensation, umbrella, commercial auto, directors and officers, and employment practices liability. Notably missing from these policies are commercial crime insurance, fiduciary liability, legal professional liability, and tech errors and omissions. So what does this mean for commercial insurance for your business? While you can get some coverage from Hiscox, you will need to shop around with other providers to get the full suite of policies your business needs.
Hiscox offers a few interesting coverage options that are worth mentioning. Hiscox offers media liability insurance which can protect your business from defamation, slander, and copyright infringement claims that may arise from content posted on social media platforms. Hiscox also has an online product liability policy which can protect your business from damages arising from products sold online.
Hiscox Cost
Hiscox offers a number of discounts to its customers, depending on the policy you purchase and what kind of customer you are. The most significant discount comes in at 5-25% for small businesses. A steep 20% discount is available if you bundle more than one policy together. You can get 15% off as a new customer, and a variable discount is offered if you refer a friend. Being an online provider of insurance helps Hiscox keep costs low. But despite their digital presence, Hiscox costs can be surprisingly high, as indicated by users’ experiences.
One customer shared that their experience with Hiscox was “Expensive. They seem to have moved their prices way above inflation because they have had lots of claims. I will not be renewing and I suspect others will do the same. I am not sure this is good business to lose clients who haven’t claimed and keep the ones that have but time will tell. I still think they are a good company but probably pursuing the wrong policy.”
Hiscox Ratings and Complaints
Hiscox complaints are mostly related to billing and claims issues, though overall, it is a reputable company with a long history in insurance. According to review site TrustPilot, 51% of customers rate Hiscox excellent; 5% great; 1% average; 3% poor; and 40% bad. Take a look for yourself:
- “Very good, great service and competitive”
- “Very poor experience”
- “Used to be good, now useless”
These extreme highs and lows can sometimes be hard to assess for accuracy when it comes to customer experience, and can wreak havoc on businesses that need stability in their risk transfer methods.
In these cases, we like to look at the most average reviews:
“I have used Hiscox through a broker for my PI insurance for some years. This year I compared the cost with Hiscox online. It was nearly half the price. The broker told me it was because it had less favorable terms. I was actually happy with those less favourable terms but then Hiscox brokerage wouldn’t quickly provide a like for like quote. When I came to take up the better quote with Hiscox online they then said they couldn’t insure my business!! The experience has left me wondering about Hiscox, whether I am getting overcharged and what the experience would be if I ever came to claim. A Trustpilot rating of only around 50% 5 stars indicates a lot of unhappiness out there. Tread carefully.”
Hiscox Digital Experience
Businesses can quickly apply for a quote online if they have the proper information and documents at the ready. However, it should be mentioned that the quote you receive may or may not be what you end up paying. While the online quote shows one price, you may end up paying more by the time you purchase. This customer shares their story of sticker shock after a claims experience:
“Been with Hiscox many years and they have always been brilliant, very expensive but worth it in my opinion, I have only ever had one small claim (below 1 years premium) but suddenly I get a 40% premium increase, unfortunately I now have to look elsewhere and have canceled, a real shame as I was really impressed with the service but the new price was just ridiculous.”
Another customer writes of their claims experience: “Terrible insurance and poor customer service – appalling.”
Hiscox Customer Service
You can expect poor customer service from Hiscox. While purchasing might be instant, processing a claim and getting a refund takes much, much longer. Even finding a customer service rep to speak to you takes ages. Or at least weeks. Writes one customer:
“DO NOT TRUST this company! If you have any claims they will do everything to not honor the policy. We had two claims in 7 years with this company and the first claim took 19 months to resolve. The second claim nearly cost me my business. Things can and do happen in any business. They cancelled my policy during the 2nd claim process and that’s fine / however as a business owner we very insurance for protection and peace of mind. Do NOT chose this company for your insurance needs. They have horrible claim adjusters and you spend hours hunting them down. Not worth the headache when it matters.”
Other Services and Features That Hiscox Offers
Hiscox insurance advertises that it also provides small business guidance. This feature includes resource guides for how to start, grow, and protect your business, along with tools like calculators and templates. The resources are located here.
What Is The Hiscox Claims Process?
To submit a claim at Hiscox, you submit information online via the claims center. Or if you prefer, you can call Hiscox from 7 am to 10 pm Eastern time. Mail-in claims are also available. Once you submit your claim, you wait for it to be acknowledged. Then a representative is assigned to you. Eventually, your insurance will be validated. Finally, Hiscox will reach a decision on whether or not they will cover your claim and if you will be reimbursed. Communication can happen in a number of ways, including, phone, email, and mail.
How to Get Quotes From Hiscox
Applicants can get quotes online from Hiscox online by simply entering their ZIP code.
Bottom Line: Is Hiscox a Good Insurance Provider?
Hiscox offers some policies, though not all, at a higher price than other providers. Securing insurance from them is a mixed bag of experiences–sometimes straightforward and fast, other times an enormous undertaking. The claims process is decidedly poor. In all for an insurance company, Hiscox is slightly below average.
Alternatives to Hiscox
There are many alternatives to Hiscox, and depending on your preference and business needs, you can go the traditional route–choosing to work with a local broker, for instance. While a traditional provider may be expensive, it will be the same price, or less, than Hiscox. Partnering with a local insurance broker, however, has the added benefit of more communication, transparency, and better claims experience. With a traditional provider you can build a relationship, which tends toward faster response times and improved customer service.
