Hiscox Business Owners Policy Review-
Hiscox Business Owners Policy offers insurance bundles designed to save small businesses money, as well as standalone policies such as professional liability and cybersecurity coverage.
Hiscox's directors and officers (D&O) liability coverage safeguards company leaders against allegations of wrongdoing in their management of the firm, while business income insurance reimburses owners for lost revenues.
General Liability Coverage-
Hiscox's Business Owner Policy offers general liability coverage that helps safeguard your company against claims for bodily injury or property damage, personal and advertising injury (like libel or slander) as well as copyright infringement.
If someone is injured on your premises or their property is damaged, general liability claims could cover repair or replacement costs and legal fees associated with their treatment and claims against your business. A slip and fall incident at a beauty salon, for instance, might incur medical costs for both parties involved as well as legal expenses to defend against these allegations.
Hiscox Business Owner Policy also covers furniture, fixtures, and equipment; you can add cyber liability coverage - which covers expenses related to credit monitoring services and customer notifications after data breaches - for additional peace of mind.
Hiscox Insurance Services serves over half a million small businesses in the U.S. with customizable business policies designed to fit each industry and individual business's specific needs. Policies are available throughout all 50 states as well as Washington D.C.; workers' compensation coverage can also be purchased here as well as commercial auto, home-based business insurance and inland marine policies as well as surety bonds; with Thimble providing short-term professional and general liability for clients seeking hourly, daily or weekly coverage terms.
Commercial Property Coverage-
Hiscox provides a business property insurance policy to cover equipment, furniture, and building structures from theft or damage due to fire or other covered events. Coverage can be extended up to five locations.
Commercial general liability coverage protects your business against claims of bodily injury, associated medical costs, and damage to third-party property on its premises. This coverage should typically be the primary form of coverage small businesses obtain; errors and omissions (E&O) coverage is another popular Hiscox offering that often provides advice or services to clients; its E&O policy can cover legal fees, lost income or advertising injury costs related to mishaps such as website launches gone wrong or client dissatisfaction issues that lead to lawsuits or complaints that result from providing advice or services directly.
Hiscox provides tailored policies for service professionals in fields including health care, marketing and consulting, beauty therapy, home improvement, and real estate. These policies address risks such as dissatisfied clients, code violations, and negligence - for instance, Hiscox NOW's coverage for architects and engineers offers optimized coverage with $5,000 third-party personal and advertising injury coverage included with most policies.
Hiscox has earned a stellar reputation for providing quality small business insurance policies at competitive rates. By taking time to understand each industry's risks, they're better able to tailor policies that offer both affordability and adequate protection.
Business Interruption Coverage-
Sometimes referred to as business income insurance, this coverage helps businesses recover lost revenue during periods when they must close due to repairs or disasters. It also covers renting temporary space and operating out of alternate locations. A common way of securing this protection is with a business owner's policy which bundles commercial property, general liability, and business interruption policies together.
Simon Ager of Pinnacle Climbing Centre in Northampton believes he could face bankruptcy as a result of his insurer refusing to cover business interruption claims related to the coronavirus lockdown. His policy contains a clause that covers financial losses in cases when an incident within one mile forces the firm to close due to government regulation.
Hiscox does not currently offer business interruption coverage, however, they are reviewing their policies to potentially add it shortly. In the meantime, we suggest speaking to your agent about which options may best fit your company; they can help determine whether incorporating such protection in a BOP policy or purchasing it separately would make sense.
Cyber Liability Coverage-
The cyber liability portion of your policy protects against financial losses caused by data breaches and cyberattacks. In particular, this coverage extends to credit monitoring of customers potentially affected by an attack; crisis and reputation management expenses; legal fees; loss of business income due to investigations; ransomware payments and regulatory fines as a result of these incidents; credit monitoring fees associated with potential breaches for those customers directly impacted; crisis and reputation management expenses for both organizations as well as any customers potentially affected; as well as crisis and reputation management expenses and regulatory fines related therewith.
Hiscox provides additional policies to supplement existing coverage gaps, such as employment practices liability insurance for employee lawsuits filed over hiring/firing practices. Furthermore, their commercial umbrella policies offer increased liability limits in case your primary policy's coverage limits are exceeded by lawsuits brought by third parties.
Hiscox provides workers' compensation insurance (which is required in most states), which helps cover injuries or illnesses sustained at work that lead to lost wages for your employees. They also offer medical malpractice coverage which helps cover treatment expenses should any of your clients become victims of professional negligence.
Hiscox offers comprehensive business owner's policy packages designed to give your small business more coverage. Their bundle combines general liability insurance, commercial property insurance, and workers' compensation into one affordable policy; typically with lower premiums than buying each policy separately. Each policy also comes equipped with its own deductible that you can select during purchase; discover more by getting quotes online now.
