Hiscox Small Business Insurance Review 2022

Thang Truong
Thang Truong
Updated on:

Hiscox is one of the largest business insurers, so you may think of Hiscox first when looking into different insurance types. The company offers a variety of business insurance products. Below we’ll look at the company’s reputation, more about specific Hiscox business insurance products and what it is like to get an online quote. Read on for our Hiscox business insurance review.


  • Has a solid base of policies that covers a variety of business needs across multiple industries.
  • Overall complaints through the Better Business Bureau (BBB) and the National Association of Insurance Commissioners (NAIC) are very low. 
  • Has an easy and fast online quote process that guides you to the products you should consider for your individual business type.
  • The Business Owners Policy (BOP) is a convenient way to combine property and general liability insurance into one plan. 


  • Does not specialize in just one industry like some other companies do. That would be a con if you prefer an insurance company that only works with your industry.
  • The company has a fairly high complaint index through the NAIC for specific types of insurance, like commercial liability and commercial property. 
  • Does not offer product liability insurance.

Small Business Products Offered by Hiscox

Score: 90/100

To start off in our Hiscox business insurance review, Hiscox lists small business policies on its page. These cover the main bases for business insurance. It mentions products under six main headers:

General liability insurance: Covers you when someone claims damage as part of your normal business operations, such as bodily injury or advertising injury. Learn more about How Much General Liability Insurance Costs and Best General Liability Insurance for Small Business

Business owners policy (BOP): Packages property and general liability insurance together for more extensive coverage of your business operations 

Professional liability insurance: Covers in the event that someone claims damage in relation to your services or products you provided due to negligence or omissions on your part, even if you haven’t committed them. Learn who the best professional liability insurance providers for small businesses are

Errors and omissions (E&O) insurance: Hiscox is a bit unique in that it separates errors and omissions insurance from professional liability insurance, this also covers you against claims of negligence and errors 

>>MORE: Professional Liability vs. Malpractice vs. E&O Insurance: How Are They Different?

Workers compensation insurance: Covers employees in the case of workplace accidents and the like. Learn how much workers compensation insurance costs

Cyber security: Covers against cyber-attacks and helps you detect threats early with comprehensive tools

The site also lists some of the common industries it covers, like technology, consulting, and marketing. Once you navigate to these pages, it recommends the best product or products for your industry.    

Financial Strength Rating for our Hiscox Business Insurance Review 

Score: 90/100

Hiscox has an A (Excellent) rating through AM Best. The company’s outlook is listed as stable.

The long-term issuer credit rating is listed as a+ (Excellent). The credit rating outlook is also listed as stable.

Customer Satisfaction Rating for our Hiscox Business Insurance Review 

Score: 75/100

Hiscox was not included in the J.D. Power U.S. Small Commercial Insurance Study for 2019.  

However, Hiscox does have an A- rating with the BBB, despite not being accredited with the agency. Customer reviews are at one star through the BBB. It only has one complaint about a billing snafu.    

Consumer Complaints Rating for our Hiscox Business Insurance Review 

Score: 70/100

As listed by the NAIC, Hiscox (NAIC company code 10200) had a complaint index of 0.44 for all insurance types in 2018. The base complaint index is 1.00, so that’s slightly lower than the expected complaints for the industry. 

The breakdown for business insurance complaint indexes is:

  • Commercial liability: 2.38
  • Commercial property: 13.55
  • Workers’ compensation: 0.00

Commercial liability was over two times the expected amount of complaints, and commercial property was at a whopping over 13 times.         

The company had 11 total complaints in 2018. It had two for general liability and one for E&O insurance.   

Digital Experience Rating for our Hiscox Business Insurance Review 

Score: 100/100

As part of our Hiscox business insurance review, we got a sample quote online. Hiscox makes it very easy to start the quote process. At the top of every small business page is a screen that allows you to get the process started: 

The site only allows you to select the products it recommends for your industry. For instance, we put in an accountant, and it recommended professional liability, general liability, and a business owners policy. This is a convenient way to know what you need for your type of business. We selected professional liability.    

After that, you get a couple of pages that ask basic information about your business, like address, business name, annual revenue and what your business handles.

We entered a sole proprietorship accounting firm with $35,000 of annual revenue. We said it has been in business for three years and only handles bookkeeping/payroll services. After we entered the required information, we quickly got the following quote page: 

The site says that it delivers your quote in 60 seconds, and it delivered. It took almost no time at all for the quote to generate, so that was a seamless part of the process.

As you can see, the page does a wonderful job of outlining monthly or annual payments. It also clearly outlines the benefits like limits and deductible.  

Overall, this is a fast, streamlined and clear quote process that’s very easy to navigate. We also like that the system helps you find the best business insurance product for you and your business.  

Hiscox prides itself as an established insurance company, ie. not an insuretech startup, fully embracing digital practices early on. The quoting experience shows that. It is as simple and fast as those of other popular small business insuretech firms such as Next, Thimble, Vouch, or Pie.

Final Thoughts for our Hiscox Business Insurance Review

  • Hiscox has a wide variety of business insurance products that it offers. These products are enough to cover most business ventures. However, there are some key products that are not offered, like product liability insurance.
  • Hiscox has a strong financial strength rating of an A through AM Best. It also has an A- with the BBB.
  • Consumer complaints are overall low, but high for individual business insurance products.
  • The online quote process is easy, yet comprehensive. It does an excellent job of navigating you to the products it recommends for your type of business.
Thang Truong

Thang Truong covers small business insurance and small business success at BravoPolicy. He is a licensed P&C insurance agent. Previously, he held product leadership positions at realtor.com, Capital One, NerdWallet, and Mulberry Technology. He holds a MBA degree from UC Berkeley - Haas School of Business.

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