Key takeaways
Hiscox ranks #2 for affordability among major business insurance carriers, with average rates of $22 monthly.
— QuoteYeti editorial team
- 02 Customer experience ranks #3 based on J.D. Power scores, NAIC complaint data, and online sentiment.
- 03 Coverage breadth scores #1 — see the coverage section below for which add-ons set Hiscox apart.
Hiscox ratings
How much does Hiscox cost?
Hiscox business insurance costs small business owners $22 monthly on average, or $264 annually — Varies by industry compared to the national average. Actual rates vary significantly based on your profile, location, and coverage selections. Use the cost-by-category table below to see how Hiscox typically prices different small business profiles.
Avg monthly
$22
Avg annual
$264
vs. national avg
Varies by industry
Rates by category
| Category | Minimum coverage | Full coverage | Rank |
|---|---|---|---|
| Low-risk small business owners | $19 | $22 | #2 |
| Average small business owners | $22 | $25 | #2 |
| Higher-risk small business owners | $31 | $35 | #3 |
Hiscox earns #2 overall in our business rankings — the kind of performance that rewards a closer look, not a coin flip.
Hiscox reputation
Hiscox ranks #3 in QuoteYeti's customer experience study for business insurance. The score blends J.D. Power survey data, NAIC complaint ratios (0.65 versus an industry-wide 1.00 average), and member sentiment from public review sources. Customers consistently praise Hiscox for responsive service and smooth claims experiences.
Step 01
Buying process
Buying coverage from Hiscox is a strong experience for most small business owners. The quoting process is primarily online with phone support available for complex situations.
Step 02
Policy management
Day-to-day policy management at Hiscox is straightforward, with self-service through both the mobile app and web portal. Members typically rate the digital experience as competent if not standout.
Step 03
Claims experience
Claims handling at Hiscox performs at or slightly above the industry standard. For straightforward claims (windshield repairs, minor incidents), most small business owners report fast resolution. Complex claims requiring extensive investigation can take longer.
Independent industry ratings
Independent ratings from major financial-strength and customer-satisfaction agencies:
| Source | Score | Overview |
|---|---|---|
| AM Best Financial Strength 1 A.M. Best Insurance-industry credit rating agency since 1899. A++ is the highest financial-strength grade. | A (Excellent) | Excellent ability to meet financial obligations |
| S&P Global Financial Strength 2 S&P Global Standard & Poor's Global Ratings. Insurance financial-strength grades from AAA (strongest) to D. | A | Strong capacity to meet financial commitments |
| J.D. Power Claims Satisfaction 3 J.D. Power Consumer satisfaction surveys with 12,000+ policyholders annually. Scores run 0–1000; above 800 is considered excellent. | Not surveyed | Not included in J.D. Power's claims study |
| NAIC Complaint Ratio 4 NAIC National Association of Insurance Commissioners. Their complaint index is 1.0 = average; lower is better. | 0.65 | Substantially fewer complaints than expected for company size |
Hiscox discounts
Hiscox offers 1 discounts to help reduce your premium:
| Discount | Average savings | Eligibility |
|---|---|---|
| Multi-Policy Bundle | Up to 5% | Bundle multiple Hiscox business products |
Hiscox coverage options
Hiscox offers a comprehensive coverage menu typical of major business insurance carriers, with several add-ons that set it apart from competitors. The table below details the main add-ons available.
| Add-on coverage | What it covers | Key features |
|---|---|---|
| Professional Liability (E&O) | Errors, omissions, and negligent advice in professional services | Hiscox's specialty — strong claims handling reputation |
| General Liability | Third-party bodily injury and property damage | Standard requirement for most service businesses |
| Cyber Liability | Data breach response, legal fees, and customer notification costs | Especially important for businesses handling customer data |
| Business Owners Policy (BOP) | Bundled package combining property and general liability | Cost-effective for small businesses with physical locations |
Pros and cons
Ordered by impact. The top item in each column is the one we'd weight heaviest in a recommendation.
What's working
- Top pro Deep specialty in small business and professional services
- Instant online quote and policy binding
- Strong reputation in consulting, technology, and creative industries
- A.M. Best rated A (Excellent) for financial strength
- Tailored coverage for hundreds of specific professions
What's not
- Top con Limited coverage for industries outside core specialties
- Customer satisfaction scores vary by industry segment
- Less competitive pricing for very small (sub-$50K revenue) businesses
- Fewer add-on options than larger commercial carriers
Our verdict
The bottom line
Hiscox earns an overall score of 4.45/5 in QuoteYeti's business insurance provider rankings. The carrier ranks #2 nationally, with particular strength in affordability.
Hiscox is best suited for small business owners who prioritize the lowest possible rate. Limited coverage for industries outside core specialties is the most common drawback to weigh against the strengths.
As always, compare quotes from multiple insurers before committing. The right carrier depends on your specific profile — driving record, claims history, location, and coverage needs all shift the math.
Frequently asked questions
Is Hiscox a good business insurance company?
Hiscox is a legitimate business insurance carrier with a financial-strength rating of A (Excellent). It ranks #2 overall and #2 in affordability in QuoteYeti's editorial comparison of major business insurance providers.
How much does Hiscox business insurance cost?
Hiscox averages $22 monthly ($264 annually) — Varies by industry versus the national average. Your actual rate depends on your profile, location, and coverage choices. Use the cost-by-category table above to see how Hiscox typically prices different small business owners.
What discounts does Hiscox offer?
Hiscox offers 1 primary discounts, including Multi-Policy Bundle. See the full discount table above for eligibility and average savings.
Does Hiscox have good claims handling?
Hiscox's NAIC complaint ratio is 0.65 (1.00 is the industry average, so lower is better). This is at or near the industry average. J.D. Power claims scores rate Not surveyed.
Should I choose Hiscox or a competitor?
Hiscox is strongest for small business owners who want the lowest rates. Compare quotes from at least three carriers — Hiscox's rates and offerings vary significantly based on your specific profile, and the carrier that fits best can differ for small business owners in different situations.
How we rated Hiscox
QuoteYeti's business insurance rankings are designed to surface where each carrier actually wins and loses. We don't accept payment for ranking placement, and our methodology is published in full so you can audit how we reach our conclusions.
60%
Cost
We compare quotes across multiple small business owners profiles, measuring how competitively each carrier prices its policies against local and national competitors. Data is normalized to comparable coverage levels.
30%
Customer satisfaction
We analyze customer feedback from J.D. Power member studies, NAIC complaint ratios, AM Best ratings, and public review sources to assess overall service quality and claims handling.
10%
Coverage breadth
We evaluate each carrier's coverage menu, scoring the variety of available endorsements, unique features, and gap-filling options.