Hiscox Business Insurance
Hiscox Ltd. is an insurance provider company founded back in 1901 when it operated as Robert’s Agency at Lloyd’s and consequently formed a partnership with Ralph Hiscox in the years to come. At first, only marine insurance was offered, but currently, a much more comprehensive range of covers is available for both homeowners and business owners to take advantage of.
Business insurance, in particular, protects against numerous risks that could be detrimental to the company, such as professional mistakes, injuries, data breaches, and property damage when filed as claims. These are aimed at any business, as reflected by the 300,000 companies that use Hiscox insurance.
What Types of Insurance Do Hiscox Offer?
At the moment, Hiscox offers 17 types of business cover. Listed below are the most important types of insurance that companies can utilize regardless of the types of services they offer and which industry sector they are involved in.
Professional indemnity insurance
Professional indemnity insurance is targeted mainly towards businesses that frequently give advice to their customers or provide services that would cost a lot of money if they were to be done incorrectly.
Claims it protects against are those associated with professional mistakes, breaches of confidentiality, copyright or slander, which would create expensive legal fees to fight. A Hiscox client can demonstrate this, a furniture designer who received claims alleging their work was subpar and not the same as the desired product. Thus, professional indemnity insurance covered the cost of creating new furniture of a higher standard and better tailored to the client.
Product liability insurance
Product liability insurance is designed to protect a business against claims that any items sold to a client are defective and cause injury to the said client. This type of cover is aimed at any company planning the design, manufacturing it, distributing or selling it. Usually, this type of cover is encouraged for food and retail shops. The level of cover this insurance can provide depends on the size of the business, the types of products sold, and the business’s budget so that a comfortable premium can be discussed. Still, Hiscox offers product liability insurance of up to £10 million.
Public liability insurance
Public liability insurance offers protection against claims that your company physically hurts a third party like clients, potential clients or even passers-by or their belongings were damaged. Hiscox offers the most straightforward public liability insurance, from £5.60 a month, whilst more comprehensive covers are more costly. Businesses with more employees, a higher risk of incidents or a long history of claims can expect more expensive premiums.
Covers like this can be helpful for all types of businesses because wet floors, falling shelves or liquid damage to computers can occur on any premise. So it is vital to have protection safeguarding your business from this.
Employers’ liability insurance
Employers’ liability insurance is arguably the most crucial cover offered by Hiscox because it is the only compulsory cover required by the UK government, as stated by its Act in 1969. Only businesses with solely one employee, or family-run businesses, are exempt. Starting from £4.67 a month, Employers’ liability insurance protects a company against claims from the hired workers of a business, claiming that they were physically injured throughout their employment.
Such examples could include contractors being hurt on dangerous equipment that was not safely put away, an office worker that tripped on a cable, or simply a shopkeeper that slipped on the shop floor.
Cyber and data insurance
Cyber and data insurance is becoming increasingly more popular as more businesses recognize the importance of using technology to back up their data safely. Unfortunately, whilst this is a safer and easier method of storing client information than on paper, it still leaves room for hackers to bypass the security and steal data.
Hiscox offers employee training, reimbursement for lost income, and replacement of any damaged computer systems in the cyber insurance policy to minimize the fallout should a cyber-attack occur. This type of cover is directed to companies that store confidential client information in their computer systems like accountants, life coaches and exclusive retail shops.
Personal accident insurance
Personal accident insurance protects a person when they are hurt outside of work. This is the opposite of employers’ liability insurance, which only offers protection if a worker is hurt directly due to the workplace. For example, if a contractor breaks their leg and cannot walk with a crutch, they would not work because building requires flexibility and movement. Similarly, if a makeup artist broke their arm, they would not work until it healed. Hiscox offers cover from £5,000 for smaller businesses to £100,000 for larger ones.
Office and contents insurance is a form of coverage that protects companies regarding their equipment and furniture. If there were ever a natural disaster like a fire or flood, or in the unlikely event that the office contents were stolen overnight, this insurance would provide compensation to either repair the damaged equipment or replace it. Most importantly, this could include computers which the company had for everyday use.
Hiscox additionally includes cover for possessions that were destroyed away from the office and any damage caused by employees unintentionally. Office and contents insurance can cover up to £25,000.
To conclude, Hiscox offers various forms of insurance that any business can generally benefit from. To choose the right insurer, plenty of research should be undertaken to compare all quotes. Still, it is helpful to have an idea of what level of cover is required and the company’s budget so that a policy is found that is most suitable. Hiscox provides insurance with no interest and instant coverage and gives a quote based on the type of business, the number of employees, any history of claims, and the overall cost to repair the damage.
Find out more about the importance of insurance here.
Other useful links about Business Insurance:
Flooring Contractor Insurance
Fitness Instructor Insurance
Fast Food Insurance
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