Is Hiscox Insurance Legit? Navigating Drawbacks and Celebrating Successes

Is Hiscox Insurance legit? Yes, it is a reputable company that offers a wide range of insurance products to businesses and individuals.

The company has a strong financial rating and a good reputation for customer service.

Is Hiscox Insurance legit?

Yes, Hiscox Insurance is a legitimate insurance company. It is a leading specialist insurance company that has been providing insurance for over 120 years.

Hiscox is financially strong and has an “A” (excellent) rating from A.M. Best, which is a national credit ratings company that focuses on insurance companies.

Hiscox is licensed to do business in all 50 states and Washington, D.C. The company offers a wide range of insurance products for businesses and individuals.

Contact Details

Phone: 1-866-283-7545

Website: https://www.hiscox.com/

Mailing Address: 30 N. LaSalle St., Suite 1760 Chicago, IL 60602

Hiscox Insurance is open Monday through Friday from 7:00 a.m. to 10:00 p.m. ET.

Additional Contact Information:

• For speech or deaf customers: Dial 7-1-1

• For policy inquiries: Call 1-866-283-7545 or email [email protected]

• To file a claim: Visit the Hiscox Insurance website or call 1-866-424-8508

Social Media:

• Facebook: https://www.facebook.com/HiscoxSmallBiz/

• Twitter: https://twitter.com/GroupHiscox

• LinkedIn: https://www.linkedin.com/company/hiscox-small-business-insurance

Services and Products

Hiscox Insurance provides various services and products for businesses, including:

1. General Liability Insurance: Covers property damage and bodily injury caused by your business, including damage to others’ property or your own.
2. Professional Liability Insurance: Covers claims of negligence or errors made against your business, like a mistake by a doctor causing a patient injury.
3. Business Owners Policy (BOP): A package policy combining general liability and property insurance, suitable for small businesses needing both coverages.
4. Workers’ Compensation Insurance: Covers employees injured or becoming ill on the job, providing benefits for medical expenses, lost wages, and disability.
5. Cybersecurity Insurance: Covers financial losses and damage to your business’s reputation due to a data breach or cyber attack.
6. Directors and Officers (D&O) Liability Insurance: Covers company directors and officers for claims arising from their decisions or actions.
7. Errors and Omissions (E&O) Insurance: Protects businesses from claims arising from errors or omissions in their professional services.
8. Employment Practices Liability Insurance (EPLI): Protects businesses from claims related to wrongful termination, discrimination, and other employment practices.
9. Fidelity Insurance: Protects businesses from losses due to employee theft.

For Individuals:

1. Homeowners Insurance: Covers your home and personal belongings from damage caused by fire, theft, and other perils.
2. Auto Insurance: Covers your vehicle from damage caused by accidents.

Other Products:

1. Terrorism Insurance: Covers losses caused by terrorist attacks.
2. Event Insurance: Covers losses caused by events like weddings, concerts, and sporting events.
3. Travel Insurance: Covers medical expenses, lost luggage, and other losses while traveling.
4. Pet Insurance: Covers medical expenses, lost pets, and other losses related to your pets.

Financial Details

Financial Performance

In 2022, Hiscox Insurance performed well financially. The company increased its gross written premium (GWP) to $4.2 billion, marking a 12% rise from 2021.

Net profit also saw growth, reaching $240.6 million, a 19% increase from the previous year. The combined ratio, a profitability measure, decreased to 95.1% from 98.1% in 2021.

Return on equity (ROE) rose to 19.5%, up from 17.2% in 2021. The solvency ratio, indicating financial strength, climbed to 177%, compared to 170% in 2021.

Segments

Hiscox Insurance operates in three main segments:

1. Retail: This segment offers insurance to individuals and small businesses.
2. Specialist: This segment provides insurance to businesses in various industries, including energy, marine, and aviation.
3. Reinsurance: This segment offers insurance to other insurance companies.

All three segments showed strong financial performance in 2022. The retail segment achieved $1.7 billion in GWP, a 14% increase from 2021.

The Specialist segment generated $2.0 billion in GWP, up by 11% from 2021. The reinsurance segment recorded $0.5 billion in GWP, marking a 5% increase from 2021.

Is Hiscox Insurance legit? Key Financial Highlights

• Gross Written Premium (GWP): $4.2 billion
• Net profit: $240.6 million
• Combined ratio: 95.1%
• Return on equity (ROE): 19.5%
• Solvency ratio: 177%

What are the benefits of insurance from Hiscox?

• A wide range of insurance products: Hiscox offers a wide range of insurance products to meet the needs of businesses and individuals.
• Financial strength: Hiscox is a financially strong company with an “A” (excellent) rating from A.M. Best.
• Good reputation: Hiscox has a good reputation for customer service.
• Competitive rates: Hiscox offers competitive rates on its insurance products.

Common Drawbacks of Hiscox Insurance

• Many people find drawbacks in Hiscox Insurance. One issue is the higher premiums they charge, which can make it less appealing for businesses and individuals. Hiscox specializes in high-risk industries, making their coverage pricier.
• Another drawback is the restricted coverage offered by Hiscox Insurance. Compared to other companies, their options may be more limited. Certain types of coverage might not be available, and eligibility requirements could be stricter.
• Availability is also a concern. Hiscox Insurance is not accessible in all states or for every type of business. For instance, business owner’s policies (BOPs) are not offered in Alaska, Delaware, Florida, Kansas, Rhode Island, Washington, or West Virginia.
• The application process with Hiscox Insurance is another challenge. It can be complicated and time-consuming, particularly for businesses engaged in high-risk operations.
• Lastly, customer service is a point of criticism. Hiscox Insurance has faced complaints about limited customer support. Some customers struggle to reach representatives and resolve issues efficiently.

Is Hiscox Insurance legit? What are the customer’s reviews?

Customers consistently praise Hiscox Insurance for its outstanding customer satisfaction, earning an impressive average rating of 4.7 out of 5 stars on Trustpilot. Here are some of the most common positive reviews:

1. Clear Policies: Customers appreciate the clarity of Hiscox Insurance policies. They find the terms easy to understand, which helps them make informed decisions about their coverage.
2. Responsive Customer Service: Many customers highlight the responsiveness of Hiscox’s customer service team. Quick and helpful assistance has contributed to a positive overall experience for policyholders.
3. Efficient Claims Process: Positive reviews often mention the efficiency of Hiscox’s claims process. Customers report smooth and timely settlements, making the claims experience hassle-free.
4. Tailored Coverage: Hiscox Insurance is commended for providing tailored coverage options. Customers value the ability to customize their policies to meet their specific needs and requirements.
5. Competitive Pricing: Some customers praise Hiscox for offering competitive pricing. Affordable premiums coupled with comprehensive coverage make it an attractive choice for many.

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