Hiscox has been providing both corporate and domestic insurance since 1946. It specialises in SME business insurance policies, global risks cover for multinational businesses and home insurance policies for householders.
It takes great pride in the manner in which it handles claims, insisting that it is a process that should be based on common sense and fairness, taking in to account people besides possessions.
Its insurance policies for SME businesses and self employed Consultants can be sector specifically tailor made, as it has what it describes as ‘profession-specific’ policies on offer.
History
The name Hiscox first emerged in the insurance world in 1946, when Ralph Hiscox, who had joined the Roberts Agency as an Underwriter eight years earlier, formed Roberts & Hiscox. Ralph’s son, Robert, himself also an experienced Underwriter, took over the reins after his father’s death in 1970 and set about activating his expansion plans, thus Hiscox Holdings was born.
After veering between public and private ownership since 1994, what has since evolved in to Hiscox Limited now has 28 offices in 11 countries across Europe, the United Kingdom and the United States of America. Its Head Office is Bermuda based and its UK office can be found in Birmingham, Colchester, Glasgow, Leeds, London, Maidenhead and Manchester. It employs in excess of 1600 staff.
Accolades
It scooped awards for Personal Lines Insurer in 2007 and Commercial Lines Insurer in 2008 from the Insurance Times. More recently, it was recognised by the British Insurance Awards 2009 as General Insurer of the Year, for its outstanding service delivery and customer commitment. In 2010, the contributors, readers and writers of Start Your Business magazine voted it the Best Small Business Insurer of the year.
In Focus
Types Of Liability Cover On Offer
It offers tailor made public liability cover to the following self employed and SME business types:-
- Accountants
- Business Consultants
- Beauty Therapists
- Educational Consultants
- Energy Assessors & Inspectors
- Engineers
- Environmental Consultants
- Estate & Lettings Agents
- Health & Safety Consultants
- IT Consultants & Suppliers
- Marketing & Media Professionals
- New start ups
- Personal Trainers
- Recruitment Consultants
- Teachers & Tutors
As the fields of expertise small business owners and the self employed can vary dramatically, it can adequately design bespoke liability cover for SME companies and individuals who do not fall in to any of the above categories.
Policy Information
Very similar aspects elements of liability cover are included in the vast majority of these sector specific policies. In just a handful of cases, certain elements are excluded to suit the suit the nature of a particular business type to ensure that no self employed person or small company is cornered in to paying for liability cover that is inapplicable to them. The key elements include:-
E-Risks
As many business practices revolve around the use of emails and the internet, E-Risk insurance covers policy holders against a variety of potential online threats such as cyber hacking, ID theft and viruses.
Employers Liability
Insures policy holders against compensation and legal expenses payouts to full time staff, part timers, temporary staff, casual staff or sub contractors whose claims for damages or accidents are upheld.
Office Insurance
Offers policy holders potential reimbursement for accidental damages to, losses or thefts of vital office equipment that occurs at home or small offices.
Personal Accident Insurance
Offers policy holders a potential weekly remuneration if a self employed individual, small business owner or key member of personnel is unable to work due to an unforeseen accident.
Professional Indemnity Insurance
Insures policy holders against compensation and legal expenses payouts to clients and customers for problems resultant of work suppliers have fulfilled for them or failed to fulfill, such as breaching of contracts, offering misleading advice of mislaying confidential information.
Public Liability Insurance
Insures policy holders against compensation and legal expenses payouts to third party non staff claimants, such as clients and customers, members of the public or sub contractors whose cases for damages or accidents are upheld.
Optional Extras
For some small business types, additional extra elements of cover can be included in their insurance policies, such as Equipment Insurance or Stock Insurance, which both offer potential reimbursement payouts to policy holder for damages to their equipment and stock, losses or thefts.
Further add ons, that are advisable for certain business types but not others, include liability cover against breaches of confidentiality, libel or slander and loss of confidential and critical documentation.
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