Small Business Insurance - Hiscox Launches Online Insurance Service

Hiscox USA, a specialist insurer, announced its plans to offer small businesses the opportunity to purchase insurance directly via real time quotes and purchase online. The catalyst for this new service is the fact that over 135,000 online searches for “small business insurance” occur each month in the US.

The coverage is directed to businesses with 10 or fewer employees in the IT, consulting, and marketing business. Initial coverage for professional liability begins at an affordable $22.50 per month, much less expensive than normal insurance offerings.

Kevin Kerridge, Head of US Direct, Hiscox USA, comments, “Small business owners have been underserved by insurers. They are looking for clear information on risks and how to get the right cover. Hiscox’s experience insuring knowledge-based professions means we understand the risks they face and are able to tailor policies to meet their needs. Our real-time online quote and buy system also brings the convenience of 24/7 access to our service.”

Purchasing insurance online is now normative with regards to personal lines coverage. One industry analyst research survey found that half of those questioned had bought insurance online the previous 12 months. Only one third said they purchased insurance directly at an insurance office. Furthermore, an Interbrand study suggests that at least half of small business owners would be open to buying insurance online.

“Small business owners are looking for fast, convenient and reliable services to help them operate and protect their businesses,” said David Potterton, Vice President, Global Research at IDC Financial Insights. “As many of these businesses already use and are familiar with online channels for their banking and personal insurance products, it seems the logical next step for certain types of business insurance coverage as well.”

Hiscox USA services 21 states as well as the District of Columbia.