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Insights on Small Business Insurance: An Interview with Hiscox
Hiscox Small Business Insurance is redefining the relationship that business owners have with their insurance companies. I can say this with first-hand knowledge as I changed my business insurance over to Hiscox Small Business two years ago when I started my second company, Brian Moran and Associates. We decided to interview Hiscox Small Business to get a better understanding of what’s happening in the small business insurance market and how they are positioning themselves for future growth.
SmallBusinessEdge.com: What’s the state of the small business insurance market in the United States today?
HISCOX: Small businesses are the drivers of the US economy and insurance protection is an ingredient of their growth. Insurance is often required to fulfill contracts or sign a commercial lease. Many small business owners find small business insurance coverage confusing – they’re not sure what they need, the best way to purchase or how much it should cost. At Hiscox, we’re working to simplify the process, by helping small business owners get the information they need to take control.
SmallBusinessEdge.com: Hiscox Insurance has a rich history in Europe. The company is over 100 years old, but you are a newcomer to the U.S. market. Why start selling insurance here now?
HISCOX: We’ve been working with US businesses for a long time and our expansion into the US followed the retail insurance businesses we previously set up in the UK and Europe. We set up our online insurance offering in the UK in 2000 and believed this would provide great value to the many small businesses in the US.
SmallBusinessEdge.com: Hiscox Small Business Insurance is also one of the only companies in the U.S. to sell directly to business owners. Do you see that as a growing trend?
HISCOX: We are the first insurer to let US small businesses purchase their insurance online and in real time in 2010. Since then we’ve insured over 40,000 businesses and thousands more are getting protected every week. As other insurers adopt this model it will raise confidence in purchasing insurance online and benefit buyers with more options and flexibility.
SmallBusinessEdge.com: It seems like insurance coverage is changing on a regular basis in the small business market. How often should business owners review their policies?
HISCOX: The policies renew yearly, but it’s valuable to re-assess your business and your coverage on a quarterly basis. Have you added new employees, equipment or business partners? Has anything else changed that could impact your exposure? It’s easy to update your information when you need to, but important to do this pro-actively rather than after something goes wrong.
SmallBusinessEdge.com: Hiscox Small Business Insurance is arguably one of the most engaged brands on social media today. How has social media helped Hiscox Small Business Insurance in communicating with business owners?
HISCOX: Small business owners are more plugged in than the average person and many of them spend a lot of time online learning, researching and conducting business. Hiscox wanted to be there on the social media channels where they spend time to provide tips, tools and information about both protecting and growing their business. We want to be a resource for small business owners on all aspects of their business and also really enjoy interacting with current and future customers over social media.