Hiscox USA has taken a giant leap towards reinventing how small professional services businesses buy their insurance in the U.S. The specialist insurer today launched the first U.S. service that enables small businesses to obtain insurance direct through real-time quote and buy online.
The launch comes as research shows there are an average of 135,000 keyword searches for “small business insurance” in the U.S. per month1, demonstrating that small businesses are already seeking information on insurance coverage online.
Designed specifically for the small-office/home-office market, Hiscox Small Business Insurance is aimed at businesses with 10 employees or less in knowledge-based professions including IT, management and business consulting and marketing. Professional liability coverage starts from as little as $22.50 a month, making it an affordable and efficient way for small businesses to get coverage compared to more traditional channels.
Available in 21 states and the District of Columbia, the new online offering is backed by trained licensed advisors based at the Hiscox Small Business Insurance Customer Service Center in Virginia Beach, VA. The service center is open Monday – Friday from 8:00 AM until 10:00 PM EST.
The products available from today include:
– Professional liability insurance (E&O)
– General liability insurance (CGL)
– Workers’ compensation insurance, through EMPLOYERS®
A business owners policy (BOP) will also be available by the end of the year. This policy combines general liability with business property coverage, for example buildings, office contents and loss of electronic data.
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.”
Since the launch of Hiscox’s small business insurance coverage in the U.K. in 2005, the business has grown more than 200 percent annually to cover 38,000 small businesses in 2010. The profile and needs of these small business owners are similar in the U.S. and the U.K.
Online insurance purchasing has become the norm for personal lines coverage and small business owners are familiar with this channel. According to a recent industry analyst research survey examining insurance channel preferences in the U.S., more than half of respondents who purchased insurance products over a 12-month span indicated they did so online or by phone, compared to about 1/3 who purchased insurance in-person at a branch office2. Additionally, more than half of small business owners surveyed would be comfortable purchasing business insurance online according to a recent Interbrand study.
“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.”
Source : Hiscox Press Release
