NEW YORK, Jan. 25, 2011 /PRNewswire/ — As small businesses continue to grow in number and importance, specialist insurer Hiscox USA today announced the expansion of their small business insurance offering, now available direct and online to professional services businesses with 10 employees or less in New York and Florida.
The strategic expansion by Hiscox into New York and Florida will help meet the needs of the growing numbers of small business start-ups in both markets. The metro areas in southern New York and southern Florida were ranked first and fourth in the nation, respectively, in terms of the number of small businesses, with New York having 675,248 small businesses and Florida having 488,699 small businesses(1). In addition, New York observed a 53 percent increase in lending to small businesses in October and November of 2010(2) after Congress approved a two-year refinancing period for small businesses and increased funds for micro-lenders.
Designed specifically for the small and home-office market, Hiscox Small Business Insurance is aimed at businesses with 10 employees or less. Coverage is customized for a range of knowledge-based professions including IT, management consulting, business consulting and marketing. Tailored professional liability insurance 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. Since the offering launched in November, small business owners in 21 states across 23 different industries have protected their businesses with Hiscox Small Business Insurance.
“The expansion of the offering into the New York and Florida markets is a direct response to the demand we are seeing among small businesses for insurance in a variety of industries and across the country,” said Kevin Kerridge, Head of US Direct, Hiscox USA. “Hiscox USA is pleased to offer specialized insurance coverage for small business owners and entrepreneurs in New York and Florida that they can access directly online.”
Hiscox’s 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 include:
- professional liability insurance (E&O)
- general liability insurance (CGL)
- workers’ compensation insurance, through EMPLOYERS®
Professional liability insurance, general liability insurance and workers’ compensation insurance coverage are now available in Florida, while professional liability insurance and general liability insurance coverage are available in New York. A business owners policy (BOP) will also be available by the end of 2011. This policy combines general liability with business property coverage, for example buildings, office contents and loss of electronic data.
To learn more about Hiscox Small Business Insurance, visit http://www.hiscoxusa.com/small-business-insurance/ or speak with a Hiscox licensed advisor at (888) 202-3007 (Monday through Friday, 8:00 AM – 10:00 PM EST).
Notes to Editors
(1) Source: Business First breakdown of 2008 federal data
(2) Source: U.S. Small Business Association New York district office loan report, compiled as of 11/30/10
About Hiscox in the U.S.
Hiscox, the international specialist insurer, is headquartered in Bermuda and listed on the London Stock Exchange (LSE: HSX). There are three main underwriting parts of the Group – Hiscox London Market, Hiscox UK and Europe and Hiscox International. Hiscox International includes operations in Bermuda, Guernsey and the USA. Hiscox ASM Ltd, Hiscox Underwriting Ltd and Hiscox Syndicates Ltd are authorized and regulated by the UK Financial Services Authority. The ability of syndicates at Lloyd’s to do business in the USA and its territories is restricted as they are not US-based insurers.
Hiscox Inc., a Delaware corporation headquartered in New York, d/b/a Hiscox Insurance Agency in CA, is a licensed insurance intermediary for admitted and surplus lines business. Hiscox Inc. underwrites on behalf of, and places business with, Hiscox Insurance Company Inc., other domestic insurers, and syndicates at Lloyd’s (www.lloyds.com). Hiscox Insurance Company Inc. is a Chicago, IL domiciled insurer which is admitted or licensed to do business in all 50 states and the District of Columbia.
Inquiries as to insurance, products or services, other than those offered by Hiscox Small Business Insurance, should be directed to an insurance agent or broker licensed to conduct business in the relevant U.S. state. For further information about an insurer’s ability to do business in the USA and US territories please contact a licensed agent or broker for advice.
This communication provides general information on Hiscox’s products and services only and, except with regard to Hiscox Small Business Insurance, is not intended to be, and does not constitute, a solicitation of business by syndicates at Lloyd’s from or in respect of the USA or U.S. territories. The information contained herein is not a part of an insurance policy, and may not be used to modify any insurance policy that might be issued. In the event the actual policy forms are inconsistent with any information provided herein, the language of the policy forms shall govern.
About Hiscox Small Business Insurance
Hiscox is the first company in the U.S. to offer insurance coverage for professional services businesses with 10 employees or less direct, online, and in real-time. We provide professional liability, general liability and business owners insurance. We also offer workers’ compensation insurance provided by EMPLOYERS®. Hiscox Insurance Company Inc. is rated ‘A’ (Excellent) by A.M. Best Company.
Quote and buy customized coverage online at hiscoxusa.com/small-business-insurance/ or by calling a Hiscox licensed advisor at (888) 202-3007 (Mon-Fri, 8:00 AM -10:00 PM EST).
About Employers Holdings, Inc.
Employers Holdings, Inc. (NYSE: EIG) is a holding company with subsidiaries that are specialty providers of workers’ compensation insurance and services focused on select small businesses engaged in low-to-medium hazard industries. The company, through its subsidiaries, operates coast to coast. Insurance is offered by Employers Insurance Company of Nevada, Employers Compensation Insurance Company, Employers Preferred Insurance Company, and Employers Assurance Company, all rated A- (Excellent) by A.M. Best Company. Additional information can be found at: http://www.employers.com.
Coverages are subject to underwriting and may not be available in all states. As of December 31, 2009, Hiscox Insurance Company Inc. had admitted assets of $63,021,985 and policyholders surplus of $52,782,927. Total liabilities were $10,239,058 (inclusive of $4,731,628 in reserves) and paid up capital stock was $4,200,000.
SOURCE Hiscox USA
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