CoverWallet vs Hiscox – Which Commercial Business Insurance and Cover Is Better?

Updated: Jul 4, 2024

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Comparing Hiscox Business Insurance vs CoverWallet Business Insurance

If you’re a small business owner, you’re undoubtedly aware of the numerous risks running a business comes with. From property damage to lost business income and even potential lawsuits, it’s crucial to provide your company with the much-needed layer of protection and security. That’s precisely what insurance is made for. However, choosing an insurance company is a process you must approach with great caution and care, as they can make or break your company. Finding a good insurance company that can create a custom insurance policy that perfectly responds to your company’s needs is essential. When it comes to commercial insurance for businesses, there are two popular choices – Hiscox and CoverWallet. People have been debating which insurance company out of the two is better for the longest time. Here, you can finally find the answer you’ve been looking for as we make a detailed CoverWallet vs Hiscox comparison.

  • CoverWallet – best for those who wanna get comfortable quotes online and complete all activities using Digital Wallet.
  • Hiscox – best for those who trust in 120yr experience and looking for coverage by profession.

Table of Content

CoverWallet vs Hiscox

Tradition

It’s safe to say these two companies entered the insurance business at completely different times. Hiscox is one of the leading business insurance providers with almost 120 years of experience. As the company takes pride in its 100+ years of existence, you can rest assured you’re getting experienced and skilled treatment no matter what you’re looking for. On the other hand, CoverWallet is a relatively new company. Founded in 2015, the company focuses on bringing a new and fresh approach to business insurance. Although the company in itself is young, it was established by insurance professionals.

Coverage – CoverWallet vs Hiscox

International and global coverage has never been more important than nowadays. With globalization taking a massive effect on how we work, function, and live, coverage is one of the key features of every insurance company. Hiscox doesn’t offer coverage in Alaska, while CoverWallet covers all territories, including Alaska.

Policies – CoverWallet vs Hiscox

Both companies offer a wide range of policies their clients can choose from and find a policy that fits their needs, expectations, and requirements best.

Hiscox CoverWallet
Policies
  • General liability insuranceShort-term liability insuranceProfessional liabilityCyber security insuranceBusiness owner’s policyWorkers compensationCoverage for almost 200 professions
  • General liability insuranceCommercial property insuranceProfessional liabilityCommercial auto insuranceBusiness owner’s policyWorkers compensationUmbrella insurance.
    • Founded19012015
    Revenue3 billion GBP (2020)4.5 million USD (2020)
    StocksHCXLF (OTCMKTS)n/a
    Detailed ReviewCoverWallet Review
    MoreLearn MoreLearn More

    Main Pros – Hiscox vs CoverWallet

    Naturally, each company comes with its unique list of benefits and advantages that set it apart from rival companies.

    Hiscox ProsCoverWallet Pros
    – 100+ years of experience in the insurance industry;
    – A wide range of policies ideal for self-employed or smaller businesses;
    – Provide insurance to thousands of small companies;
    – More than 10,000 positive reviews;
    – Launch of an educational website and podcast program.    		– Expert advice and insurance plan suggestions;
    – Commercial insurance guide tailored by state;
    – Clients can complete all their activities by using the Digital Wallet;
    – Simple and easy platform to use and navigate;
    – All the necessary information is stored in the cloud;
    – Outstanding customer service.

    Main Cons

    Naturally, no company is perfect. Even the most successful and highly rated companies struggle with their disadvantages, and it’s the same when it comes to Hiscox and CoverWallet.

    • As the main con of Hiscox, we would single out the inability to purchase or quote online all the insurance products they offer to their clients.
    • Hiscox customer service got several negative reviews in the past.
    • When it comes to CoverWallet, their quotes can take longer to generate, so the quotes aren’t necessarily timely.

    In both cases, we believe the drawbacks are insignificant to what these companies offer in return. However, since you can easily fix these minor disadvantages, it leaves room for future improvement.

    The Bottom Line

    All in all, Hiscox and CoverWallet are the two leading insurance companies, although they’re entirely different. Nevertheless, both of these companies provide outstanding service and insurance plans to small businesses, which is why you can’t go wrong choosing either of the two. However, CoverWallet seems to be performing a bit better despite being a much younger company. By using the latest tech innovations and advancements to make their services outstanding. Because CoverWallet is an insurance broker company, it uses a proprietary algorithm and deep analytics to offer its clients the best cost-effective quotes.

    Business Credit Cards to Consider

    Ink Business CashNovo Debit CardBlue Business CashNearside Debit Card
    IssuerChaseMiddlesex Federal SavingsAmerican ExpressLendingClub Bank
    Annual fee$0$0$0$0
    APR13.24% to 21.49%n/a13.24% – 21.49%n/a
    Credit limitsUp to $20,000UndisclosedUp to $25,000Undisclosed
    Intro offer$750 bonus cash*n/a$500 statement creditsn/a
    Rewards/ benefitsUp to 5%Free checking2% cash backFree checking
    Credit neededGoodAccepts allGoodAccepts all
    More infoChase Ink Business CashNovo MastercardBlue Business CashNearside Mastercard
    ReviewsComparing Chase Ink CardsNovo Business Banking – –
    ApplicationClaim this offerClaim this offerClaim this offerClaim this offer
    * – Terms and conditions apply

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