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
- Policies (CoverWallet vs Hiscox)
- Advantages (CoverWallet vs Hiscox)
- Offers for Businesses
- Bottom Line
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.
|Revenue||3 billion GBP (2020)||4.5 million USD (2020)|
|Detailed Review||CoverWallet Review|
|More||Learn More||Learn 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 Pros||CoverWallet 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.
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 Cash||Novo Debit Card||Blue Business Cash||Nearside Debit Card|
|Issuer||Chase||Middlesex Federal Savings||American Express||LendingClub Bank|
|APR||13.24% to 21.49%||n/a||13.24% – 21.49%||n/a|
|Credit limits||Up to $20,000||Undisclosed||Up to $25,000||Undisclosed|
|Intro offer||$750 bonus cash*||n/a||$500 statement credits||n/a|
|Rewards/ benefits||Up to 5%||Free checking||2% cash back||Free checking|
|Credit needed||Good||Accepts all||Good||Accepts all|
|More info||Chase Ink Business Cash||Novo Mastercard||Blue Business Cash||Nearside Mastercard|
|Reviews||Comparing Chase Ink Cards||Novo Business Banking||–||–|
|Application||Claim this offer||Claim this offer||Claim this offer||Claim this offer|