Hiscox USA has expanded its small business insurance offering direct and online to professional services businesses with 10 employees or less in New York and Florida.
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. 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’s online offering is backed by trained licensed advisors based at the Hiscox Small Business Insurance Customer Service Center in Virginia Beach, Virginia.
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.
(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
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