You Won The Contract, Now How Do You Meet The Requirements?

NEW YORK, Sept. 7, 2011 /PRNewswire/ -- A large contract to provide services is the first step to growth and success for many start up small businesses.  However, fulfilling these contracts usually comes with legal and insurance requirements that must be swiftly verified.  Hiscox, the first company offering US small businesses the ability to obtain quotes and buy insurance online and in real-time, has found that many businesses are left scrambling to meet these requirements. Over a quarter of small businesses responding to an ongoing Hiscox poll on LinkedIn said that they first purchased insurance to satisfy contractual requirements.

A typical client-service contract requires vendors to have at least $1,000,000 in professional liability insurance coverage, with requested limits often running as high as $5,000,000.  Required limits for general liability insurance are normally $1,000,000 for each occurrence, with a general aggregate limit of $2,000,000.  

"The requirements for insurance coverage as a vendor is something that often catches our small business clients by surprise," said Kevin Kerridge, small business expert for Hiscox.  "These coverages are not optional and there is usually a firm date by which vendors must provide their proof of insurance."

Professional liability and general liability insurance coverage through Hiscox starts at less than $30 per month for each policy and can be purchased immediately – directly, online or over the phone. The policy documentation is emailed to policyholders the same day as proof of coverage.

"When small businesses need coverage they can trust by a specific date, we're there to meet their needs," said Jeff Geroux, Service Delivery Manager for Hiscox.   "Many of our clients start and complete the entire process online to meet their clients' contract requirements, however just as many small business owners contact our call center and have our advisors walk them through the entire process."

Designed specifically for the small business and home-office market, Hiscox small business professional liability insurance coverage (errors and omissions insurance) is customized for a range of knowledge-based professions including IT, management consulting, business consulting and marketing. Hiscox offers professional liability insurance quotes direct and online in real-time along with other liability insurance products such as general liability insurance and business owners policies.

Hiscox's licensed insurance advisors are solely focused on helping small businesses with their insurance needs.

Hiscox's online offering is backed by experienced, licensed advisors based at the Hiscox Small Business Insurance Customer Service Center in Virginia Beach, VA.

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). Hiscox is also now on Twitter, Facebook and LinkedIn.

Read more news from Hiscox Small Business Insurance.

About Hiscox Small Business Insurance

Hiscox, the international specialist insurer, is headquartered in Bermuda and listed on the London Stock Exchange (LSE: HSX). Hiscox is the first company in the U.S. to offer insurance for professional services businesses with 10 employees or less direct, online, and in real-time. We provide professional liability, general liability and business owner's insurance, underwritten by Chicago-based Hiscox Insurance Company Inc., which is rated 'A' (Excellent) by A.M. Best Company. Additional information can be found at: http://www.hiscoxusa.com/small-business-insurance/why-choose-hiscox-insurance/.

Hiscox also provides professional liability, property and specialty insurance to US businesses through US-based brokers. This communication does not constitute a solicitation of business by Hiscox's syndicates at Lloyd's, London.

SOURCE Hiscox Small Business Insurance