Hiscox vs Square Payments: which one fits your business?
Side-by-side comparison of Hiscox and Square Payments — fees, features, ease, support, and which one fits your business. Scored on the same rubric.
Short answer: Square Payments wins on our scorecard (7.8/10 vs 7.7/10).
| Scored on | Hiscox | Square Payments |
|---|---|---|
| Right fit for small biz | 8 | 8 |
| Ease of use | 9 | 9 |
| Fees & pricing | 7 | 7 |
| Customer support | 6 | 5 |
| Features | 8 | 9 |
| General Liability Starting Price | ~$30/mo | — |
| Professional Liability Starting Price | ~$25/mo | — |
| BOP Bundle Discount | Up to 5% | — |
| Policy Fees | Varies by state | — |
| Monthly Fee | — | $0 (Basic) |
| In-person Rate | — | 2.6% + 10¢ |
| Online/Keyed Rate | — | 2.9% - 3.5% + 15¢ |
| Instant Transfer Fee | — | 1.75% per transfer |
Hiscox in one paragraph
Hiscox is the gold standard for fast, digital-first insurance for white-collar solopreneurs, but it loses its edge as soon as your business adds physical risk or employees.
Skip it if: You work in a high-risk trade like roofing or tree removal, as you will likely be declined or overcharged.
Square Payments in one paragraph
Square is the gold standard for speed and simplicity, though you pay a premium in transaction fees for the convenience.
Skip it if: Skip it if your business processes more than $20,000 per month, as you'll save thousands elsewhere with interchange-plus pricing.
Frequently asked questions
Which is better, Hiscox or Square Payments?
On our five-axis scorecard, Square Payments scores higher (7.8/10 vs 7.7/10). Square is the gold standard for speed and simplicity, though you pay a premium in transaction fees for the convenience.
Who should skip Hiscox?
You work in a high-risk trade like roofing or tree removal, as you will likely be declined or overcharged.
Who should skip Square Payments?
Skip it if your business processes more than $20,000 per month, as you'll save thousands elsewhere with interchange-plus pricing.