Specific public liability coverage limit stated as standard
Source: AXA
we've got your back. Our public liability insurance will cover you for up to £10† million as standard under our policy
Locksmiths
Claims AXA makes that competitors do not (3)
Two distinct tool insurance variations offered
Source: AXA
Tool insurance from AXA comes in two variations to cover all your needs. Own plant, tools and equipment will protect any tools that belong to you, while hired-in plant cover is there to cover any specialist gear that you are renting out to get a job done
Workshop contents cover as optional add-on
Source: AXA
Yes, as an optional extra, you can add workshop cover to your locksmith's insurance policy. This covers the contents including tools, machinery, stock, and computer equipment at your premises
Claims competitors make that AXA does not (5)
Personal accident insurance for business continuity
Source: Hiscox
Our personal accident insurance is designed to support your locksmith business, if you or a key employee are unable to work due to an accidental bodily injury
Cyber and data insurance coverage
Source: Hiscox
With cyber and data insurance, you'll be protected against any legal or recovery costs if an incident does happen, so it's an essential kind of locksmith liability insurance for anyone working in the trade
Business interruption cover
Source: Hiscox
Business interruption – protects against financial losses caused by an unexpected interruption that suspends trading
Equipment breakdown cover
Source: Hiscox
Equipment breakdown – cover for the sudden electrical or mechanical breakdown of your office equipment
Property away and in transit insurance
Source: Hiscox
Property away and in transit insurance – for portable equipment and tools. This can cover items you use away from the office, such as drills, circular saws, mobile phones and laptops
Areas where AXA's language is weaker (3)
Employers' liability coverage limit clarity
AXA says:
we'll pay up to £10m for compensation and legal costs to defend a claim made against the insured
Hiscox says:
Employers' liability insurance gives you essential cover in this kind of situation and could even cover the cost of defending or settling your legal case
Scope of property damage examples
AXA says:
if a customer were to trip over your tools and get injured
Hiscox says:
If you accidentally damage a client's property – for example, if you made a dent in their wallpaper or broke a piece of art, while installing a security system
Legal requirement clarity for employers' liability
AXA says:
This is a legal requirement if you have any employees who work for you
Hiscox says:
if you employ one or more members of staff, your business is legally obliged to have employers' liability insurance
Differentiation suggestions (4)
Add personal accident insurance to the core product offering, positioning it as protection against income loss when the locksmith or key staff cannot work
Hiscox prominently features this as a distinct product. For self-employed locksmiths and small teams, this addresses a genuine business continuity risk that AXA currently does not mention, making it a material gap in the proposition
Introduce cyber and data insurance as a bundled or optional add-on, with messaging tied to invoice tracking, customer data, and payment systems
Hiscox explicitly connects cyber risk to locksmith business operations (invoicing, stock tracking). AXA mentions workshop computer equipment but does not address cyber threats, leaving a clear competitive opening in a growing risk category
Expand the tools insurance messaging to explicitly include 'property away and in transit' coverage for portable equipment used on-site at customer locations
Hiscox names specific tools (drills, circular saws, mobile phones, laptops) and clarifies coverage for items used away from the office. AXA's current language focuses on workshop-based tools and hired-in plant, missing the portable equipment use case
Create a comparison table or decision tool showing which cover combinations are legally required vs. recommended, addressing the confusion Hiscox explicitly acknowledges
Hiscox dedicates a FAQ section to clarifying legal obligations and recommending cover combinations. AXA states requirements but does not guide customers through the decision, creating friction in the quote journey