Insureon is an online marketplace that makes finding the best insurance coverage in your state easy with a single form that returns quotes from multiple providers. Although Insureon doesn’t underwrite any of its policies, the company is licensed to provide services in all 50 states and can often help you get coverage within 24 to 48 hours.
Insureon works with dozens of commercial insurance providers, allowing you to save time by filling out just one application to get multiple quotes for your business. While Insureon’s application is more complex than what you’ll find on some insurers’ websites, it’s still much more efficient than figuring out which companies offer liability coverage in your area and asking for quotes one by one.
Overview of Insureon
Insureon is an independent marketplace for the online delivery of small business insurance. Headquartered in Chicago, Insureon is the largest digital agency for small and medium-sized businesses, offering policies from the nation’s top carriers, including Acuity, Chubb, The Hartford, Hiscox, Liberty Mutual, and Travelers.
Insureon’s digital platform allows small-business owners to compare insurance quotes and buy coverage online. The company is licensed in 50 states, and specializes in numerous industries, from IT professionals to restaurants, with more than 1 million policies written. Employees operate in a “virtual first” environment, working remotely from locations across the United States.
Insureon is the largest marketplace for small business insurance. It serves more than 350,000 small businesses each year. Since launching in 2011, they’ve sold more than 1 million policies, for more than $1 billion in premiums.
Insureon is licensed in 50 states and specializes in numerous industries – from IT professionals to restaurants. It operates a large partnerships division with several, major clients including Allstate, ADP and Progressive.
Insureon works with leading U.S. insurance carriers so you can quickly compare quotes online with one free application. It does all the work for you to ensure you pick the best policies for your business.
- Explore resources and expert policy recommendations.
- Complete one application to compare multiple quotes.
- Get advice from a licensed agent who knows your industry.
- Access your certificate of insurance and manage coverage online.
Insureon’s top insurance policies
No small business is the same, but many companies share the same risks. These key commercial insurance policies can protect you from common accidents, lawsuits, and damages. Insureon’s expert agents can offer advice based on your unique needs.
Check out some of the top policies it offers:
Liability insurance protects businesses from legal claims and financial losses resulting from third-party injuries, property damage, or lawsuits. It covers legal defense costs, settlements, or judgments if the business is found legally liable for causing harm or injury to others.
General liability insurance
General liability insurance, also known as business or commercial liability insurance, is essential coverage for various claims, including bodily injury, property damage, personal or advertising injury, medical payments, products-completed operations, and damages to premises rented to you.
Professional liability insurance
Professional liability insurance, also known as errors and omissions (E&O) insurance, protects businesses that offer professional services. B2C businesses often use E&O coverage to protect against claims stating their services caused clients financial distress or bodily injury.
Business Owners Policy (BOP)
If you want general liability insurance and property coverage, you can package them together in a business owner’s insurance policy, also known as a BOP. A BOP provides liability coverage for customer injury, property damage, and product-related claims, in addition to commercial building and movable property coverage.
Contractors’ professional liability insurance
If your business is in the design-build or construction management industry, you are required to purchase some form of contractors’ professional liability insurance. This coverage protects professionals against construction errors or losses incurred when designing, engineering and constructing a building.
It can also protect you from errors made by third-party vendors associated with a project.
Employment Practices Liability Insurance (EPLI)
Small businesses with employees often benefit from employment practices liability insurance. This insurance type protects you if an employee files a claim against you for wrongful discipline or termination, sexual harassment, discrimination, negligent evaluation, breach of employment contract, mismanagement of employee benefits, or wrongful infliction of emotional distress.
Some insurers offer EPLI as stand-alone coverage, whereas others offer it as an endorsement to their BOP. Your policy’s terms and conditions will depend on the coverage you choose. Your business type, number of employees, and various risk factors all play a part in the cost of EPLI.
Directors and officers (D&O) liability insurance
If your business has a corporate board of directors or advisory committee, you want D&O insurance. This insurance protects your directors’ and officers’ assets if they are personally sued for wrongful acts in company management (e.g., failure to comply with workplace laws, fraud, theft of intellectual property, misrepresentation of company assets, or misuse of company funds).
Product liability insurance
Product liability insurance provides more protection and security than a standard product warranty or guarantee. This coverage protects your business if a product causes damage or injury to a third party, or if your business faces a product-related lawsuit. For example, if your product had a lithium battery that caught on fire, injuring the consumer, they could sue you. Product liability insurance covers you in this instance.
Management liability insurance
Management liability insurance is a combination of coverages used to protect private, public and nonprofit companies from various board-level exposures. It protects against the risks of managing a business and is purchased by organizations with a board of directors.
Property insurance covers the physical assets of a business, including buildings, equipment, inventory, and other tangible property. It provides compensation for losses due to events like fire, theft, vandalism, or natural disasters.
Property insurance helps businesses recover and repair or replace damaged or stolen property, minimizing the financial impact of such events. The type of coverage you need will depend on the property you own or rent.
Types of insurance under property insurance include:
Commercial property insurance
Commercial property insurance protects your physical assets (building, equipment, inventory, tools, furniture and personal property) and covers financial losses due to property damage from fire, theft or loss.
Business renters insurance
Business renters insurance is essential for businesses operating in one or more rented spaces. It will cover incidents within the space, including fire, floods, accidents, and building or property damage due to natural disasters. This type of insurance covers many things that the other policies also cover, but for rented spaces specifically.
If you have a home-based business or store business property in your house, check the business coverage under your homeowners’ insurance. Homeowners insurance often only provides limited coverage (e.g., $2,500) for business property or equipment stored in your home, and some policies don’t cover business property at all.
Commercial auto insurance
Commercial auto insurance provides coverage for vehicles used for business purposes. It includes liability coverage for third-party injuries or property damage, as well as coverage for damage to the insured vehicle.
This type of insurance is similar to personal automobile insurance; it protects your cars, trucks or vans in the event of damage, injury or liability claims. However, commercial auto insurance provides additional coverage, including property and liability trailer exposure, loading and unloading exposure, hired vehicle coverage, non-owned vehicle coverage, and higher coverage limits.
Personal auto insurance
If you are self-employed and drive your personal vehicle for business purposes, you may be covered under your personal automobile insurance. If you own your car, truck or van and only use it occasionally for work, you may be able to make do with standard personal auto insurance designated for business use.
However, if you operate a company-owned vehicle, your vehicle is specifically designated for work, or you need higher coverage, you may need a commercial automobile insurance policy.
Workers’ compensation insurance
Workers’ compensation insurance provides coverage for employees who suffer work-related injuries or illnesses. It covers medical expenses, disability benefits, and lost wages for employees who are injured or become ill while performing their job duties.
Workers’ compensation insurance is typically required by law and helps protect businesses from potential lawsuits by employees seeking compensation for work-related injuries or illnesses. If an employee accepts the benefits of workers’ comp, they relinquish their ability to sue your company for the illness or injury.
Types of business insurance under this include:
You and any other members of your business can acquire a life insurance policy. This is similar to key person insurance, providing a beneficiary with financial assistance in the event of your death. Having life insurance in place can give you peace of mind that your death will not burden your family or business partners financially.
Key person insurance
Businesses often have a challenging time continuing operations when founders die. This is why it is essential for entrepreneurs to create a business continuity plan so the company can still thrive if the worst happens.
Also known as key man insurance or key woman insurance, key person insurance helps replace lost revenue due to the death of a key executive of your business. Your business pays the premium while the key person is alive and then collects a death benefit after their passing.
These benefits can be essential to continuing the operation of your business or finding someone to fill their role.
Disability income insurance
Disability insurance is similar to workers’ comp in that it temporarily covers an employee’s lost wages if they are unable to work because of a disability. However, disability insurance will cover injuries or illnesses that occurred on or off the job, whereas workers’ comp only covers work-related issues.
This type of insurance is also sometimes required by law.
Cyber insurance protects businesses against losses and liabilities arising from cyber threats and data breaches. It provides coverage for expenses related to data breaches, including legal costs, customer notification, credit monitoring, and reputation management.
Cyber insurance helps businesses manage the financial and legal risks associated with data breaches, cyber-attacks, and other cyber incidents.
Pros & Cons of Insureon Business Insurance
Pros of Insureon business insurance
- The Insureon Policy Buddy is a convenient tool that helps you determine what kinds of coverage your business needs. Through a series of interactive screens, Insureon comes up with recommended policies based on your stated preferences. It’s a highly convenient method of commercial insurance shopping.
- Insureon partners with dozens of reputable commercial insurance carriers to find the policy that perfectly fits your company’s budget and coverage requirements. Because of their status as an online insurance broker, rather than a brand-specific agency, Insureon is able to find the best deal for your business.
- Affordability is a big pro for Insureon. They have business insurance policies starting at just $21 per month, and they claim that they’re able to save a typical customer 10-20% on their commercial insurance coverage.
- Insureon receives fantastic customer reviews. In an industry that is not known for its positive client feedback, Insureon’s excellent reputation for customer satisfaction really stands out.
- The Insureon website offers a wealth of information about commercial insurance issues that are helpful to any entrepreneur. Whether you’re an Insureon customer or not, you can still learn quite a bit from the resources on their website.
- Insureon’s focus is on small and home-based businesses, and as such, they truly are experts in small business insurance coverage.
Cons of Insureon business insurance
- Due to their laser focus on small and home-based businesses, Insureon doesn’t provide coverage for midsize or large companies. Because of this, it is theoretically possible that at some point your business could outgrow the coverages provided by Insureon.
- Since Insureon is an online insurance broker and not an actual insurance carrier, they do not underwrite their own policies. This means that you’re not actually purchasing Insureon branded insurance, but rather trusting their relationships with third-party insurers.
How to get a quote from Insureon
If you would like to see what types of policies and pricing combinations Insureon can get for your business, simply fill out the appropriate forms on their website. Within a few hours, you should hear back from an Insureon representative.
The great thing about their service is that instead of just one quote, their representatives will provide quotes from many different sources along with a number of quality coverage options for your company.
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