Purchasing business insurance can be a daunting task. No one has ever labeled buying insurance “a fun time.” We totally get it.
After all, there’s a lot to consider when it comes to insurance for your business. Which products do you need to get? Which company offers the best service? Who has the best price?
The good news is that several companies specialize in insurance specifically for small businesses. One of those companies is Insureon, which has become well-known as an online marketplace for business insurance. Looking for an Insureon alternative? Embroker has quickly become a leader in small business insurance. Both are insurtech brokerages focusing on commercial insurance products, but they have differences in what they offer to businesses.
To help you make an informed decision about insurance for your business, we’re taking a look at how Embroker and Insureon stack up against one another.
Embroker vs. Insureon: At a Glance
- Embroker: Nationwide
- Insureon: Nationwide
- Embroker: 2015
- Insureon: 2011
- Embroker: Phone, Email, Chat (24/7)
- Insureon: Phone, Email, Chat (Mon-Fri)
- Embroker: Yes
- Insureon: Yes
- Embroker: Yes
- Insureon: No
- Embroker: Yes
- Insureon: No
What to Know About Embroker an Insureon Alternative
Even though it might be the “newer kid” on the commercial insurance block, Embroker has made a name for itself since it was founded in 2015. In fact, Embroker was named one of the innovators transforming the future of the finance industry by Goldman Sachs and one of the most promising fintech companies in the world by CB Insights.
Embroker’s mission is to make it incredibly simple for business owners to get quality insurance coverage at the best price. To achieve that, Embroker works with leading insurance carriers to provide industry-specific protection for businesses, including “hard-to-place” industries like crypto, cannabis, and aviation.
What to Know About Insureon
Founded in 2011, Insureon is an online insurance marketplace for small businesses in various industries – from construction, consulting, and healthcare to IT, landscaping, and restaurants.
Insureon’s digital platform allows customers to shop, compare quotes, and manage their coverage online. Insureon claims that 80% of businesses can receive a certificate of insurance within a couple of hours of starting the application process.
Embroker vs. Insureon: Insurance Products
Embroker and Insureon offer various policies to cover a range of business risks.
Both companies offer the following policies:
- General Liability: Coverage to protect businesses from third-party injuries and property damage claims.
- Errors & Omissions (Professional Liability): Protects professional service providers from claims regarding mistakes or negligence.
- Workers Compensation: This policy covers short and long-term costs of an employee’s workplace-related injury or illness.
- Cyber Liability: Covers the costs associated with data breaches and other cybercrimes.
- Tech Errors & Omissions: Coverage for claims of an error or failure of a technology or service.
- Directors & Officers: A type of liability insurance that covers a company’s directors and officers from lawsuits alleging a breach of fiduciary duty.
- Commercial Property: This policy provides financial assistance when business property (buildings, furniture, inventory, etc.) has been lost or stolen.
- Employment Practices Liability: Coverage for employment-related lawsuits, such as discrimination, sexual harassment, wrongful termination, and retaliation.
- Business Owner’s Policy: At Insureon, this bundle includes general liability and commercial property. Embroker’s policy includes general liability, commercial property, and business interruption insurance.
- Business Interruption: Often bundled with other policies, this insurance product helps a business replace lost income and other expenses if required to shut down temporarily.
- Commercial Crime: Commercial crime insurance helps businesses with losses related to employee theft, fraud, forgery, and more.
- Commercial Umbrella: This coverage comes into play when other insurance policy limits are exhausted.
- Commercial Auto: Protects business vehicles (owned and rented) and covers repairs and replacement costs.
- Product Liability: This policy is for businesses that make and sell products, providing coverage for claims related to product defects and shortcomings.
- Surety Bonds: Surety bonds protect business owners if something doesn’t allow them to fulfill expectations during a project.
- Builders Risk: For construction firms and contractors, this policy protects structures being built from fire, vandalism, weather damage, and more.
In addition, Insureon and Embroker have some specialized insurance products. With Insureon, customers can get quotes for special event insurance and liquor liability.
At Embroker, there are a variety of additional products designed for specific industries and to manage unique risks:
- Startup Package: An insurance package designed to protect startups.
- Legal Professional Liability: Protection for lawyers from malpractice claims.
- Fiduciary Liability: Protects a business and its employees from claims of mismanagement and the legal liability stemming from their role as fiduciaries.
- Key Person Insurance: A life insurance policy for an executive, founder, or other crucial employees whose death or disability could harm a company.
- Commercial Package Policy: A policy bundle for bigger businesses that don’t qualify for a Business Owner’s Policy.
- Accountant Professional Liability: A professional liability policy tailored to meet the needs of accountants.
- Management Liability: This coverage protects a company and the people leading it from various business risks.
- Venture Capital Errors & Omissions: Protects VC firms from claims of professional negligence and third-party lawsuits related to cybercrimes.
- Venture Capital Asset Protection: Designed to protect against the unique exposures of VC and private equity firms.
Embroker vs. Insureon: Financial Stability
It may not be at the top of many consideration lists when shopping for insurance, but a company’s financial stability is crucial and provides a good indication of an insurer’s reputation.
Fortunately, all of Embroker’s digital insurance products are fully backed by A+ AM Best-rated reinsurers, including Munich Re and Everest Re. And Insureon, which was acquired by Hub International in March 2022, only sells policies from carriers with an A rating or higher from AM Best.
AM Best is a global credit rating firm that scores the financial strength of insurance companies. The higher the rating, the better a company is able to pay out claims.
Embroker vs. Insureon: Insurance Claims
No one likes to think about having to submit an insurance claim, but knowing about the process beforehand can save a lot of headache and frustration down the road.
Since Insureon is an insurance marketplace, they don’t handle claims. Instead, policyholders are directed to contact their insurance agent or provider to start the claims process.
At Embroker, we recognize that filing a claim can be stressful, so we’ve made it easy to start the process online and provide a detailed overview of what’s involved. Each of our policyholders have a personal broker who provides support throughout the claims process. Plus, policyholders get real-time updates about claims through their account dashboard, so they know what’s happening at every step.
Embroker vs. Insureon: Insurance Quotes
When shopping around for insurance, it goes without saying that getting quotes is an integral part of the process. Of course, you want to be able to compare quotes to see which provider will give the best coverage at the most affordable rate. And since Embroker and Insureon are insurtechs, it’s no surprise that both offer online quotes.
Embroker and Insureon make it simple and easy to get a quote, which can take just minutes to complete. Plus, both can provide business owners with policy recommendations with licensed professionals available to advise on specific needs.
Embroker vs. Insureon: Customer Service
Getting support when you need it is essential for running a business. And we all know there’s no such thing as working 9 to 5 when you’re running your own business. That’s why Embroker has 24/7 support and can be reached anytime by phone, email, or live chat. Plus, policyholders get a personal account manager to look after their insurance needs.
Insureon also has customer service available by phone, email, or live chat. However, their support is only available from 8 a.m. to 5:30 p.m. CT Monday to Friday.
Embroker vs. Insureon: Costs
We saved the best for last: the cost. Cost is always a top consideration when it comes to insurance. As with any insurance company, the price of coverage from Embroker and Insureon will depend on factors like industry, business size, location, revenue, policy type, and coverage limits.
Since Insureon works with various carriers to offer insurance products, the cost will depend on the chosen provider. However, Insureon does indicate that a general liability policy costs a median of $42 per month for its customers, and a business owner’s policy costs a median of $53 per month.
With Embroker, business owners can use a Startup Package Calculator to get an idea of how much insurance will cost even before they get a quote. And thanks to Embroker’s suite of proprietary products, business owners can save an average of 20% on their premiums.
The Bottom Line
Purchasing insurance that will meet your company’s growing needs is vital for your business’s success and longevity. Insurance not only protects your business’s financial well-being, it also establishes credibility with your customers, business partners, and employees by showing that you take risk mitigation seriously. That’s why it’s crucial to take time to compare rates and coverage options from various providers to find insurance that will suit you and your business.
Want to learn more about how Embroker can help protect your business from everyday risks? Reach out to one of our experienced brokers or visit Embroker’s digital platform to get an online quote right away.