When you’ve just started a new business, purchasing insurance may be the last thing on your mind. You’ve got a lot going on getting things up and running, so purchasing business insurance can surely wait, right?
Getting insurance early on – as in, before you need it – is crucial for getting ahead of potential risks that could jeopardize your hard work. So the question isn’t whether you should get insurance, but where you should get it from. Should you go with a traditional broker, an insurtech, or a Pie Insurance Alternative?
There’s no shortage of companies that focus on insurance specifically for small businesses, but narrowing the selection down can be challenging.
So, to help you make an informed decision about insurance for your business, we’re comparing two notable names in the small business insurance market: Embroker and Pie Insurance.
Embroker vs. Pie Insurance at a Glance
- Embroker: Nationwide
- Pie Insurance: 38 States & Wastington, D.C.
- Embroker: 2015
- Pie Insurance: 2017
- Embroker: Phone, Email, Chat (24/7)
- Pie Insurance: Phone, Email (Mon – Fri)
- Embroker: Yes
- Pie Insurance: Workers’ Comp only
- Embroker: Yes
- Pie Insurance: Yes – Outsourced for Workers’ Comp
Turnaround time for Certificate of Insurance:
- Embroker: Within 24 hours
- Pie Insurance: Up to 2 business days
What to Know About Embroker a Pie Insurance Alternative
With a mission to make it simple for business owners to get quality insurance coverage at the best price, Embroker has been making waves in the commercial insurance market since 2015, making it a solid Pie Insurance alternative. By pairing the latest technology with broker expertise, Embroker helps business owners save time and money. 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 works with leading insurance carriers to provide industry-specific coverage for the most complex and inefficient lines of insurance.
What to Know About Pie Insurance
Founded in 2017, Pie Insurance is a business insurance startup specializing in workers’ compensation coverage for small businesses. Pie currently sells workers’ comp policies in 38 states plus Washington, D.C. and also partners with local, regional, and national insurance agencies to provide coverage to their clients. To date, Pie has partnered with more than 2,800 agencies across the country.
While Pie’s website lists additional commercial insurance products besides worker’s comp, it refers customers to third parties for coverage such as general liability and business owner’s policies.
Embroker vs. Pie Insurance: Insurance Products
Getting the right insurance products for your business can directly impact your company’s success and ability to grow. After all, every business is unique, which is why insurance isn’t just a one-size-fits-all solution.
As mentioned already, Pie Insurance’s flagship product and predominant focus is workers’ compensation. But you’ll want to verify if Pie is available in your area since, at the moment, it’s not available in every state. If you’re in the market for a business owner’s policy, commercial auto, cyber liability, or general liability insurance, you can submit information to Pie and it will pass along your details to its partners who will get in touch to provide quotes.
Embroker has a wide range of commercial insurance products to meet the needs of various businesses, including those in emerging industries like crypto and cannabis. With more than 25 types of insurance products available, Embroker has something for any type and size of business. Policies available through Embroker include but are not limited to:
- General Liability
- Directors & Officers
- Commercial Property
- Tech Errors & Omissions
- Cyber Liability
- Business Owner’s Policy
- Employment Practices Liability
- Workers’ Compensation
- Product Liability
- Commercial Auto
In addition, Embroker offers products designed for specific industries and risks. Examples of some of the specialized products available with Embroker include venture capital errors & omissions, venture capital asset protection, accountant professional liability, and legal professional liability. Plus, for new businesses, Embroker offers a Startup Package that is designed to be an all-in-one insurance bundle.
Embroker vs. Pie Insurance: Financial Stability
Don’t think you need to know about an insurance company’s financial standing? You may want to reconsider that. Financial ratings for insurance companies give a clear indication of a company’s financial strength, reputation, and ability to pay out claims in the future.
All of Embroker’s digital insurance products are fully backed by A+ AM Best-rated reinsurers, including Munich Re and Everest Re. And Pie offers coverage rated A- by AM Best and backed by Sirius America.
AM Best is a global credit rating firm that scores the financial strength of insurance companies.
Embroker vs. Pie Insurance: Claims
Thinking about making an insurance claim before you even have insurance for your business may sound odd. But having an idea about how a company handles claims before you need to file one will help avoid frustration later on.
The CorVel Corporation, a national firm focused on workers’ compensation claims management, handles Pie’s workers’ comp claims. If a workplace injury occurs, the business owner or manager reports the incident directly to CorVel by phone. Once CorVel is notified of the claim, the injured worker can connect with a nurse who can answer questions and help guide them through the next steps.
At Embroker, we understand that filing a claim can be stressful, so we’ve made it easy to start the process online and have a detailed overview of what’s involved at every step. In addition, each of our policyholders has a personal broker who provides support throughout the claims process. What’s more, policyholders get real-time updates about claims through their account dashboard, so you’ll never be left in the dark about the status of a claim.
Embroker vs. Pie Insurance: Quotes
Shopping for insurance is a bit like buying a wedding dress or suit. You may end up going with the first one you picked out, but it’s a good idea to check out a few different options before making a decision.
Pie says it can provide workers’ comp coverage quotes in as little as three minutes. However, quotes for other business insurance products aren’t available through Pie.
As a small business owner, your time is valuable. With that in mind, Embroker has streamlined the insurance application process so that it can often take just a few minutes to get coverage. Not only does Embroker simplify getting online quotes for insurance products, we can also provide business owners with coverage recommendations and have licensed professionals available to advise on specific insurance needs.
Embroker vs. Pie Insurance: Customer Service
As a small business owner, getting the answers to your questions and concerns in a timely manner is crucial for allowing you to focus on what’s more important – your business.
Embroker has 24/7 support and can be reached anytime by phone, email, or live chat. And policyholders get a personal account manager to handle their insurance needs.
Pie Insurance’s customer service can be reached by phone or email. But it’s only available Monday to Friday from 9 a.m. to 9 p.m. Eastern time.
Embroker vs. Pie Insurance: Costs
We finally get to the question that’s on everyone’s mind about insurance: How much will it cost? Of course, the cost is always a top consideration when purchasing insurance. And that’s especially true when you’re working on getting a business off the ground.
According to Pie, it uses analytics and algorithms to match price with risk across various business types. As a result, Pie says it can help small business owners save up to 30% on workers’ comp insurance.
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
Buying insurance may not be the most exciting part of starting a business, but it is essential and can make all the difference between a business that thrives and one that fails. Taking the time to find the right insurance products with the right provider will help ensure that everyday risks won’t derail your business.
Want to learn more about how Embroker can help protect your business from unexpected risks? Reach out to one of our experienced brokers or visit Embroker’s digital platform to get an online quote right away.