Reinventing small business insurance for the digital economy

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Reinventing small business insurance for the digital economy

Sep 20, 2022 · 4 minutes to read

The COVID-19 global pandemic has altered the small business landscape. Many SMBs (small and medium businesses) were made deeply aware of gaps in their current insurance coverage and are more cost-conscious than ever when it comes to policy pricing.

As a result, more small business owners are taking a hands-on approach to protecting their businesses and looking for better insurance options.

“Small businesses are still feeling the effects of COVID-19,” says Pavel Yurkov, VP of Technology & Operations at BizInsure. “They are more aware of their business insurance needs, and many want greater control in choosing and buying policies.”

Changing attitudes toward business insurance

A recent consumer survey by Deloitte Global echoes Mr Yurkov’s insights into how SMBs are responding to the impact of COVID-19 and the overall changing business landscape.

Of the 501 respondents in the United States, just over 34% said they were ‘more likely’ or ‘much more likely’ to buy business insurance.

While shielding their businesses against future losses caused by the pandemic was the primary factor for seeking insurance, many small business owners also indicated a growing awareness of everyday risk. Over 14% indicated that they were more aware of the risks their business faces, and 12% said they better understand the risks their business needs protection from.

“We’ve seen an increase in quotes and purchases over the past year,” says Mr Yurkov. “Small business owners are more aware of their business risks and are eager to protect their businesses against them.”

Automation is gaining popularity

Insurance agents and brokers are still the preferred way for SMBs to buy business insurance. Over 72% of those surveyed said they used the services of an insurance intermediary.

However, an overwhelming majority of respondents (85.2%) said they were open to buying insurance from non-traditional channels, including online.

Pricing transparency, the convenience of getting coverage from one company, and reducing the amount of time spent buying and managing policies are some of the reasons why SMBs are open to buying business insurance without the help of an insurance agent.

Speed and convenience—without sacrificing quality

Platforms like BizInsure are uniquely positioned to serve small business owners looking for alternative ways to buy insurance.

“The goal of BizInsure is to simplify the insurance buying process. We’ve streamlined every step, so business owners can get instant coverage, typically in less than 10 minutes,” says Mr Yurkov.

He continues, “We only work with top-rated insurers and have built a comparison platform that reduces costs while adding a great level of transparency.”

One possible hurdle to buying business insurance online is the perceived lack of customer care. Most survey respondents said they preferred to deal with a real person (rather than a chatbot), either in person or over the phone.

“Outstanding customer support is a core part of BizInsure’s model,” says Mr Yurkov. “Business owners are welcome to compare, buy, and manage their policies completely online. If that doesn’t fit their needs, our licensed agents are ready to assist over the phone, when and where our customers need it.”

The bottom line

As SMBs get back to business as usual, they are looking for more and better ways to help protect themselves and their business.

Online tools can help meet this demand. They can also empower SMBs to make these choices themselves, with real-life customer support available when it’s needed the most.

ABOUT US

BizInsure is an offshoot of the Australian Insurtech BizCover, which disrupted the insurance industry in 2008.

Troubled by the merry-go-round small businesses had to go on just to get the right insurance coverage for their business, they brought the online service to the US market in 2012 under the BizInsure brand.

This revolution allowed them to reduce costs and fees, increase pricing transparency and decrease the hassle of getting insured for time-poor and cost-conscious small business owners.  BizInsure has sold over 18,000 business insurance policies as of 2022.

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bizinsurance makes purchasing Business Insurance...SIMPLE!
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Great quality of Service ,faster and convenience way to pay at most. Thank you for your Service to my Healthcare Facility .
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Great service! Easy process and very informative representative. Andrea was great and very patience with our process. I would recommend using them!!
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Always and easy process. Thanks!
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Renewal was quick and easy online
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I had a great experience working with Andrea from BizInsure. She was extremely knowledgeable, helpful, and responsive throughout the entire process. She guided me through the different options available and helped me find the perfect home care professional liability insurance policy that suited my needs. Her professionalism and expertise made the entire experience smooth and hassle-free. I highly recommend working with Andrea and BizInsure for all your insurance needs.
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Easy to submit an application and to get quotes
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I had the most pleasant prompt and professional experience of my life with Bizinsure. Everything was completed in record time, at an unbelievable cost…and my certificate of Insurance was promptly emailed to me. Most of all it was effective immediately. No hassle no back & forth, just great service highly recommend to all small businesses.
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Great service. Very professional and cordial. Thanks
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BizInure has been a great company for our insurance needs. I wish customers services was 24/7, that would make it a five stars
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Andrea was very useful and professional. I will be recommending Biznsure to my friends that need business insurance. Keep up the good work. I wish the agency also offers auto insurance and whenever you do I will be one of the first to sign up as sign of my appreciation.Mike Okonkwo.
Mike O
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Kalab was excellent. Great, great Agent. Every step was organized and well planned. I WILL recommend your firm to anyone. Thank you...
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Great total experience. The agent was professional, knowledgeable,and a pleasure to work with. The fastest business insurance purchase I've ever experience. I highly recommend Bizinsure.
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Communication was excellent and the process was easy.
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Kaleb tailored the right coverage to our business. Customer service was good and gave great understanding of coverage. Thank you from Goleda's Gentle Homecare LLC
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A GOOD COMPANY FOR HEALTH CARE INC
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Easiest & fastest online quote and purchasing experience out there. Inside of 10 minutes I had a quote, payment draft, and policy in force... and at the most competitive GL rates I found.
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Friendly fast service I recommend you to all vendors
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Great company easy to work with, Andrew was very helpful,you can call him any time he is ready to listen and help
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