If you are a small business owner who is just starting out, you may be realizing that it’s a tough world out there. There is an endless list of things that could take your thriving new business and, in the blink of an eye, completely wipe it out of existence. Small business owners who have been around the block a few times also know that even with some experience under your belt, you are never immune from these dangers.
That’s why it’s critical to have the right kind of insurance for your operation with enough coverage to protect you in the case of a disaster or lawsuit. That’s where Insureon comes in. They have been providing specialized insurance to small business owners since 2011, helping them protect their operation and make sure they are covered in times of need.
Reward Expert recently had the pleasure of speaking with Jeff Somers, President of Insureon, about how his company is helping the small and micro-business owner.
To Protect and Sustain
According to an article published online with InsuranceJournal.com, nearly 75 percent of U.S. businesses are underinsured by 40 percent or more. This is an alarming statistic, especially when you consider that more than 15 million Americans live in areas where there is at least one weather related disaster each year. The sad reality is that 40 percent of businesses who are affected by these disasters are never able to open their doors again.
“We want to change these statistics,” said Somers. “We help small businesses secure the insurance needed to protect and sustain their companies.”
Insureon’s Strong Roots
While Insureon was only founded seven years ago, its roots date back over two decades to when the online world began to emerge. It was at that time that a man by the name of Jim Cochran founded a corporation known as TechInsurance.
Somers explained, “Jim noticed that small technology firms often struggled to find affordable coverage through traditional insurers that didn’t understand their business models. He also recognized that tech professionals were quick to adopt e-commerce and preferred the convenience of online transactions whenever they were available. These two factors led him to launch the TechInsurance Group.”
But as the internet grew and more people started to adapt to the new digital way of life, an opportunity was created for Insureon to find its start.
“Over time it became clear that tech professionals were not the only type of business owners who appreciated the convenience and speed of purchasing commercial insurance online,” said Somers. “In 2011, the TechInsurance Group launched Insureon, which has since become a leading online destination for small business owners in virtually any industry looking for insurance.”
The company offers a variety of different types of insurance, including:
- Business owner’s policy (BOP)
- Cyber liability insurance
- Errors and omissions (E&O) insurance
- General liability coverage
- Professional liability insurance
- Commercial property insurance
- Umbrella liability insurance
- Workers’ compensation coverage
- Employment practices liability coverage
Data Breaches and Cyber Criminals
Unfortunately, data breaches and other cyber crimes are becoming way too common these days. Recent data breaches across several industries have resulted in major fines, penalties and legal fees. Retail chains, some of the nation’s largest banks, entertainment networks and even the federal government have all felt the pain of this growing trend for tech-based criminals. But should small businesses be concerned about this growing trend?
According to Somers, “it’s an unfortunate fact that in modern business, no one is safe from cyber threats. A joint poll from Insureon and Manta found that 82% of small business owners aren’t particularly worried about a cyber attack, but frankly, they should be. Of the 34,000 cyber security incidents that occur every day in the U.S., small and midsize companies are targeted 61% of the time. The 2016 State of SMB Cybersecurity Report found that 14 million small businesses in the U.S. alone have been breached.”
That is why cyber liability insurance should play a crucial role in an organization’s business plan. “When hackers enter a network, hold data hostage or acquire sensitive data, the small business they steal from can be held liable for the incident,” explained Somers. “That’s where cyber liability insurance comes into play. Carrying this policy helps our customers pay for the costs associated with data breaches so they can avoid downtime.”
“A recent Kaspersky Labs report found the average cost of a small business data breach is $86,500. Though reimbursable expenses vary depending on the company and policy, common ones that are often covered include the costs associated with notifying customers of the breach, monitoring credit, legal fees and fines after a business experiences a breach.”
A Strong Future Ahead
There is no doubt that Insureon has experienced rapid growth since their start in 2011. According to Somers, their revenue has increased by nearly 2,500 percent and their staff has grown by 500 percent in their short existence.
With exciting growth like this, one has to wonder what the future plans look like for the company. “Insureon’s main focus this year is on enhancing the customer experience. We’re also working hard to improve our mobile experience as we see our traffic growing quickly on that channel,” said Somers.
“Another area we are working on is machine learning. Specifically, we’re developing a real-time optimization model that helps our sales force use customized language with each customer.”
Insureon Is the Right Choice for Your Small Business
Insureon’s agents are certified in all 50 states and have helped more than 200,000 customers compare options to find the best policies to protect their businesses. They have industry-leading technology that searches dozens of top U.S. insurance companies at once to find the right policy to fit the unique business needs of their customers.
“Small business owners have a lot on their plates,” said Somers, “so finding the right business insurance for their companies often falls by the wayside. We understand this better than any other insurance agency, which is why we designed our online application so that it takes just 15 minutes to fill out.”
“We also have agents ready to answer any questions customers may have along the way. And since our agents specialize by industry, they are aware of any unique needs a business owner may have for their particular industry – from general contractors to web designers to food truck operators.”
“Our goal is to provide our customers with up to three quotes from top-rated insurance carriers within a matter of minutes. The best part is we don’t charge any fees. Instead, our carriers pay us a commission. We’ve helped more than 200,000 happy business owners protect their life’s work.”
To learn more about Insureon or to get a quote, visit insureon.com today.