Insureon, an online agency for small business insurance, announced the launch of new diagnostic tool that for business owners to identify the types of commercial insurance policies they need within minutes.
The tool called Policy Buddy, which Insureon describes as “a two-minute diagnostic tool,” invites users to enter simple facts about how they operate, including whether they contract for a larger company, whether they sell goods or services, and whether they work from home. They do this by clicking on any of 12 different simple images, such as a desk and computer captioned, “I work from home,” or a notebook and pencil captioned, “I sell services (consulting, coding, designing, etc.)”
Clicking on those two particular images returns a recommendation for general liability and professional liability insurance within a matter of seconds, Carrier Management found. “I accept credit cards,” prompts the small business owners to consider cyber insurance; “I’m a contractor for a bigger company,” prompts consideration of a workers compensation insurance buy—both of which can be acted upon by clicking, “Apply Now.”
After determining which coverage best matches their business’s risk exposures, Policy Buddy users can apply for that coverage in 15 minutes on the Insureon site, according to the company.
Policies start at $34 per month and are available for hundreds of industries, the company said in a media statement.
Policy Buddy marks the latest development in Insureon’s transformation of the small commercial insurance space. Since the company’s launch in 2011, it has worked to bring commercial insurance to the nation’s smallest businesses: freelancers, independent contractors, and those with up to 20 employees.
“For our customers, there is no compliance department to make sure they’ve got the right insurance,” said Ted Devine, Insureon’s CEO. “They’re doing everything themselves, they’re moving a million miles an hour, and a lot of the time they don’t even realize commercial insurance is something they should be thinking about.”
“So we’ve made it easy: give us two minutes, and the Policy Buddy will show you which policies you need,” he said.
After determining which coverage best matches their business’s risk exposures, Policy Buddy users can apply for that coverage in 15 minutes on the Insureon site. Policies start at $34 per month and are available for hundreds of industries.