Embroker Insurance Review (2023): The Best Small Business Provider?
Last Updated on January 20, 2023
Small businesses are becoming more and more creative. Not only that, but they are also growing in number and now serve as the backbone of the American economy. Given this knowledge, we know that modern enterprises also require modern solutions.
Although the practice of insurance is one of the world’s oldest, it has been slow to embrace technological innovation. That’s why a new generation of insurance companies is emerging, focused on providing small businesses with the coverage they need in a more modern, efficient way.
These new insurers are using technology to streamline the process of finding and buying insurance, making it easier and more affordable for small businesses to get the protection they need. They are also using data and analytics to develop new products and pricing models that better meet the needs of small businesses.
One of these new insurers is Embroker. In this article, we will come to understand what is different about Embroker to guide you if you are considering getting coverage from them.
Table of Contents
Coverage
Cost
Claims
Alternatives
FAQs
Embroker Insurance Overview
Embroker is among the new generation of insurance companies, built from the ground up to meet the needs of modern businesses and take out traditional insurance inefficiencies from the equation. It was founded in 2015 by Matt Miller and is partnered with Munich Re to help clients obtain their insurance products instantly.
Embroker applies cutting-edge technology to produce more individualized, less costly, and easier-to-buy insurance coverage.
Modern Risks for Modern Businesses
There is a slew of dangers that companies face today, and their severity depends on the size of the firm, its sector, its location, and so on. Here are some of the most prevalent risks faced by businesses of our time:
Cybersecurity risks: Businesses of all sizes are increasingly reliant on technology, leaving them vulnerable to cyberattacks. These assaults might result in the loss of confidential data, financial damage, and reputation damage.
Natural hazards: If your business is located in an area that is at risk for when forces of nature such as hurricanes, flooding, and earthquakes hit, you are at risk for property damage and loss of business due to interruption of operations.
Liability risks: A company offering professional products and services can be sued and made to pay compensation if their offerings or employees damage something or someone.
Employee risks: Various accidents and diseases at work can result in lost productivity and workers’ compensation claims.
Embroker Small Business Insurance Coverages
Embroker has a repertoire of business insurance products for more unique types of companies and industries. Here are some of the coverages that they offer:
Business Owners’ Policy: A business owners’ policy, or BOP, is a type of insurance that offers protection for small businesses in one package. It typically includes commercial property insurance, general liability insurance, and business interruption insurance.
Commercial Crime Insurance: Commercial crime insurance protects your company’s finances against third-party and employee theft, fraud, and more. By having this type of coverage in place, you can rest assured knowing that your business is protected in the event of any big losses.
Cyber Liability Insurance: No matter how big or small your company is, if you use technology then you need cyber liability insurance. This type of policy can save you from expensive payouts resulting from online crimes such as data breaches and cyber extortion.
Directors’ & Officers’ Insurance: Directors’ and officers’ insurance, or D&O insurance, protects directors and officers of a company from personal financial losses in the event that they are sued for wrongful decisions or actions while in their corporate roles.
Employment Practices Liability Insurance: Employment Practices Liability Insurance or EPLI protects companies from lawsuits that allege employment-related wrongdoings by a company, such as wrongful termination or discrimination.
Key Person Insurance: Key person insurance is a type of life insurance that is taken out by a company on the life of an important employee. In the event of the death of this employee, the proceeds from the policy can be used to help the company cover the costs of finding and training a replacement.
Professional Liability Insurance: If you are in a service-based business, this type of coverage is essential. Professional liability insurance, also known as errors and omissions insurance, protects professionals such as lawyers, accountants, and consultants from being sued for negligence.
Technology Errors & Omissions Insurance: Technology errors and omissions insurance, or Tech E&O insurance, is a type of professional liability insurance that protects fast-growing companies that provide technology products and services.
Workers’ Compensation Insurance: Workers’ compensation insurance is a kind of insurance that protects employees who are hurt or become ill as a result of their employment. In most states, this sort of coverage is required by law for all businesses with staff.
Availability of Embroker Insurance
Embroker is available in all 50 states and its headquarters in San Francisco, California. Whether your business is located in a high-risk area or not, they offer you a tailored policy for your business.
Get Started with Embroker
To get started with Embroker, all you need is some basic information about your business, such as your company size, industry, and location. You’ll also be asked about the type of coverage you’re interested in. Once you have that information handy, getting a quote is quick and easy.
Benefits of Insurance Packages
When you buy an insurance package, you and your business are protected against a variety of risks. This peace of mind can help you focus on other areas of your business, knowing that everyone from your CEO to your customers is taken care of.
Insurance packages can also save you money by bundling together multiple types of coverage. And because they’re put together by experts, you can be sure that you’re getting the best possible coverage for your business. With Embroker’s packaged insurance, you can apply once and enjoy up to four policies offering you vast protection.
Embroker Insurance Cost and Pricing Factors
There are a few factors that influence how much you end up paying for Embroker insurance. This includes the types of policy you need, amount of people covered under the plan, your company’s annual revenue, and what sort of coverage is included. All these factors will decide how big or small your premium payments will be. As a general rule, the more employees and/or revenue your business has, the higher insurance rates you’ll pay. Larger businesses are generally seen as higher risk.
Your industry will also affect your insurance rates. For example, businesses in industries that are known for having a lot of lawsuits (such as the legal and medical fields) will pay more for their insurance than businesses in other industries.
Thankfully, Embroker features a startup package calculator on their website that can give you a better idea of how much you’ll be spending on insurance. All you need to do is input some basic information that was already listed. The calculator will then give you an estimate of the cost of an Embroker insurance package.
Filing a Claim with Embroker
The process of submitting a claim with Embroker is quite simple.
Before you submit your claim, make sure you have all of the policy information and documentation necessary. It may also be a good idea to first contact your personal broker.
If the situation cannot be resolved right away, your carrier will assign you an adjuster to examine the specifics of the claim and insurance coverage in person. You may track the claim’s development in real-time on your account dashboard until it has been settled.
Alternative Business Insurance Companies
Given everything that we have run through, another means to evaluate Embroker is by comparing it with other companies offering business insurance. In this section, we will compare Embroker with biBERK, Simply Business, and NEXT.
What is biBERK?
biBERK is an insurance company that specializes in providing coverage for small businesses. They offer a variety of different insurance policies, including workers’ compensation, professional liability, commercial auto liability, cyber liability, and umbrella liability. You may check out the company by reading our in-depth article.
biBERK vs. Embroker
When it comes to features, biBERK and Embroker are both solid choices for small businesses. They both have a wide range of insurance policies to choose from and offer competitive rates.
One thing to note is that biBERK does not have an online quoting system as Embroker does. This means that you’ll have to contact biBERK directly in order to get a quote for your business.
biBERK is also a direct insurance provider whereas Embroker, as the name suggests, is an insurance brokerage. This means that Embroker offers more coverage selections from their insurers, but it would also be easier to file a claim with biBERK as they do not have a “middle man”.
What is Simply Business?
Simply Business is an online insurance company that offers coverage for a variety of business types, including sole proprietorships, LLCs, and startups. They too offer a wide range of insurance policies, including general liability, workers’ compensation, commercial property, and professional liability insurance. Learn more about Simply Business here.
Simply Business vs. Embroker
Simply Business and Embroker are both brokers that specialize in industry-specific coverage. However, there a few key differences between the two.
To start, Simply Business offers online quotes whereas Embroker allows you talk to an expert before getting insured. Simply Business also tends to deal with businesses that are more traditional such as beauty salons and cleaning services, while Embroker can cater even to cannabis companies.
Simply Business also has more experience in the industry, providing insurance since 2005 whereas Embroker is 10 years younger and launched in 2015. This may be something to note for those who prefer to work with longstanding companies.
What is NEXT?
NEXT Insurance is dedicated to small businesses and provides insurance for more than 1300 jobs, including cleaners and yoga instructors. They offer general liability, workers’ compensation, and commercial property insurance. You can read our in-depth article on NEXT here.
NEXT vs. Embroker
Both NEXT and Embroker use technology to make it easier for customers to get insured.
However, the biggest difference between NEXT and Embroker is that NEXT is an insurance company whereas Embroker is an insurance brokerage. NEXT offers their own policies while Embroker offers advice on what insurance to get from different companies and arranges it for their clients.
Secondly, NEXT has a chatbot on their website that can help you with general questions, and Embroker has an online quoting system. This may be appealing to customers who value instant customer service.
The Bottom Line
While small business owners are carving their own paths and setting themselves apart in the market, being insured remains to be an asset to any enterprise.
What is more, technology is changing the insurance industry, making it easier and more affordable for small businesses to get the protection they need. Embroker is one example of an insurance broker using technology to streamline the process of finding and buying insurance. We hope that you found this review of the company helpful!
FAQs about Embroker
Is Embroker a good insurance company?
Yes, Embroker is a good insurance company. They offer a wide range of insurance policies and have competitive rates. They are also an insurance brokerage, which means that they can offer more coverage selections from their insurers. However, as of writing, they are still not rated by AM Best or the Better Business Bureau.