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Running a business means juggling many roles, and one critical role is ensuring you have the right insurance to protect your business. To find the best business insurance, you must thoroughly compare different companies. Embroker, a business insurance broker, simplifies finding the ideal coverage.
This review of Embroker will give you all the details needed to decide if this insurance company suits your needs.
>> Get Your Business Insured With Embroker! >>
About Embroker
With its online platform, Embroker is shaking up the insurance game for U.S. businesses. Founded by Matt Miller in 2015, this company aims to modernize business and startup insurance with efficient, digital processes.
Buying insurance through Embroker is simple. No need to meet with agents or drown in paperwork. Everything is online, allowing you to purchase the coverage you need directly. This streamlined process isn’t just about convenience, it’s also cost-effective.
On average, business owners working with Embroker save 20%. With over 50 carriers, you can find the perfect policy for your needs. Plus, industry-savvy advisors are available if you need guidance.
Embroker offers comprehensive policies, from general liability and workers’ compensation to health and employee benefits. This means you can manage all your policies on a single platform.
Digital Certificates of Insurance (COIs) are just a few clicks away, and you can track claims online, keeping you in the loop throughout the process. It all begins with a simple digital application.
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Pros & Cons
Here’s a quick rundown of the pros and cons of using Embroker.
Pros
- Fast and straightforward setup process
- Versatile policies with flexible pricing options
- Range of plans supported by reputable reinsurers
- Well-informed guidance to tailor policies effectively and affordably
Cons
- The absence of a dedicated mobile application
- The requirement to use third-party services for installment payment plans
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Embroker Insurance Product Offerings
Embroker offers a remarkable selection of insurance products. Here are some of the most sought-after business insurance options.
General Liability Insurance
General Liability Insurance is crucial for any business. It covers third-party injury and property damage claims, so if someone not employed by your business gets injured or their property is damaged, this insurance helps cover the costs. It also assists with legal defense and settlement expenses. It provides protection if you’re sued for libel or slander.
Commercial Property Insurance
Commercial Property Insurance safeguards your business property, including buildings, inventory, and personal items. Policies typically cover losses from theft, fire, vandalism, civil unrest, hail, and more. However, it may not cover floods or earthquakes, so you might need additional policies for those risks. This coverage also excludes theft by employees, only covering third-party theft.
Business Owners Policy
A Business Owners Policy bundles general liability, commercial property, and business interruption insurance. Business interruption insurance covers your expenses if you need to close due to a disaster. Purchasing these policies together is cost-effective and simplifies management. It’s ideal for sole proprietors and many small business owners, but businesses with unique risks may need separate policies to better customize coverage.
Workers Compensation Insurance
Most states mandate that businesses with employees have Workers Compensation Insurance. This coverage pays for medical expenses for employees injured on the job or who develop work-related illnesses. It also helps compensate for lost wages if they need time off to recover.
Product Liability Insurance
If you sell products, consider Product Liability Insurance. It covers claims related to defective products, including design flaws, insufficient warnings, and manufacturing defects. It can also assist with costs related to product recalls.
Commercial Auto Insurance
Commercial Auto Insurance protects you and your employees when driving for work purposes. Policies vary, but liability coverage is typically required. Liability covers injuries and property damage to others if you or your employees are at fault in an accident.
Additional coverage options include collision coverage, which covers your vehicle’s damage, and comprehensive coverage, which covers non-collision-related damage such as vandalism, theft, fire, falling objects, and earthquakes.
Professional Liability Insurance
Businesses that provide expert services may need Professional Liability Insurance. This coverage addresses claims of malpractice, negligence, misrepresentation, and inaccurate advice. Professionals such as accountants, engineers, architects, IT consultants, lawyers, real estate agents, and financial advisors should consider this insurance.
Cyber Liability Insurance
Businesses handling digital information should consider Cyber Liability Insurance. A cyber attack can severely impact a small business. This coverage helps with financial losses due to data breaches and can assist with recovery costs and third-party claims related to the security breach.
Employment Practices Liability Insurance
Employment Practices Liability Insurance covers claims from employees concerning discrimination, wrongful termination, failure to promote, employee misclassification, and pay practice violations. It helps cover legal defense costs and any settlements or awards related to the claim.
Directors and Officers Insurance
Directors and Officers Insurance protects your business if senior managers are sued for breach of fiduciary duty. This coverage assists with legal defense costs and any settlements or awards. It also helps protect the personal assets of your management team, even if the business declares bankruptcy.
Commercial Crime Insurance
Commercial Crime Insurance covers employee theft and embezzlement. It also provides protection if another business claims a loss due to a criminal act related to your business. This insurance is valuable for all businesses, especially those handling cash, managing inventory, or employing part-time staff.
Employee Benefits
A strong benefits package is key to attracting new employees and keeping current ones. Embroker offers extensive resources to help you select the right plans for your business and staff, including:
- Health insurance
- Dental insurance
- Long-term and short-term disability
Embroker’s proprietary underwriting tools can potentially reduce insurance costs by 10% to 15% while maintaining comprehensive coverage.
Who Is Embroker Best For?
Who should be using Embroker with all their plans and policies? Law firms and tech companies aiming to reduce the costs of mismanagement and E&O claims find tremendous value in Embroker’s customized plans.
Startups looking for affordable insurance to kickstart their ventures safely can use Embroker’s Startup Package. It offers a simple application process to secure the necessary coverage in one go.
Medium-sized companies eager to grow or worried about overspending on insurance will benefit from Embroker’s free software. They can transfer existing policies or consult an advisor to discover potentially better options.
Embroker also serves cannabis companies, aviation and aerospace groups, and mobile app developers. Each plan is uniquely tailored to optimize efficiency and protection based on these industries’ specific needs.
>> Discover Business Insurance Options of Embroker >>
Embroker Customer Service
Embroker provides several ways to reach their customer service team. You can email them at [email protected] or call 844-436-2765. They’re available Monday through Friday from 6 a.m. to 6 p.m. PT. For round-the-clock assistance, you can chat with customer service on the Embroker website 24/7.
Additionally, Embroker is active on social media platforms like Twitter, LinkedIn, Facebook, and Instagram, where you can connect with them anytime.
Embroker Claims Support
Embroker provides online tracking for your claims, ensuring you’re informed if the insurance company needs more information or has questions. However, Embroker doesn’t detail the claim filing process or the typical time it takes for claims to be paid.
Remember, Embroker is a broker, not an insurance provider. They connect you to reputable insurance companies and offer a portal for managing your policies. The claims process might vary depending on the insurance company you choose, which is why Embroker might not offer specific claims information.
Embroker partners exclusively with A+ rated insurers, ensuring they’re financially strong and capable of paying claims.
Embroker Pricing & Value
One of the key benefits of working with a broker like Embroker is access to a diverse range of policies and insurance companies. With over 50 carriers to choose from, Embroker customers typically save an average of 20%.
The online application process simplifies reviewing policies, and Embroker’s knowledgeable advisors are ready to assist you in determining the coverage you need.
Whether you’re self-employed and need a Business Owner’s Policy (BOP), or you own a bustling restaurant group with hundreds of employees, you can customize your policies to fit your specific needs and budget.
Embroker Mobile App
Unfortunately, Embroker doesn’t offer a mobile app. However, their website is optimized for mobile use, making it easy to navigate from your mobile browser. You can even chat with customer support directly through your mobile browser.
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Embroker Insurance Alternatives
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NEXT Insurance primarily caters to small businesses and entrepreneurs, offering a digital-first approach that simplifies the insurance process. Customers can purchase and manage their policies entirely online, which is great for those who prefer digital transactions.
NEXT’s offerings are customizable, covering general liability, professional liability, commercial auto, and more. These options are tailored to fit various industries, making it a convenient choice for business owners seeking efficiency and tailored insurance solutions.
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Serving a wide range of businesses from small enterprises to large corporations, The Hartford boasts over 200 years of experience in the insurance industry. Known for its reliability and comprehensive coverage options, The Hartford provides a broad spectrum of business insurance coverages.
Additional services such as risk management and a streamlined claims process enhance its offerings. This makes Hartford a solid choice for businesses looking for extensive support and a proven track record.
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Hiscox specializes in small business insurance but also offers tailored solutions for professionals and larger organizations. The company is renowned for its customer service and the ability to purchase insurance directly or through brokers.
Hiscox provides specialized policies for specific industries, including IT, consulting, and health and beauty. Their coverage options are diverse, including professional liability and business owners’ policies, with a focus on customization to address the unique risks of different professions.
Embroker Insurance Review – FAQs
Here are the frequently asked questions about Embroker.
Bottom Line
Embroker leads the market in digital insurance products, working diligently to package solutions that meet business needs. This helps business owners understand necessary insurance products. Although Embroker’s online questionnaire is lengthy, it effectively gathers the information needed to underwrite a policy directly online.
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