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Insureon Small Business Insurance Summary
Insureon began as TechInsurance Group LLC in 1997, a company that was created to serve the insurance needs of technology businesses that preferred an online option. The launching of Insureon came with the expansion to serving a wider variety of small businesses in 2000. The company is a broker, connected with a variety of insurance companies that provide small business policies with a variety of different coverage options.
Insureon allows companies to request quotes from multiple insurers in one place in order to compare rates and select the policy that best suits their needs. The service provided includes an analysis of each small business’ particular risks and needs, compiling of comparison quotes, and also and optional agent service to go over the quotes and choose the right one.
In addition to online quoting, toll-free telephone assistance is also available.
As a broker and not an insurance company, Insureon can provide services to businesses across the nation and boasts over 175,000 small businesses as clients. Insureon has its headquarters in Dallas, TX, but also has offices in Chicago, IL and in New York.
There are several different company names based on the state:
- BIN Insurance Holdings, LLC in New Jersey, New Hampshire, Nebraska and Nevada
- BIN Holdings Insurance Agency, LLC in California
- Business Insurance Now in New York
Insureon serves a niche market of very small companies, specifically focused on the self-employed and on businesses with fewer than 10 employees. In 2014, their acquisition of Insurance Noodle pushed the company over the $100 million mark in premiums and expanded their access to more insurance companies.
Insureon offers a wide range of small business insurance products through a network of major insurance companies, but does not underwrite insurance itself. The company can help self-employed people and small businesses to obtain individualized policies that include the most common small business insurance products.
- Professional Liability Insurance/E&O – This coverage is available to protect professionals from claims of negligence or for any actions alleged to have caused harm in the process of doing business. Insureon helps the smallest businesses obtain this coverage to protect them from a potentially disastrous lawsuit brought by a dissatisfied customer.
- General Liability Insurance – One of the most common small business insurance coverage needs, General Liability protects business owners from a wide variety of lawsuits related to everyday business, including injuries that occur on the business property.
- Business Owner Policy – Insureon provides quotes for this basic package policy that covers all of the common small business bases, including liability and business property in one bundle.
- Worker’s Compensation – Insureon can help businesses obtain this coverage, which is generally required by law, to provide for injuries and assistance to employees who are injured during work hours or on the business premises.
- Commercial Umbrella Insurance – This coverage provides for liability above and beyond all other liability limits. It is designed to provide the most possible protection from lawsuits that can devastate a small business.
- Property Insurance – Covering the property owned by a small business, this type of policy is often bundled with other coverage to protect company-owned buildings, technology, equipment and more against a variety of risks.
- Employment Practices Liability – Insureon can help companies to obtain this coverage to protect against lawsuits brought by current or former employees regarding employment practices including discrimination and harassment suits.
- Cyber Liability – This coverage protects any company that stores or works with customer data against the risks of breaches or hacking.
- Additional Coverage – In addition to these common policies, Insureon can also help small businesses to obtain Hired & Non-Owned Auto coverage, Director’s and Officers Insurance, and other specialty coverage as needed.
Insureon provides comparison quotes from some of the biggest commercial insurers in the country, allowing small businesses to compare rate form the best names in the business. Among the top insurance companies that provide quotes through Insureon are:
Insureon uses a short form to gather information about small businesses seeking quotes to compare, which are reviewed by one of their reps and the submitted for quotes to qualifying companies. Once the quotes are ready, they are sent to the customer.
Insureon customers can choose to either review and compare the quotes on their own, or have an agent from the company go over the options, coverage, and prices with them to help with selection.
Insureon’s online form is the most common and simple way to obtain quotes, but they also have a toll-free number where representatives are available to go through the information on the phone with customers to compile and prepare quotes.
We were unable to find a Better Business Bureau listing for Insureon for the purposes of this review, but the Chicago-based office of the company under the name BIN Insurance Holdings, LLC has an A+ rating with only 4 complaints in the last 3 years, only one of which was closed in the last 12 months. This is not surprising for a broker, as most complaints tend to come against the insurance company itself and not the broker.
Overall, it was difficult to find any negative review or ratings of this company.
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Insureon has a great deal of expertise in helping the smallest businesses to obtain the coverage they need, even startups that are new to buying insurance. They have a strong reputation and their growth has been steady since they were launched in 2000.
The company is a good choice for small businesses or self-insured individuals who need help selecting the right coverage and comparing rates. They work with some of the biggest names in the insurance industry, which should give business owners peace of mind. Overall, Insureon simplifies the process of buying small business insurance and provides easy access to reputable companies.
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For a list of companies that we recommend, visit our Best Insurance Companies page.