Insureon Insurance Review & Complaints: Business Insurance

Read this Insureon Insurance review to see a list of their small business insurance products and compare insurance quotes. Insureon Insurance coverage is good for small business owners and the self-insured.

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Eric Stauffer is a former insurance agent and banker turned consumer advocate. His priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best place to get it.

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insuranc...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Dec 8, 2020

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Insureon Small Business Insurance

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Created to serve the tech industry with online business insurance broker services, Insureon eventually grew to provide products for many more small business markets. Today they are a leader in helping America’s smallest companies shop for insurance online.

What is Insureon Small Business Insurance?

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 of 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.

The company 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’s particular risks and needs, compiling of comparison quotes, and also an 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, the insurer can provide services to companies across the nation and boasts over 175,000 small businesses as clients. The company has its headquarters in Chicago, IL.

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

The insurer 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.

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What Insurance Products are Offered?

The insurer 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. The insurer helps the smallest companies 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 – The company 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 – The insurer can help businesses obtain Workers’ Comp 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.

How Can I Get Rate Quotes and Comparisons?

The company uses a short form to gather information about small companies seeking quotes to compare, which are reviewed by one of their office reps and then submitted for quotes to qualifying companies. Once the quotes are ready, they are sent to the customer.

Customers can choose to either review and compare the quotes on their own, or have an agent from the company to 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.

Are There Consumer Complaints Against the Company?

We were unable to find a Better Business Bureau listing for the company for the purposes of this review, but BIN Insurance Holdings, LLC is listed. BIN Insurance Holdings is accredited and currently holds an A+ rating with only six complaints listed in the last 3 years, three of which have been 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 reviews or ratings of this company.

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What is the Company’s Financial Strength Rating?

Rating Company Grade Financial Outlook
AM Best N/A N/A
Fitch N/A N/A
S&P N/A N/A

What’s the Bottom Line?

Insureon has a great deal of expertise in helping the smallest businesses to obtain the commercial insurance 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 insurance carriers.

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Are you looking for free insurance quotes?

Your one-stop online insurance guide. Get free quotes now!

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