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Look for These 7 Qualities Before You Buy Business Insurance Online

Note: This post has been guest authored by Roger Dutta, who is a believer of the famous Einsteinian quote “if you can’t explain it simply, you don’t understand it well enough”. Roger takes a dive into demystifying complex finance, business, and marketing topics for business owners and budding entrepreneurs.

Online business insurance companies are geared to serve customers who want to instantly get access to several insurance products. A lot of new generation business owners appreciate the convenience of comparing policies online and quickly getting the coverage they need.

However, many online insurance companies fail at a very core level. They often create sites that are difficult to navigate, offer unnecessary policies, and, most importantly, fail in terms of reinforcing buyer confidence. Much like everything else on the internet, not all insurance sites are created equal and a lot of them do not deserve your attention and business. As a business owner looking for a professional service, the following are 7 qualities you should look for before trusting an online business insurance company.

1. Simplifies the Insurance Buying Process

Several insurance sites fail to realize that average customers are not insurance experts. They make things overly complicated by using jargon and complicated language. A good site would keep things simple and use infographics, charts, tables, and short sentences to explain things as simply as possible.

2. Features BOP or Business Insurance Coverage

A BOP is an insurance cover that bundles several different insurance policies in one. Often referred to as business insurance, BOPs often include general liability, property insurance (usually without flood protection), and business interruption benefits. These are all-in-one packages fit for most small businesses such as local retailers and offices. Most quality business insurance companies would feature a BOP product and allow some degree of customizability. For example, business insurance at combines all the usual coverages and the company allows industry-specific modification. In other words, you pay for what you need and not for irrelevant coverages.

3. Offers Monthly Payments at No Extra Fees

Payment flexibility is an important factor. While most insurance firms offer an annual premium payment option, the good ones allow you to make monthly payments without any extra cost.

4. Has a Simple Claim Filing Process

Before trusting any online insurance company, it makes sense to check out their claims filing process. Even if you don’t have a policy with them, check out their online claims filing process as much as the system allows you to. A good website would feature a large button on the homepage to direct customers looking to submit claims.

5. Offers Tailor-Made Plans to Suit Your Industry

As an efficient business owner, you want to get coverage for risks that are relevant to your industry. This is why you want tailor-made packages that includes the policies you need while excluding things that are unnecessary.

6. Gives Instant Access to Insurance Certificates after Purchase

Insurance certificates prove that you bought a particular policy. These certificates can be shown to customers, clients, or any third party to prove that you have insurance. Most reputed online insurance companies give you instant access to digital insurance certificates. These certificates can be quickly shared with anyone via Email or messaging apps.

7. Minimum Waiting Time

The reason you are looking to buy business insurance online and not meet an insurance agent is that you want to save time and effort. Any online insurance company that doesn’t allow you to quickly buy an insurance policy should thus be rejected.

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