Where can you find the best business insurance online? Entrepreneurs have a lot of things to consider when starting a company - what kind of business they'd like to be in, where they will house their offices, how they'll advertise, whether they should incorporate, and if they will want to have employees or do things on their own. One thing is clear though: small business owners realize that typically they'll need help to protect what they've built, which is where business insurance comes in.
Fair
Offering liability insurance with "a personal touch," InsuranceBee is an independent insurance broker with affordable, customizable coverage for small businesses in a variety of industries. For the past 15 years, they have catered to independent professionals in need of insurance.
Website unclear about what InsuranceBee offers
Coverage types listed on InsuranceBee include general liability, professional liability (E&O), business owner's policy, cyber liability, workers' compensation, directors and officers, and management liability. If you're not sure what you need, they offer some questions to guide your decision, related to such things as where you see clients, if you're paid for advice or services, and if you store sensitive client data. To get a quote, choose the products you want, provide your ZIP code and profession, and they're supposed to give you an online quote. Unfortunately, every single job we tried, in five different states, led us to a screen which said they were unable to provide us with an online quote for our occupation - despite being listed on their options. After multiple attempts leading us to this same result, with a link to the Hiscox website (another company on our reviewed list), we did a further internet search and learned that InsuranceBee acts as a broker for Hiscox. It seems that this information would have been more helpful placed on their home page of the website.
Small brokerage which only has one offering
Saying they recognize that there are specific needs for some small businesses, InsuranceBee specializes in insuring independent consulting firms and freelance professionals in 39 of the 50 United States, plus D.C. Their small office - just four team members pictured on their "our people" page - partnered with Hiscox in 2020 to provide an agent portal offering business insurance easily, which we only learned after a search to find out why we kept getting redirected to Hiscox as we sought an online quote. It would be helpful to have this information front and center on their website - and much less frustrating. Unlike a broker who offers multiple quotes to compare, InsuranceBee appears to be just another step before getting to the actual insurance company, with no added benefits to using their platform.
Varied industries can find insurance through them
Hundreds of professions are covered by InsuranceBee's small business plans. Browse their list of options - including online sales and pet grooming services - or start typing. If they cover it, it will show up in the search bar.
Claims handled by insurer
To make a claim, there is a page on the InsuranceBee website suggesting you get "the carrier" involved immediately while providing a brief request form - which means they don't handle claims at all because Hiscox does. They say they'll direct you straight to your carrier if they're the ones who should be handling it. Just provide your policy information, contact information, and date of claim and summary of claim in their online form - an extra step instead of going straight to the source.
Helpful website resources
InsuranceBee offers a free guide to small business risk on their website for anyone who'd like to read it. This resource includes risk planning, protecting your small business, and other useful information. They say their website has all the info you need to "get to grips with your professional insurance." To help with this, they offer an easily searchable blog.
Online options are limited
The website for InsuranceBee has a page offering online policy management for those who would prefer not to make a phone call. It allows policyholders to add insureds, make changes, access policy documents, make a payment or claim, and cancel the policy. Canceling the policy isn't instant though - you fill out the form and they'll "get in touch to confirm what happens next." When combined with their lack of ability to directly provide an online quote, we wonder how this could be a good use of a business owner's time.
Mixed, older reviews muddy their reputation
Though they're not accredited by the BBB, InsuranceBee has an "A+" rating and no complaints. However, they don't have any reviews on the BBB either, which is strange for a company that's been in business for over a decade. On Google reviews there are just 15 ratings, averaging 4.2 stars out of 5. Pleased customers mention great customer service, affordable rates, and quick responses, but these are two years or older, as are the negative reviews which mention "shady" practices and difficulty getting a refund when the policy wasn't what they needed. A different story is on Feefo, which shows the company with over 2,000 reviews, mainly positive. In fact, their website boasts receiving the Feefo Platinum Trusted Service Award in 2023. However, the invitation-only review platform says InsuranceBee isn't an active customer, with the most recent reviews from nearly a year ago.
Not the best choice
InsuranceBee claims they will provide a personal touch for business owners, but our experience proved less than optimal. Additionally, their inability to provide online quotes makes them a below average option on our list of online business insurance providers. Fortunately, if you want a true marketplace-style platform for comparing quotes from multiple insurers at once, you'll find a highly-rated one further up on our list.
Continued from above...
Entrepreneurs have a lot of things to consider when starting a company - what kind of business they'd like to be in, where they will house their offices, how they'll advertise, whether they should incorporate, and if they will want to have employees or do things on their own. One thing is clear though: small business owners realize that typically they'll need help to protect what they've built, which is where business insurance comes in.
In today's litigious society, it's essential for companies to protect themselves from accidents, property damage, injuries, and cyber attacks. Not only is it a good idea to have insurance for your business, but in some states and industries, the law requires it.
Despite the regulations involved, business insurance is a good idea in general. Risks such as natural disasters or accidents could easily place a substantial financial burden on a small business. Without coverage, such expenses might cripple a business or even lead to a bankruptcy. If you're not covered and someone sues your company, it could spell the end of your business.
With a myriad of options to offer a shield against the risks involved in doing business, some people find themselves wondering what they actually need. Recommendations for coverage vary depending on the size of the business, the type of work done, the property owned, the technology involved, and other considerations. This can be confusing, but some insurance companies make it easier with questionnaires, checklists, and even phone consultations.
Small businesses and sole proprietors can especially be at risk since they lack the resources for a legal team and accounting division. And let's face it - insurance isn't an "exciting" expense. It's something your customers won't usually see and you will probably forget about -until you need to use it.
With specialty small business insurers and large companies competing to provide you with insurance policies, you should be able to compare quotes online to find the best price for the right protection. Use the online resources to help you understand terms and select what you need to be covered.
There are many factors to consider when determining the proper coverage. Here are some things to keep in mind as you compare your options for business insurance:
With such an important decision on the line for your business, we at Top Consumer Reviews have ranked some of the top business insurance providers online to assist you in narrowing down the options. Use our research to make it even easier to get the proper coverage you need, in order to protect your company from unexpected problems, expensive lawsuits, and liability issues.
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