Axis Business Insurance Review

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Contributor, Benzinga
August 25, 2022
Axis Insurance via Simply Business
securely through Axis Insurance via Simply Business's website

Axis Home Based Business Insurance transforms the way small businesses are insured to keep up with the new reality of working from home. By creating solutions for a historically underserved group, Axis provides business coverage filling the gap where home insurance lacks and where typical business insurance fails to meet the distinct needs of home-based businesses. Putting clients first, Axis designs plans unique to its customers’ varying businesses at an affordable price point.

Best For
  • Businesses with less than five employees
  • Home-based businesses
  • Small businesses with revenue under $1 million
Pros
  • Customizable to cut coverages home-based businesses may not need
  • Follows business owners out of the home
  • Transparent policy language
Cons
  • Not available in every state

Axis Insurance via Simply Business Ratings at a Glance

Axis Business Insurance Product Offering
Customer Service
Pricing
User Benefits
User Experience
Overall Rating

Axis Business Insurance Product Offering

Reimagining standard business insurance, Axis Home Based Business Insurance designs plans to serve the needs of home-based businesses. Many small-business owners based out of their homes do not know what type of coverage they possess or are not insured at all. There was a gap to fill for these types of businesses, so Axis Home Based Business Insurance was created with these customers in mind. 

Homeowners insurance does not offer the extent of coverage needed by a functioning business. On the other hand, business insurance may result in a small-business owner paying for coverage they do not need or lacking coverage for situations unique to home-based businesses. A basic policy designed for a brick-and-mortar business does not suit the varying requirements of home-based businesses.

Axis designed Home Based Business Insurance with fair prices and coverage. It offers general liability coverage, which provides business coverage for accidents at the owner's home, damage to property from products or services, injury from products or services and legal challenges. General liability coverage is valuable for those welcoming clients to their homes, storing information on a computer, holding inventory or equipment at home or bringing business equipment such as computers to work events. 

Axis Home Based Business Insurance was not developed to cover commercial claims and instead can travel with the business owner, extending as many places as they work. Instead of insuring a specific commercial space, Axis offers insurance that moves with you as a business owner. In a survey completed by the company, over 49% of participants worked more than half of their time outside their homes. This type of coverage is necessary, giving business owners peace of mind as they take advantage of the flexibility of working from home. Whether working at a coffee shop or a client's location, customers can turn to Axis for business coverage.

Axis also provides the option to purchase additional professional liability, crime and contents coverage. Professional liability insurance is beneficial for home-based business owners because it provides coverage for claims that cause a financial loss because of mistakes, breach of contract or negligence. Large corporations have this type of protection, and home-based businesses should shield themselves using this as well.

Axis has designed a distinct type of coverage to support each home business and create policies suited for each individual holder. Home-based businesses vary immensely, covering different industries, owned by diverse individuals and started for mixed purposes. As such, their insurance should be just as unique as the business. Axis is suited for each business's budget. It is not one-size-fits-all, and home-based business owners only pay for what they need instead of paying an expensive rate for coverage that does not benefit them.  

Axis Home Based Business Insurance shines in its product offering for this unreached space in the insurance industry, creating a solution for the changing times. It only falls short of five stars because it is unavailable in several states, including New York, Hawaii and Alaska.

Customer Service

Axis offers limited routes to access customer service:

  • Contact directly: If you’re looking to get in contact with Axis Home Based Business Insurance directly or you already have an insurance policy through the company, complete a contact request form. You can also use this form to submit a claim, which is a convenient feature if you need to use your insurance benefits regularly.
  • Connect with an agent: If you don’t have a policy and you’d like help getting signed up for coverage, Axis’s partnership with Simply Business can help. Get started  by connecting with an insurance agent near you after submitting a few details on your business and the type of insurance coverage you need.

Contactingi Axis Home Based Business Insurance by phone is not an option. Customer service is an area where Axis can improve as it continues to expand its offerings.

Pricing

When you run a home-based business, there can be many variations on how you operate that influence how risky you are to insure. The price you’ll pay for business insurance will vary depending on a variety of major factors, including:

  • The nature of your business: Some industries come with more inherent risk than others. For example, if you’re an esthetician providing services like dermaplaning and chemical peels, your business is riskier to insure than an estate lawyer who only invites clients in to sign documents. The nature of your business will play a major role in the price you pay for business insurance.
  • The location of your business: Where your business is located will determine how quickly you’ll be able to receive assistance in the event of an emergency. If your business is located close to a police station, hospital or fire station, you’ll pay less for business insurance when compared to a business owner farther away from these locations. Conversely, if you’re located in an area with higher crime rates or in a state known for inclement weather, you’ll pay more for coverage.
  • Your business revenue: If your business has high-value clients or makes more money in sales, you’ll likely need to purchase a commercial insurance policy with a higher coverage cap, which will make your policy more expensive.
  • The number of employees you have: Depending on the state you’re operating in, you may or may not need to purchase workers’ compensation insurance as soon as you hire your first employee. Regardless of the amount you pay in workers’ compensation, having a larger staff also increases the price of other coverages. This is particularly true with errors and omissions insurance, which protects each your employees against claims of negligence in their work.

Consulting with an insurance representative can help you better understand what you’ll pay for business insurance and what steps you can take to lower your premium. For example, if you operate a home-based business, you might be able to save on your commercial property insurance by installing an anti-burglar alarm.

User Benefits

Axis Home Based Business Insurance presents many benefits to business owners. As the company has designed its policies for small home-based businesses, it has simplified the process of obtaining insurance. Axis’s policies help you cover specific risks that come with operating a business from your home not covered under your homeowners insurance policies. These policies also remove coverages commonly included with business insurance bundles that you’re unlikely to use when operating without a commercial space. 

One way Axis simplifies its coverage is by incorporating basic, straightforward terminology whenever possible. Insurance shoppers are often inundated with complicated technical terms and over a hundred pages explaining their policies. Because of this, it’s easy to pay for insurance without understanding what is covered. To combat this issue, Axis Home Based Business Insurance focuses on transparency to ensure customers know precisely what is covered and can see that their needs are fulfilled. Even those without experience buying business insurance will have an easy time working with Axis.

Another issue small businesses struggle with is that they receive less time and attention than insurance companies’ larger clients. Because Axis Home Based Business Insurance is designed with small home-based businesses in mind, clients can expect to receive the utmost time and attention.

User Experience

Axis focuses on user experience, creating a streamlined process that is clear for those without expertise in navigating business insurance. Once a potential customer visits its website, they can receive a quote in less than 10 minutes after answering a few basic questions about their business. Afterward, Axis connects them with an independent agent to find the right solution for their situation. Standard & Poor's gives Axis an A+ rating. The company has a well-running claims process and strong underwriters ready to help small businesses by supporting them as they grow.

Comparing With the Competition

While Axis Business Insurance is unique in that it focuses on home-based business insurance, it’s not the only option you have for commercial insurance. Major insurance providers like Nationwide Mutual Insurance Co., The Travelers Cos. Inc. and Liberty Mutual Group all offer comprehensive coverage options for business owners in every industry.

When it comes to choosing business insurance, it’s important to do your research and compare multiple quotes to be sure you’re not overpaying for coverage. Benzinga offers insights and reviews on the following business insurance providers. Begin your search for the right policy with a few of the links below.

Overall Rating

Axis Home Based Business Insurance has created an affordable coverage solution for home-based business owners. Although it’s not yet available in every state, the product offering is outstanding. As the global business landscape changes and more people choose unconventional employment options, the necessity for insurers like Axis will grow. It provides options to an overlooked group not having their needs fulfilled by home insurance or traditional business insurance. 

Axis offers business coverage that travels with owners as they work inside and outside the home. Its options are budget-friendly, and users can choose the specific coverage they need. Owners feel comfortable understanding their coverage due because of simple terminology, and small businesses can receive the time and attention they deserve with Axis Home Based Business Insurance.

Q

What is home-based business insurance?

A

Home-based business insurance is insurance protection that compensates you for damage or losses done to a business you operate from your living space. Depending on how you run your business, your homeowners insurance coverage might not provide adequate protection for your home-based business. Home-based business insurance is an affordable coverage option that provides limited protections for operations without commercial spaces.

Q

Does my company need home-based business insurance?

A

Your company might need home-based business insurance if you don’t have a commercial space. Home-based insurance policies are more affordable than standard business owner’s policies because they do not include coverage for commercial spaces you rent. These policies are designed to fill the gap in your homeowners insurance coverage, which are not designed to cover you when you run a business from your home. If you operate any type of business from your home, be sure to at least consider home-based business insurance.

 

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About Sarah Horvath

Sarah is an expert in the insurance, investing for retirement and cryptocurrency space.