- Tech startups
- Legal professionals
- Businesses concerned that they’re paying too much for coverage
- Wide range of carriers and policies
- Data-driven recommendations
- Offers health and employee benefits
- No mobile app
- Minimal information on the claims process
Embroker Ratings at a Glance
Running a business requires you to wear many hats, and one of those hats is to ensure that you have the business insurance you need to keep your business protected. If you are looking for the best business insurance, you need to do your due diligence and compare business insurance companies. Embroker is a business insurance broker that will help you find the best coverage with ease. Keep reading to find out about Benzinga's Embroker review.
Embroker has an impressive array of insurance products. Here are some of the most popular business insurance options.
General Liability Insurance
This insurance is essential coverage for any business. It covers 3rd-party injury and property damage claims. In other words, if someone who isn’t employed by your business is injured or their property is damaged, this coverage helps pay claims. It also helps with legal defense and settlement costs. This coverage also protects you if you’re sued for libel or slander.
Commercial Property Insurance
This coverage protects your business property, including the physical structures, inventory and personal items on your property. Policies typically cover losses due to theft, fire, vandalism, civil unrest, hail and more. It may not cover floods or earthquakes, so if you’re concerned about those, you may need additional policies. It also only covers theft from 3rd parties, not employee theft.
Business Owners Policy
This policy bundles general liability, commercial property and business interruption insurance. Business interruption insurance helps cover your expenses if you need to close due to a disaster. Buying these policies together saves money and makes your insurance easy to manage. It’s a good choice for sole proprietors and many small business owners, but if you have a business with unique risks, you may need to purchase policies separately to better customize your coverage.
Workers Compensation Insurance
Most states require businesses with employees to have workers’ compensation coverage. It pays the medical costs for employees who are injured on the job or have a work-related illness. It also helps make up their lost wages if they need time off to recover.
Product Liability Insurance
If you sell a product, consider buying product liability coverage. It covers claims due to defective products, including design defects, failure to provide adequate warnings and manufacturing defects. In the event of a product recall, it could help with those costs as well.
Commercial Auto Insurance
This coverage protects you and your employees when you drive for work purposes. Coverage varies by policy, but at a minimum, you’ll need liability coverage. Liability covers injuries and property damage to other parties if you or your employees if you’re found to be at fault in an accident. You may also want to consider collision coverage, which covers damage to your vehicle, and comprehensive coverage, which covers damage that’s not due to a collision. Comprehensive coverage covers losses due to vandalism, theft, fire, falling objects and earthquakes.
Professional Liability Insurance
If you’re in a business where clients count on your expertise, you may need professional liability insurance. This insurance covers claims related to malpractice, negligence, misrepresentation and inaccurate advice. Many professionals should have this coverage, including accountants, engineers, architects, IT consultants, lawyers, real estate agents and financial advisors.
Cyber Liability Insurance
Any business that manages digital information should consider this coverage. A cyber attack can have a devastating effect on a small business. This coverage helps to pay claims related to financial losses due to data breaches. It can help your business recover and cover any claims from 3rd parties related to the security breach.
Employment Practices Liability Insurance
This insurance covers claims from employees related to discrimination, wrongful termination, failure to promote, employee misclassification and pay practice violations. It helps to pay for a legal defense as well as any settlements or awards relating to the claim.
Directors and Officers Insurance
These policies cover your business if your senior managers are sued for breach of fiduciary duty. This coverage helps pay for a legal defense as well as any settlements or awards. A directors and officers insurance policy helps protects the personal assets of your management team, even if the business has to file for bankruptcy.
Commercial Crime Insurance
This policy covers employee theft and embezzlement. It also protects you if another business claims it experienced a loss due to a criminal act related to your business. This coverage is worth considering for all businesses, but especially those that work with cash, manage inventory or hire part-time employees.
A good benefits package helps you attract prospective employees and retain your current ones. Embroker has extensive resources to help you choose the right plans for your business and employees, including:
- Health insurance
- Dental Insurance
- Long-term and short-term disability
Embroker’s proprietary underwriting tools may help lower insurance costs by 10% to 15% without compromising on your coverage.
Embroker offers multiple ways to get in touch with customer service. You can email email@example.com or call 844-436-2765 Monday through Friday from 6 a.m. to 6 p.m. PT. You can also chat with customer service via the Embroker website 24/7. You can also find them on Twitter, LinkedIn, Facebook and Instagram.
Embroker offers online tracking of your claims, which helps keep you informed if the insurance company needs additional information or has questions. Embroker doesn’t discuss the process of filing a claim or how long claims typically take to be paid.
Keep in mind that Embroker is a broker, rather than an insurance provider. Embroker connects you to reputable insurance companies and offers a portal for managing your policies, but it may not offer claims information because the process may vary based on the insurance company you choose for your policy.
Embroker only works with A+ rated insurers, which means they are financially strong and can pay claims.
One of the advantages of working with a broker is that you have access to a wide range of policies and insurance companies. You can choose from more than 50 carriers, and Embroker customers save an average of 20%.
The online application process makes it easy to review policies, and Embroker’s advisors are highly experienced and able to help you decide what coverage you need. Whether you’re self-employed and just need a BOP or you own a bustling restaurant group with hundreds of employees, you can customize your policies to meet your needs and your budget.
Unfortunately, Embroker doesn’t have a mobile app. Its website is optimized for mobile, though, so it’s easy to navigate from your mobile browser. You can even chat with customer support through your mobile browser.
Embroker has a lot to offer businesses. Its platform makes it easy to buy and manage your policies. You can consult advisors with industry experience to find the right coverage for your needs. Reaching customer service is easy — after you file a claim, you can track what’s happening online. Its impressive range of policies makes it an excellent choice for those new to business insurance and businesses that want to lower their insurance premiums.
Frequently Asked Questions
What does Embroker do?
Embroker uses insurtech to power an insurance platform, providing businesses a seamless and easy way to find customizable insurance packages and get the best rate.
What is an MGA in insurance?
MGA stands for managing general agent. This is a special type of broker or insurance agent that differs from the traditional types because they are authorized to underwrite policies from an (or many) insurers.
Do I need business insurance?
If you run a business, you should have – at a minimum – general liability insurance.