Our Summary

A marketplace that seeks out the best carrier and policy for your needs. Being able to compare quotes gives business owners power and convenience when shopping for small business insurance. Insureon has a lot of educational resources to help business owners make the right decision about insurance. 

Company Overview

Insureon is an online insurance marketplace founded in 2011. It’s written more than one million policies for over a billion in premiums. Insureon takes pride in helping business owners make informed decisions when it comes to buying business insurance. This broker has headquarters in Chicago, Illinois. 

Geographic Representation

Insureon writes small business insurance in all 50 states. Some policies may not be available in all states. 

Lines of Coverage

Because Insureon represents so many partners in insurance, they offer a wide variety of insurance products. 

The types of commercial insurance policies that you can get with Insureon include:

• General Liability: Covers third-party claims of injury or property damage 
• Professional Liability: Covers claims of not performing to professional standards that lead to loss or injury
• Business Owners Policy (BOP): Combines general liability with commercial property insurance
• Workers’ Compensation: Pays medical bills and lost wages of employees hurt while working
• Cyber Liability: Covers costs associated with data breaches and hacks
• Commercial Property: Pays to repair or replace damaged business property
• Commercial Umbrella: Additional liability coverage for most policies with liability limits such as general liability and commercial auto
• Commercial Auto: Liability and property protection when you cause an accident with a work vehicle
• Employment Practices Liability (EPLI): Covers employees’ rights violations such as wrongful termination
• Directors & Officers (D&O): Pays for legal defense if officers are sued for decisions made on behalf of the company leading to financial loss

Top Industries Served

When an insurance company is a marketplace, it has access to various carriers. Those carriers all have different industry appetites, meaning they want to write certain types of businesses. Because Insureon is a marketplace, it serves a wide variety of industries. 

Their website highlights:

• Building design
• Cleaning services
• Construction and contracting
• Consulting
• Finance and accounting
• Food and beverage
• Healthcare
• Insurance professionals
• IT and technology
• Landscaping
• Media and advertising
• Personal care
• Real estate
• Retail
• Sports and fitness

This is a sample of where Insureon’s biggest appetites are, but doesn’t intend to limit other types of business that they underwrite. If you are concerned about getting insurance, contact Insureon to see if they can find you a policy that meets your needs. 

Premium Costs

Premiums with Insureon will depend on the carrier you choose. When you put an application in, you’ll get quotes from various carriers to help you shop around for the best price. Your price will depend on the industry you are in, the type of insurance you purchase, your revenues, size of the business, and how much business property you own.

Underwriting Process

To get a quote, you’ll enter some basic information about your company that includes the industry you serve and how big the company is. Depending on how you answer the questions, you can sometimes get your quotes immediately but may be deferred if an agent is needed to finalize details to get you an accurate quote. It may take several days to finalize the policy details and get it issued. 

AM Best Ratings

Insureon doesn’t have an AM Best rating because it is a marketplace for other insurance carriers such as The Hartford and Travelers. AM Best ratings are an industry measure of financial security and help predict whether a company can and will pay its financial obligations. 

Some of the AM Best ratings of companies that Insureon represents include: 

• The Hartford: A+
• Hiscox: A
• Travelers: A++ 

Complaint Index

In the same way that Insureon doesn’t have its own AM Best ratings, it doesn’t have a complaint index. The complaint index is a measure of complaints compared to market share compiled by the National Association of Insurance Commissioners (NAIC). 

The commercial liability complaint index score for Insureon companies include: 

• The Hartford: 8.94
• Hiscox: 7.77
• Travelers: 0

A score below 1.0 suggests that the company has fewer than expected complaints, whereas a score over one means the company has more complaints than expected. For example, a 2.0 means that a company had twice as many complaints as expected for its size. 

Reputation

Insureon has 235 reviews on Trustpilot with a 1.7 average star rating. While the star rating is low, 75% of reviewers gave the company five stars with only 13% giving it one star. Complaints include difficulty reaching agents once you buy a policy and bad customer support. 

Concluding Thoughts

Insureon is a good option if you want to have some help in shopping for the right insurance policy. They cover a wide range of industries and have the entire gamut of business insurance that any business might need. We particularly like their resource center that helps business owners better understand commercial insurance and policy provisions. 

Learn more about Insureon 

Methodology

CommericalInsurance.net employs its own independent research to come up with the details for reviews. We do this so that you can have as many insights as possible about a company so that you can make the best decision for your commercial insurance. We take into consideration the company’s history and where they serve. We want to highlight the appetite that a company has as this suggests where business owners can get the most competitive rates. Where possible, we include premium data. From there, we take into account formal complaints, and financial strength ratings along with public reviews painting a broad picture of the company’s reputation.