Though it might be one of the newcomers in the insurance market, Embroker has already made a name for itself since it was founded in 2015. Named one of the innovators transforming the future finance industry by Goldman Sachs and one of the most promising fintech companies in the world by CB Insights, Embroker is dedicated to revolutionizing the property and casualty insurance market. As a digital commercial insurance provider, Embroker uses the latest technology to make it easier for businesses to purchase tailored insurance policies at an affordable price.
Embroker Pros and Cons
As with any insurance provider, it’s essential to weigh the pros and cons of Embroker:
| Pros | Cons |
|---|---|
|
|
AdvisorSmith Rating for Embroker
- Overall rating: [4.8] / 5 stars
- Coverage options: [5] / 5 stars
- Cost: [5] / 5 stars
- Ratings and complaints: [4.5] / 5 stars
- Digital experience: [4.5] / 5 stars
- Customer service: [5] / 5 stars
Embroker Coverage Options
Embroker works with leading business insurance carriers to provide industry-specific protection for businesses, including those in “difficult-to-place” or emerging industries like crypto, cannabis, and aviation.
Here’s a look at the commercial insurance products available through Embroker:
- Startup Package: An all-in-one insurance package designed to protect startups.
- Professional Liability: Also known as Errors & Omissions insurance, this policy protects professional service providers from claims related to mistakes or negligence.
- Legal Professional Liability: This provides crucial protection for lawyers against malpractice claims from clients and partners.
- General Liability: This quintessential coverage protects businesses from third-party injuries and property damage claims. It also covers claims of slander, libel, and copyright infringement.
- Tech Errors & Omissions: This coverage protects tech companies from the risks associated with the growing tech industry. Tech E&O insurance provides coverage for claims of an error or failure of a technology or service.
- Directors & Officers: This type of liability insurance covers a company’s directors and officers against lawsuits alleging a breach of fiduciary duty.
- Commercial Property: When business property – including buildings but also furniture, signage, inventory, etc. – has been lost or stolen, this policy provides financial help.
- Fiduciary Liability: This coverage is intended to protect a business and its employees from claims of mismanagement and the legal liability arising from their role as fiduciaries.
- Employment Practices Liability: Employment practices liability insurance (EPLI) provides coverage for employment-related lawsuits, such as sexual harassment, discrimination, wrongful termination, retaliation, and other issues.
- Business Owner’s Policy: This is a convenient insurance bundle that provides essential coverage (general liability, commercial property, and business interruption insurance) at a lower price.
- Business Interruption: Having this type of insurance helps a business replace lost income and other expenses if forced to shut down temporarily. This coverage is often bundled together with other policies.
- Commercial Crime: As the name suggests, this policy helps businesses with financial losses related to crimes like employee theft, embezzlement, fraud, robbery, and more.
- Workers’ Compensation: Mandated in all states except Texas, workers’ compensation covers the short and long-term costs of an employee’s workplace-related injury or illness.
- Cyber Liability: Any business that handles data online should have this coverage. Cyber liability insurance protects companies from data breaches and other cybercrimes.
- Commercial Umbrella: Think of this as a backup insurance policy. This coverage kicks in when other commercial insurance policy limits become exhausted.
- Commercial Auto: This policy protects business vehicles, both owned and rented, and will cover repair and replacement costs for accidents, vandalism, theft, weather damage, and more.
- Product Liability: For businesses that make and sell products, this policy covers claims related to product defects and shortcomings that could cause injuries or property damage.
- Key Person Insurance: Is there someone your company wouldn’t be the same without? This coverage is a life insurance policy for an executive, founder, or other critical employees whose death or disability would adversely affect a company.
- Surety Bonds: While technically not insurance, surety bonds are integral to business relationships. They provide business owners with protection in case something doesn’t let them fulfill expectations during a project.
- Commercial Package Policy: A flexible policy bundle for higher-risk and bigger businesses that don’t qualify for a Business Owner’s Policy.
- Builders Risk: This is a critical policy for construction firms and contractors, as it protects the structures they are building and associated materials from fire, vandalism, inclement weather, and more.
- Accountant Professional Liability: Another professional liability policy but custom-built to meet the needs of accountants.
- Management Liability: This package includes core coverage to protect a company and the people leading it from various common business risks.
- VC Errors & Omissions: Protects venture capital firms against claims of professional negligence and third-party lawsuits related to cybercrimes.
- Venture Capital Asset Protection: This coverage specifically protects against the unique exposures of venture capital and private equity firms.
Embroker Cost
One of the clear advantages of going with Embroker is the cost. In fact, Embroker claims that with its suite of proprietary products, business owners can save an average of 20% on their premiums.
And a review on Embroker’s website from Sophia Yen of Pandia Health backed up that claim:
“I thought we were getting the best price possible from my broker, but Embroker beat their price by 50%. It was so easy to fill out the information and to get an immediate quote. I highly recommend you check them out.”
Plus, for startups, Embroker has a handy Startup Package Calculator that helps business owners determine how much insurance will cost.
Embroker Ratings and Complaints
As one of the new kids on the insurance scene, Embroker doesn’t have many online reviews or ratings. Currently, Embroker isn’t rated by JD Power, AM Best, or the Better Business Bureau. But of the online reviews that we did find, the vast majority are positive.
On Insuranks.com, an insurance comparison platform, one anonymous reviewer commented:
“As a startup founder with plenty of things on my mind to take care of everyday to make sure our startup is set for success, Embroker was the right insurance company at the right time to make sure our startup is financially covered without spending much time, money and hassle.”
It’s also worth noting that Embroker has been named one of the innovators shaping the future finance industry by Goldman Sachs and one of the most promising fintech companies in the world by CB Insights.
Embroker Digital Experience
Embroker’s digital experience may be as easy to use as they come. Embroker’s website is organized to make it very user-friendly; it’s easy to find what you’re looking for without having to click on a million different links. Their website allows you to get a quote online, file a claim or chat with a representative. And the Embroker dashboard for policyholders has even more options like real-time claims tracking and the ability to view coverage and premium comparison data for similar businesses.
However, some online reviews have noticed one drawback: Embroker doesn’t have a mobile app.
Embroker Customer Service
Embroker provides multiple ways to get in touch with their customer service team. With 24/7 support, you can reach out to Embroker anytime – even if you wake up in the middle of the night with a burning insurance question that you’re dying to know the answer to. Embroker’s customer service is available via phone, email or live chat. Policyholders also get a personal account manager to look after their insurance needs.
Other Services and Features That Embroker Offers
On top of the various insurance products listed earlier, Embroker also offers employee benefits packages. Embroker’s employee benefits service is integrated with a business’s HR system and digitizes enrollment while creating benefits materials that are tailored for the business’s brand. There is also 24/7 access to benefits consultants. In today’s competitive job market, having robust employee benefits can make all the difference when it comes to hiring and retaining top talent, making this a convenient option for businesses.
What’s more, Embroker has partnered with First Insurance Funding to offer financing to all of its customers.
What is Embroker’s Claims Process?
Embroker’s claims support is definitely one of its standout features. Embroker encourages policyholders to get in touch with their personal broker as a first step to get support with preparing a high-quality claim submission. Embroker makes it easy to start the claim process online and provides a detailed overview of what the process involves. Plus, a helpful FAQ section addresses questions like “If I file a claim, will it impact how much I have to pay for my policy in the future?” and “When will I get paid?”.
Best of all, after a claim has been submitted, policyholders can get real-time updates through their account dashboard rather than being left in the dark about what’s happening with the claim.
Though Embroker works with various carriers, it supports policyholders throughout the entire claims process.
How to Get Quotes From Embroker?
The only thing that might be easier than claims with Embroker’s is getting a quote. In fact, Embroker’s application process is so straightforward that it can sometimes take only 15 minutes to get coverage.
Since Embroker is a digitally-based insurance company, it’s no surprise that it facilitates online quotes. Embroker simplifies getting online quotes for insurance products and can provide business owners with coverage recommendations. Licensed insurance professionals are also available to advise on specific insurance needs.
Bottom Line: Is Embroker a Good Company?
The short answer: Absolutely. Whether you’re self-employed, getting a tech startup off the ground, or growing a successful manufacturing company, there’s no shortage of policies available through Embroker.
Embroker’s wide range of commercial insurance products makes it an excellent choice for business owners looking to lower their insurance premiums without forfeiting convenience and customization.
Plus, Embroker’s 24/7 support and claims tracking make it a standout in the property and casualty insurance market by providing policyholders with peace of mind about their coverage.
Alternatives to Embroker
If you’re not sure that Embroker meets your business’s needs, or just want to compare it to other providers, there are several similar alternatives. One alternative to Embroker would be Next Insurance. Next Insurance focuses on insurance products for small businesses and helps business owners have the confidence to take smart risks. Trusted by more than 300,000 small businesses, Next Insurance is BBB accredited with an A rating and has an A- (Excellent) for its financial strength from AM Best.
Another alternative option is Huckleberry Insurance, which claims customers can purchase business insurance in less than five minutes. With instant quote comparisons for all products, Huckleberry is a convenient option for those looking to get traditional commercial insurance coverage in just a few minutes. Plus, with Huckleberry, a certificate of insurance can be in your inbox in less than a minute. Huckleberry also boasts an impressive 4.7 out of five stars on Trustpilot, with many reviewers praising the speed and responsiveness of dealing with Huckleberry.
Remember always to take the time to compare rates and coverage options between various insurance providers to find what will work best for your business.