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Startups need insurance and often turn to insurtechs and Vouch alternatives. As a growing company, buying the right insurance will enable you to manage potential risks and avoid the stress of unpredicted costs that can and usually do occur.
It’s hard to buy insurance for startups. Buying commercial insurance has been a tedious process that has changed little in the past 200 years.
Startups looking for insurance have, for a long time, had to rely on old-fashioned paperwork-heavy processes from traditional insurers who didn’t understand their needs and risks. This has meant that most startups had to waste a lot of time and pay A LOT more than necessary to get insured.
However, this increasing market gap has meant that venture capital firms have started investing heavily in the “future of insurance” – insurance technology companies. This substantial investment means that startups looking to secure insurance in 2020 have a wide variety of offerings, which wasn’t the case in the past few years.
However, this variety isn’t quite what it seems. Sure there are dozens of insuretech companies with innovative solutions, but few of them offer something truly revolutionary.
Everyone else is basically selling the old, traditional insurance policies and just making it slightly easier to buy or marginally cheaper. While this business model may remove some of the pain points of traditional insurance, but many startups won’t find, it provides enough of a difference.
Currently, there are only two companies on the market that have policies incepted and custom-built specifically for startups – Embroker and Vouch.
There are considerable similarities between Vouch and Embroker. They’re both startups backed by premium VC companies, so they understand the needs of startups. They have policies backstopped by some of the biggest reinsurers in the world. They offer an online platform for buying and managing insurance.
In light of these similarities, who do you choose? To help you make an informed decision when choosing who to trust with your insurance, let’s compare the two options.
Embroker is a mature, 5+ year startup. ESP can be bound by most startups anywhere in the US. Over the past 5.5 years, we’ve served thousands of growing businesses, and we’ve gotten pretty good at it. We’ve digitized insurance and have robust, tested processes and principles in place to make it incredibly easy to purchase, manage, and understand your coverage.
Vouch’s offering is in it’s beginning stages. While they have made impressive strides with their platform in a very short time, it’s hard to say it’s a tried and tested solution. Their client base measures in hundreds, and it’s only been a few months since the platform became functional in startup abundant states – California and New York.
Embroker’s Superior Expertise
Embroker is a tech company. We aim to implement a digital revolution in the stale world of insurance. However, it’s important to remember that at the core of any technological change are the people carrying it out. There’s no real substitute for expertise.
One of the critical aspects of Embroker’s bid to make your insurance experience better is an experienced team of brokers and experts specializing in startup insurance. They’ve been delivering effective, tailored solutions to high growth companies for over 20 years, and you can chat with one of them here.
Embroker WIll Keep Pace With Your Growth
The insurance needs of high-growth startups evolve quickly as they move across various stages of fundraising, creating partnerships, expanding their products, and bring on new managers and directors. Embroker’s offer is designed to streamline all your insurance needs and to be easily extended to keep your business as it grows – no matter how fast and sudden it may be.
Embroker’s Superior Service Team
Embroker has a full in-house service team. Nothing is outsourced, and you’ll always be talking to someone from Embroker, which can’t be said for most of the industry. The team has worked hands-on on building out the Embroker Startup Program and all its policies from its inception. This means that they all understand your needs and how to best help you.
The Right Coverage at the Best Price
Embroker’s Startup Program allows immediate policy underwriting and allows the entire insurance value chain to be digitized, meaning that there are no intermediary fees or useless bureaucratic overheads. Additionally, Embroker has used its experience helping thousands of startups to perfect the coverage offered. All ESP policies have been painstakingly crafted to ensure there are no gaps in your coverage and no unpleasant surprises or disputed claims.
Embroker’s Mature Platform
The key to Embroker is a mature, well built, and tested tech platform. Here’s why Embroker’s platform is the superior solution for you currently:
Buying Insurance Easily
All the Embroker Startup Program policies are instantly underwritten – it’ll only take minutes for you to complete the whole process, and have the right coverage for the right price. Oh, and unlike other insurers, we’ll never ask you to reveal any sensitive information, such as your funding or financial statements.
Manage Your Insurance Painlessly
Embroker’s platform will completely streamline your insurance management. You’ll be able to submit and track any claims in real-time. Also, sharing and requesting certificates of insurance is processed instantly. This means you’ll never have to dig through your emails with your insurance company or get into tedious back-and-forths with them; you’ll have all the essential insurance information available digitally.
Renew Insurance In a Few Minutes
With Embroker insurance renewal only takes a few minutes. We’ll store all the information about your business in a secure cloud, and allow you to automatically and painlessly renew your insurance.
Understand the Details of Your Coverage Easily
All the details of your coverage will be represented on easy to understand flashcards, allowing you to truly understand your insurance without having to rely on anyone.
What Does Embroker’s Platform Mean for Your Insurance?
Embroker has a dedicated team of experienced insurance experts and service personnel that are ready to help you at a moment’s notice. However, our goal is that they never have to. Our platform is designed to take the pain and complication out of buying and managing your insurance online. We make insurance matter of minutes rather than days or weeks.
What to Do Next?
We hope now you have a deeper understanding of how Embroker and Vouch compare for startups. If you need more information, you can reach out to our team of expert brokers. Or, if you are ready to get started with Emborker’s Startup Program, you can get an instant quote here.