The insurance industry has come a long way in providing clients purchasing options and flexibility. Depending on the type, size, and complexity of a business operation, including those in the construction sector, in lieu of making a half-dozen calls to shop around for coverage or visiting a brick-and-mortar office, with a click of a few buttons you can obtain a quote and buy business insurance coverage. Everything from General Liability to Property, Builder's Risk, Commercial Auto, Equipment coverage, Pollution Liability, and Workers' Compensation is at a contractor's fingertips.
The Emergence of the Online Insurance Marketplace
The online insurance marketplace began with personal lines, which coincided with technology advances and the advent of the Internet in the 1990s. As consumers became more comfortable buying insurance online, aggregators came onto the scene for shoppers to compare the cost of coverage (auto, term life) from one insurance company to another. Direct writers like Progressive and GEICO leveraged the Internet to sell auto insurance, too.
Online insurance purchasing has evolved over the years with the explosion of insurtech and the many digital platforms today that sell niche insurance products. Insurtech is the use of technology by companies to improve business processes, efficiency, and the customer experience in the insurance industry. Small commercial lines insurance coverages are available to purchase online across many different industry sectors, including contractors, for specific coverages.
Purchasing Insurance Online
There are several benefits of buying insurance online:
- Convenience: Business owners are busy, with more than half of them working more than 50 hours a week, according to a Small Business Pulse survey. As a contractor, you may be clocking in even more hours to meet your project deadlines. Going online and getting an insurance quote saves you time and money. You can shop around whenever you want and wherever you are.
- Ease & Speed: You can go on a website and get coverage in minutes - as long as the website is set up with the user's experience in mind.
- Control: You can get multiple quotes for the right coverage at the best price.
- Educational: Many sites provide you with resources about the coverages they offer so that you can make an informed decision.
You Can Still Speak to an Agent
While there are definite benefits of buying insurance online - or at least getting an idea of the cost for certain insurance coverages to protect your construction business against risk - it's still smart to speak to an insurance agent. An agent will uncover exposures you may not have considered, which require specific policy enhancements and additional coverages.
Many online platforms provide you with the ability to speak with a live agent, including our site, to assist you with your insurance needs. The agent can help ensure you are buying the right coverage amount and navigate you through the process. If your construction business is unique or more complex than a typical contractor's, taking the time to speak with an agent online is the wise choice.