Insurance321 is an insurance marketplace that uses technology offered through its LaunchPad that searches the marketplace to help you find the right coverage for the best price. Their technology uses information about your company to match you with the provider that best fits your needs.
When buying small business insurance through Insurance321, there are some key features to look out for that make them a great option. These key features include:
Policy exclusions are something that each carrier will have noted on their policy. Because Insurance321 is not a carrier and isn’t underwriting the policies themselves, they don’t list any exclusions on the policy. Small business owners will need to read the policy from the carrier they get a policy to understand the exclusions that pertain to it.
Riders and other on-demand policy modifications can be made with specific carriers. Once again, because Insurance321 is a marketplace, it isn’t offering any policy modifications itself. Small business owners will need to work with carriers to determine if any riders are available for the policy.
Once a policy is underwritten, the insurance carrier takes over the servicing of the policy. This means that all claims are filed directly with the carrier. The carrier’s information is listed on the policy declarations page. For a claim, call the carrier and provide the pertinent information related to the incident. The carrier will assign a claims representative to the case and you will work directly with them to get the claim paid and the damages fixed.
When you request a quote, you’ll be paired with a representative who will call to confirm your business details. If you need coverage immediately, call (234) 230-6321 to get a quote and save some time.
You can get a policy from Insurance321 by completing the quote process and following up with a representative. Remember that the policy is not issued by Insurance321, but is instead issued by the carrier that you choose to buy the insurance from.
Because Insurance321 is a marketplace working with many carriers, it is able to place insurance for a lot of different types of industries. Common business types looking to get insurance from Insurance321 include:
Insurance321 can also place policies in these other industries:
Discounts would be carrier-specific and not something that Insurance321 offers. When getting a policy, it is best to check with the carrier if there are any discounts that apply to your policy. Common discounts include bundling and security systems discounts.
When canceling a policy that you got through Insurance321, you will contact the carrier that the policy is underwritten by. Simply call the customer service number on the declarations page to cancel the policy. You will receive any unearned premium from the policy based on the date of cancellation.
Insurance321 offers a wide range of small business insurance policies. Here are some of the most common policies business owners get.
A business owner’s policy (BOP) is a policy that combines general liability and commercial property into one policy. Because it is underwritten once, it has less costs for the insurance company to incur and thus is priced more competitively than if a business owner were to get two policies.
General liability insurance pays third-party claims where someone alleges that your business is responsible for their injuries or property damages. This is most often referred to as “slip and fall coverage” and protects small business owners from some of the costliest claims that can happen.
Commercial property insurance is a business insurance policy that pays to repair or replace items owned by the business. Items include office furniture, electronics, supplies, tools, equipment, and materials.
When your business is shut down due to a covered incident, business income insurance pays what your business would have earned had it remained open. This is to protect the business from experiencing financial hardships of bills still being due even though the business is closed due to a claim.
This insurance is required in most states if you have at least one part-time employee. It pays for the medical expenses and lost wages of employees who are hurt on the job.
Professional liability insurance is a policy that pays for claims that allege that you did not fulfill your professional duties. Often, this is giving inaccurate advice or making a professional mistake.
This is a contractor's policy that pays to replace or repair tools and equipment that gets lost or damaged in a claim. Items may be stolen or otherwise damaged by an incident such as a fire. Most contractors tools and equipment policies require that the tools be less than five years old.
Commercial auto insurance is a policy that protects the business if a commercial vehicle is in an at fault accident and there is liability in it. It pays for the damage to other property as well as injuries to people injured in the accident. You may also elect to cover the vehicle itself with comprehensive and collision coverage the same way you do in personal auto insurance.
The cost of insurance from Insurance321 varies widely. Costs will depend on the carrier chosen as well as the type of insurance, location, revenues, and number of employees that you have. Insurance321 advertises real rates that customers have gotten and show a general liability policy in Georgia for $502 for a landscaping company. This was more than $1,900 less than the competitive quotes.
If you’re looking for alternatives to Insurance321, you can check out these common competitors.
CommercialInsurance.net is another marketplace that you can use to shop for the best rate among multiple carriers. The company offers a multitude of policy types that includes general liability, worker’s compensation, commercial auto, and BOPs. They have major partners that include The Hartford, Liberty Mutual, Progressive, and Gallagher.
Thimble offers several types of small business insurance that include general liability, omissions insurance, and business equipment insurance. What sets Thimble apart is that they offer on-demand policies that contractors or freelancers can use to have insurance for specific projects or gigs. Policies can be written for time frames as short as an hour.
Hiscox is a leader in small business insurance. They focus on the small business contractor, making policies affordable and accessible. The company has more than 100 years of small business insurance experience, bringing a wealth of knowledge to help small business owners mitigate common risks.
Next Insurance provides small business insurance to a wealth of professionals and service providers. They have a wide appetite for independent contractors who need coverage for an affordable price. Typical clients include professionals such as general contractors to personal trainers.
CoverWallet is an insurance online platform that partners with industry leaders to offer small businesses quality policy options. Some of their partners include Chubbs, CNA, Employers, and Berkshire Hathaway.
Insurance321 sets itself apart because it offers insurance from many partner providers. It’s able to shop policies for you so that you don’t have to take the time and do the work to get multiple quotes. This saves business owners time and money.
|Quote in 10 minutes||Yes||Yes||Yes||Yes||Yes||Yes|
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Because Insurance321 works with so many insurance providers, it's hard to say who this company isn’t for. You’ll get the best price quote possible with little time and energy expended. About the only business owners this doesn’t work for are freelancers or independent contractors seeking limited coverage that lasts a few hours or days for a specific project. Other than that, Insurance321 can find a solution for just about any small business.
To start the quote process, you’ll be asked to choose how you want to shop: by industry or by coverage type. We selected coverage.
A drop-down menu appears that allows you to scroll for the type of insurance policy you want to get. We chose General Liability Insurance.
You are then asked for a bit of information about your company. You can skip this if you want, though you’ll need to give the information to the representative when they call to quote you.
Contact information is required to get a quote.
The system takes your information and then puts it into a queue for a representative to call you. You can call them to get immediate assistance.
Insurance321 is a great platform for small business owners to use to find the right business insurance policy for the best price. It has an extensive list of partner providers, making it a leader in helping you find a quality insurance company to work with. Because the marketplace is so vast, it is a great platform to use if you have a difficult-to-insure company that either serves a high-risk industry or has a lot of claims on its record.
When looking at small business insurance carriers, we want to know that our customers are working with the best. This is why we search for carriers that have high AM Best ratings or marketplaces that work with carriers that have those ratings. We review the key features of the provider and look at how costs are derived. The quote process is essential to a good customer experience, which is why we go through the process to test the efficiency of the system.
Insurance321 doesn’t have a rating because it is not an insurance provider. It works with providers who all have different ratings.
Insurance321 is privately owned and does not disclose who its owners are.
Insurance321 is a legitimate company that helps small business owners find the right type of insurance for a reasonable rate.
Professional liability insurance coverage is an insurance policy that provides protection against claims stating that you didn’t perform your job to professional standards.
Insurance321 is not a managing general agent (MGA).
Insurance321 does not currently have an App.
The four most common types of business insurance are general liability, professional liability, workers’ compensation, and commercial auto insurance.
Business income or business interruption insurance pays business owners when a business is closed for a claim. The amount paid is for lost revenues that the company would have earned had it been opened.
Even a sole proprietorship has risks of loss. A business insurance policy can protect the sole proprietor's assets if a claim is made against them.
To expedite the claims process, you should review the claim to make sure that all pertinent data is accurate and complete.
Errors and omissions insurance is another name for professional liability insurance that covers you for making mistakes in your professional services.
You want to review your insurance to ensure that you understand what is covered and what isn’t. Read through to find exclusions of the policy. You also want to make sure that you get all applicable discounts for your company.
Doing an annual review helps ensure that your policy fully protects your business. Things change, especially with a growing business. You may have more liabilities, more commercial property, or more employees that all need coverage.
Product liability insurance is coverage that protects you if someone is injured or there is property damage resulting from a product you made or sold.