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Quote in the cloud, collect payments, issue full policies & auto-renew.
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Build apps in hours, not weeks. Create your future of insurance while saving time, money & frustration.

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Tap into the latest tech with services like Boost, Briza, Stripe, FUS, First Insurance and more.

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Sign up and get instant access to digital programs from major carriers, MGAs, MGUs and Captive Insurance companies. We give you free access to our CRM dashboard and clients can self-manage certificates.

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InsureCert offers multiple configurations, display options & digital delivery of insurance. Invite brokers to join and sell your program business. Quote, bind and issue policy wordings. Do everything in one app.

How Much will Insurance Cost for Your Startup? (Calculator)

Everything you need to know about insurance costs for Startups

Startups are particularly vulnerable and need robust protection from lawsuits because just one catastrophic event could be more than enough to put their business out of business.

Startups face serious odds — about 20% of businesses fail in their first year, and around 60% will go bust within their first three years. However, knowing that you need insurance and knowing what insurance you need are two different things. Especially since startups grow so quickly, finding and budgeting for insurance can be a complicated task.

One way to figure out what insurance might cost is to identify a startup similar to yours in size and type and find out how much their insurance costs. To help you better understand what type of insurance your startup will need and what it might cost, we’ve leveraged our data on startup insurance to create a calculator you can use to find insurance costs for similar startups. Read through our guide or jump to the calculator below.

What Type of Insurance Do I Need?

The first step is to determine what insurance your startup will need at different stages of growth. There are four main types of insurance that you will likely need:

Startup Insurance Guide

Errors & Omissions Insurance (E&O)

Companies that provide services based on professional expertise can be held liable if the information or services they provide include mistakes or experience technical errors that cause damage to the client. Technology Errors & Omissions Insurance protects against claims that arise from these mistakes. E&O Insurance can also include Cyber Insurance, which protects against claims caused by a security breach or mishandling of client data.

Directors & Officers Insurance (D&O)

Once it’s time to start assembling your startup’s Board of Directors, you should add a Directors & Officers Insurance policy to your package. As the name suggests, this policy protects directors and officers if your startup is sued and any board members or company leaders are named in the lawsuit. This type of protection is essential to your startup since it will cover settlement costs and legal expenses. You’ll also find that few people are willing to join your board unless you have a D&O policy in place.

Commercial General Liability & Property (CGL + Contents)

Once it’s time to lease an office, you will have 'trips and fall' exposure as well as fire, damage and theft exposure for everything you own inside the office. Starting with a lease, your landlord will more than likely require you to carry a minimum of $2,000,000 commercial general liability. This covers the landlord against your negligence causing bodily injury as well as damage to the space itself.  CGL and Property together are also referred to as a Business Owner's Policy or 'BOP'

Employment Practices Liability Insurance

Finally, Employment Practices Liability Insurance will be necessary once your startup starts hiring employees. This policy covers claims from within the startup pertaining to workplace issues like discrimination, wrongful termination, failure to promote, sexual harassment, etc.

Depending on your industry and company type, you may also want to consider additional policies like Workers Compensation Insurance, Commercial Crime Insurance, Fiduciary Liability Insurance, and more. However, E&O, D&O, Office Liability & Contents & EPL are the four basic insurance policies that all startups will need.

In Bassanese v. German Canadian News Company Limited et al., an employee was awarded $50,000 in aggravated damages, in addition to damages for wrongful dismissal, arising from the employer’s failure to investigate her allegations of harassment in the workplace.

How Much Will My Insurance Cost?

Budgeting for insurance is important but can be confusing if your company is going through a growth spurt. Your insurance costs will likely change frequently in your startup’s early stages, but you can predict when these changes will occur and how much each change will cost.

The cost of your insurance depends on:

  • Which policies you need
  • How many people are covered
  • How much funding you have
  • Your estimated annual revenue

Using cost calculations for the many different types and sizes of startups we’ve insured in the past, we’ve created a calculator that can help you estimate what your insurance might cost based on costs for similar startups. If you need a more specific estimate, you can get a quote based on your particular startup’s needs.

Get a quote for startups now

Tips for Updating Insurance as Your Startup Grows

Insurance policies are typically reassessed and adjusted each year when it’s time to renew. However, if your startup is growing quickly, you’ll need to be proactive about updating your insurance as your company expands.

The three most relevant benchmarks for estimating insurance costs are operations (what you do), annual revenue, and employees. It would be best if you looked to consult with your provider about adjusting your coverage whenever you hit a new milestone in one or more of these areas.

While your premiums will likely increase as you grow, keep in mind that policy renewals are also an opportunity to renegotiate your rates or shop around for a new provider. 

Get a quote for startups now

Five Reasons to Buy Fintech Insurance

The global FinTech market is growing exponentially, representing opportunities and their unique risks associated with companies operating in this space. As FinTech's reach expands, and their capabilities evolve, they must have the best policies.

FinTech is much different than traditional financial institutions and does not share many of the risks associated with running a digital business.  More often than not, old manuscripts from carriers still in use have not kept pace and exclude many of the perils modern FinTech's face. 

Here are five reasons why you should look at FinTech insurance:

1.  Your policy does not insure you.

FinTech insurance policies exist to fill a gap surrounding technology companies that transact funds and provide dashboarding for consumers. Many domestic carriers do not offer FinTech platforms coverage—for example, first-party crime, cyber and intellectual property.

2.  Your carrier is not thinking about superior protection for your directors.

Insurance forms an integral part of your overall risk management strategy. FinTech insurance protects your business's value, where traditional insurance carriers do not provide security in the event of litigation. Critical for start-ups, mainly those trading in sensitive financial information such as online banking, where regulation is still evolving, and threats continue to emerge.

3.  No one is thinking about changes in regulators' requirements

FinTech companies have greater financial exposure due to regulatory changes. Errors or Omissions Insurance can be imposed by various jurisdictions to meet your capital requirements. Don't be caught missing this critical component. 

4.  Your policy does not offer complete protection for its directors and officers

We all know that members of senior management and boards can be held personally liable for claims brought against the company. Claims can be brought forward by customers or clients, shareholders, lenders, competitors, and contractors. Without FinTech protection, it can be a barrier when it comes to recruitment, as it enables companies to attract and retain the best directors available.

5.  A Specialized Fintech Policy makes risk easier to manage

FinTech insurance policies are comprehensive and have been designed with the work of FinTech companies in mind. Not only are these policies an effective risk management tool providing peace of mind for the company, they're also increasingly important when it comes to hiring and retaining the best talent and can prove vital in helping companies adhere to requirements from regulators.

Top 5 risks for FinTech businesses

1.   Professional liability

Negligent advice and failings in client services are common risks for any company providing financial services, especially FinTechs, who offer new financial products through new distribution models. FinTechs can also rely on third-party contractors, adding liability risk due to third-party negligence.

2.   Regulatory environment

New technology, new products, and further distribution bring a wealth of opportunities and unique regulatory exposures. FinTech companies will need to ensure they keep on top of implementing suitable and satisfactory risk management systems. As the FinTech market evolves, so will the regulatory environment, and a significant risk for FinTechs will be keeping pace with the regulators' latest updates. FinTechs will also have to consider differing regulations in multiple territories should they operate internationally.

3.   Theft of funds

The majority of FinTechs deal with a high frequency of funds movement.  High volumes of payments, transactions, and customer accounts and the fast growth and implementation of new technology leave them vulnerable to theft. These thefts could be by an employee or an external party.

4.   Cyber event

Given the nature of their operations, FinTech companies are prime targets for cybercriminals. Network security, data breaches, or even a denial-of-service attack - as well as damage and rectification costs following these incidents - should be a significant concern for FinTech companies.

5.   Technology failure

Innovative technology is essential for FinTech companies - it is how they have disrupted traditional financial services - but this heavy reliance on technology infrastructure means firms can be vulnerable. Technology failure can mean customers are unable to access services resulting in lost income or lost customers.

Top 5 Reasons to Embed Insurance for Renters

According to IBC, Between October 2020 and October 2021, the rental market universe grew by about 40,000 purpose-built rental apartment units (or 1.9%). Demand kept up with supply as the number of occupied apartments grew by roughly 41,000 units (or 2%), resulting in a stable vacancy rate. This represents a significant recovery in rental demand from October 2020. At that time, supply growth had outpaced demand growth by about  26,000 units.   

  1. Offer greater convenience. Renters should be asked to buy Insurance covering their negligence. There is little sense in landlords taking on unnecessary risk and increasing their chances of a claim causing nightmares at policy renewal. Embedded Insurance is an online program that can be configured for instant quoting, binding and certificate issuance. Including monthly payment options can also be leveraged to make the program 'stickier,' with recurring touch-points. Incorporating a monthly payment program will have higher, regular customer engagement and better retention rates.
  2. Add a new revenue stream. Embedded Insurance offers non-insurance people to grab a piece of the insurance pie. For example, branded referral programs are often created as partnerships between online booking companies and brokers. While insurance regulations used to be very strict about affiliate fees, those regulations have relaxed in many jurisdictions, making profit-sharing a possible point of interest for corporations that manage rental units. 
  3. Lower your risk. According to the III, about 1,425 homeowners policies have a liability claim related to the cost of lawsuits for bodily injury or property damage that the policyholder(s) cause to others. Therefore, requiring tenants to carry a Liability policy makes good financial sense. In addition, when you embed Insurance, the technology can be set up to automatically include naming the landlord and property managers as Additional Insured. 
  4. Stay on top of who's insured. Today's insurance programs offer greater value and convenience through technology. When renters buy Insurance, brokers provide dashboards with text alerts, instant certificates and policy wordings. Renewal tracking is tedious, so using APIs to notify you when policies are renewed is a game-changer. Further, when renters miss payments and their insurance policy is cancelled. Landlords and managers can be notified the moment cancellations happen. 
  5. Handle claims easier. What good is requiring proof of Insurance if the claims handling is a total hassle? Insurance programs that capture many users and collect lots of premiums are valuable to carriers and brokers. Make them work for their money by connecting loss notices to insurance companies via API (Application Programming Interface) for free. Lower your claims management costs by incorporating these same APIs into local web apps, so you stay current.  

Today's technology can provide property owners connectivity straight into the insurance company, bypassing over-worked people who can slow things down. The best strategy is to work with a local broker you know that can leverage technology and who you can lean on when things go south. While technology can help us get information quicker, there is no substitute for an agent on your side. 

If you or someone within your organization has to deal with renters insurance, seize the opportunity for your company to grow its revenue and further appeal to your customers' needs. 


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