Insurance proposals are uncharted territory of most founders. We’ve done a basic tutorial (or 2, or 3) to help people understand the insurance terms, but here’s a breakdown of the practical/procedural FAQs we see.
1. What am I actually getting for the price?
All quotes presented will provide coverage for a policy period of one year (unless specified otherwise). The quoted price is the cost for the entire policy period. Depending on the carrier and billing method, payment is due a) in full prior to binding the policy, b) in installments through a payment plan offered by a payment plan. We have some premium financing options available for some full-pay policies as well.
2. What if we grow a lot or things change during the year?
We’ve purposely built relationships with carriers that offer the most scalable coverage on the market…so if you go from pre-revenue to $10M in revenue, you don’t have to worry about being exposed. We understand that our clients are on a hockey stick growth curve and plan accordingly.
If you go through big operational changes (a big change in the business model or product, a move to a new office…), all you need to do is let us know and we’ll make sure we adjust your policy to keep you covered.
3. How do I bind coverage?
Simple! All you have to do is approve your proposal and select a payment option and effective date. Our team will follow up with any docs requiring e-signature and take care of all the backend paperwork required by the insurance carrier.
4. How do you decide which carriers to approach?
We approach carriers based on a few different criteria, the first of which is carrier appetite. Our policy placement team knows which industries each of our carriers prefer when underwriting new policies (SaaS vs consumer products vs E-commerce etc…). We approach the best carriers that serve your industry first. Of course, all of our carriers have to meet scalability and quality requirements as well.
5. How do I get Certificates of Insurance?
6. Can I add additional insured to the doc?
Again, this article will give you more details on when and why this is necessary. Again, just shoot us an email and we’ll make sure you’re taken care of. We’ll reach out to the necessary underwriters to get the additional insureds added and send you the certificates and policy endorsements as soon as we have them.
7. I don’t fit into any of your buckets…can I buy a la cart?
Absolutely! Our packages are designed to compliment the risk profiles of most startups at various phases of the company’s funding/life cycle, but every package is fully customizable.