Progressive Debuts Quote Platform for Small Business Insurance
As a small business owner buying insurance is not a simple proposition. Because standard property insurance doesn’t cover the different predicaments businesses face. This means you have to navigate the murky and convoluted waters of what is and has to be covered in your particular location.
The launch of Progressive’s BusinessQuote Explorer (BQX) looks to provide a resource where small businesses can shop for insurance. The online platform gives owners an easy-to-use resource. And it allows small businesses to get accurate insurance quotes to address their needs.
The difficulty in purchasing insurance for small businesses is figuring out the different policies and laws governing what they cover. This is a challenge for many owners. And the fear their insurance will not pay out when they need it most is very real.
With BQX, business owners have a single resource to evaluate and compare the insurance they need to buy. John Barbagallo, Progressive’s Commercial Lines President explained the pain points owners are experiencing.
In the press release Barbagallo said, “We understand the number of demands today’s small business owners are faced with and are constantly looking at ways we can innovate the process of quoting business insurance to save them time and alleviate their questions and concerns.”
He goes on to say, BQX will make the process of choosing insurance and getting an accurate quote fast and easy.
Progressive BusinessQuote Explorer
BusinessQuote Explorer comes two years after Progressive (NYSE: PGR) launched HomeQuote Explorer (HQX). As the name implies, HQX instantly compares home insurance rates side by side from multiple carriers.
The success of HQX led the company to address the challenges small business owners face when they shop for insurance.
Just like HQX all you have to do is enter your information once and BQX will match you with a policy or policies. The platform then compares rates and coverages from several different providers so you can make the best choice. And because the coverage and limits of each business are unique, it can vary greatly.
As of right now, Progressive is offering quotes for business owners, professional liability, workers’ compensation, and general liability policies in BQX.
How Much Coverage Does Your Business Need?
The problem is business insurance is not a single or specific coverage. The protection a business has is based on one or more coverages it has purchased.
In the vast majority of cases, owners need more than one coverage to get full insurance coverage. The coverage you need is based on your specific use case, location, and the laws in the city and state you are in.
General liability is a start and the most common coverage. It will protect your business from a range of incidents including property damage and third-party injuries.
You will need additional coverage to fully protect your business. This includes worker’s compensation, commercial auto insurance, property and business interruption, and others.
This article, “Progressive Debuts Quote Platform for Small Business Insurance” was first published on Small Business Trends