As a small business owner, one of the most important decisions you will make is purchasing the right insurance coverage. Insurance can protect your business from unexpected events, such as accidents, lawsuits, or property damage, and help you avoid financial losses.
Pie Insurance is a fast-growing insurtech company that provides affordable workers' compensation insurance to small businesses. In this article, we will explore what Pie Insurance is, how it works, and how it can benefit your small business. We will also cover the types of coverage Pie Insurance offers, the eligibility criteria, and the application process.
What is Pie Insurance?
Pie Insurance is a technology-driven insurance company that specializes in workers' compensation insurance for small businesses. Founded in 2017, Pie Insurance aims to simplify the insurance process for small business owners by offering a fast and affordable online platform.
Pie Insurance operates as a Managing General Agency (MGA), which means it partners with insurance carriers to offer policies underwritten by them. Pie Insurance has partnered with Sirius America Insurance Company, which has an A rating from A.M. Best, a rating agency that assesses the financial strength of insurance companies.
How Does Pie Insurance Work?
Pie Insurance offers an online platform where small business owners can get a quote, purchase a policy, and manage their account. The platform uses advanced algorithms to provide customized quotes based on the specific needs of each business.
Once you purchase a policy, Pie Insurance takes care of all the administrative work, including managing claims, communicating with the insurance carrier, and providing legal assistance if needed.
Types of Coverage Offered by Pie Insurance
Pie Insurance offers workers' compensation insurance, which is a type of insurance that provides benefits to employees who are injured or become ill as a result of their job. Workers' compensation insurance is mandatory in most states, and it covers medical expenses, lost wages, and rehabilitation costs for injured employees.
In addition to standard workers' compensation coverage, Pie Insurance offers a range of optional coverages, including:
Employer's liability insurance: covers legal costs and damages if an employee sues the employer for negligence or injury
Occupational accident insurance: covers non-employee workers, such as contractors or freelancers
Excess liability insurance: provides additional coverage above the standard workers' compensation limits
Eligibility Criteria for Pie Insurance
Pie Insurance offers coverage to small businesses in a variety of industries, including construction, healthcare, hospitality, retail, and more. To be eligible for coverage, your business must meet the following criteria:
- Your business must be located in a state where Pie Insurance operates (currently available in 34 states)
- Your business must have between 1 and 500 employees
- Your business must have a low-risk occupation classification (such as office work or retail)
- Your business must have a good safety record and a low frequency of claims
Application Process for Pie Insurance
The application process for Pie Insurance is simple and straightforward. You can get a quote by visiting the Pie Insurance website and providing basic information about your business, such as your industry, location, and number of employees.
Pie Insurance will then provide you with a customized quote based on your business's specific needs. If you decide to purchase a policy, you can do so online in just a few minutes.
Benefits of Pie Insurance for Small Businesses
There are several benefits of using Pie Insurance for your small business, including:
Affordable rates: Pie Insurance offers rates that are up to 30% lower than traditional insurance carriers, which can help you save money on insurance costs.
Fast and easy online platform: Pie Insurance's online platform is designed to be user-friendly and efficient, which means you can get a quote and purchase a policy in just a few minutes.
Customized coverage: Pie Insurance's advanced algorithms provide customized quotes based on your business's specific needs, which means you get coverage that is tailored to your business.
Dedicated support: Pie Insurance's team of experts is available to answer any questions or concerns you may have about your policy or claims process.
Claims management: Pie Insurance takes care of all the administrative work involved in managing claims, which can save you time and reduce your workload.
Frequently Asked Questions
Is Pie Insurance only available in certain states?
Pie Insurance currently operates in 34 states, and it is continuously expanding its coverage area.
Can I purchase Pie Insurance if my business has a high-risk occupation classification?
Pie Insurance focuses on providing coverage to businesses with low-risk occupation classifications. However, it is worth getting a quote to see if Pie Insurance can offer coverage for your specific needs.
How does Pie Insurance determine the cost of my policy?
Pie Insurance uses advanced algorithms to analyze your business's specific needs and provide customized quotes based on those needs.
Does Pie Insurance offer coverage for non-employee workers, such as contractors or freelancers?
Yes, Pie Insurance offers occupational accident insurance, which covers non-employee workers who are injured on the job.
How long does it take to purchase a policy from Pie Insurance?
You can get a quote and purchase a policy online in just a few minutes, thanks to Pie Insurance's user-friendly platform.
Conclusion
Pie Insurance is a great option for small businesses looking for affordable and customized workers' compensation insurance. With its fast and easy online platform, customized coverage, and dedicated support, Pie Insurance makes the insurance process simple and efficient. If you're a small business owner looking for workers' compensation insurance, Pie Insurance is definitely worth considering.