Here’s Why Evident is the Best Place for Small Businesses to Buy Insurance

August 2, 2022

Here’s Why Evident is the Best Place for Small Businesses to Buy Insurance

Every small business owner knows how painful it can be to buy insurance to protect their business. They also typically have many questions about the types of coverage they need, but not a lot of good answers:

What risks do I face?

What coverage do I need?

How large of a limit do I need?

These unknowns – combined with the heavily fragmented insurance market – makes it very difficult to buy the right coverage at the best price. What’s more, when small businesses under-assume risk, they’re on the hook when a loss occurs, but when they over-assume risk, they end up paying way too much with very limited resources.

Small business owners don’t have to make these decisions alone. An under-appreciated resource is their pool of larger customers as well as the enterprise partners with whom they work. Every contract signed to serve a larger business is going to come with a set of insurance requirements that the SMB has to meet. These requirements are thoughtfully constructed by risk departments at these larger businesses to protect themselves from the real risk inherent in the relationship.

When that larger business uses Evident to verify a small business vendor’s insurance, our software knows:

    1. What coverage the enterprise requires of the SMB
    2. The current coverage of the SMB
    3. Specific coverage gaps of the SMB

Those specific coverage gaps are extremely valuable data to the SMB. Without that data, the SMB has to guess what additional coverage they might need, how much coverage is needed, and specific policy elements that have to be in place in order to be compliant (Carrier AM Best Rating, Additional Insured Status, Specific Endorsement Language, etc.) Evident’s One-Click Compliance feature gets SMBs the coverage they need at the best price by sourcing the exact coverage needed from multiple insurers. SMBs can rest assured that they are getting the right coverage needed to get to work, without paying for coverage that isn’t needed.

We have partnered with leading insurers like NEXT Insurance to get the best coverage, buying experience, and service available to businesses verified by Evident. Through the Evident One-Click Compliance feature, SMBs get the insurance coverage they need in minutes. Evident also notifies the customer that the SMB is insured and ready to work, eliminating the hassle and time for all parties of sharing PDF certificates of insurance and waiting for a decision.

Learn more about the Evident Insurance Verification solution here.

Learn more about partnering with Evident here.

Ben Fogle

A former business strategy and operations consultant for several large firms, including EY and Slalom, Ben Fogle currently serves as Chief of Staff to the CEO at Evident where he helps manage the rhythm of the business and leads the OKR process as well as growth initiatives alongside business development and technology leadership.

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