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CoverWallet seeks to facilitate the obtaining of commercial insurance by companies

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If a coffee fanatic decides that he wants to open a cafe somewhere, chances are that he will end up ending up in a "liability insurance" of Google – and try to navigate the legal web Complex to get all this nailed before they even sell their first ice milk coffee.

Inaki Berenguer rather hopes that they will fall on CoverWallet in this Google search, which streamlines the process of setting up commercial insurance for a small business. The company is trying to go one step further by announcing that it will create an open tool that will allow third parties to connect directly to its services, thus giving small businesses a way to take out commercial insurance while on the go. they cross another set. SMB management software. All of this is to ensure that more and more users can begin to operate the service, allowing it to support additional activities and data, even if it involves partially transferring the image of the user. brand and user experience to another service. ]

"When we had three employees and we moved to New York, we were told, if you want to sign a lease, you need to buy insurance," Berenguer said. "I wanted to go to a website, grab my acreage and my income, get a quote and do everything else in five to ten minutes, but I was told it did not exist for the first time. business insurance. I had to go to a general supplier, fill out a 20-page PDF, which the broker sends to the insurance company, and then they come back with a quote. This process is analog and takes time and is opaque. I know this process can be reinvented. There are 25 million small businesses in the United States and they all have insurance.

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CoverWallet is very similar to what Berenguer explained in his dream scenario when he moved his last company to an office. Insurance policies are customized for restaurants, start-ups, retail stores, contractors or various other types of commercial insurance products. Users enter their business information and then are able to pay for the policies – in advance or in monthly installments – and set up their policies quickly. If that does not work, CoverWallet also has a team of agents to cover the rest of the questions they have, and users can change any of these policies whenever they want.

But in the end, it may be that users are trying to keep things simple – especially if it's a small or medium-sized business that is not the kind of technically savvy that you will often find in a large metropolitan area like New York or San Francisco. While CoverWallet seeks to simplify the entire underwriting process of commercial insurance, this can be a major impediment to creating a cafe, integrating into other tools and the transparency of the entire process ensure that being able to keep this business stream coming – and these companies can eventually start to spread the word on their own.

"Companies may already be using accounting or payroll software," Berenguer said. "These systems have all the information of the company.Why do they need to come to a platform, and type everything, when this information is elsewhere." It's like the l & # 39; white labeling of your solution, but if you want to be customer-centric, the less they have to type the best. "

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There is probably not much that prevents large insurance companies from offering a similar type of plug-and-play API. But Berenguer said to build an aggregation of all these insurance providers, and then giving this pipeline to customers looking to take insurance through another SMB tool like Gusto (though that Gusto is not one of the clients, Berenguer said), gives them enough of a convincing argument for these employment suites to bring them. Some providers may only offer certain types of policies, or cover certain geographic areas, and CoverWallet hopes that it will make a pretty good deal that it can cover all of these shortcomings.