Seven Minute Insurance Policy
I got an email today from a company called Next Insurance. They’re an insurance tech start-up that specializes in insuring contractors. They seem to be offering something called a seven minute insurance policy.
Actually, they claim in the email that I can “probably be covered in 7 minutes”.
Hmmm…that doesn’t sound very certain or inspire much confidence in me.To be fair, I’m not a landscape contractor, or a mason, or a drywall installer, or any type of contractor. If I was, it still would not give me the warm and fuzzies.
Fact is, I’m an insurance professional and write contractors insurance from time to time, and that claim makes very little sense to me (even if it does say “probably”).
Because I can tell you one thing for sure. It takes a whole lot more than seven minutes to get someone covered.
To be fair, I’m not threatened by their skills, expertise, bravado, or possibly exaggerated claims.
I’m not even threatened by their technology. The way I see it, the best insurance professional is one who uses technology to aid them in the placement of insurance, not the other way around.
Contractors insurance is not rocket science, but it’s also not easy. It definitely takes more than 7 minutes to get a business approved, rated and a policy issued. Ask any insurance agent out there and they would tell you the same thing. And…this might be a stretch, but I think if you started the timer and then went to the website and started filling out the screens, seven minutes would go very quickly….adn you would not have coverage.
I could be wrong!
Knowing what you’re buying, understanding coverage is critical when you are insuring your business. I’m not saying that Next Insurance is not good at what they do. They’re probably very good at what they do, otherwise they would not have 30,000 customers.
We feel strongly that an experienced, local, independent insurance professional is the right choice for your insurance.
You be the judge.