The nature of small business has changed dramatically. It has grown broader, encompassing a much larger portion of the working population than it once did. Although the traditional mom-and-pop shop still exists mostly as we remember it, it has been joined on “Main Street” by a diverse array of other small-business models and trades – even if many of them can’t be found by walking through the doors of a downtown storefront.
Driving this sea change has been an ongoing digital revolution that is creating new opportunities for independent contractors, freelancers and LLCs across countless industries. The owner of a small-town sporting goods store or flower shop will have vastly different needs for their business than the graphic designer, online jewelry maker or rideshare driver. But commonalities can still be found between them – including the sometimes-overlooked need for business insurance.
Where Personal Insurance Falls Short
A mistake made by many small business owners – especially new ones – is assuming that their personal insurance will cover any potential business losses or liabilities. That may be true up to a point, but limitations on typical homeowner policies often cover only a percentage of business-related expenses or restrict the total amount of coverage. And in the case of apartments and condominiums, for example, a small business owner or independent contractor may not be covered at all.
More businesses than ever are being run out of an owner’s home, or by using their own vehicle. This can be an efficient business model, especially for an entrepreneur just getting started. But the coverage gaps, even given the extensions available under homeowner policies, can leave the owner dangerously exposed to theft, property damage and liability. Identifying and explaining these gaps – and how to close them – should be a priority for all industrious producers.
The Opportunity: GigBOP®
The rapidly expanding market of small business owners and independent contractors represents an entire market of potential business insurance clients for producers, who have new tools at their disposal for improving the customer experience and, at the same time, optimizing their own operations.
GigBOP® from SynchronoSure uses technology-augmented underwriting tools to gather necessary information and generate accurate quotes for clients in minutes, rather than days. For small business owners, this means cutting out unnecessary wait times, getting to work right away and the peace of mind that comes with knowing they are being neither overcharged nor underinsured.
For producers, GigBOP® both supercharges and simplifies the underwriting process, incentivizing a huge market of potential business insurance clients to engage. And because GigBOP® solves for pain points that affect both clients and insurers – namely, time and accuracy – producers are freed up to generate more business, deliver more quotes and provide more hands-on customer service to their clients. Become an appointed GigBOP® producer today and start connecting small business owners with the right insurance coverage for their needs – visit our Producer Page to get started.