3 Reasons On Demand Insurance Is Right for Your Business

On Demand Insurance | Small Business Insurance | InsurePro

3 Reasons On Demand Insurance Is Right for Your Business

Business owners have a number of responsibilities. You have a lot to think about – including how best to protect your growing business.

Having the right type of insurance in place for your company gives you one less thing to worry about. But how do you choose the right level of coverage? And what if you don’t want – or can’t afford – the commitment of recurring payments? 

On demand insurance could be the answer. Here’s how on demand insurance works and why it’s a great option for protecting your business.

What Is On Demand Insurance?

On demand insurance, or immediate business insurance, is a unique type of insurance policy. It’s exactly what it sounds like – you pay for insurance coverage “on demand”, or when you need it. In other words, you can turn your policy on and off, so you don’t pay for coverage you don’t need.

When Does Coverage Start?

One of the benefits of on demand insurance, or “coverage on demand”, is how quick it is to get started.

  • Your insurance policy can protect you immediately since you only turn it “on” when you need it. 
  • There’s no need to contact the insurance company directly. You can easily buy coverage on demand online. 
  • The insurance policy protects you until it’s turned “off” again. This doesn’t necessarily mean you’ve canceled the policy. It just means it’s not active. You simply reactivate it once you want to use it again.

What Does Immediate Business Insurance Cover?

Immediate business insurance protects you against the same types of risks and losses as traditional insurance policies. The only difference is the fact that the policy is not always active. So, if you want immediate business liability insurance, or a business owner’s policy on demand, you can buy such a product.

What’s Not Covered By On Demand Business Insurance?

It depends on the type of insurance you buy.

For example, if you buy commercial auto insurance on demand, it covers the same types of claims as regular auto insurance. It has the same exceptions e.g. commercial insurance won’t protect personal property. 

As with regular insurance policies, some immediate insurance policies are more comprehensive than others. InsurePro can help you choose the right level of on demand cover for your needs.

What Happens If I Need to Make a Claim When I’m Not Covered?

Insurance on demand only covers you while the policy is active. It won’t cover the costs of accidents or losses which occur while the policy is dormant or deactivated. So, if you need more constant liability coverage, on demand insurance may not be right for you.

Is There Demand for Immediate Business Insurance?

Yes. Studies show that over 44% of businesses are interested in on demand insurance cover. Why might this be? It’s most likely a combination of factors, but convenience plays a major part in the growing popularity of insurance on demand. 

As explained by the National Association of Insurance Commissioners:

"Technological innovations over the past several years have significantly changed consumer expectations, transforming the way business is conducted. With businesses now using technology as a means of instant fulfillment of orders for goods and services, on-demand insurance products are on the rise. An attractive interface, customizable coverage, and ease of one-click purchasing all contribute to consumer appeal of on-demand insurance.”

As commercial business needs evolve, and tech innovations expand, the demand for flexible insurance coverage will evolve along with it.

Who Can Get On Demand Business Insurance?

Any business owner looking for property insurance or similar policies can buy on demand insurance. It’s just like buying any other type of insurance policy, so if you’re eligible for commercial insurance, you can buy insurance on demand. 

Who might benefit from on demand insurance, though? It really depends on the needs of your industry. 

  • If you only operate through certain months of the year, you’re only paying for the coverage you need – not a full calendar year. 
  • In some industries, business needs change significantly from month to month. So, for example, if you need more comprehensive insurance for a month or two at a time, you can buy insurance on demand.

3 Reasons Why On Demand Insurance Is Right for Your Business

On demand insurance might not be for everyone; the demands of certain industries require business insurance year-round. However, if you’re considered small business insurance, an on demand policy may be one worth considering. Here’s why.

1. Insurance When You Need It

The name says it all. Think of it like on demand television. You only pay for the packages or programs you want, for as long as you want them. You’re never committing to a long-term contract.

On demand insurance works similarly.

2. It’s Convenient and Accessible

On demand insurance is designed to be easily accessible and manageable. Whether you’re working directly with the insurance carrier or you get your on demand insurance policy through InsurePro, you can access your account whenever you want so that you can pause or continue insurance coverage.

3. It Caters Directly to Your Business

When it comes to running your small business, working with other organizations that want to make your business endeavors and responsibilities more streamlined is essential. By investing in on demand insurance, you can feel satisfied and confident working with a vendor who wants to ease your mind and offer convenience at the same time.

How Much Does On Demand Business Insurance Cost?

The cost will depend on various factors, including:

  • The level of coverage you need
  • The duration of cover
  • The type of business you have

Your insurance cost may also be affected by other factors such as your past claims history.

How Do I Purchase On Demand Business Insurance?

You can buy immediate insurance online without dealing with insurance companies directly. Are you searching for the best small business insurance with on demand capabilities? InsurePro can help you navigate all different types of business insurance options until you find one that meets your specific wants, needs, and future business goals.

Get A Free On Demand Business Insurance Quote Today

At InsurePro, we shop dozens of insurance companies for you in search of the perfect on demand policy. Whether you need general liability insurance, workers’ compensation insurance, or another policy, we can help you find the right protection for you based on the risk associated with your business and industry.

Get your free quote and explore a policy with InsurePro today!