Insurance Providers for SMBs

At least 7 out of 10 small businesses (SMB) lack basic business insurance coverage in one or more critical areas. And lack of transparency, along with just plain bad customer experience, are big contributors to this insurance gap. Enter the digital insurance challengers aiming to fill the gaps through simple online/mobile interfaces. Here are the biggest players in the United States.

Below are the challenger SMB insurance companies currently active in the United States.

The FAB Score Ranking (Fintech Attention Barometer) is a proxy for the size of a private fintech company.

Source: FintechLabs, 2 Dec 2021 from Crunchbase, SimilarWeb, SEMrush and other news sources

*FAB SCORE:  The FAB score, Fintech Attention Barometer, is a proxy for the overall size of a private company since they typically do not release traditional metrics (# customers, deposits, AUM, etc). The score is based on VC funding, website traffic, mobile downloads, and the number of employees. It's a work in progress, so expect changes in the formula.

Definition: To qualify, challengers don't necessarily need to underwrite/write policies themselves. Startups must focus on small-business insurance delivered digitally. We will include divisions of traditional insurance companies if they operate under a separate autonomous brand, such as Travelers Simply Business unit.