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 ranked by our FAB score (Fintech Attention Barometer).

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Leading USA Digital Small Business Insurers
ranked by our FAB score (Fintech Attention Barometer*)

Rank Company FAB Score Review Date Founding HQ Funding ($M) Visits (5/21)
1 Next Insurance 229 26 Jun21 2016 SF $831 500,000
2 Coalition 82 26 Jun21 2017 SF $315 61,000
3 Pie Insurance 77 26 Jun21 2017 DC $306 51,000
4 Embroker 39 26 Jun21 2015 SF $142 70,000
5 CoverWallet 26 26 Jun21 2015 NYC $28 170,000
6 Thimble 22 26 Jun21 2015 NYC $29 140,000
7 INSHUR 15 26 Jun21 2016 NYC $12 73,000
8 Insureon 15 26 Jun21 1997 Chicago $31 220,000
9 Vouch Insurance 13 26 Jun21 2016 SF $94 15,000
10 Cowbell Cyber 10 26 Jun21 2019 SF $24 1,600
11 Simply Business (Travelers) 5 26 Jun21 2005 London $0 110,000
12 Cake Insure (Pinnacol) 3 26 Jun21 2017 Denver $10 1,400
13 Stable Insurance 3 26 Jun21 2018 NYC $0 50
14 Layr 3 26 Jun21 2016 Atlanta $6 2,800
15 Bizinsure 1 26 Jun21 2012 SF $7 14,300

Source: FintechLabs, Pitchbook, Crunchbase, Craft, SimilarWeb, SEMrush; 29 June 2021
*As nerds do, we are developing a proprietary score measuring the adoption of private digital financial services companies that do not release traditional metrics (# customers, deposits, AUM, etc). We are calling it the FAB score, standing for Fintech Attention Barometer. It’s a work in progress, so expect changes in the formula.