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Excalibur Insurance adds business insurance to its online quote-to-bind selection | Canadian Insurance
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Excalibur Insurance adds business insurance to its online quote-to-bind selection

The brokerage will continue expand the number of insurance products it can provide to customers through its website

Excalibur Insurance Group has added business insurance to the range of products that can be quoted, purchased and bound online.

The new business insurance products are available under the brokerage’s InstaShield brand, which was officially released in late May and refers to products that can be purchased completely online.

InstaShield Business allows commercial business owners to quickly select pricing and coverage options, which include general and professional liability, errors and omissions and office contents coverage.

InstaShield for Home-Based Business gives business owners access to general liability coverage, office contents insurance and legal expense insurance.

Demystifying home-based business insurance

Home-based business insurance, in particular, is not very well known to entrepreneurs and people may assume their home insurance will cover them. However, home insurance does not provide adequate coverage to those who run their companies from home, according to Jeff Roy, CEO of Excalibur.

Excalibur plans to help consumers learn more about home-based insurance through its blog and videos. “It’s hard to buy something you don’t know about,” he says.

The process to access quotes, purchase and bind business coverage will take five minutes and is an important option for customers who are looking to complete transactions quickly, says Roy.

“It’s a different way of buying and we believe in giving choice. If a consumer wants to buy it directly, it’s important as a broker that we need to offer that solution,” he explains. “If we don’t offer it and somebody else does, we don’t have a chance to write the client.”

The broker’s role

However, the broker’s role is still an important one at Excalibur, which began its business as a more traditional brokerage, according to Roy. A broker reviews every policy that is bound online and will get in touch with the customer if there is a problem or the broker feels the customer is unaware of an important detail within their policy.

And the broker’s role is not necessarily limited to after the purchase, says Roy. He has seen real-life examples of consumers who become Excalibur customers through a digital purchase of insurance but go to a broker once their needs become more sophisticated and they require more guidance.

“That is where the broker comes in and we can help them solve more problems. [We can] become their outsourced manager and provide solutions,” he says.

The brokerage began to explore the online quote-to-bind insurance environment with the launch of tenants’ insurance in January and antique tractor insurance in February. And it will continue to add to this digital lineup throughout 2017, with the next release being additional business insurance coverage, says Roy.