SAN FRANCISCO--(BUSINESS WIRE)--Embroker, the digital platform making it radically simple to get business insurance, today announced the launch of three new insurance products - one for cannabis dispensaries, one for venture capital firms and one for key business leaders.
“Through strategic industry collaborations, we’re bringing more specialized, best-in-class vertical products to the Embroker platform to deliver a single destination that offers even more value and ease to our customers,” said Ben Jennings, CRO at Embroker.
Insurance for Cannabis Dispensaries
Embroker now provides bespoke quotes for small-to-medium-sized (SMB) cannabis dispensaries. This new product - backed by a leading risk provider for the American cannabis industry - leverages Embroker’s modern data-driven underwriting model to drive efficient quote creation and delivery within 24 hours.
For the last 50+ years, obtaining cannabis in the U.S. has been a federal crime. Today, retail cannabis sales in the U.S. are on pace to surpass $33 billion by the end of 2022 and more than $52 billion by the end of 2026. Because of the evolving federal laws surrounding cannabis, insurers and brokers have been reluctant to target their services toward dispensaries.
“Our new scalable dispensary product is one example of how Embroker is providing targeted insurance products tailored to specific vertical markets,” continued Jennings. “Cannabis is a burgeoning industry that is at the cutting edge of business innovation, and like most new and emerging markets, it requires a good deal of risk-taking.”
For more information about Embroker’s product for cannabis companies, click here.
Venture Capital Asset Protection (VCAP)
Embroker has deep expertise in the startup space and is now further extending that into its offerings. As part of its continued support of the startup ecosystem, the company now offers a venture assets protection package for venture capital (VC) and private equity firms looking to effectively mitigate and transfer risk via one comprehensive and sophisticated insurance package.
As with many niche markets, traditional coverage fails to address the unique structure of VC firms. Embroker’s new VCAP offering provides dedicated support and coverage options that consider their unique risks to deliver the right customized package for their needs at a competitive price.
For more information about Embroker’s VCAP product, click here.
Key Person Insurance
In partnership with LifeQuotes.com, an online insurtech specializing in life insurance, Embroker’s revitalized key person life insurance product protects the life of one of a company’s most vital employees. This type of insurance has a clear value for companies, as researchers have cited the loss of a key person among the top causes of small business bankruptcies.
Embroker’s tech-enabled platform replaces the traditional life insurance quote methods by creating a single format, concierge solution that automatically connects the interested party with a broker in real time. By removing an antiquated double-entry system, Embroker can create and deliver customized quotes in a matter of minutes.
“We’ve looked into the process that most carriers are offering right now, and we’ve removed the double-entry friction,” shared Jennings. “Embroker’s radically simple approach is the perfect solution for businesses looking to protect their most vital assets - their employees - a safeguard that only gains in importance as a company looks to scale. In fact, many investors want key person policies in place before coming on board to ensure their investments are adequately protected.”
This is reiterated in findings from Embroker’s Startup Risk Index 2022 report, which reinforced the importance of considering the individual when it comes to evaluating and navigating larger business concerns.
For more information about Embroker’s key person insurance product, click here.
To learn more about all these new product lines and more, visit www.embroker.com.
About Embroker
Embroker is transforming commercial insurance by making it radically simple for businesses to get the right insurance at the best price. Embroker focuses on industry-specific coverage for the most complex and inefficient lines of insurance, such as Directors and Officers, Employment Practices Liability, Cyber, and Professional Liability. Embroker uses predictive modeling powered by proprietary technology to fully automate underwriting and make the buying process simple, fast, and more affordable. Through Embroker Access, Embroker provides partner agencies and wholesalers with the capability to offer all of Embroker’s industry-leading insurance products to their customers. Founded in 2015, Embroker is headquartered in San Francisco and has raised more than $140M in funding from leading Fintech and Insurtech investors. With a Net Promoter Score (NPS) of 70+, Embroker is also the highest rated business insurance company in the market.
