Mylo Insurance CEO David Embry Answers Top 6 Questions For Small Business Owners
1. What is the number one misconception about small business insurance?
The number one misconception is that small business owners know what insurance coverage they need and what to ask for when they shop for insurance. People who are busy building companies are unlikely to have informed opinions when an insurance agency shows them products and asks which ones they want.
In fact, they may not even believe they need business insurance in the first place. They may think they’re financially protected by their LLC or other business structure, which is only partly true. If a customer has a bad accident in their space and sues their company, an LLC will safeguard their personal assets – but they need general liability coverage to shield their business assets.
They may also think they already have adequate coverage because they fulfilled a contract requirement. Many new owners carry a bare minimum of general liability because their landlord or a partner required it. They may find out too late they don’t have property coverage. They need that to repair or replace damaged, lost or stolen property – such as valuable inventory destroyed in a fire or by a sprinkler system.
For reasons like these, Mylo uses technology we created in-house to give our customers specific coverage recommendations before we even show them quotes.
2. With so much technology and information readily available to small business owners, why do entrepreneurs still find the insurance process difficult?
It’s true that entrepreneurs have more technology and information available to them than ever before, but they can’t always find the answers they need in a fast, easy and intuitive way.
Many insurance agencies use “comparative rater” technology that presents quotes from several carriers. We built a proprietary technology platform that lets us take our guidance to the next level and deliver the right recommendation for each unique need.
If you’re a small business owner, our tech engines will:
- Classify you according to your industry (and its unique risks)
- Give you personalized coverage recommendations
- Match you with carriers who specialize in meeting these needs
- Intelligently quote policies with the best combination of coverage and price
- Connect you with a Mylo advisor who’s an expert in your industry
There’s a lot of noise to cut through these days. We’ve found that business owners really like our fast, easy, intuitive process and give us above-average customer satisfaction scores.
In recognition of the benefits our tech delivers to business owners, we win industry awards year after year – including Best InsurTech Company by FinTech Breakthrough, InsurTech Innovator of the Year by Wealth & Finance International and listing on the InsurTech100 by FinTech Global.
3. How does insurance factor in when small business owners are planning on growth and scale?
The right business insurance is a critical piece of a successful growth strategy. While it’s important for business owners to consult with an insurance expert to learn about the specific benefits to them, here are some of the main advantages:
Shielding business assets
Small companies are especially vulnerable to financial shocks that can derail their growth and even lead to bankruptcy. These include expensive lawsuits, adverse weather, cyber breaches and injuries suffered by customers or employees. Mylo offers multiple products that can keep a company in the game when unpleasant surprises come along.
Recruiting and retaining talent
Offering employee benefits such as health, life and disability insurance can help companies attract the right employees and build a strong team. Mylo has an industry-leading group benefits team that can easily connect owners with affordable benefits packages for their stage of growth.
Loan qualification
As NEWITY’s experts know well, owners usually need to carry business insurance to qualify for loans or lines of credit that can provide the capital they need to grow and scale. Mylo will not only connect them with required coverages at the best value, we’ll be there when they have an influx of cash and need to protect new equipment, vehicles, employees and more.
4. At what stage of growth should a small business engage with Mylo?
We advise new owners to consult with Mylo when they start their businesses, especially if they’re planning on doing business right away. We can set them up with critical coverages like general liability and property (which can be packaged together in a money-saving business owner’s policy), other coverages that may be required (such as worker’s comp or commercial auto) and any special protections they may need in their industry.
Before their policy renews every year, we recommend that business owners consult with us again to make sure their coverage has kept up with any changes they may have made – and to compare quotes to make sure they’re still getting the best value.
As their company hits new milestones – including expanding into new spaces or locations, making workforce changes, launching new products or services, or achieving a significant jump in revenue – they will likely have new insurance needs that our experts can help them meet.
5. What does Mylo focus on when working with a small business owner?
We focus on being each business owner’s advocate. That means recommending the protections their company needs to grow and succeed instead of just finding the lowest rates and setting them up with a bare minimum in coverage.
New business owners often tell our agents, “I want to make sure I’m not surprised by something I didn’t see coming.” Our patented recommendation engine The Mind of Mylo™ identifies what critical risks they have while ruling out unlikely risks and sparing them unnecessary expenses. Our philosophy is – don’t pay for something you don’t need or miss out on something important.
Because we’re a one-stop insurance shop (business, small group benefits, auto, home, umbrella, life, health and more), we can also help business owners meet any personal insurance needs they may have at the same time.
We’re proud that customers overwhelmingly tell us in surveys that we provided a great experience and we’re looking out for them. Even customers who choose not to purchase with us rate us highly for having their best interests in mind – which is great because that means they’re more likely to seek us out in the future.
6. What can NEWITY and Mylo provide small business owners in partnership?
NEWITY is a natural partner for Mylo because both companies care deeply about helping new and growing businesses thrive.
Entrepreneurs rely on NEWITY to give them access to the capital they need through SBA loans and tax credits. As they build their businesses with these new financial assets, Mylo is ready to jump in with the right coverages as their companies grow and change.
We’re excited to offer business owners guided insurance shopping directly through NEWITY’s portal. This saves them time, money and energy by providing a single place to get the expert guidance and solutions they need to finance and protect their companies.
NEWITY Members have access to Mylo’s free insurance quote