In the last decade a number of technology companies have started with the aim of making businesses' finance, legal, and insurance services cheaper, faster, more customized, and generally more useful. This boom of InsurTech, LegalTech, and FinTech has helped lower barriers to entry for small businesses to offer services and make it cheaper for them to operate. Below we’ll cover the top 15 of these companies across these three technology categories.
Top InsurTech companies
Insurance has typically been one of the most costly areas for business and in some cases, the high cost of insurance (to offset the threat of liability) was enough of a reason for businesses to stay small or for some people to not even start an SME. This is all changing with InsurTech companies offering fairer, more flexible insurance for SMEs.1- Next Insurance
Next Insurance is an InsurTech company built for SMEs that have 1-20 staff. They cover Business Insurance, General Liability Insurance, Workers’ Compensation Insurance, Professional Liability Insurance, Errors and Omissions (E&O) Insurance, Commercial Auto Insurance, Commercial Property Insurance, Business Owner’s Policy (BOP), Hired & Non-Owned Auto Insurance and Tools & Equipment Insurance. They boast of offering cheaper more customized insurance that takes less time to buy and understand.
2-Cyberdot
Cyberdot is an InsurTech company that solves focus is to help mitigate against the damages millions of businesses are facing from hacking, data leaks, and other cyber attacks. Cyderdot sells SME’s cyber insurance, so if you’re hacked or data is lost your business is covered for any liability insuring. Your subscription gets you to access to a lawyer to discuss any legal issues from a hack or data leak and a marketing team designed to help you repair any reputation loss. Their premiums are priced based on your revenue and the cover you need and start at around $750 annually.
3- Oscar
Oscar is a data-driven InsurTech firm that offers health insurance policies for small businesses. They boast some of the cheapest rates for businesses to insure their staff and some of the highest net promoter scores (23) vs the industry standard of 13.
4- Gusto
Gusto is a hybrid InsurTech/FintTech it provides both payroll and employee benefits like health insurance and 401(k) accounts for your employees. The advantage of doing both payroll and employee benefits is Gusto can use payroll data to create insurance plans suited for individual employees.
5- Pie
Pie Insurance is designed for SME’s, they offer worker's compensation insurance. Their value add is they assess your business using data analytics to assess risk and help save your business money compared to some of the more generic business insurers. They cover a broad base of businesses from restaurants to landscapers and offer cover in 36 states.
6- Extend
Extend is a great service if you sell anything physical. They let you offer extended warranties on any items you’re selling. So your customers can upgrade warranty coverage for an extra fee.
7- CoverWallet
CoverWallet is another insurer designed to take into account the needs of small businesses when they require liability (errors and omissions) insurance. They vet your business and provide a customized quote based on a number of factors including revenue, team size, and industry.
8- Thimble
Thimble is one of the most customizable insurance plans on offer. The way it works is it lets businesses purchase insurance upfront for an hour, day or week. So perfect for businesses that have fixed-term contracts and don’t want lengthy insurance contracts.
Top LegalTech companies
LegalTech is one of the most nascent areas of technological development, so we’re still at the earliest stages of this revolution. For a lot of businesses, the cost of legal services is prohibitively high. Technology firms in the LegalTech space have come along to challenge this and offer cheaper, more digital and user-friendly legal services.9- Notarize
Notarize is a super useful service, it allows you to get documents notarized 24/7 digitally. Which saves a ton of time and hassle for any business.
10- Legalist
Legalist is a litigation financing company that can help your business secure funds for a lawsuit in a case where you need to go to court. The way it works is they look at your case, and make a decision whether or not to proceed. It takes 1-2 weeks for this process (after an initial decision.) Once they’ve done their due diligence they fund up to $10 million of litigation with no minimum.
11- DocuSign
DocuSign is a super handy tool to make signing any contracts paperless. DocuSign is great for external contracts or staff contracts and Docusign stores them for you if you pay the monthly fees.
Top FinTech companies
FinTech is the grandaddy of the professional services technology revolution. Most businesses have been using FinTech services for decades, but the industry continues to grow to add new and interesting resources that can help SMEs save money, make tax preparations or raise capital to expand. Below we round up some of the lesser-known B2B FinTechs that could help your business.12- BillShark
BillShark is a fantastic tool for SMEs to reduce money on any number of bills. They claim a “90% success rate in lowering business bills.” All you need to do is send your mobility, telecom, waste management, payroll, SaaS, and document service bills and BillShark goes to work lowering them. Billshark also helps by lowering your employee's wireless and internet plans so you’re reimbursing the lowest cost providers. You can also offer BillShark as an employee benefit too. The best thing about BillShark is it takes its fees only on the success of lowering your bills, they take fees for 24 months.
13- BillFixers
BillFixers is very similar to Billshark, however, they have a slightly higher success rate and lower fees.
14 - Hello Alice
Hello Alice - is a free business platform that helps business owners to launch or expand their business. They have a number of guides for business owners to help every aspect of business ownership. They also connect businesses with funding and a community with over 360,000 SME owner-operators.
15- Pilot
Pilot - Is a great tool for those businesses that don’t have a full-time CFO. Their offering helps businesses understand their cash flow and prepare tax returns.
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