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Bluevine expands insurance partnerships for small businesses

By Edlyn Cardoza

October 18, 2022

  • Active Cyber Insurance
  • Bluevine
  • Coalition

Bluevine, Holistic Banking Solutions, Small Business Insurance Offerings, Active Cyber Insurance, Coalition, NEXT Insurance, Cyber Risk, Risk Management, USABluevine, a provider of holistic banking solutions designed for small businesses, announced the expansion of its small business insurance offerings to include Active Cyber Insurance offered by Coalition, one of the world’s leading cyber insurance providers, in addition to its existing small business insurance provider, NEXT Insurance. With the addition of Coalition’s cyber insurance offerings, Bluevine is providing the small business community seamless access to explore insurance providers right from their account dashboard.

Often, small business owners rely on recommendations from the small business community to determine their insurance needs, but this can leave them with ill-fitting policies that don’t address the specific needs of their small business. As many as 75% of small businesses in the U.S. are underinsured, and 40% do not have insurance, pointing to an acute need for insurance solutions designed with this community in mind. These partnerships serve the small business owner’s journey by providing the tools they need to grow and scale their business from one easy-to-access platform.

“After the initial success of our small business insurance partnership with NEXT last year, we took a closer look at the gaps our customers might still have with their insurance policies and worked to close them,” said Eyal Lifshitz, CEO and co-founder of Bluevine. “By partnering with Coalition and NEXT, Bluevine is serving the broader small business community by providing in-dashboard access to trusted insurance companies that support the small business community on their journey to grow and scale.”

Since the launch of Bluevine’s insurance partner program, 28% of customers have clicked through to learn more, and thousands have continued to receive quotes from Bluevine’s licensed insurance partners. These partnerships serve the small business owner’s journey by providing the tools they need to grow and scale their business from one easy-to-access platform.

“When we first started our business, we looked for insurance from multiple sources, but when we signed up with Bluevine and learned more about what their insurance partners offer, it made the process so much easier,” said Daphne Simmons, owner of Ovrtake Fitness. “They helped us learn what we need for our business and get a quote. I would recommend it to anyone who is looking for insurance. We are very happy with our policy.”

Active Cyber Insurance offered by Coalition provides a new integrated approach for companies to manage cyber risk. Coalition’s offering provides small and midsize companies with cybersecurity tools, active monitoring, and anytime access to digital forensics and incident response services, combined with insurance coverage provided by well-known insurance carriers. By identifying and mitigating digital risk, policyholders that choose Coalition’s offering experience 50% fewer cyber claims than the broader U.S. market, with 45% of incidents resolved at no cost.

“In our experience, many cyber criminals are opportunistic, particularly when it comes to small organizations. No company is too small to be an enticing financial opportunity for attackers,” said Catherine Lyle, Coalition’s Head of Claims. “Choosing to go with Coalition’s Active Cyber Insurance offering can help a small business avoid a potentially catastrophic cyber incident – like a ransomware attack – where financial costs could cripple a business. We are delighted to bring Coalition’s product offering to Bluevine customers with the aim of increasing access to cyber insurance for organizations of all sizes and continuing to prevent digital risk before it strikes.”

By providing access to multiple insurance offerings for new and existing digital banking customers, Bluevine is providing entrepreneurs with curated partnership solutions that support their goals. Starting today, existing Bluevine Business Checking customers can log in to their account dashboard and determine the best insurance provider for the current stage of their business. This insurance dashboard expansion enables Bluevine to help solve the ongoing financial needs of small businesses by providing entrepreneurs with access to trusted insurance products quickly and seamlessly.

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