Liability insurance as we know it no longer suits a large fraction of today’s and tomorrow’s small-business owners. Brokers and insurers are at a crossroads on how to serve small businesses’ changing needs in the on-demand economy.
The industry’s one-size-fits-all approach to liability coverage has largely ignored the generational change at hand, the rise of the gig economy and evolving demands of modern workers. This model not only leaves brokers burdened by time-consuming paperwork and faced with a series of complicated hoops to jump through in order to qualify customers — above all, it renders them unable to deliver tailored coverage to adequately fit client goals and enable their own professional growth. The modern consumer (and broker) expects an instant, on-demand product. Not days. Not hours. Not minutes. Seconds.