Foresight Insurance Review 2022

Thang Truong
Thang Truong
Updated on:

Foresight is a brand new fintech insurance company specializing in Workers compensation insurance. They burst onto the insurance scene in 2020, but the origins of the company reach back to 2014. So far it has raised $20.5 million dollars in venture capital. The founder and CEO of the company is David Fontain, and his goal is to use technology to balance safety and risk management, which results in lowered premiums.

Foresight is not to be confused with Foresight Insurance LLC, which sells home, life, auto and business insurance. 

Pros and Cons of Foresight Workers Compensation Insurance

– Fills a market niche, that of mid-level companies seeking workers compensation insurance
– Lowered premiums through safety programs
– Comprehensive risk assessment for all clients
– Only available in eight states, although they are adding more states fast
– Other types of insurance are only available as an add-on to workers compensation

Products Offered by Foresight Workers Compensation Insurance

Foresight builds comprehensive risk management into every policy, for every client. They specialize in the middle-market segment, the companies who need insurance policies between $150,000 up to $1 million. Insurance tech startups such as Pie and Next have the small business market covered, and larger insurance companies like Chubb and Nationwide can provide coverage for multimillion dollar corporations. Foresight focuses on the oft-overlooked middle market. 

The way it works is Foresight provides risk management assessments and companies who meet standards of safe working conditions receive discounts on their premiums. That’s not revolutionary, but Foresight allows companies to take advantage of these discounts right away, rather than showing a good safety record for years before qualifying for a discount. Foresight can use digital technology to reveal weak points in a company’s safety standards, and they can change things according to this data. 

According to Foresight, their risk management technology software (from their sister company, Safesite) reduces workplace incident frequency by up to 57%. Since the higher risk industries Foresight insures often spend a lot of money on workers compensation insurance, this is good news. 

They also embrace higher risk industries, such as:

  • Construction
  • Manufacturing
  • Agriculture
  • Light industrial
  • Solar farms

Although they focus on workers compensation insurance, you can also add a few other types of business insurance, such as:

However, these are available only as an add-on: you’ll have to buy workers compensation insurance first. They’re also planning to launch general liability insurance sometime this year. 

They don’t insure every state yet, though, but coverage is available in:

  • Texas
  • California
  • New Mexico
  • Louisiana
  • Oklahoma
  • Nevada
  • Arizona
  • Arkansas

This makes them a bit regionally limited, although they do have plans to expand into the eastern United States by the end of 2021. 

>>MORE: Best 7 Workers’ Compensation Insurance Companies for Small Business

Financial Strength Rating for Foresight Workers Compensation Insurance

Foresight is rated A- by A.M. Best, so you know they’ll have the financial strength they need to pay claims. They have also raised $20.5 million dollars in venture capital so far.

Customer Reviews of Foresight Workers Compensation Insurance

Foresight does not seem to have any reviews online. The software they use to underwrite their policies, Safesite, scored 4.73 out of 5 stars on Software Advice. People praise its ease of use, and the fact that there is a free version. This may indicate that Foresight uses Safesite’s excellent software to underwrite their policies, although it doesn’t really tell us how effectively they use it. 

One thing to be aware of it that Foresight does all of its underwriting though brokers. Customer’s experience with the company is largely dependent on how happy they are with their broker. 

There are no registered complaints with the NAIC. It could be they are a very new company, or that the mid-level businesses they cater to don’t typically share their feelings online. 

Digital Experience Rating of Foresight Workers Compensation Insurance

If you live in one of the eight states they insure and want to obtain workers compensation insurance through Foresight, you’ll contact a broker. They’ll do a risk assessment of your businesses, make recommendations and write a policy for you. Once you have a broker, you can file claims, report incidents, and contact a medical professional through the mobile app. Brokers can use the app to find instant pricing indications, submit everything digitally and report claims. 

Last Thoughts

Foresight caters to a very specific segment of the workers compensation market: that of mid-level companies in higher risk industries. If that’s your situation and you need workers compensation insurance, they could be worth a look. There’s not much out there about them, but their risk management software is solid.

Thang Truong

Thang Truong covers small business insurance and small business success at BravoPolicy. He is a licensed P&C insurance agent. Previously, he held product leadership positions at, Capital One, NerdWallet, and Mulberry Technology. He holds a MBA degree from UC Berkeley - Haas School of Business.

More Stories

9 Best General Liability Insurance Companies for 2024

General liability insurance is probably the most popular business insurance that almost all businesses should have. It is required for some professions such as construction. The good news is that many insurance companies offer this product, so it is easy to find one that is the best for your business. In our intensive research, here […]

9 Best Commercial Auto Insurance Companies & Quotes in 2024

If you use your vehicles for work, you need to get a commercial auto insurance policy. Your personal auto insurance policy won’t cover the vehicles when you use for business. Commercial auto insurance is necessary when cars, trucks, or vans are used to conduct business. We cover everything you need to know about commercial auto […]

The 5 Best Business Owners Policy (BOP) Insurance for 2024

A Business Owner’s Policy (or BOP Insurance) is important to any small business to cover potential damages and losses when unexpected events happen. A BOP policy includes the coverages of general liability, commercial property, and business interruption in one master policy. If a small business can only afford one insurance policy, it should be a […]

11 Best Professional Liability Insurance Companies for 2024

If you’re a small business and in the market for professional liability insurance, below are 11 best companies offering this type of insurance for small businesses. In order to get an idea of the prices where online quotes were offered, we looked at a hypothetical accounting business in Wisconsin that had been in business for […]

Milepost Joins Truckstop: A New Dawn for Commercial Truck Insurance

The trucking industry is about to witness a significant shift in how insurance policies are procured, managed, and serviced. Milepost Insurance Agency LLC, a renowned Berkshire Hathaway enterprise, has recently collaborated with Truckstop, thereby pioneering a new era in trucking insurance for independent owner-operators. Revolutionizing the Insurance Experience The primary aim behind this dynamic partnership […]

Navigating Commercial Truck Insurance Premiums in 2023

Commercial truck insurance has become a focal point for many in the transportation sector as we delve deeper into 2023. With premiums seeing significant spikes in recent years, stakeholders are asking: Are we approaching a stabilization or even a decrease in these rates? Insights from industry experts provide clarity on this critical concern. Trends in […]

Regulatory Changes and Rising Commercial Truck Insurance Costs in California

In the wake of the passing of California’s AB5 bill, the trucking industry, including drivers and insurers, face unforeseen challenges. The legislation threatens to severely disrupt contractual trucking gigs, leading to rising insurance costs and potential operational changes. AB5 – A Potential Setback for Owner-Operators AB5, signed into law by Governor Gavin Newsom in 2019, […]

Finding Balance in Commercial Truck Insurance: Costs, Value, Services, and Long-Term Benefits

Navigating the maze of truck insurance offerings is not just a matter of finding the lowest price. It’s about understanding the nuances of what you’re buying, considering long-term benefits, and ensuring a harmonious relationship with your provider. This article offers a detailed examination of the process, unfolding the aspects of costs, value, services, honesty, and […]

New SEC Regulations on Cybersecurity and AI: A Comprehensive Overview

In an era where technology is at the forefront of business operations, the U.S. Securities and Exchange Commission (SEC) is taking decisive steps to ensure transparency and ethical practices. On Wednesday, the SEC was set to introduce new regulations that will impact publicly traded companies in two significant areas: cybersecurity and artificial intelligence (AI). These […]

6 Best Malpractice Insurance for Nurse Practitioners for 2023

Nurse practitioners have a great deal of responsibility when it comes to patient care. Many nurse practitioners assume that because they work under a doctor and their employer provides some level of malpractice insurance, they’re covered. It may be worth it to purchase your own policy, however. Employer malpractice insurance is to protect the employer, […]