Pie insurance is a small business insurance company, mostly focusing on workers compensation, although they have other types of business insurance as well. Pie is part of a digital revolution in the small business insurance field. Companies such as Pie seek to make the entire process of buying business insurance faster, easier and completely online.
Pie launched in 2018, covering just four states (Illinois, Georgia, Tennessee and Arizona). Now, they’re available in 34 states just two years later, and they have plans to expand to the remaining states.
- Pros & Cons of Pie Insurance
- Products offered: 30/100
- Financial Strength: 70/100
- Customer Satisfaction: 90/100
- Consumer Complaints: N/A
- Digital Experience: 60/100
Pros and Cons of Pie Insurance
|– Online quoting|
– Good reviews on Trustpilot
– Helpful resources on the website
|– Newcomer to the insurance industry|
– Workers compensation is the only insurance they offer on their own
– Not in every state yet
Products Offered by Pie Insurance
Pie focuses on workers compensation insurance for small businesses. They are able to offer other types of business insurance by pairing with other insurance companies.
- Business owners
- Commercial auto
- Errors and omissions
- General liability
- Professional liability
- Small group health insurance
Workers compensation: This is what Pie specializes in, and in fact, it’s the only insurance they provide without pairing up with another insurance company. Workers compensation insurance is required in many states, even if you only have one employee. Pie claims they can save you 30% over other companies.
Workers compensation insurance provides medical, disability, survivor, burial and rehabilitation benefits to your employees.
The following are industries that Pie can provide coverage for:
- Auto shops
- Barbershops and salons
- Cleaning companies
- Restaurants and bars
- Trucking and delivery
Business Owners: Business owners insurance (or BOP) combines commercial property insurance, commercial liability insurance and business interruption insurance into one policy. Pie insurance pairs with Progressive to provide this insurance for their customers.
Commercial Auto: Anyone who drives a company car for business needs commercial auto insurance. This is also offered through Progressive.
Errors and Omissions: E&O insurance protects you against claims by clients who believe you made a mistake that lead to their financial harm. Pie offers this insurance through Hiscox.
General liability: General liability protects you from third party injuries, property damage and reputational harm. Progressive offers general liability insurance to Pie customers.
Professional liability: This is the same as errors and omissions insurance, and also the same as malpractice insurance but it is on Pie’s website under both names. Whatever you call it, they offer this insurance through Progressive.
Health insurance for small businesses: Pie is able to offer small business health insurance through eHealth.
Financial Strength Rating of Pie Insurance
Pie is backed by and their policies are underwritten by the Sirius Group, so they earn an A- for financial strength from A.M. Best. This is reassuring, since Pie is a new company and relatively unproven. This means that Pie has the financial resources they need to pay claims.
Customer Satisfaction Rating of Pie Insurance
Since Pie is too recent to appear on J.D. Power’s Small Commercial Insurance study, we’ll look to other sources.
Pie has an average of 4.6 out of five stars, based on 212 reviews on Trustpilot. Most of the reviews are positive (91%), with 4% giving them one star and the rest in between. The positive reviews praise how easy Pie’s application process is (as easy as Pie, actually), how fast customer service addresses their concerns, and they saved money. The one star reviews remark on customer service, price and processing.
The BBB seems not to have heard of Pie, so the reviews on Trustpilot are the only indication we have of what Pie’s customer service is like.
Consumer Complaints Rating of Pie Insurance
Pie is not listed on the NAIC’s website. This is to be expected, since they are a very young company.
Digital Experience Rating of Pie Insurance
You can get a quote on workers compensation insurance online, but you’ll need something called class codes. In order to provide you with a quote, they need to know what your employees do and what risks they might be exposed to. Someone who works in construction is exposed to more risk than someone who works in a nail salon. Riskier jobs pay higher premiums.
Why can’t they just ask you what your employees do? Actually, workers compensation is regulated by the National Council on Compensation Insurance (NCCI) and some states have their own codes, so it varies, but they were created to provide some consistency across industries.
You’ll also need to provide your annual payroll, which includes wages, salaries, bonuses and overtime. Location and claims history are also considered. Once you have all this information, Pie claims they can give you a quote in less than three minutes and save you about 30%.
If you need another type of business insurance, Pie will redirect you to either Progressive or to Hiscox. Progressive and Hiscox do offer online quoting as well.
Many states require workers compensation insurance if you have even one employee. If that’s what you want, Pie could work for you. If you need other types of business insurance, it will redirect you to either Progressive or Hiscox. In other words, to get a quote with Pie, you should mainly be interested in workers compensation insurance. You can add on other types of insurance, but if those types of insurance are what you really want, you could probably shop around more to get a better price. However, many small business owners do need workers compensation insurance and Pie makes that easy.