What is e-insurance and how can it help with your small business?

October 08, 2014

E-insurance usage can lessen the burden of paperwork for small business owners.

A small business has enough to worry about without having to keep track of its insurance paperwork. E-insurance accounts, launched on the Insurance Repository System (or IRS), allow small businesses to store insurance statements and policies electronically, all on a single platform. Aside from providing an easy way to remain organized, here are some other benefits of e-insurance.

  • Protect your coverage. Even the most careful business owners can’t predict when a disaster will occur. Backing up insurance papers electronically can protect your business from losing documents due to unexpected fires or floods.  Online access to policyholder documents ensures that coverage will be given even when papers are lost.
  • Conveniently access your insurance information. The ability to access documents at the click of a button allows small business owners to maintain their policies and payments conveniently. Everything is available online in one place, ensuring that you will never lose track of upcoming renewal or surrender dates. And since a single account can be used to access your policies from multiple different companies, you can adjust everything from your errors and omissions insurance to your building insurance policies in one central location.
  • Minimize the time spent on paperwork. Opening an e-insurance account allows you to save time, cutting out the necessity to speak with insurance officials in person, as well as dramatically decreasing the amount of time you spend on your insurance paperwork. For example, updating your address within your account information automatically updates the address portion on all of your forms within your online insurance account. This streamlined approach to storing and updating paperwork means no more rummaging through stacks of papers to find the correct phone number needed to update your plan.

How to sign up for e-insurance? The Insurance Regulatory and Development Authority, or the IRDA, has guidelines regarding the online issuance of insurance policies. After selecting one insurance repository firm, ensure that the individual insurers chosen to represent your different policies are tied in with your selected repository. Now you can open your e-insurance account through your insurance repository and enjoy protected, convenient, and time efficient service!

Tell us! What are your thoughts on e-insurance for small businesses? Have you signed up for e-insurance for your small business?

The contents of this article and the linked materials do not offer legal, business  or insurance advice related to the needs of any specific individual business. Hiscox Small Business Insurance is underwritten by Chicago-based Hiscox Insurance Company Inc., which is rated ‘A’ (Excellent) by A.M. Best Company. Additional information can be found on the Why Choose Hiscox? page. Coverages are subject to underwriting and may not be available in all states.