Pie Insurance has begun selling policies online in North Carolina, offering local small business owners the ability to conveniently shop online to meet their worker’s compensation needs.
Pie’s North Carolina launch follows closely on the heels of its launch in seven states earlier this month.
In North Carolina, workers’ compensation insurance is required by any company with three or more employees.
In total, the state has more than 840,000 small businesses representing almost 46% of North Carolina employees, according to the U.S. Small Business Association.
“Pie believes the small business market has been underserved and overcharged for workers’ compensation insurance,” said John Swigart, co-founder and CEO of Pie.
“We’re addressing both issues by promoting fair pricing and convenience for SMB owners representing 1.6 million employees in North Carolina.” Research by Pie indicates that 80% of small businesses are currently overpaying for worker’s compensation insurance, by as much as 30%. By using sophisticated algorithms to segment and price SMB-focused policies, Pie can accurately price risks and pass savings on to customers.
Thousands of small businesses have used Pie’s online quoting engine, with users often seeing savings of over $1,000 a year.