Bluevine Expands Insurance Partnerships to Provide Small Businesses with Tailored Insurance Solutions

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Oct 17, 2022, 12:10 ET

Bluevine adds Coalition in addition to existing partner NEXT Insurance, bolstering its roster of insurance partnerships and further supporting the small business growth journey

REDWOOD CITY, Calif., Oct. 17, 2022 /PRNewswire/ -- Bluevine, the leading provider of holistic banking solutions designed for small businesses, today announced the expansion of its small business insurance offerings to include Active Cyber Insurance offered by Coalition, one of the world's leading cyber insurance providers, in addition to its existing small business insurance provider, NEXT Insurance. With the addition of Coalition's cyber insurance offerings, Bluevine is providing the small business community seamless access to explore insurance providers right from their account dashboard. Available now, Bluevine Business Checking customers can research a broad set of insurance products and complete the steps to receive a customized insurance quote from our partners.

Finding the right business insurance provider remains a confusing and significant pain point for small business owners looking for reliable coverage from a trusted source. Often, small business owners rely on recommendations from the small business community to determine their insurance needs, but this can leave them with ill-fitting policies that don't address the specific needs of their small business. As many as 75% of small businesses in the U.S. are underinsured, and 40% do not have any insurance, pointing to an acute need for insurance solutions designed with this community in mind.

"After the initial success of our small business insurance partnership with NEXT last year, we took a closer look at the gaps our customers might still have with their insurance policies and worked to close them," said Eyal Lifshitz, CEO and co-founder of Bluevine. "By partnering with Coalition and NEXT, Bluevine is serving the broader small business community by providing in-dashboard access to trusted insurance companies that support the small business community on their journey to grow and scale."

Since the launch of Bluevine's insurance partner program, 28% of customers have clicked through to learn more, and thousands have continued on to receive quotes from Bluevine's licensed insurance partners. These partnerships serve the small business owner's journey by providing the tools they need to grow and scale their business from one easy-to-access platform.

"When we first started our business, we looked for insurance from multiple sources, but when we signed up with Bluevine and learned more about what their insurance partners offer, it made the process so much easier," said Daphne Simmons, owner of Ovrtake Fitness. "They helped us learn what we need for our business and get a quote. I would recommend it to anyone who is looking for insurance. We are very happy with our policy."

Overall, these partnerships serve the small business owner's journey by providing the tools they need to grow and scale their business from one easy-to-access platform.

Active Cyber Insurance offered by Coalition provides a new integrated approach for companies to manage cyber risk. Coalition's offering provides small and midsize companies with cybersecurity tools, active monitoring, and anytime access to digital forensics and incident response services, combined with insurance coverage provided by well-known insurance carriers. By identifying and mitigating digital risk, policyholders that choose Coalition's offering experience 50% fewer cyber claims than the broader U.S. market, with 45% of incidents resolved at no cost.

"In our experience, many cyber criminals are opportunistic, particularly when it comes to small organizations. No company is too small to be an enticing financial opportunity for attackers," said Catherine Lyle, Coalition's Head of Claims. "Choosing to go with Coalition's Active Cyber Insurance offering can help a small business avoid a potentially catastrophic cyber incident – like a ransomware attack – where financial costs could cripple a business. We are delighted to bring Coalition's product offering to Bluevine customers with the aim of increasing access to cyber insurance for organizations of all sizes and continuing to prevent digital risk before it strikes."

By providing access to multiple insurance offerings for new and existing digital banking customers, Bluevine is providing entrepreneurs with curated partnership solutions that support their goals. Starting today, existing Bluevine Business Checking customers can log in to their account dashboard and determine the best insurance provider for the current stage of their business. This insurance dashboard expansion enables Bluevine to help solve the ongoing financial needs of small businesses by providing entrepreneurs with access to trusted and best-in-class insurance products quickly and seamlessly.

About Bluevine
Bluevine provides small businesses with fast and simple access to holistic banking solutions built with them in mind. Bluevine's advanced online platform offers an intuitive, convenient solution designed to meet the financial needs of today's business owners with a suite of products including Bluevine Business Checking, Bill Pay, and Line of Credit. Since launching in 2013, Bluevine has served more than 450,000 small businesses and is backed by leading private and institutional investors, including Lightspeed Venture Partners, Menlo Ventures, 83North, Citi Ventures, ION Crossover Partners, SVB Capital, Nationwide Insurance, and M12 (Microsoft's Venture Arm). Lines of credit are issued by Celtic Bank, a Utah-chartered Industrial Bank, Member FDIC. Banking Services provided by Coastal Community Bank, Member FDIC. For more information, please visit https://www.bluevine.com/ or follow us on LinkedIn and Twitter.

About Coalition
Coalition is the leading provider of Active Insurance, combining comprehensive insurance coverage and cybersecurity tools to help businesses manage and mitigate digital risks. Through its partnerships with leading global insurers, including Arch Insurance North America, Allianz, Ascot Group, Lloyd's of London, Swiss Re Corporate Solutions, and Vantage, Coalition offers its Active Insurance products in the U.S., U.K., and Canada, and its security products to organizations worldwide. Coalition's Active Risk Platform provides automated security alerts, threat intelligence, expert guidance, and cybersecurity tools to help businesses remain resilient in the face of cyber attacks. Headquartered in San Francisco, Coalition is a distributed company with a global workforce that collaborates both digitally and in office hubs.

SOURCE Bluevine