Ted Devine, CEO of Insureon, says he feels blessed to have the opportunity to try and provide insurance for an electronic wheelbarrow-maker.

Yes, he was indeed approached by an electronic wheelbarrow-maker.

“Who knows?” says Devine, who previously served as a senior executive at Aon Corp. and whose current company adds about 10 new clients per day, he says. “Maybe [electronic wheelbarrows are] the next big thing.”

Devine's company, an online insurance agency for small businesses, including the self-employed and companies with 10 or fewer employees, strives to give individuals or small businesses with big aspirations a fighting chance by transferring risk.

“These are the people we count on to drive the American economy,” he says. “But for many of them, if something happens, the mortgage won't get paid; their kid doesn't go to college; they're forced to file for bankruptcy.”

The margin for error for small businesses is paper-thin, he explains, and their understanding of their insurance needs is often vague. Devine's company seeks to put aspiring business-owners in touch with insurance experts who can explain, say, an umbrella policy to a janitor in Des Moines who starts his own cleaning business with his wife.

“There are many terrific, very responsive [carriers] out there with the expertise to meet the needs of people looking to be their own boss,” Devine says. “It's competitive.”

CNA, Zurich, The Hartford, Philadelphia Insurance, Travelers, ACE and Hiscox provide quotes to Insureon visitors.

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