PB’s Edward Kelly interviews Gary Ross, Founder and CEO of blip – the insurance company that’s making sure you get your money’s worth.
Insurance is always a tricky subject. It’s an expense tradespeople have to pay for but may never see the benefit from, becoming a necessary part of the job and that you just have to live with. That being said, you’d rather have it when you need it than be left in a sticky situation without the right cover!
blip insurance is looking to change this perception of insurance as just a boring necessity. It is the brainchild of Gary Ross, who, growing up with family members in the trades, recognised the complex nature of small business insurance and saw ample room for something new and different. He explains, “Insurers are a great asset to society. They’re strong and robust but all that brings in a high degree of bureaucracy and means they’re slow to move. That’s where the journey of blip began, I just felt that we need to take insurance back to basics.”
So, blip came along and was officially launched at the beginning of the year with Wakam as partner, helping to provide the premiums. Distinctly though, the insurance provider is a profit share business, meaning that all policy holders get a share of the profits of the premiums annually. Getting your money’s worth indeed!
Keeping it simple
Gary describes the thought process behind this, “the premiums of the many pay for the losses of the few. It was the idea to make insurance a bit interesting. If the loss ratio is good, why would you not distribute that profit back to your policy holders?
“It’s very simple, if the premiums are more than the claims, after making an allowance for expenses, then whatever’s left will be distributed to our policy holders, proportionate to what they paid in in the first place.
“We should hopefully be able to return 10% of our total premium back to our policy holders. Whilst I’d love to say it’s rocket science, it’s not. It’s a very simple equation that hopefully shows that degree of transparency and that we’re all in it together.”
Gary goes on to highlight that getting a good rate upfront was key too. Because of the digital nature of the business, expenses are lower which, in the long run, should mean more money back in policy holders’ pockets.
Keeping things simple was important for Gary too: “I’ve been in the insurance world for a long time and I know that small businesses are actually the best risks but they get treated just the same as if they’re McAlpine. They’ll get sent a 70 page policy which they’ll never read and even the underwriter probably can’t explain half of it.
“It’s something that you buy and you want it to be cheap and with a bit of luck, you’ll put it in the drawer and won’t look at it again.”
Added Value
Added value is a key differentiator here with blip too, with small business toolkits available to help those in the trades trying to grow their business. There’s a digital community hub too, that Gary describes like “LinkedIn for tradesmen”. Anyone who buys a blip policy gets a community account, where they can talk to other policy holders and publish posts. This could be used for anything from business advice to selling extra bags of cement.
Covers
The four key covers blip offers are designed for businesses with less than 5 employees. As well as public liability, blip offers employee liability, business equipment cover, and a 24/7 no fault personal accident cover that pays in two weeks.
The business equipment cover is something Gary and the team at blip are highlighting in particular and a specific tool theft cover is available now that aims to pay out within 24 hours. Gary explains: “The rise in tool theft is an epidemic. Tool theft isn’t just a loss of equipment; it’s a threat to livelihoods and the integrity of skilled trades. Each stolen tool represents hours of hard work and investment, hurting the foundation of small businesses and hitting the pockets of tradespeople during a cost-of-living crisis.
“Growing up with family working in the trades I know first-hand the toll it can take mentally and physically, add the stress of having your tools stolen when you have deadlines to meet and it can be truly ruinous. It’s time we address this epidemic as an industry, providing quick solutions to get tradespeople back on the tools and support those who build our communities.”
On the subject of mental health and tough times in the trades, blip has also partnered up with Band of Builders (BoB), the national construction charity. The partnership will see the insurance provider support the charity through charitable sponsorship and by providing blip members the opportunity to donate the value of up to 10% of their premium to BoB through its pioneering profit-share model.
Speaking on the partnership, Gavin Crane, CEO of BoB says, “Teaming up with blip, who share our passion for giving back, marks a significant step forward in enhancing the well-being of our community. In the construction industry when life poses challenges, decision-making can be difficult for small business owners. blip’s business toolkits provide practical templates and guidance, easing stress and enabling businesses to grow. This collaboration is a positive step in tackling the challenges faced by tradespeople, offering actionable support for our community members.”
It goes without saying that insurance can be a difficult environment to navigate, particularly as a time-poor tradesperson trying to make the most where you can. Having a provider like blip come onto the scene and keep things simple while giving back to its policy holders certainly feels like a breath of fresh air. Who knew insurance could be fun?
For more information on blip visit Just a Blip Insurance – Business insurance built for small businesses
For more information on Band of Builders visit Band of Builders | National Charity for Tradespeople – Band of Builders Ltd
