1099Policy provides on-demand, per-assignment workers' compensation and general liability insurance for freelance contractors through a streamlined API. This solution ensures that businesses can quickly verify compliance and coverage for their 1099 labor pool, mitigating risks associated with uninsured contractor injuries.
Funding
$2.4M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Businesses that engage freelance contractors face potential risks associated with uninsured worker injuries and misclassification lawsuits. Verifying adequate workers' compensation and general liability coverage for each 1099 worker can be a time-consuming and complex process. Traditional insurance procurement methods often create onboarding delays and limit the pool of available contractors.
Solution
1099Policy offers on-demand, per-assignment workers' compensation, general liability, and professional liability insurance policies for freelance contractors, accessible through a streamlined API. This solution enables businesses to quickly verify compliance and coverage for their contingent workforce, mitigating risks associated with uninsured contractor injuries. The platform provides real-time insurance quotes, digital certificates of insurance, and compliance tracking to ensure contractors have the necessary coverage before beginning an assignment. Contractors can pay for coverage only while they work, either via credit card or through premium withholding by the labor platform.
Target Audience
The primary target audience includes businesses that utilize a contingent workforce, labor platforms, vendor management systems, and freelance contractors across various industries.
Features
- API-driven platform for real-time insurance quotes and policy binding
- On-demand workers' compensation, general liability, and professional liability coverage
- Automated compliance tracking and verification of contractor insurance status
- Digital certificates of insurance available on demand
- Pay-as-you-go pricing model for contractors
- Integration with existing labor platforms and vendor management systems
- API endpoints for job creation, quote generation, and coverage management