Intuit QuickBooks offers small business insurance & 401(k) services

By Pavithra R

Intuit, a mission-driven global financial platform company, has announced the availability of two new offerings: QuickBooks Insurance and separately, 401(k) powered by Guideline, to further expand the capabilities of the QuickBooks Online platform to help small businesses succeed and help their employees thrive.

QuickBooks customers will now be able to protect their businesses with comprehensive insurance coverage and offer their employees a 401(k) benefit, traditionally offered by large companies. SMB owners can evaluate, purchase, manage and track their QuickBooks Insurance and 401(k) plans within QuickBooks, using the information already available on the platform.

QuickBooks is working with selected partners to provide these two critical components of business operations, which are often overlooked or perceived to be unattainable.

“There are aspects of running a small business that don’t always make it to the top of the priority list because they are time-consuming, complicated or perceived as cost-prohibitive. We want to eliminate these barriers so that small businesses can operate efficiently, effectively and with confidence,” said Jon Fasoli, vice president, Intuit QuickBooks, Small Business Self-Employed Group. 

Most of the small businesses have insufficient coverage in key areas, making them vulnerable when the unexpected happens. Besides, the traditional process of obtaining business insurance is time consuming, cumbersome and complex. QuickBooks Insurance solves this problem by enabling small business to become insured online in minutes. It offers general liability, professional liability, employment practices liability, workers’ compensation, commercial auto, cyber and earthquake insurance through 4 highly-rated providers: AP Intego, Coterie, Cover Genius and Next Insurance.

“We are honored to work with Intuit, a company that shares our mission to help small businesses thrive. Together, we will transform the operational landscape for small businesses who are often short on time and resources. With this integration, we can further democratize access to affordable policies and support millions of QuickBooks customers who are searching for tailored and affordable insurance policies,” said Guy Goldstein, CEO at Next Insurance.  

QuickBooks makes use of artificial intelligence to recommend the best insurance policy to customers based on relevant information that already exists within platform and their individual insurance needs. This information helps QuickBooks find the right provider and expedite the application process. 

Through the 401(k) powered by Guideline launch, QuickBooks Online Payroll customers will now have access to a benefit that helps attract and retain employees, while also providing staff with the ability to save for retirement. The cost for a 401(k) plan through Guideline is $39/month base plus $8/month for each employee and is designed for businesses of any size. 

“We’re thrilled to team up with QuickBooks to offer seamless access to our modern and affordable retirement platform to the millions of American small businesses that run on QuickBooks. Our software automates all the heavy lifting involved in offering a 401(k) plan, so small business owners can focus on what’s most important: their business and its employees. We couldn’t be more proud to integrate with a company so dedicated to the needs of small businesses and together offer them a retirement they can look forward to,” said Kevin Busque. CEO and Founder of Guideline.

Founded in 1983 by Scott Cook and Tom Proulx, Intuit is a global financial platform company with products including TurboTax, QuickBooks, Mint, and Turbo, designed to empower consumers, self-employed and small businesses to improve their financial lives. Recently, Intuit’s QuickBooks announced integration with Amazon Business.