Olio is a local sharing app that makes it easy for neighbours and businesses to give their surplus items a second life. Their whole ethos is built around helping others and the planet. But as a proud B Corp, they weren't aware of the financial benefits that their sustainable practices could bring when it came to insurance…
At Capsule, we specialise in helping B Corps leverage their status while identifying emerging risks that have been previously overlooked. As Olio got set for a growth spurt, the team was pointed in our direction to meet their unique cover requirements. Discover how we gave their insurance cover a second life with drastically reduced premiums and a redesigned programme, ready for international expansion.
Olio’s team has always taken insurance seriously, but they also understood the need for a more strategic approach aligned with their growth plans – with greater cost-efficiency and watertight coverage. As food controllers, and with a high number of volunteers in their headcount, they needed a broker that really understood their granular operations.
Following a venture capital audit, Olio was introduced to our team via Octopus Ventures, who recognised our expertise in ESG-aligned insurance solutions for VC-backed companies. Olio wanted Public Products, Employers’ Liability, and Directors’ & Officers’ Liability cover, but it was important that we took the time to learn more about the business before we made any moves.
As with every client, our team took the time to get under the skin of Olio’s unique operating model. Unlike traditional brokers, we invested time across multiple meetings to probe in those often overlooked corners and emerging gaps that appear as companies scale up. We can only bring a more accurate and positive presentation to underwriters when we have a true understanding of a business’ operations.
Specifically, we asked deeper risk questions around Olio’s volunteer activity and food-handling durations which enabled us to reframe their risk profile to insurers. We also assessed their B Corp status and ESG activity, with a view to driving potential discounts that may have previously missed out on.
Working closely and cohesively with the Olio team at every step, we delivered a tailored Commercial Combined and Management Liability programme that properly protects volunteers and food-handling risks. It gets to the heart of Olio’s model and secures them against their unique requirements.
We never leave a stone unturned, always bringing our knowledge of evolving risk for businesses in transition. With that as our guide, we provided strategic advice on Olio’s emerging exposures and supplied options for future protection. It’s all part of aligning with the forward-looking motivations of rapidly growing businesses.
The outcome? We helped Olio reassess their insurance as they expanded internationally, identifying any gaps such as Employers’ Liability for volunteers. Our team also leveraged Olio’s B Corp status to secure meaningful ESG discounts. We significantly reduced its premiums by 60% while expanding coverage and providing the basis for an international programme.
The numbers? We saved Olio £40,000 a year on its company insurance. Tessa added: “Huge thanks again to the brilliant team at Capsule, especially Nick Welch and Alex Anderson, for showing what’s possible when someone really takes the time to understand your mission and model.”
Olio is a truly inspiring company, and we couldn't be happier with the result we achieved. By deeply understanding Olio’s model, we worked with the team to reshape how insurers viewed their risk.
We corrected underinsurance, improved cover, reduced costs, and established the foundation for an international programme – all while leveraging a B Corp status. Need insurance that works as hard as you do? Then you want Capsule in your corner – let’s talk.