SOURCE: CoverHound

CoverHound

September 21, 2016 08:00 ET

CoverHound Expands Into Commercial Insurance for Small Businesses

Expansion Into a Suite of Business Insurance Offerings Helps Small Businesses Protect Against the Unexpected

SAN FRANCISCO, CA--(Marketwired - September 21, 2016) - CoverHound, an insuretech company that allows customers to easily compare and purchase insurance online, is applying that unique selling proposition to commercial insurance by adding a full suite of business insurance offerings to its online platform at CoverHound.com, where small business owners can compare accurate rates and custom coverage options from leading insurers.

Small businesses account for more than a third of the commercial insurance market and are the fastest growing commercial segment in the US, according to McKinsey & Company's Small Commercial Insurance report. However, 40% of small business owners have no insurance at all, in part because buying insurance for a small business is often an extremely arduous and time-consuming process, with an extensive list of questions for customers to answer. With its new commercial insurance offerings, CoverHound builds on its dedication to being the trusted advisor for curated choice, providing small business owners with an efficient and transparent insurance-buying experience.

Focusing on small businesses with fewer than 20 employees and gradually expanding to cover larger businesses, CoverHound will offer coverage from Chubb, Liberty Mutual, Berkshire Hathaway Direct, Hiscox, Progressive and Employers, with other carriers set to join in the future. Customers can start the quoting process on desktop or mobile, and connect by phone with a licensed insurance advisor, who will provide objective advice and help small businesses evaluate their risks and find the right coverage options.

"Having once been a startup ourselves, CoverHound understands the growing pains of a small business," says CoverHound CEO Keith Moore. "We'll be there every step of the way to support business owners and ensure they get the coverage they need to satisfy third-party and legal requirements, and protect their property, customers and investment."

"CoverHound is one of our valued partners because of the emphasis they put on customer experience, as indicated by their strong Net Promoter Score of 80 this year, which is one of the highest in financial services," says Kevin Kerridge, EVP of Small Business Insurance at Hiscox. "We join CoverHound today in making sure small business owners realize the importance of having the right coverage in place that fits their business needs and protects their investment."

CoverHound provides six types of insurance coverage for small businesses:

  • General liability, which covers claims or lawsuits brought by a third party for bodily injury and property damage caused by the business' products, services, operations or employees
  • Professional liability (also called errors and omissions coverage), which covers damage stemming from professional services provided by the business owner that did not have the intended results
  • Business owners policy (BOP), which combines general liability and property insurance into one package
  • Workers compensation, which is required by law and protects employees if they are injured on the job, covering both medical treatment and lost wages
  • Commercial auto, which covers damaged property and medical bills resulting from an automobile accident if the business owner or an employee is found at fault
  • Cyber insurance, which covers damages caused by cybersecurity breaches (CoverHound will launch CyberPolicy.com, where small businesses can shop for cyber insurance and cybersecurity tools, later this year.)

About CoverHound

CoverHound is an insuretech company for consumers and businesses to easily compare and purchase insurance, built to deliver fast, accurate and actionable rates from leading US carriers based on their specific needs. Some of the top carriers include Chubb, Liberty Mutual, Hiscox, Progressive, Berkshire Hathaway Direct, Safeco, The General, Mercury, Hartford Steam Boiler, MetLife and others to offer the most competitive rates in 50 states. Developed by a team with deep insurance and online financial services experience, CoverHound is dedicated to providing the best in class customer experience.

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