ITP will be powered by InsuraGuest’s insurtech platform, which will digitally deliver BOP policies to 130+ class codes, including retail, wholesale, mercantile, office and business service classes
InsuraGuest Technologies, through its wholly owned U.S. subsidiary Insure The People, (ITP), is pleased to announce it is diversifying its product offering and has begun development of its new Business Owner Policy (BOP) insurtech (insurance + technology) portal, www.InsureThePeople.com, and is expected to fully launch this new product offering to the U.S. markets by third quarter of 2020.
ITP will be powered by InsuraGuest’s insurtech platform, which will digitally deliver BOP policies to 130+ class codes, including retail, wholesale, mercantile, office and business service classes. The BOP products will be available in all 50 states as well as the District of Columbia, where InsuraGuest Insurance Agency is licensed to sell insurance, and will be eligible for companies that have sales of up to US$6 million per location, with occupancies up to 35,000 square feet, on a minimum annual premium of US$250.
ITP will begin its BOP offering by including:
- Property coverage for building and business property, business income and extra expenses.
- Enhanced equipment breakdown (includes micro-circuity).
- General liability – occurrence limits: US$300,000, US$500,000, US$1 million and US$2 million.
- Employment practices liability.
Once launched, ITP expects to add coverages like Blanket Additional Insured, employee benefits liability, hired and non-owned auto, liquor liability, miscellaneous professional liability, scheduled property floater, cyber risk, workers’ comp, errors and omissions, and directors’ and officers’ coverages.
“We are taking digital insurance and reimagining it, reinventing it, and revolutionizing it by harnessing the power of our insurtech platform to deliver that digital insurance to multiple sectors,” states Douglas Anderson, chairman and CEO of InsuraGuest. “Additionally, by advancing our product offerings, we are creating multiple avenues of revenue, which will result in greater shareholder value.”
InsuraGuest Insurance Agency will administer InsureThePeople.com policies in all 50 states and the District of Columbia.
Source: Company Press Release