SynchronoSure has teamed up with American European Insurance Group (AEIG) to release a new P&C insurance product aimed at the gig economy.
GigBOP will be available in 14 US states including New Hampshire, Maryland, Ohio, Pennsylvania, Virginia and Vermont.
The policy will cover business personal property and general liability with additional options for employment benefit liability, professional liability and hired non owned auto liability.
It is targeted to risks related to gig economy and emerging industries, particularly home-based business, shared workspace offices and limited footprint companies.
Eligible businesses include artisan/servicing manufacturing, direct retail sales, online retail sales and services.
Consumers can take out the policy on three, six or 12 month terms. Maximum limits are $250,000 for business personal property, $1m/$2m for general liability and $1m for professional liability.
SynchronoSure CEO Steve Hartman said, “We believe the time is right to enter this unique product space. We anticipate that small businesses will grow once again coming out of the current pandemic, and that many new ones will be formed in response to permanent job loss related to the pandemic and economic fall-out.
“In conjunction with AEIG, we offer agents and brokers the ability to meet new and emerging consumer demand for appropriate insurance that provides package coverage for business personal property, liability, professional liability, inventory and limited first party cyber.”
The company will be launching trucker general liability, workers’ compensation and excess /umbrella liability product lines in Autumn. Next year it also plans to enter the occupational accident space.
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