Verisk Launches Program to Help Insurers Serve Micro-Business Market
July 09 2020 - 11:10AM
Verisk (Nasdaq:VRSK), a leading data analytics provider, has
launched a new Micro-Businessowners (Micro-BOP) insurance program
to help insurers cover the unique risks of small businesses that
are often part of the gig economy, run out of a home or shared work
space, and staffed by four or fewer employees. Verisk’s
Micro-BOP Program is a streamlined version of its Businessowners
Program and provides only the property and liability coverages that
the smallest of businesses typically need. Instead of offering
coverage for a property at a specific address, the Micro-BOP
Program features business personal property coverage that is mobile
in nature, whether such property is in a home, shared-office space,
or other location.
“Micro-businesses have continued to thrive during the past few
months, as many people have found opportunities in the gig economy,
from home-based production of face masks to tutoring and yoga
instruction moving online,” said William Mauro, vice president and
head of commercial lines coverage for ISO, a Verisk business. “But
these types of entrepreneurs often don’t need the typical business
insurance. Our new program enables insurers to meet the needs of
today’s micro-businesses and begin relationships with them as they
grow into larger businesses.”
Many micro-businesses are joining local business organizations
to help them grow. At the Hudson County Chamber of Commerce in New
Jersey, more than 10 percent of its 700 businesses operate out of
homes and shared workspaces.
“The owners of home and shared-space businesses face significant
risks and may not often fully consider their need for
commercial insurance or may not be able to afford it," said Maria
L. Nieves, president and chief executive officer of the Hudson
County Chamber of Commerce. “Verisk’s Micro-BOP Program enables
insurers to offer streamlined and relevant coverage to this growing
market and will help ensure that small businesses of all sizes have
policies that meet their needs.”
For more information about Verisk’s Micro-BOP Program, visit the
Micro-BOP website.
About Verisk Verisk (Nasdaq:VRSK) is a
leading data analytics provider serving customers in insurance,
energy and specialized markets, and financial services. Using
advanced technologies to collect and analyze billions of records,
Verisk draws on unique data assets and deep domain expertise to
provide first-to-market innovations that are integrated into
customer workflows. Verisk offers predictive analytics and decision
support solutions to customers in rating, underwriting, claims,
catastrophe and weather risk, global risk analytics, natural
resources intelligence, economic forecasting, and many other
fields. Around the world, Verisk helps customers protect people,
property, and financial assets.
Headquartered in Jersey City, N.J., Verisk operates in 30
countries and is a member of Standard & Poor's S&P
500® Index and part of the Nasdaq 100 Index. In
2018, Forbes magazine named Verisk to its World's Best
Employers list. For more information, please
visit www.verisk.com.
Contact: Joseph Madden201-232-4486
Joseph.Madden@verisk.com
Brett Garrison Edelman (for Verisk) 212-639-4903
Brett.Garrison@edelman.com
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