Embroker Announces the Launch of its Customized Business Owners Policy (BOP)
First-ever end-to-end digital insurance platform continues to broaden its product portfolio by adding customizable BOP coverage at lower rates
SAN FRANCISCO, March 5, 2020 /PRNewswire/ -- Embroker, Inc. ("Embroker" or "the Company"), the digital insurance broker that is radically improving the way insurance works for businesses, today announced it has partnered with CNA to provide highly customized, market-leading Business Owners Policy (BOP) coverage at competitive prices. CNA is one of the largest insurers in the United States, offering a broad range of standard and specialized commercial insurance for over 120 years and backed by over $45 billion worth of assets.
At its core, Embroker is a technology platform that digitizes all aspects of the insurance process and provides customers with customized, data-driven risk reviews that save time and money. By offering end-to-end digital insurance solutions, Embroker removes historic overhead cost of administration with underwriters and passes savings along to its customers. Through its partnership with CNA, Embroker provides small and medium-sized businesses across a broad set of industries with a simple and affordable way to apply for, get quotes and purchase the BOP coverage they need in a just few simple steps online - something that traditional insurers struggle to do.
"For over 100 years, the insurance industry has neglected to offer small businesses and startups customizable coverage, through a simple application process, and at affordable premiums," stated Matt Miller, CEO of Embroker. "Embroker is shifting the paradigm by offering these businesses, that are the core drivers of the US economy, a growing digital platform of proprietary coverage and instant quotes at discounts of up to 20%, through a simpler and efficient process."
Customized coverage, quicker process, lower premiums
Embroker currently offers two options for BOP coverage with CNA, the CNA Base Connect Policy or 'Standard' package, and CNA Connect Choice Extra or the 'Enhanced' package. Standard BOP offers a combination of Property and General Liability coverages specifically designed for small business owners to help address risks to buildings, business income, business personal property, computer equipment, accounts receivable, money and securities, and more.
Enhanced BOP offers additional protection not included in the base policy. This includes higher coverage limits on many risks such as accounts receivables, employee dishonesty, business income, computer equipment, spoilage, ingress/egress, and more. These enhancements are critical for the recovery of businesses in the event of a loss.
Expanding portfolio of digital insurance products
The launch of Embroker's BOP program follows the January 2020 launch of the Company's digital Lawyers' Professional Liability (LPL) product. Commonly known as Malpractice Insurance or Errors & Omissions Insurance (E&O) which has been available for years, Embroker's new digital LPL product allows law firms to secure and enroll in best-in-class, A+ legal malpractice insurance, in 10 minutes or less and at lower premiums by up to 20%.
BOP is just the latest addition to Embroker's expanding portfolio of customized, digital insurance products, making it one of the few insurance companies offering a diversified suite of products on a single platform in the market today.
About Embroker
Embroker is a digital insurance broker that's radically improving the way insurance works for businesses. The Company's digital insurance platform, proprietary insurance products, and data-driven advisors are now helping more than 2,500 companies improve coverage and reduce costs. Its suite of proprietary products, including the first-ever end-to-end digital directors and officers policy, streamline the insurance supply chain. This enables Embroker to deliver instant quotes and reduce premiums by an average of 20%. Founded in 2015 and headquartered in San Francisco, Embroker serves businesses with 10 to 1,000 employees and has raised over $42M in funding from leading fintech investors. For additional information, please go to www.embroker.com.
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Anthony Feldman / Raquel Cona
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Sean X Cummings
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SOURCE Embroker
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