Micro-Businessowners Program
Provide only the property and liability coverages that the smallest of businesses typically need.
Our Micro-Businessowners Program (MicroBOP) features business personal property coverage that is mobile in nature, whether such property is in a home, shared-office space, or other location.
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60% of home businesses don’t have insurance1
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40% of all small businesses are uninsured1
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50% of all commercial firms are home-based2
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80% of all U.S. businesses have no employees2
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30.7 million small business have 0-4 employees2
Microbusinesses: A unique market
Starting a company out of a home or shared space has become more common than ever as more people look to follow their passions in the gig economy. These microbusinesses include home-based and shared-space businesses with specific needs, risks, and exposures—and they often lack insurance coverage. Verisk’s MicroBOP program addresses businesses with four employees or fewer.
Some micro-businessowners don’t see or understand the need for insurance. Educating these customers is an important task because they may believe that their personal insurance policies include coverage for their microbusiness activities, coverage is too expensive, or coverage is unnecessary.
Verisk’s Micro-Businessowners Program
Verisk’s Micro-Businessowners Program
Highlights for insurers
- Limited underwriting – black box potential
- Demonstrates innovation
- Responds to the growing economy
- Controlled risk with defined limits
- Limited loss control needs
Highlights for customers
- Easy-to-read forms
- Lower cost
- Introduction to commercial market
- All-in-one additional insured
- Easy to purchase
Insuring shared-space and gig economy businesses
Insuring shared-space and gig economy businesses
Learn more about how ISO Micro-Businessowners program addresses the unique needs of this segment.
- Insurance Information Institute
- SBA/US Census 2013