Verisk Launches Program to Help Insurers Serve Micro-Business Market
Advisory Forms, Rules, and Loss Costs Specifically Designed for the Smallest of Businesses
Jersey City, N.J., July 9, 2020 — 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.
Verisk (Nasdaq:VRSK) provides predictive analytics and decision-support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social, and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and YouTube.
Edelman (for Verisk)