View this article online: https://www.insurancejournal.com/news/international/2015/08/13/378446.htm
Zurich is launching a new management liability offering, specifically designed to protect small to medium enterprises (SMEs) in Australia, with turnovers up to AUD$50 million.
The new product will be provided via “Z.stream,” the company’s electronic broking system. Z.stream* already offers standalone policies and bundles across business insurance, business travel and motor insurance for SMEs, the company said in a statement.
Head of Financial Lines Marc Luginbuehl said the addition of management liability for SME customers will see brokers building on the success of Z.stream.
“This new management liability offering is a fantastic addition which will increase the ease for brokers in providing comprehensive, tailored cover solutions to their clients in the SME sector,” he said.
Zurich said brokers have the ability to bundle up to seven types of management liability cover as part of a business insurance package through Z.stream:
-Insured persons liability (D&O)
-Company liability
-Employment practices liability
-Statutory liability
-Internal crime
-Internet liability
-Cyber security and privacy.
Flexible cover options reflect the unique nature of small and medium businesses, which face distinct and heightened risks when compared to larger businesses, said Zurich in a statement.
“Increases in cyber attacks, unfair dismissal claims and penalties for work health and safety breaches can have disproportionate impacts on small and medium businesses,” Luginbuehl said.
He noted that cyber security and privacy cover are included in the new SME management liability offering.
Zurich said the new offering is available through the Sunrise Exchange, “providing a seamless experience for brokers to bundle, renew and write new business.”
* Z.stream gives brokers access to full cycle underwriting, including quoting, new business, renewals and endorsements. It allows the transaction of a high volume of business electronically delivering an end-to-end solution.
Source: Zurich Financial Services Australia Limited