Embroker, a digital commercial insurance brokerage, has launched a fully digital directors and officers (D&O) insurance policy, specifically designed for venture capital (VC) backed tech startups.
The D&O policy is part of Embroker’s new digital Startup Program, which also includes employment practices liability (EPLI), and fiduciary liability insurance, its first through a new partnership with Munich Re’s Digital Partners. The coverage is available instantly and reinsured by Munich Re.
The new Embroker D&O coverage is available for purchase by mid-market companies directly online, with coverage available to growth stage and pre-IPO businesses with up to $250 million in funding.
Startups are typically required to purchase D&O insurance as a condition of VC investment, but the traditional process involves sharing sensitive and confidential financial information, including equity ownership and financial statements, and securing coverage can be a lengthy process. Embroker’s Startup Program does not require sharing any sensitive financial information and the process can be completed online within minutes.
The Embroker program is available in all 50 states to U.S.-based startups that have raised up to $250 million. Embroker plans to launch similar suites for other industry segments in the coming year. Coverage is not open to agents or brokers. However, Embroker does have a team of experienced insurance professionals that provide consultation and guidance to customers.
Embroker works with over 40 carriers to provide a more modern way to buy commercial insurance. Founded in 2015, Embroker is headquartered in San Francisco, licensed in all 50 states and serves more than 1,800 customers. Embroker’s backers include Caanan, Nyca Partners, XL Innovate, Bee Partners, Fin Tech Collective, Vertical Venture Partners, 500 StartUps and Manulife Capital Ventures.
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