CoverWallet, an Aon company and digital insurance platform for businesses, has launched a digital insurance product for venture capital (VC)-backed startups. The new management liability package offers VC-backed startups instant access to directors & officers insurance (D&O), employment practices liability (EPL) and fiduciary coverage online.
It is designed for companies from “seed” through Series C and adds to the insurance policies currently available through CoverStartups, a platform for high-growth companies. Based on a proprietary algorithm that assigns a Rating Factor using a VC’s past performance, the product categorizes investors into tiers based on their track records and processes.
The management liability offering, which was developed in collaboration with Boost, is fully admitted product. Management liability will be part of CoverStartups’ existing insurance offerings that include general liability, worker’s compensation, errors & omissions, cyber liability, commercial property and professional liability.
The management liability package also includes:
- Access to an online platform to manage insurance
- The ability to pay in monthly installments or in full
- Access to a specialized team for insurance for growth companies
- Broad subsidiary language
- Coverage for employee stock ownership plans (ESOPs)
CoverWallet, an Aon company, is dedicated to making commercial insurance simple, fast and convenient. With leading carriers as partners, CoverWallet helps customers around the world quickly get the insurance coverage they need so that they can get back to what matters – growing and managing their business. Powered by deep analytics, thoughtful design and state-of-the-art technology, CoverWallet is reinventing the $200 billion commercial insurance market for small and medium-sized businesses.
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