In addition to workers compensation, Foresight now offers inland marine, motor truck cargo, contractors, equipment, and builders risk policies.
PRODUCT: Inland marine, motor truck cargo, contractors equipment, and builders risk, which are offered as a complement to workers compensation available through Foresight.
COMPANIES: Foresight Risk & Insurance Services (managing general agent) and Great American (carrier)
BEST RATING: Workers comp policies are written on A- rated paper. Inland marine, motor truck cargo, contractors, equipment, and builders risk policies are written on A+ rated paper.
AVAILABILITY: Appointed agents and brokers only. Appointments can be requested online, which hold no minimum requirement.
FOCUS: Foresight Risk & Insurance Services, the workers comp InsurTech platform offering safety incentives to insureds, has introduced several new commercial property insurance lines, including inland marine, contractors equipment, and builders risk.
“The option to add commercial property and inland marine lines onto workers comp coverage was important to our valued broker partners and their clients, so it became important to us," said David Fontain, CEO and founder of Foresight. “The new lines allow us to deliver ease of doing business to brokers and opens the door to more hard-to-place businesses that want to save on their workers compensation premiums."
The new offerings streamline the complex commercial placing process, furthering Foresight's commitment to bringing InsurTech value to agents and brokers who can now place more of their clients' risk through Foresight.
COVERAGE DETAILS: In addition to Foresight's InsurTech-driven approach to workers comp, including a machine-learning powered risk scoring system, competitive pricing upfront and consideration of risks with high experience modifications, the new commercial lines products are catered to specific industries with unique limits, floaters and add-ons.
UNDERWRITING: During onboarding, appointed brokers are made familiar with Foresight's appetite and may begin submitting risks via online application. The underwriting team leverages a combination of deep experience and cutting-edge underwriting technology to streamline the process.
MINIMUM PREMIUM: Minimum workers comp premium is $25,000. For add-on coverages, the minimum premium is typically $750.
TARGET: This new addition will be particularly beneficial to construction companies, expanding coverage for equipment, materials in transit and build sites. Manufacturers and agribusinesses benefit from motor truck cargo coverage.
Foresight's ideal broker is passionate about safety and focused on middle-market business in construction, manufacturing, agriculture and light industrial verticals.
COVERAGE AVAILABILITY: AR, AZ, CA, LA, NM, NV, OK and TX.
CONTACT: Lindsey Holzberger, vice president of growth marketing, Foresight.
Will Jones is IA editor-in-chief.