PRODUCT: Business Owner Policy

COMPANY: Met Life Auto & Home®

BEST RATING: A (Excellent)

AVAILABILITY: Coverage is available through independent agents through Dovetail’s NetBOP agent portal, as well as MetLife producers.

FOCUS: After 40 years in the p-c market, MetLife Auto & Home® is expanding its product portfolio with a new entry for the small business market through two agent Web portals. Available exclusively through the Dovetail portal (for independent agents) and MetLife portal (for MetLife producers), the MetLife business owner policy (BOP) product is based on the rational that business owners are “time-starved and need simple, fast solutions they can access wherever, whenever and however they need,” says Kevin Fitcher, assistant vice president of Metlife.

The new BOP is designed for small businesses with up to 50 employees, but also available to those with 75 employees. Coverages include property insurance and liability insurance, as well as business interruption, accounts receivable, business personal property and electronic data and computer operations.

For independent agents who often must visit too many places to solve the needs of their clients, the independent agent portal makes it “faster, easier and more efficient for an agent to bind a piece of business,” says Dennis Rabon, chief operating officer of Dovetail Insurance. Using an electronic underwriting approach, the independent agent portal is designed for small business risks that “don’t require a lot of onsite risk evaluation,” he explains. The portal makes everything scalable.

“We are excited to be able to bring our expertise to the small business market and provide small business owners with the financial protection they need,” Fitcher adds. “We’ve built a strong track record providing insurance that meets the needs of individuals. We are now bringing those learnings and that experience to the small business market.”

UNDERWRITING: Independent agents can sign up online to use Dovetail's cloud-based portal with their license and E&O certificate. The portal provides webinar-based training and also offers other carriers’ workers compensation and p-c products. Once registered, agents can rate, quote, bind and issue on a same-day basis.

MINIMUM PREMIUM: $400-800, depending on business class.

TARGET: Local businesses and Main Street establishments, including franchise restaurants, retail, office, professional and service companies.

COVERAGE TERRITORY: IL, IN, CA, NC and OH. Plans call for availability in more than 40 states by year-end.

CONTACT: Leslie Downs, inside sales manager; Dovetail Insurance, 1333 Main Street, Suite 600, Columbia, SC 29201; 803-255-8891, ext. 106.

Amy Skidmore is an IA contributor.