PRODUCTS: Solo X, Solo I and Plus
COMPANIES: Accident Fund; Benchmark; Markel; Chubb; Liberty Mut-ual; AMERISAFE; Utica First; Pie.
BEST RATING: All carriers are A-rated.
AVAILABILITY: Open to appointments for agents and brokers.
FOCUS: SolePro is a workers compensation InsurTech platform for agents. The startup has streamlined the process of writing workers comp by creating an online system for agents to apply, sign, bind, pay, renew and manage policies.
“SolePro’s products are the best alternative to the Assigned Risk plan on the market,” says Hannah Sullivan, communications, design, SolePro. “We are less expensive, offer more coverage, are easier to use and have no carrier turnover.”
“We have partnered with several top workers comp carriers throughout the country,” she adds. “With us, insureds get the coverage they need with A-rated carriers, proper servicing and don’t have to deal with mid-term audits.”
COVERAGE DETAILS: SolePro is a low-touch, easy way to write workers comp for small businesses. There are three plans available:
Solo X: SolePro’s most popular plan offers minimum premium workers comp with an added accident policy. It excludes owners coverage and is designed for sole proprietors and businesses with no employees, subcontractors or day labor. Should an accident occur, the 24-hour accident policy provides coverage. This program has more benefits and is less expensive than the Assigned Risk plan.
Solo I: Unlike many products, Solo I will provide coverage to business owners with no employees, subcontractors or day labor. Before, these business owners typically had to rely on the Assigned Risk plan. But with SolePro, businesses with no employees can get the coverage they need at a competitive price. Insureds can also customize this plan with increased limits or adding an optional accident policy.
Plus: This flexible program allows business owners with one or more full-time or part-time employees to get workers comp at an affordable price. Insureds can choose to include or exclude themselves from coverage. Increased limits are available, as is an optional accident policy. Also available to new ventures.
UNDERWRITING: New ventures are accepted. However, the insured must have at least three years of industry experience, regardless of classification.
Logging, door and window installation, interior carpentry, carpentry NOC, executive supervisor, carpentry and roofing are excluded classes from Solo X and Solo I. Handyman operations, general contractors, oil and gas industries, tree trimming, work above 15 feet are excluded exposures from Solo X and Solo I.
MINIMUM PREMIUM: N/A
TARGET: Business owners with five or fewer employees.
COVERAGE AVAILABILITY: Products are available in all states except AK, CA, HI, NY, ND, OH, WA and WY.
CONTACT: Hannah Sullivan, SolePro; 1912 E Broad St., Richmond VA 23223.
Will Jones is IA managing editor.
