Coalition announced two new insurance products to help protect the leaders of small and midsize businesses.
Today, Coalition, the world's largest commercial InsurTech provider, announced two new insurance products to protect the leaders of small and midsize businesses. Backed by the financial strength and stability of Zurich North America, Coalition is now offering directors & officers and employment practices liability insurance.
Coalition's broker platform integrates real-time financial, regulatory and transactional data to create a seamless quoting experience where brokers can generate bindable quotes in just five minutes. Coalition's technology-driven approach is already powering a new, more successful model of risk management in cyber coverage, which has resulted in policyholders experiencing 70% fewer cyber claims when compared to other carriers in the market.
New research from Coalition shows the significant opportunity to better serve small businesses through D&O and EPLI. In a survey of 1,000 senior executives at small businesses, Coalition found that nearly a third of small business executives didn't purchase management liability coverage because they didn't know coverage was available for them.
The impact of executive liability can be catastrophic for small businesses, with the average D&O lawsuit costing over $120,000, according to Coalition. With its expansion into D&O and EPLI, Coalition plans to apply the same data and technology expertise it is using to protect businesses from cyber risks in the D&O and EPLI market.
“We first transformed the cyber insurance marketplace with a data-driven approach, and we're excited to bring this same technology and approach to executive risks," said Patrick Mitchell, head of executive risks at Coalition. “We are building a new kind of insurance with technology at its core. Our platform powers faster quotes for brokers and more accurate and in-depth risk assessments for clients."
“Coalition's technology-driven approach and seamless quoting platform align well with Zurich's innovation initiatives," said Brian Benjamin, head of financial lines at Zurich North America. “We're excited to establish this relationship and create an opportunity for the small commercial enterprise to seamlessly access the strength of Zurich North America, while helping to protect their businesses."
To begin quoting D&O and EPL risks, agents and brokers can request early access.
Coalition is the leading provider of cyber insurance and security, combining comprehensive insurance and proactive cybersecurity tools to help businesses manage and mitigate cyber risk. Backed by leading global insurers Swiss Re Corporate Solutions, Arch Insurance, and Lloyd's of London, Coalition provides companies with up to $15 million of cyber and technology insurance coverage in all 50 U.S. states.
Through the Big “I" Markets platform, Big “I" members can quote and bind cyber insurance online. Big “I" members also have direct access to Coalition's licensed agents and renowned cybersecurity experts via online chat throughout the sales and underwriting process.
Will Jones is IA editor-in-chief.