Verisk Launches Program to Help Insurers Serve Micro-Business Market

Rhea-AI Summary

Verisk (Nasdaq: VRSK) has introduced a new Micro-Businessowners (Micro-BOP) insurance program aimed at small businesses, particularly those in the gig economy with fewer than five employees. The program provides tailored property and liability coverage, addressing the unique needs of home and shared workspace businesses. With the rise of micro-businesses, especially during recent economic shifts, this initiative allows insurers to better serve this growing sector. The Micro-BOP insurance is designed to facilitate the transition of these small enterprises as they scale up.

Positive

• Launch of Micro-Businessowners insurance program targeting small businesses in the gig economy.
• Tailored coverage addressing specific needs of businesses with fewer than five employees.
• Potential for insurers to establish long-term relationships with growing micro-businesses.
• Opportunity to meet the increasing demand for relevant insurance solutions in the market.

Negative

• None.

Jersey City, NJ, July 09, 2020 (GLOBE NEWSWIRE) -- Verisk (Nasdaq:VRSK), a leading data analytics provider, has launched a new Micro-Businessowners (Micro-BOP) insurance program to help insurers cover the unique risks of small businesses that are often part of the gig economy, run out of a home or shared work space, and staffed by four or fewer employees. 

Verisk’s Micro-BOP Program is a streamlined version of its Businessowners Program and provides only the property and liability coverages that the smallest of businesses typically need. Instead of offering coverage for a property at a specific address, the Micro-BOP Program features business personal property coverage that is mobile in nature, whether such property is in a home, shared-office space, or other location. 

“Micro-businesses have continued to thrive during the past few months, as many people have found opportunities in the gig economy, from home-based production of face masks to tutoring and yoga instruction moving online,” said William Mauro, vice president and head of commercial lines coverage for ISO, a Verisk business. “But these types of entrepreneurs often don’t need the typical business insurance. Our new program enables insurers to meet the needs of today’s micro-businesses and begin relationships with them as they grow into larger businesses.”

Many micro-businesses are joining local business organizations to help them grow. At the Hudson County Chamber of Commerce in New Jersey, more than 10 percent of its 700 businesses operate out of homes and shared workspaces.

“The owners of home and shared-space businesses face significant risks and may not often fully consider their need for commercial insurance or may not be able to afford it," said Maria L. Nieves, president and chief executive officer of the Hudson County Chamber of Commerce. “Verisk’s Micro-BOP Program enables insurers to offer streamlined and relevant coverage to this growing market and will help ensure that small businesses of all sizes have policies that meet their needs.” 

For more information about Verisk’s Micro-BOP Program, visit the Micro-BOP website.

About Verisk 
Verisk (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk helps customers protect people, property, and financial assets.

Headquartered in Jersey City, N.J., Verisk operates in 30 countries and is a member of Standard & Poor's S&P 500^® Index and part of the Nasdaq 100 Index. In 2018, Forbes magazine named Verisk to its World's Best Employers list. For more information, please visit www.verisk.com.

Contact:
Joseph Madden
201-232-4486
Joseph.Madden@verisk.com

Brett Garrison
Edelman (for Verisk)
212-639-4903
Brett.Garrison@edelman.com

FAQ

What is the new Micro-Businessowners program by Verisk (VRSK)?

The Micro-Businessowners program is a new insurance offering designed for small businesses, especially those in the gig economy, providing tailored property and liability coverage.

How does the Micro-BOP insurance benefit small businesses?

It offers streamlined coverage that meets the unique risks faced by small businesses, particularly those operating from home or shared workspaces.

What is the target market for Verisk's Micro-BOP program?

The program targets micro-businesses with four or fewer employees, especially those involved in gig economy activities.

When was Verisk's Micro-BOP program launched?

The Micro-BOP program was launched on July 9, 2020.

What are the key features of the Micro-BOP insurance program?

The key features include mobile property coverage suitable for various locations and liability coverages tailored to the needs of small businesses.