Counterpart, a US-based insurtech firm specialising in administration {and professional} legal responsibility, has collaborated with Westfield Specialty to launch an admitted administration legal responsibility insurance coverage product.
This new providing targets small companies and, for the primary time, non-profit organisations by Counterpart’s dealer community.
Westfield Specialty is the third A-rated insurance coverage provider to assist Counterpart’s growth, alongside Aspen Insurance coverage and Markel within the surplus strains.
The admitted administration legal responsibility product is designed to cater to for-profit entities with lower than $350m in income or 500 staff, overlaying 99% of US companies, in addition to multiple million 501(c) organisations.
It broadens Counterpart’s attain, permitting it to assist buyer progress and offering brokers with superior instruments equivalent to software programming interfaces and danger mitigation companies.
Counterpart’s resolution to incorporate non-profits in its providing is available in response to sturdy demand from dealer companions.
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Non-profits encounter comparable authorized points as for-profit entities, equivalent to wrongful termination and discrimination, together with distinctive dangers equivalent to funds mismanagement and regulatory compliance.
Counterpart merges insurance coverage experience with know-how to scale back dangers for small companies.
Its insurance coverage merchandise are backed by risk-reduction instruments, and insureds are additionally stated to profit from Counterpart’s claims dealing with experience and know-how aimed toward minimising enterprise disruptions.
Small enterprise homeowners can entry Counterpart’s protection by a community of greater than 2,000 trusted wholesale brokers throughout the nation.
The Counterpart and Westfield Specialty admitted product is at the moment accessible in 35 states.
Counterpart CEO Tanner Hackett stated: “Westfield is without doubt one of the most recognised manufacturers in insurance coverage and has been an A-rated provider for nearly 90 years, making it a great associate to assist us on our mission to assist cut back danger for all companies working in all industries.
“This partnership combines Westfield’s famend historical past and experience with Counterpart’s main software program and companies to set a brand new customary of excellence in industrial insurance coverage.”
Westfield Specialty president Jack Kuhn stated: “We’re excited to affix forces with Counterpart within the small enterprise market. They’ve constructed a powerful underwriting platform and programme capabilities in a brief time period.
“We predict insurance coverage brokers will enormously admire the brand new product choices in addition to the innovation and effectivity Counterpart is bringing to the personal firm D&O [directors and officers] insurance coverage market.”
In March 2022, Counterpart secured $30m in Collection B funding to develop its small enterprise administration legal responsibility insurance coverage platform.
