Coalition, a commercial insurtech provider, has introduced its executive risks insurance products with new personalised risk evaluations for businesses of small and midsized scale in the US.
With insurance coverage provided by Zurich North America, Coalition is now offering Employment Practices Liability (EPL) and Directors & Officers (D&O) with new tools and features to all broker partners, thereby widening the offerings to safeguard businesses against modern risks.
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Coalition’s new executive risks products combine real-time data from several sources that are publicly available to precisely evaluate a company’s risk exposure and constantly track changes across the policy lifecycle.
Brokers will be able to quickly produce quotes within four minutes and provide all clients with a Coalition Risk Assessment for Executive Risks that identifies regulatory, financial, and business exposures particular to their business and offers personalised recommendations to safeguard them from claims.
The insights in real time from Coalition’s Risk Assessment besides wide insurance coverage provided by Zurich North America provide small businesses with a “new level of protection from the fast-moving risks they face”.
Coalition head of Executive Risks Patrick Mitchell said: “We are bringing real-time data to help small businesses stay ahead of their exposures, offering an entirely new approach to executive risks. Advances like these mean that small businesses can move forward with confidence despite the fast-changing risk landscape.”
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By GlobalDataCoalition stated that its new study indicates the huge opportunity to better reach and cater to small businesses.
The survey of 1,000 senior executives at small businesses show that more than 36% of small businesses faced a D&O claim in the past two years with the average claim costing more than $120,000.
Inspite of this several firms remain un- or under-insured, Coalition stated.
The firm has invested in broker tools including educational content, coverage comparisons, and policyholder resources to aid brokers cater to small and midsize clients.
Zurich North America head of Management Liability – Private Paul Giliberto said: “Combining Coalition’s executive risk analytics with Zurich’s leading D&O and EPL products will allow small businesses to stay ahead of rapidly changing risks and give them confidence in the coverage and backing of a market leading carrier.”
