Counterpart, a US-based insurtech company specialising in management and professional liability, has collaborated with Westfield Specialty to launch an admitted management liability insurance product.

This new offering targets small businesses and, for the first time, non-profit organisations through Counterpart’s broker network.

Westfield Specialty is the third A-rated insurance carrier to support Counterpart’s expansion, alongside Aspen Insurance and Markel in the surplus lines.

The admitted management liability product is designed to cater to for-profit entities with less than $350m in revenue or 500 employees, covering 99% of US businesses, as well as more than one million 501(c) organisations.

It broadens Counterpart’s reach, allowing it to support customer growth and providing brokers with advanced tools such as application programming interfaces and risk mitigation services.

Counterpart’s decision to include non-profits in its offering comes in response to strong demand from broker partners.

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Non-profits encounter similar legal issues as for-profit entities, such as wrongful termination and discrimination, along with unique risks such as funds mismanagement and regulatory compliance.

Counterpart merges insurance expertise with technology to reduce risks for small businesses.

Its insurance products are backed by risk-reduction tools, and insureds are also said to benefit from Counterpart’s claims handling expertise and technology aimed at minimising business disruptions.

Small business owners can access Counterpart’s coverage through a network of more than 2,000 trusted wholesale brokers across the nation.

The Counterpart and Westfield Specialty admitted product is currently available in 35 states.

Counterpart CEO Tanner Hackett said: “Westfield is one of the most recognised brands in insurance and has been an A-rated carrier for almost 90 years, making it an ideal partner to support us on our mission to help reduce risk for all businesses operating in all industries.

“This partnership combines Westfield’s renowned history and expertise with Counterpart’s leading software and services to set a new standard of excellence in commercial insurance.”

Westfield Specialty president Jack Kuhn said: “We are excited to join forces with Counterpart in the small business market. They have built an impressive underwriting platform and programme capabilities in a short period of time.

“We think insurance brokers will greatly appreciate the new product offerings as well as the innovation and efficiency Counterpart is bringing to the private company D&O [directors and officers] insurance marketplace.”

In March 2022, Counterpart secured $30m in Series B funding to grow its small business management liability insurance platform.