Management liability insurtech Counterpart has announced the launch of an excess insurance product for small businesses, backed by Aspen.
According to Counterpart, the excess policy aims to support small businesses in a time of heightened litigation.
Counterpart utilises proprietary data and technology to respond to the increasing settlement and legal expenses, which have led to claims expenses spiking in recent years.
The new offering will provide excess insurance on Directors and Officers, Employment Practices and Fiduciary Liability business, with a maximum limit of $3 million.
Backed by Aspen’s financial strength, the offering will be available for small businesses with less than 250 employees and less than $250 million in revenue and total assets through Counterpart’s wholesale broker partners.
“Counterpart has created a compelling and unique offering for small businesses,” said Zac Clammer, Executive Vice President, Management Liability, Aspen Insurance.
“We’re pleased to further develop our relationship and are excited to support what we see as a natural extension of an already successful management liability product line.”
“We always operate with the best interest of our customers and Excess insurance has been a real pain point for them over the years due to decreasing limits and coverage,” added Mike Levins, Head of Insurance at Counterpart.
“Excess insurance is the most requested product from our brokers, and we have worked closely together to design a product that addresses their wants and needs. This is just the beginning of what we are looking to do together with our insurance carrier partners to grow the breadth of our management liability products and services.”
