AI-driven insurtech Counterpart has announced the addition of Miscellaneous Professional Liability (MPL) insurance to its existing suite of management liability products available to small businesses, backed by Bermuda-based re/insurer Aspen Insurance.
According to Counterpart, MPL safeguards service professionals, chiefly small business owners, from losses related to customer claims like failure to provide the expected level of service, inadequate work, or negligent actions. It adds that over 40% of service professionals will experience customers alleging non-performance of products and services, citing a 2020 Liability Risk Report.
Counterpart’s new MPL product line, offered in partnership with Aspen, provides coverage with limits of up to $5 million for private businesses with up to $10 million in revenue.
Tanner Hackett, CEO of Counterpart, commented, “The U.S. economy has always been driven by small businesses, and technology is making it easier than ever for professionals to strike out on their own. But these businesses often lack the sophisticated compliance infrastructure of larger corporations, leaving them exposed to greater business and personal risk.
“We are passionate about helping small businesses thrive in this complex economic landscape, and that means making it easier for companies to understand their exposures and secure the coverage they need to succeed.”
Matt Price, Head of FinPro Program Operations at Aspen, added, “Because MPL is designed to safeguard a variety of business types, the risks can vary dramatically from policy to policy. We have been impressed by Counterpart’s MPL product, which has been cleverly designed to incorporate data-driven sentiment analysis to determine a company’s unique risks.
“Counterpart’s tailored approach to underwriting opens the doors to many small businesses that might not otherwise be able to access this critical insurance coverage.”
Aspen has also previously backed both an AI-powered crime coverage product and an excess insurance product which were launched by Counterpart earlier this year.