The Insurance Group of Warren Buffett’s conglomerate Berkshire Hathaway has announced the launch of a concise and comprehensive three-page insurance product for small businesses called THREE.
The company hopes to cut down the lengthy and time-consuming processes currently required for a small U.S business to secure the necessary cover.
THREE provides insurance protection for workers compensation, multiple liability coverages (including general liability, errors and omissions, and cyber), property and auto.
“Insurance is important protection for any business, but few small businesses have the time to actually read through the policy forms that are supposed to protect them,” explained Berkshire Hathaway Chairman Warren Buffett.
THREE will be delivered directly to small businesses, bypassing brokers or third parties in a move the company says will minimise the risk of not knowing what is being covered, and which policy might apply.
“With THREE a small business can be confident in the protection it is getting, because the whole policy can be read in a few moments,” added Buffet.
“Every day, America’s small businesses prove that great things come in small packages. Now they can get insurance on the same basis.”
This new product is due to be rolled out across the U.S as quickly as state regulatory filings and approvals can be obtained.