AI-powered insurtech Counterpart has announced the addition of Miscellaneous Professional Liability (MPL) insurance to its existing range of management liability products available to small businesses, backed by Bermuda-based re/insurer Aspen Insurance.
Offered in partnership with Aspen, Counterpart’s new MPL product line offers coverage with limits of up to $5 million for private businesses with up to $10 million in revenue.
Counterpart CEO Tanner Hackett said, “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 risks.
“We’re passionate about helping small businesses thrive in this complex economic landscape, and that means making it easier for companies to understand their exposure and secure the coverage they need to succeed.”
Matt Price, Head of FinPro Program Operations at Aspen, added: “Because LPW is designed to protect a variety of business types, the risks can vary dramatically from policy to policy. We are impressed by Counterpart’s MPL product, which is smartly designed is to incorporate data-driven sentiment analysis to determine a company’s unique risks.
“Peer’s customized approach to underwriting opens the doors to many small businesses that would otherwise not have access to this critical insurance coverage.”
Aspen also previously backed both an AI-powered crime coverage product and an excess insurance product launched by Counterpart earlier this year.