SAN FRANCISCO--(BUSINESS WIRE)--Embroker, the digital platform making it radically simple to get business insurance, today announced the release of its digital Excess Tech Errors & Omissions (E&O) Product, available immediately to brokers. The Embroker platform widens the number of policies brokers can write over while decreasing the time it takes to source this excess coverage, with limits up to $5 million.
This solution helps to fill a pervasive gap in insurance's wholesale market for digital Excess Tech E&O and Cyber policies. Historically, it’s been difficult for traditional carriers to find excess coverage for insurtech policies, making it hard for brokers to provide the coverage their clients need. Embroker’s Excess Tech E&O and Cyber offering — accessible online — is available to wholesale brokers with firms who hold surplus lines licenses, or through one of Embroker’s licensed partner firms.
Easier for Brokers, Better for Businesses
This tool ultimately cuts down on the work involved for brokers, allowing them to provide better service to their customers and get them the necessary coverage at the best price. Using just their in-house broker resources, businesses can now access excess coverage to protect against increased risks or meet new contractual obligations.
“Before insurtech innovations, our job as brokers was largely manual,” said Carrie Ligocki, broker at RLA Insurance Intermediaries. “This new digital option brings a speed and ease-of-use that is hard to beat. It allows me to quickly manage rush submissions without having to wait several days for a quote, which is my favorite feature of this new digital offering.”
“The problems that brokers face in building towers and securing needed capacity ultimately trickle down to impact their business clients,” said David Derigiotis, chief insurance officer at Embroker. “By tapping into the pain points of brokers and giving them the tools to alleviate these holdups, we can bring tech companies the expanded coverage they need before they need it — all online, using their trusted broker, with no delay.”
For more information on Embroker’s Excess Tech E&O Cyber Product visit https://www.embroker.com/for-brokers/.
Embroker is transforming commercial insurance by making it radically simple for businesses to get the right insurance at the best price. Embroker focuses on industry-specific coverage for the most complex and inefficient lines of insurance, such as Directors and Officers, Employment Practices Liability, Cyber, and Professional Liability. Embroker uses predictive modeling powered by proprietary technology to fully automate underwriting and make the buying process simple, fast, and more affordable. Through Embroker Access, Embroker provides partner agencies and wholesalers with the capability to offer all of Embroker’s industry-leading insurance products to their customers. Founded in 2015, Embroker is headquartered in San Francisco and has raised more than $140M in funding from leading Fintech and Insurtech investors.