Business News: CoverHound, Tokio Marine America, GEICO

CoverHound, an insuretech company that allows customers to compare and purchase insurance online, is applying that unique selling proposition to commercial insurance by adding a full suite of business insurance offerings to its online platform at CoverHound.com, where small business owners can compare accurate rates and custom coverage options from leading insurers.

Focusing on small businesses with fewer than 20 employees and gradually expanding to cover larger businesses, CoverHound will offer coverage from Chubb, Liberty Mutual, Berkshire Hathaway Direct, Hiscox, Progressive and Employers, with other carriers set to join in the future. Customers can start the quoting process on desktop or mobile, and connect by phone with a licensed insurance advisor, who will provide objective advice and help small businesses evaluate their risks and find the right coverage options.

CoverHound provides six types of insurance coverage for small businesses:

• General liability, which covers claims or lawsuits brought by a third party for bodily injury and property damage caused by the business’ products, services, operations or employees.
• Professional liability (also called errors and omissions coverage), which covers damage stemming from professional services provided by the business owner that did not have the intended results.
• Business owners policy (BOP), which combines general liability and property insurance into one package.
• Workers’ compensation, which is required by law and protects employees if they are injured on the job, covering both medical treatment and lost wages.
• Commercial auto, which covers damaged property and medical bills resulting from an automobile accident if the business owner or an employee is found at fault.
• Cyber insurance, which covers damages caused by cybersecurity breaches. CoverHound will launch CyberPolicy.com, where small businesses can shop for cyber insurance and cybersecurity tools, later this year.

Tokio Marine Management, Inc. (TMM), a commercial property and casualty insurer for large- and middle-market companies and a U.S. subsidiary of Tokio Marine Holdings in Japan, announces its rebranding to Tokio Marine America (TMA).

The new brand represents the company’s strategic vision to expand the products and services that it has delivered to Japanese businesses in the U.S. for more than 100 years to include U.S. headquartered national and middle-market businesses.

Tokio Marine America employs over 400 employees in 11 cities across the United States.

To meet the growing consumer appetite for Uber, Lyft, Split and other on-demand services, GEICO introduced its low-cost ridesharing product to 10 more states (Alabama, Idaho, Kansas, Delaware, Maine, Tennessee, Wisconsin, Minnesota, Missouri and North Dakota), in addition to the product being offered in 24 states and the District of Columbia.

GEICO combined the coverage options of two separate policies into a single policy, eliminating the coverage gap between ridesharing and personal use whether or not if the driver is logged into the transportation network company’s app. GEICO also offers drivers the flexibility to work with multiple transportation network companies.