InsurTech100 company CoverWallet has released a new digital insurance product aimed at venture capital-backed startups.
The new service is a management liability package, letting startups purchase and manage Directors & Officers insurance (D&O), Employment Practices liability (EPL), and Fiduciary coverage online.
This package is aimed at companies in seed through to Series C stages of growth. CoverWallet has a similar product, CoverStartups, which is aimed at high-growth companies.
The new tool will be based on an algorithm that assigns a rating factor on a venture capitalist’s past performance. Investors are grouped into tiers in relation to their track records and due diligence processes. CoverWallet claims this will reduce tha application process and offer better protection.
The policy includes access to an online insurance management platform, monthly or annual payments and coverage for Employee Stock Ownership Plans (ESOPs).
CoverWallet CEO and co-founder Inaki Berenguer said, “After launching CoverStartups two years ago, we saw the need for a better insurance experience and product for high-growth startups when it came to management liability, and especially D&O coverage.
“By continuing to take a customer-centric approach and harnessing new datasets, CoverWallet is able to deliver startups a faster, simpler and more convenient experience for buying and managing insurance.”
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