Homeowners insurtech MGU SageSure has launched a business owners policies (BOP) program in South Carolina with A- AM Best paper from SafePort as it broadens its offering into the commercial market.
The Jersey City, New Jersey-based firm run by Terry McLean said it was bringing a new line of commercial insurance products to underserved coastal markets, starting with South Carolina, followed by Florida.
The commercial product line, including the BOP offering, provides coverage for over 300 classes of business in six industry groups, such as office, retail and wholesale, restaurants, service and processing, habitational and real estate.
The MGU says it has a strong emphasis on innovation-focused insurance and technology, and looks to combine new and emerging technologies, including an easy-to-use quoting interface and intuitive agent portal that can deliver quote-to-bind in only five minutes.
“SageSure has been delivering competitive products with coastal capacity to the residential space for a decade and we’re ready to offer this same strength to small businesses with our commercial products,” said the firm’s CEO McLean.
“Insurance in underserved areas is our specialty and 100 percent of our business is designed for challenged markets. We are serving areas where many insurance carriers simply won’t do business. It’s time for us to bring our stability to the commercial space.”
The MGU added that its proprietary rating methodology means it can write commercial business within 1/10 of a mile from a primary shoreline in most coastal areas.
SafeSure is program manager for SafePort on its homeowners business in Florida, Louisiana, North Carolina, South Carolina and Texas, as well as the new BOP offerings in Florida and South Carolina.
Other carriers the MGU partners with include Acceptance Casualty Insurance Company, FedNat, Harco National, Independent Mutual, Occidental Fire and Casualty Company of North Carolina, Service Insurance Company, IAT and Wilshire Insurance Company.