Verisk launched a new program designed to help insurers cover small business risks unique to the gig economy. Kovrr, a cyber risk modeling company, has developed what it bills as an easy-to-use open framework to measure and understand catastrophic cyber risk exposure.
Data analytics provider Verisk launched a new Micro-Businessowners (Micro-BOP) insurance program to help insurers cover the unique risks of small businesses that are often part of the gig economy, run out of a home or shared workspace, and staffed by four or fewer employees.
Verisk’s Micro-BOP Program is a streamlined version of its Businessowners Program and provides only the property and liability coverages that the smallest of businesses typically need. Instead of offering coverage for a property at a specific address, the Micro-BOP Program features business personal property coverage that is mobile in nature, whether such property is in a home, shared-office space or other location.
Many micro-businesses are joining local business organizations to help them grow. At the Hudson County Chamber of Commerce in New Jersey, more than 10 percent of its 700 businesses operate out of homes and shared workspaces, Verisk said.
Kovrr, a cyber risk modeling company, has developed what it bills as an easy-to-use open framework to measure and understand catastrophic cyber risk exposure.
The CRA-Zones framework defines the minimal elements needed to provide a view of cyber risk aggregations, allows for analysis across multiple portfolios of risks and allows for monitoring of exposure trends, the company said.
CRA-Zones groups cyber risk via a zone based on three elements: geography, industry and entity size.
Kovrr designed the framework during its participation in the fourth cohort of Lloyd’s Lab, the insurance technology accelerator operated by Lloyd’s of London. The framework has been designed with input from Lloyd’s market syndicates, cyber risk experts and cyber insurance industry professionals, who provided mentoring over the course of a 10-week program.
Source: Verisk, Kovrr