Counterpart launches miscellaneous PL product with Aspen capacity

Counterpart has added another offering to its suite of products with the insurtech MGA unveiling a new miscellaneous professional liability coverage that will be written with capacity from Aspen Insurance.

The small business focused insurtech said the new offering, which provides limits of $5mn for private entities with up to $10mn in revenue, complements its existing management liability products and services.

Counterpart’s new MPL coverage is available both on a standalone basis or packaged with other offerings including directors and officers, employment practices liability, fiduciary and crime coverage.

As Counterpart noted, while E&O insurance is traditionally associated with professionals such as lawyers, architects or accountants, MPL covers a more diverse list of service professionals including property managers, consultants and third-party administrators.

“The US economy has always been driven by small businesses, and technology is making it easier than ever for professionals to strike out on their own,” said Tanner Hackett, Counterpart’s CEO.

“But these businesses often lack the sophisticated compliance infrastructure of larger corporations - leaving them exposed to greater business and personal risk.

“We are passionate about helping small businesses thrive in this complex economic landscape. And that means making it easier for companies to understand their exposures and secure the coverage they need to succeed,” Hackett added.

Counterpart has been steadily adding to its product offerings after it completed a Series B fundraise that generated $30mn earlier this year.

Since then, Counterpart has launched a crime product written on Aspen paper, as well as excess small business protection which is also backed by capacity from the Bermuda-based carrier. Markel is also a capacity provider to several of Counterpart’s coverages.