Embroker, a digitally-native business insurance company with more than a decade of experience, has announced the launch of the Embroker Management Insurance Suite (EMIS), a comprehensive management liability product built to serve private companies – from pre-revenue startups to established businesses.

EMIS consolidates and replaces Embroker's two previous management liability products into a single offering.

"Private companies have historically had to piece together management liability coverage through multiple applications, multiple underwriters, and multiple timelines just to get D&O, EPL, Fiduciary, and Tech E&O/Cyber coverage in place. EMIS brings all of that into one application and one underwriting flow. It's a more competitive, more complete product built around how private companies actually want to buy insurance – simply and quickly," said Andy Lea, Chief Insurance Officer at Embroker.

The launch reflects a broader insurtech push to digitize commercial insurance, where newer digitally-native carriers have competed with traditional carriers and brokers on speed and simplicity of purchase.

A broader eligibility footprint

EMIS is open to a wider set of companies than either of the legacy offerings. The product extends beyond the technology sector, serving private companies across professional services, manufacturing, construction, wholesale trade, and other industries. Updated rates are designed to ensure the coverage is priced competitively for today's market.

Four coverages, one application

EMIS combines four coverages into a single application:

• Directors & Officers (D&O) liability – protecting the personal assets of executives, officers, and board members
• Employment Practices Liability (EPL) – covering claims such as wrongful termination, discrimination, and harassment
• Fiduciary Liability – covering mismanagement of employee benefit plans such as 401(k)s and health plans, which in the U.S. are generally governed by ERISA, the federal law that sets fiduciary duties for private employers' benefit plans
• Technology Errors & Omissions / Cyber Liability – available to eligible technology companies, covering claims arising from product failures and data breaches

For private companies, these coverages have typically been purchased as needs arise – D&O often when a board is seated or investors require it, EPL as headcount grows, and fiduciary coverage once employee benefit plans are established.

Companies can select individual coverages or purchase them as a bundle, and applicants may receive an underwriting response in the same session, replacing a process that has traditionally taken days or weeks.

Transition for existing policyholders

At present, existing legacy policyholders are not required to switch and will continue to renew their current products, although those legacy products are no longer available to new customers. EMIS applies to new business only, unless a current policyholder chooses to go through a new business application process in order to take advantage of EMIS updates.

With the legacy products closed to new business, EMIS is now the entry point to management liability coverage for new Embroker customers, leaving two practical points to watch as the rollout proceeds: whether existing policyholders choose to reapply early, and whether the widened eligibility draws buyers from beyond the technology sector.

Source: GlobalFinTechSeries