Over 450 trades included in fully automated revamp
AXA has launched two new fully automated products for small businesses without premises to insure.
The products cover a total of 456 trades, representing around £500m in GWP terms, including construction, plumbing, advertising, food and catering, computer and IT and transport.
The products apply to businesses up of to eight employees with a turnover of up to £500,000, and will replace the existing tradesman and professional products, Venture Plus and Solo Gold.
Standard features of the new policies include £1 million public liability cover, with options up to £5 million, while other features, including professional indemnity for some trades have been introduced. All trades have been individually rated.
The products will be available electronically via AXA Business Risk (ABR) or iMarket, or by calling AXA’s Commercial Partner Centre.
Roy Watkinson, AXA’s Technical & Commercial Insurance Director, said: “It is a much broader product range than we have had.
“By doing this on auto-rated products with low premium we are trying to create a new market.”
He said the company was in the process of “actively building” more products.
Gary Stott, general manager of AXA’s commercial lines added: “The needs of small business owners will be better met through these products, as cover can be tailored to business requirements.
“The introduction of Professionals as a stand alone product is a first in the market and is especially important to us, considering our focus on the Professional Services Market.”