APOLLO Insurance Solutions has added coverage for trades and contractors to its growing catalogue of digital insurance products.
The new trades and contractors insurance includes commercial liability, with up to $5 million limits for companies generating $3 million or less in Canadian revenue. The policy also features a tools and equipment floater of up to $150,000 as well as tenant legal liability of up to $500,000. Companies with the insurance are also covered for up to three operations under the same businesses name and can choose to pay for coverage through monthly or annual payments.
It is now available through the APOLLO Exchange digital marketplace in Alberta, British Columbia, Ontario, New Brunswick, Nova Scotia, and Prince Edward Island.
Businesses eligible for the product include plumbers, electricians, HVAC, and similar others. According to APOLLO, this new offering services its core product vertical of construction and contractors. The managing general agent’s other verticals include home, tenant, business and professional services, as well as health, beauty and wellness.
The new offering comes right after Definity Financial Corporation – the parent company of Economical Insurance, Sonnet Insurance Company, Petline Insurance Company, and Family Insurance Solutions – acquired a minority interest in APOLLO, becoming a strategic partner of the MGA. A release noted that APOLLO’s new product was launched in collaboration with Definity.
Shortly after revealing the initial minority equity investment deal, APOLLO had announced that it had also secured a Series B funding round from Definity.
"APOLLO is excited to expand our coverage offerings to the quickly-growing Trades and Contractors industry. It’s our mission to make the insurance buying process effortless, in-line with modern consumers' expectations," said APOLLO co-founder and CEO Jeff McCann. "Definity and APOLLO share a deep commitment to using technology to deliver a seamless insurance experience, regardless of the distribution channel or industry.”