BOSTON, MA - June 3, 2020
Liberty Mutual Surety announced today it will begin offering business service bonds through CyberPolicy®. CyberPolicy, a licensed and appointed insurance agency, is the sister company of CoverHound and is a marketplace for complete insurance protection for small and medium-sized businesses to compare, quote, and buy business insurance and cyber insurance online.
Insurtech is a new distribution channel for Liberty Mutual Surety. Small businesses can purchase business service bonds via CyberPolicy to protect their customers from dishonest acts such as theft, larceny, or fraud committed by employees at a customers’ premises. Business service bonds are typically required for industries such as janitorial and cleaning services, appliance repair, pest control, and lawn and gardening.
Liberty Mutual Surety plans to make more products available on CyberPolicy.com in the coming year, such as Employee Retirement Income Security Act (ERISA), notary, and license and permit bonds.
“We are excited to be the first surety carrier to partner with CyberPolicy,” said Renee Llewellyn, Vice President, Agency Management and Distribution at Liberty Mutual Surety. More and more customers want to do business online. Now we can be there for them in the online space as well as the traditional agency space. It lets our customers choose how they want to do business with us.”
Keith Moore, CEO and Founder, CyberPolicy noted the importance of Liberty Mutual Surety’s involvement in the platform. “CyberPolicy is thrilled to have Liberty Mutual Surety on board to offer our customers business service bonds and deliver complete protection for SMBs online. They have such a strong, trusted brand, we feel proud that they chose us as their first foray into the insurtech space for business service bonds.”
About Liberty Mutual Surety
Liberty Mutual Surety, a business unit of Liberty Mutual Insurance (LMI), is the 2nd largest surety in the U.S. and a leading surety globally. With locations in more than 15 countries, Liberty Mutual Surety has the capacity, capabilities, and professionals to underwrite all types and sizes of contractors and corporations.
In business since 1912, and headquartered in Boston, Liberty Mutual Insurance is the sixth largest global property and casualty insurer based on 2019 gross written premium. Liberty Mutual Insurance ranks 77th on the Fortune 100 list of largest corporations in the U.S. based on 2019 revenue. As of December 31, 2019, LMI had $43.2 billion in annual consolidated revenue.
Liberty Mutual Insurance employs over 45,000 people in 29 countries and economies around the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property.
For more information, visit www.libertymutualsurety.com.
In 2016, CyberPolicy® became the world's first marketplace to help small businesses compare, quote, and buy cyber insurance online in minutes. Since then, CyberPolicy has expanded its offerings to deliver complete coverage for SMBs adding other core business insurance products as well. CyberPolicy partners with market leaders including Chubb, Hiscox, Progressive, Liberty Mutual, biBERK, Safeco, AmTrust, Hartford Steam Boiler and others to offer the most competitive rates in 50 states and to help small businesses “Plan. Prevent. Insure™" for complete protection. CyberPolicy is dedicated to providing the best in class customer experience and has an industry leading Net Promoter Score of 80. CyberPolicy is a wholly owned subsidiary of CoverHound Inc.