AXA Launches Small Professionals Lines

by Stewart Douglas

Story link: AXA Launches Small Professionals Lines

Insurer AXA has today announced the creation of two new types of insurance cover, targeted to those small businesses operating without their own premises, in a bid to capitalise on the growing small business market.

The two new product lines will be fully automated, and encompass over 450 different small business trades which the company is hoping will help generate an extra £500 million annually in gross written premiums as parts of its wider product expansion strategy.

The products are designed to supercede the insurer’s existing small business products, Solo Gold and Venture Plus, and are targeted specifically to those small businesses with turnover of less that half a million pounds and no more than eight full time employees on their book.

The new policies will be made available to the market primarily through AXA Business Risk electronically, and will contain amongst other things bundled cover for up to £5 million in public liability insurance as well as specific professional indemnity cover depending on the type of trade to which they relate.

Speaking today on the launch, Gary Stott of the Commercial Lines division at AXA said that the launch of an individual Professionals product line was a first for the insurance industry, and was reflective of AXA’s ongoing commitment to the development of cover for small business professionals.

Adding to the launch today Stott said that the insurer was actively growing its range of insurance cover with a view to diversifying its interests in the more niche commercial product markets.

The policy wording has covered the full range of recognised trades in order to provide more specific policy cover to cater to the needs of the smaller professional or independent trader.