Direct bringing competition to small-business space
Direct writer TD Insurance has launched TD Insurance for Business, which will offer commercial property, commercial auto for business vehicles and commercial general liability coverage to Canadian small businesses.
Coverage will initially be available in Ontario, followed by other provinces, according to a press release.
“At launch [we’re] targeting micro and small businesses in lower-risk segments,” said Tony Menon, senior vice president of general insurance at TD Insurance. “Initial industries include retail, contractors, wholesale, business and professional services, and health care. In the future hospitality, manufacturing and realty will be added.”
The move expands the company’s direct-to-consumer insurance model to the small business market.
Initially, access to the offering will be through “a dedicated phone channel of licensed commercial advisors,” Menon told Canadian Underwriter. “We will continue to build our digital offering and will add the ability for business owners to get a quote online/digitally in the fall.”
While the offering may evolve following launch, Menon said, “We are currently not contemplating specialty lines in the near term.”
TD Insurance’s website lists numerous business types in the professional services, retail and wholesale, and contractor segments that could obtain coverage.
These include, but aren’t limited to, brokers and consultants, accountants, health and wellness providers, lawyers, dentists, employment agencies, cleaning services, veterinarians, engineers, pet shops, sporting goods stores, bakeries, pharmacies and contractors.
“We know there is unmet demand to provide protection to small businesses, and by leveraging our…direct-to-consumer operating model and expertise, it allows us to enter this market from a position of strength and extend protection to a new customer segment,” James Russell, executive vice president, president and CEO, TD Insurance commented in a press release.
Feature image courtesy of iStock.com/svetikd
