News Summary

SureChoice Underwriters Reciprocal Exchange (SURE) has launched a groundbreaking non-admitted business owners policy (BOP) in California, addressing the pressing insurance needs of businesses facing escalating wildfire risks. With over 400 business classes available, this new initiative aims to support a wide range of industries. In partnership with SageSure, SURE seeks to provide tailored insurance solutions that empower business owners, not just in California but also in several other states. This move is crucial amidst a strained insurance market dealing with increasing wildfire claims and limited coverage options.

San Francisco: A New Hope for Businesses Facing Wildfire Risks!

In a significant move that could shift the landscape of business insurance coverage in California, SureChoice Underwriters Reciprocal Exchange, affectionately known as SURE, has announced the launch of its very first non-admitted business owners policy (BOP) right in the heart of California! With all the challenges facing businesses today, especially with the increased risk of wildfires, this new product comes as a breath of fresh air for many owners who are in dire need of reliable coverage.

Responding to a Growing Demand

As California battles fewer insurance options against the backdrop of rising wildfire risks, it’s important to note that just this year alone, nearly 6,078 wildfires have already scorched over 977,923 acres! To put this in perspective, that’s surpassed the state’s five-year average. With such alarming statistics, one can see why business owners are feeling the heat, quite literally! SURE is stepping in with their much-anticipated BOP program to ease these worries.

A Suite of Options for Diverse Businesses

This innovative program isn’t just a one-size-fits-all solution; it offers more than 400 business classes across eight different industries. These include everything from restaurants and offices to retail, service, and artisan contractors. This wide array of choices is sure to empower business owners in tailoring coverage that best suits their specific needs. Released as part of a larger initiative that already includes dwelling fire and surplus lines homeowners coverage, the BOP program represents SURE’s commitment to supporting the California market.

A Solid Partnership for Success

SURE’s strategy to roll out this program comes thanks to a fruitful partnership with SageSure, a prominent managing general underwriter. Their collaboration aims to enable producers to further expand their business offerings while addressing the insurance challenges traditional markets are too stretched to handle. This friendly partnership unveils a solution that could transform how local businesses protect themselves against unpredictable natural disasters.

Open for Business Beyond California

While California businesses are in focus, it’s also exciting to note that SURE’s BOP program isn’t just confined to the Golden State but is also available in Texas, Louisiana, Florida, North Carolina, and South Carolina. With such expansion, SURE proves its commitment to providing crucial coverage options to businesses across various states!

Protecting Homeowners and More!

As an insurance company founded only in 2021, SURE has already made waves in the industry, specializing in coastal property protection for homeowners. This new initiative brings their total policyholder number to over 300,000 with more than $970 million in in-force premium—a testament to their growing presence and reliability in the market. Rated A, Exceptional by Demotech, Inc., SURE has established a reputation as a provider dedicated to offering not just homeowner coverage but also vital insurance for dwelling fires, floods, and now commercial risks.

A Strained Market for Wildfire Insurance

At the same time, it’s important to realize the landscape isn’t all golden. California’s FAIR Plan, which was created to help folks who can’t find coverage in the private market, is under substantial pressure. Following the destruction of wildfires, claims are piling up, and there’s a request for a staggering $1 billion in additional funding. This situation makes SURE’s new offerings all the more vital for business owners looking for resilience in a financially strained insurance environment.

The Future Looks Bright

While the wildfires continue to pose serious threats, initiatives like SURE’s non-admitted BOP program represent hope and ingenuity for businesses navigating these turbulent times. As California’s economy prepares to weather the storm, having reliable insurance options could be a crucial lifeline for many local enterprises. Business owners should keep an eye on developments in this arena and explore tailored coverage to protect their livelihoods effectively!

New Non-Admitted Business Owners Policy Launched in California