NIG has released a new insurance product for commercial property owners. The product, called Essential Property Owners (EPO), is a SME-focused version of the companies existing Premium Property Owners (PPO) product.
EPO is targeted at clients typically paying between £5,000 and £25,000 in annual premium for property owners’ insurance.
Initially it is only being released to a limited broker panel but the company aims to offer to a full range of partners later in the year.
The EPO policy has core benefits similar to PPO, including damage to buildings, loss of rent and property owners’ liability; however, a suite of additional covers are optional rather than standard and these can be purchased at an additional price where required.
This ability to buy-in additional covers such as legal expenses, engineering breakdown and financial loss has not traditionally been available in one policy for the SME market.
While PPO has been successful for NIG, broker feedback suggested that the SME market was under-served in terms of policy coverage, which is what prompted EPO.
Stewart Anderson, Head of Property Owners at NIG, said, “We have had extremely positive market response since launching our PPO proposition 19 months ago, and through broker feedback we have identified a demographic that requires a similar package, but who were dealing within different financial constraints.
“This means the ability to pick and choose optional covers as appropriate was key.
“Working with our brokers in this way allows us to be confident that there is a real demand for the benefits that our Essential Property Owners offering has for customers.”