Openforce introduces three new insurance coverages for independent contractors through partnership with One80
Openforce + One80 intermediary
Openforce is expanding its insurance portfolio to give independent contractors access to the critical protection they need on the go.
The unique structure of the program provides broad coverage while also providing the flexibility to take advantage of the specific coverage options required for each contractual position that the ICs must meet. “
– Wendy Greenland, CEO of Openforce
PHOENIX, AZ, UNITED STATES, April 14, 2021 /EINPresswire.com/ – Openforce, the leading provider of technology-driven solutions for freelance organizations offering onboarding, fulfillment, compliance and risk mitigation, today announced the start of three new employees Insurance offers consisting of commercial liability during shipping (WUD), general liability (GL) and freight. Insurance coverage is offered through ICM Insurance Services, LLC, a licensed broker and wholly owned subsidiary of Openforce.
ICM Insurance Services developed the program with One80 Intermediaries, a Program Underwriting Manager who specializes in niche marine insurance programs. The three new offerings are specifically designed for Independent Contractors (ICs) to meet their specific needs for the provision of their services.
“We are very excited to be working with One80 Intermediaries to bring these offerings to market,” said Wendy Greenland, CEO of Openforce. “By setting up WUD, GL and freight insurance as a program, we offer added value to both the ICs and the contracting companies they hire. The unique structure of the program provides broad coverage while also providing the flexibility to take advantage of the specific coverage options required for each contractual position that the ICs must meet. Compared to industry standards, our program enables us to offer comprehensive coverage at a highly competitive market price. ”
Openforce offers access to all three WUD, GL and freight insurances and offers both contractors and the ICs commissioned with them numerous advantages.
Contracting IC companies can rest assured that this essential coverage is in place while the IC is shipped. The premiums for these policies are deducted directly from the contract statements to ensure coverage never expires and to remove the administrative burden of keeping track of individual DEC pages and expiration dates.
The negotiated tariffs are also affordable as the consolidated purchasing power of the ICs is part of a larger population that is enrolled and managed through a program.
ICs benefit from these lower rates that put money back in your pocket. No down payments are required, which saves contractors upfront costs. Rewards are not valued if the IC is not shipped and ensure that they are only protected when needed and applicable. The integration of the coverages into the Openforce platform provides convenience and simplicity of registration, as ICs do not have to search for tariffs or work with external sources to obtain cover.
“While the US economy is becoming increasingly dependent on independent contractors, it is often very difficult to get the coverage ICs need to perform their critical services. At One80, we are very excited to be working with the innovative team at Openforce to bring these three new insurance offerings to market that will benefit both ICs and the companies they contract with, ”said Joy LaFrance, Chief Underwriting Officer of One80 Intermediaries.
While under dispatch insurance is specialized liability insurance and ICs must keep their personal auto policy for vehicle registration, this coverage is beneficial for both contractors and ICs as it includes additional coverage that personal auto policies normally do not provide . It is a much more cost effective way to have commercial level coverage.
General liability insurance expands a cover position by closing gaps between other essential covers. This policy protects against many forms of third party claims, such as: B. bodily harm, property damage and advertising or reputational damage if the IC is held liable.
Freight insurance covers the physical goods that ICs are transporting, so contractors can avoid out-of-pocket damage coverage or corporate policy claims. The contractual requirement that ICs have their own freight policies protects the goods being transferred in the event of an accident and / or theft during transit, and can help avoid the chargeback trap if the IC departs prior to the reimbursement.
For more information on shipping, general liability and cargo insurance policies, or how to get started, visit the Openforce information page.
Openforce supports the registration and management of insurance coverage options issued to contractors, or Openforce can present insurance options available through our affiliate programs. All insurance options offered through Openforce are offered through ICM Insurance Services, LLC and are available to registered ICs connected to Openforce. All coverage is subject to terms and conditions and exclusions.
Openforce® is a leader in technology-driven services that lower operating costs and reduce compliance risk for companies that use independent contractors. Openforce frees contractors from the burden of onboarding, contract and processing and helps contractors build their business. Our cloud-based applications help companies achieve more sustainable and profitable growth by removing financial, operational and compliance barriers to doing business. Openforce is a portfolio company of Boston-based private equity firm Riverside Partners. Learn more at www.oforce.com.
About One80 Intermediaries
One80 Intermediaries is a privately held insurance wholesale broker and program manager with offices in the United States and Canada. Provides market leading access to all major insurance markets in the US, UK and Canada as well as an internal mandatory agency for property and casualty, financial and personal insurance, life insurance, medical stop loss, travel / accident and health and warranty coverage. One80 serves commercial businesses, nonprofits, public institutions and individuals with coverage that covers all classes of industry. We have offices in more than 33 locations in the United States and Canada, including Boston, New York, Chicago, Philadelphia, Cleveland, Cincinnati, Charlotte, Miami, Atlanta, Houston, Dallas, Denver, San Antonio, Omaha, and San Diego. as well as offices in Toronto, Montreal and Lachine, QC. Learn more at www.one80intermediaries.com.
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April 15, 2021, 04:54 GMT
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