The EPO product is now accessible by the wider commercial property market. Image courtesy of sxc.hu
, the leading commercial insurer, has begun offering its Essential Property Owners (EPO) proposition to the wider broker market following a successful six-month period of exclusivity with a specific group of brokers including NIG First. Selected brokers are now being invited to access EPO as the company takes to the road to promote the product across the country.
Introduced to the NIG First community back in January 2012, EPO is an SME-focused version of NIG’s Premium Property Owners (PPO) product. It was developed following feedback from brokers that the SME market can be underserved in terms of policy coverage. EPO has core benefits including damage to buildings, loss of rent, property owners’ liability and engineering breakdown, and a suite of additional covers can also be added such as employers’ liability, legal expenses and financial loss.
EPO sits between NIG Network’s property products and PPO, and completes NIG’s end-to-end property strategy. NIG Network’s package products include Commercial Landlord and Residential Landlord; PPO, which was launched in July 2010 for NIG’s large property owning clients, continues to be extremely well received and has enabled NIG to significantly grow its market share and profile in the sector.
Stewart Anderson, Head of Property Owners at NIG, said: “EPO has been well received during its initial period. We were keen to make EPO available to other partner brokers in the market after this period as there is a great opportunity to grow our market share based on the strength of its policy coverage and our sector expertise. We have high expectations for the performance of the product. In our view it fills an important gap in the SME market and completes the property portfolio at NIG.
“We have had an extremely positive market response since spearheading our push into the property owners market two years ago via PPO, and with EPO we believe we have identified a new demographic that requires a similar innovative approach to policy coverage.”