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Dubbed “Three,” the product provides coverage for workers compensation, multiple liability coverages, property and auto into “three straightforward, plain English pages,” according to a press release. Berkshire Hathaway Insurance Group will offer the streamlined product directly to small businesses.
“Insurance is important protection for any business, but few small businesses have the time to actually read through the policy forms that are supposed to protect them,” Buffett said in a statement. “With Three, a small business can be confident in the protection it is getting, because the whole policy can be read in a few moments. Every day, America’s small businesses prove that great things come in small packages. Now they can get insurance on the same basis.”
Berkshire Hathaway said the simplified offering for small businsses will be rolled out on a state-by-state basis as soon as regulatory filings and approvals are cleared. The firm also made a preview of its “Three” policy” available online.
Shares of prominent insurers, including Travelers and Hartford Financial Services, were mostly flat in trading Monday.