Why is small business insurance so complicated? It’s a question that Berkshire Hathaway’s out to answer.
Boasting a simple, plain English approach, Berkshire Hathaway’s new insurance Brand, THREE, is looking to make small business insurance a more straight forward and lower-priced product.
Traditionally, small businesses seek separate coverage for business property, professional liability, worker’s compensation insurance, commercial vehicles, cyber coverage, and directors and officers coverage, but THREE is looking to modernize coverage by offering comprehensive insurance that covers all of these areas.
THREE is a brand of Berkshire Hathaway Direct Insurance Company, and a company representative says it will save customers roughly 20% over the cost of these insurances purchased separately.
With an inclusive policy, the company notes that customers will be less likely to find that they have gaps in coverage despite owning multiple policies.
“Most policies take pages and pages of legalese to tell you what’s not covered,” a THREE representative noted. “Our three-page, plain-English policy eliminates all that by making it comprehensive.”
For now, THREE is available in Connecticut, Illinois, Nebraska and Texas, with the plan to be available in most states by 2020.
© 2019 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.