Sacramento-based Jet Insurance Services has launched its services, providing bonds and insurance to businesses.
Jet Insurance was initially launched over 50 years ago as California Contractors Insurance Services, but its policies were only available to California contractors. Through Jet, the insurer is hoping to expand is client base.
Currently, the insurance company is licensed and active in nine US states but is expecting to be used across the whole US by the end of the year.
Its goal is to give businesses the best bonding and coverage for the lowest prices. At the moment only contractors and car dealers are able to use Jet; however, plans are to move into other industries over time.
Jet is an online insurer, with businesses able to receive general liability cover to protect themselves from claims such as bodily injury, property damage, or personal advertising injury.
There has been a lot of activity within the InsurTech space this year. Earlier in the month, InsurTech-focused venture capital firm IA Capital closed three new funds which have a combined capital pool of $150m.
Funding into the sector has seen a colossal increase, with total investment volume for 2018 reaching $3.1bn, according to data by FinTech Global. Compared to 2017, which saw $1.6bn raised in the sector, funding increased by 92 per cent.