The digital insurance programme will enable PayPal’s small business customers in the US to shop for, purchase and manage insurance coverage through Aon’s CoverWallet solution on the PayPal Commerce Platform. Customers can also obtain personalised advice and guidance from Aon’s licensed insurance advisors.
PayPal already offers a range of solutions to help small businesses manage risk, such as seller protection, fraud protection and chargeback protection.
Aon said that small business owners in the US are confronted with the challenge of selecting the most appropriate insurance for their business, and they may not have the time to research, shop for and purchase insurance. As a result, many of these businesses are underinsured, meaning they do not have the proper insurance coverage to fully protect their business. This new initiative is designed to address some of the most persistent challenges small businesses face with their insurance decisions — time, effort, choice and cost.
Jim Magats, senior vice president, payments and SMB solutions at PayPal, said, “This is a challenging time for small businesses and this initiative can help make it easier for PayPal’s small business customers to access a range of insurance solutions to help keep their businesses protected.
“The programme moves forward PayPal’s mission to democratize access to the digital payments and commerce solutions small businesses need to manage their end-to-end business, including managing risk and protecting their finances. Aon’s digital capabilities, risk expertise, insurance carrier relationships and ability to deliver new solutions tailored to our specific small business customers is key to delivering this programme.”
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