XO launches PI offering for freelancers

Tools

Company said the product is also suitable for SMEs with turnover below £1.5m.

XO, formerly Xbroker, has announced a new professional indemnity offering for the self-employed.

The provider said the policy, titled ‘freelancer’, is also suitable for SME businesses with turnover up to £1.5m.

The product has an indemnity limit of £2m, with or without retroactive cover.

Lyndon Wood, CEO at XO, commented: “Freelancer enhances our product offering. This is the perfect time for us to provide brokers with the option to provide self-employed professionals and SMEs with professional indemnity insurance and the option of having public liability and employers’ liability as part of the same product.”

Aside from the new offering, XO’s product line comprises of construction combined liability, general combined liability, contractors’ all risk and tradesman Insurance.

Ownership
XO is a part of Moorhouse Group, also headed up by Wood.

Financial results published by the group in July 2019 showed that turnover fell from £7.50m in 2017 to £6.22m in 2018.

Similarly, profit before tax fell from £570,000 to £500,000 over the same period.

Wood explained that the dampened results were due to investments in product, technology, and recruitment.

“The foundations have been laid for 2019,” he concluded.

Today (6 November), a spokesperson for Moorhouse Group told Insurance Age that the firm has since grown and will be targeting turnover of more than £7m in 2019.

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