For the complete documentation index, see llms.txt
For the complete documentation index, see llms.txt
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Insurance Coverage Requirements and Guidelines for Clients on the Unit Platform
# Insurance Requirements for Clients Using the Unit Platform
Insurance coverage is mandatory for all clients before launching on the Unit platform to protect against unforeseen challenges or negative events. The required coverage amounts depend primarily on your total user base. Below are the details of coverage requirements, types, and purchasing guidelines.
## Coverage Amount Requirements by User Count
| Coverage Type | <50k Users | 50k-250k Users | >250k Users | Notes |
|----------------------------------|----------------------------------|----------------------------------|---------------------------------|--------------------------------------------------------------------------------------------|
| **General Liability (excluding Property)** | $1 million per occurrence + $2 million aggregate | $1 million per occurrence + $2 million aggregate | $1 million per occurrence + $2 million aggregate | Unit must be added as an additional insured party |
| **Professional Liability (Errors & Omissions)** | $3 million | $4 million | $5 million | |
| **Cyber Liability & Privacy** | $3 million | $4 million | $5 million | |
| **Crime** | $3 million | $4 million | $5 million | Must include 'third party crime' and wire fraud coverage. Unit must be listed as loss payee. |
| **Workers Compensation** | TBD | TBD | TBD | Requirements depend on the state(s) where your business operates |
> Pre-revenue companies may start with $1 million in Crime coverage and increase over time.
## Explanation of Coverage Types
- **General Liability (excluding Property):** Covers bodily injury, property damage, and personal injury claims from business operations.
- **Professional Liability (Errors & Omissions):** Protects against claims of negligence or errors, including legal defense costs.
- **Cyber Liability & Privacy:** Covers cybersecurity issues such as data breaches, cyber extortion, and related crisis management.
- **Crime:** Protects against losses from employee theft, forgery, financial counterfeiting, burglary, and includes wire fraud coverage if offering wire transfers.
- **Workers Compensation:** Covers employee injuries incurred during work, including lost wages and medical expenses. Requirements vary by state.
## Adding Unit to Your Insurance Policies
- For General Liability policies, add **Unit Finance Inc** as an additional insured party.
- For Crime policies, list Unit Finance Inc as the 'loss payee' (Unit will be reimbursed for covered losses).
**Address to list Unit:**
Unit Finance Inc
114 Fifth Ave
18th FL New York
New York, NY 10011
## Purchasing Insurance
- You may use any insurance provider provided they have an AM Best financial strength rating of at least 'A-' and a size rating of at least 'VIII'.
- Unit can connect you with trusted insurance brokers who understand Unit's requirements:
- [Brush Creek Partners](https://bcptech.co/unit/)
- [Epic](https://epicbrokers.com/)
- [Vouch](https://www.vouch.us/) (Start application at [vouch.us/unit](http://vouch.us/unit) for partnership discount)
Most clients spend between $10,000 and $20,000 annually for the required coverage amounts. Ensure you maintain adequate coverage as your user base grows.
By securing these insurance policies, you comply with Unit's and its bank partners' risk management standards, enabling a smooth onboarding and launch process.
