PURCHASE, N.Y. - MasterCard International is offering insurance policies to its small-business members through its Web site.
Under an agreement with ePolicy.com Insurance Services Inc., a Torrance, Calif., online insurance brokerage, ePolicy has been linked to MasterCard's small-business site.
Steve Abrams, senior vice president of corporate payment solutions at MasterCard, said the association made the deal to deal with small-business concerns about the expense of insurance policies. An "easy-to-use, low-cost insurance service consistently ranked among the most critical needs of small business," he said.
EPolicy says businesses can sign up for professional liability packages from large insurance carriers, including American International Group Inc. and Fireman's Fund Insurance Co., through its Web site "in as little as 15 minutes." No paperwork is involved, since the policies are activated online.
In a MasterCard press release, Donald E. Martin, co-founder and chief executive officer of ePolicy, cited the card association's "reach and strong brand recognition" as a boon for his company.