Stand Underwriting, backed by Liberty Special Markets, has launched with Balance Sheet Protection (BSP) as its initial product.

The product brings together statutory, employment practices and organisation liability as well as directors’ and officers’ cover.

The agency is aiming at SMEs, with cover available via brokers through an online portal, developed by insurtech uBind, or traditional processes.

Development Underwriter Scott Robertson says the portal provides a faster turnaround in an area where time-consuming processes are more often the norm.

“There are not many statutory liability players where you can get a quote online and bind online,” Mr Robertson tells insuranceNEWS.com.au. “BSP fills the gaps in a conservative market to provide brokers and their clients with a quality product for a wide range of occupations.”

Stand’s website says it was founded by insurance industry veteran Peter Apolakiatis. Network Insurance Group in partnership with Steadfast are backing the venture.

Stand’s binder with Liberty Special Markets is for businesses with up to $100 million turnover.