SME-focused insurtech Coverly 'sadly closing' for new business

SME-focused insurtech start-up Coverly, which specialises in on-demand products for small businesses, has announced that the company is closing for new business.

The pay-as-you-go insurance start-up was launched in 2019 by managing director Jodi Cartwright.

The company stated that the existing policies will remain active until their expiry date, but Coverly will not renew the cover. All policies due to renew on or after the 14thAugust 2020 will cease at its expiry date.

"We are no longer issuing new policies and cannot offer any new quotes," Coverly said in a statement on its website. "As of 17th July 2020, we are no longer offering small business insurance as we are sadly closing."