The Medical Protective Company (TMPC) and Wellfleet Insurance Company (WIC) have submitted their first Businessowners Policy (BOP) filing in North Carolina. The program, filed on July 25, 2025, is set to launch for both new and renewal business starting September 1, 2025.

Built on ISO’s BOP framework, the new product combines ISO rates, rules, and forms with independently developed rates and underwriting guidelines. TMPC and WIC note they will not automatically adopt future ISO loss cost updates, opting instead to make independent filings in accordance with state regulations.

The offering targets small businesses with up to $10 million in annual revenue and building values, and up to $5 million in business personal property at a single location. Due to the lack of credible in-state BOP data, initial rates rely on ISO benchmarks, competitor programs, and actuarial judgment.

The filing introduces extensive rate and rule tables, including terms for employee dishonesty, equipment breakdown, EPLI, cyber liability, identity recovery, flood, and water backup. Employment-related liability rates, for example, start at $33 for businesses with 1–25 employees, while identity recovery is priced at $9 annually per policy. Cyber coverage includes tailored rate structures for healthcare professionals and office risks.

TMPC and WIC emphasize their long-standing experience insuring medical professionals as a strength in underwriting and risk selection. This is an initial product launch with no current policyholder or premium data. The overall rate impact is neutral.