Empire State Development Announces CoverWallet Opens Monroe County Location

Insurtech Startup is Leasing Space in the Town of Brighton; Will Create at Least 95 New Jobs, Investment Complements “Finger Lakes Forward” – The Region’s Comprehensive Strategy to Revitalize Communities and Grow the Economy

May 2, 2018

Empire State Development (ESD) today announced that New York City based CoverWallet has opened a new location in the Town of Brighton, Monroe County. The firm, which is headquartered in New York City, uses analytics and state-of-the-art-technology to provide a convenient, simple and transparent online platform to assist small businesses with insurance. The successful company plans to create at least 95 new jobs in the region over the next five years at the location on Linden Avenue. Empire State Development is assisting the project with a $76,000 grant. The total project cost has been placed at $380,000. The company plans to grow its sales division at the new location.

Empire State Development President, CEO & Commissioner Howard Zemsky said, “CoverWallet’s online insurance platform demonstrates how technology can benefit small businesses – 98 percent of all NYS businesses – and the company’s decision to expand beyond their New York City headquarters shows the strength of the Finger Lakes economy.” 

Founded in 2015, CoverWallet works with small businesses across all industries, from trucking and retail to construction and professional services.

“We are experiencing tremendous growth at CoverWallet by delivering a convenient platform to small businesses that have previously had to deal with complex and time consuming processes to get insured,” said Paul Rosen, Chief Operations Officer at CoverWallet. “With top talent in sales, technology and insurance, Rochester was a natural fit for us as we look to expand our team and grow our customer base, and we are thrilled to join the thriving business community in the region.”

Through the company’s platform, small businesses can find information about types of policies, get quotes, buy insurance, and manage claims. The company helps businesses secure policies including general liability, workers’ compensation, commercial property, business owners policies (BOP), and cyber liability, among others.

State Assembly Majority Leader Joe Morelle said, “CoverWallet is on the cutting edge of a fast-growing tech service industry that is providing innovative, cost-effective insurance solutions to small businesses and I am so excited to welcome them to our community. Their decision to locate in Brighton will create new job opportunities with good wages that will help to strengthen our economy and ensure a brighter future for all who call our region home.”

State Senator Rich Funke said, "The decision by CoverWallet to expand their operations to our region exemplifies our highly trained workforce, one that can meet their needs and those of any business. We continue to see solid growth in the high tech industry and this is yet another example. Upstate New York is a wonderful place to work and raise a family. I hope to see more companies take advantage of what we have to offer." 

More information about CoverWallet click here.

Accelerating Finger Lakes Forward 

Today’s announcement complements “Finger Lakes Forward,” the region’s comprehensive blueprint to generate robust economic growth and community development. The State has already invested more than $5.2 billion in the region since 2012 to lay the groundwork for the plan – investing in key industries including photonics, agriculture‎ and food production, and advanced manufacturing. Today, unemployment is down to the lowest levels since before the Great Recession; personal and corporate income taxes are down; and businesses are choosing places like Rochester, Batavia and Canandaigua as a destination to grow and invest in.

Now, the region is accelerating Finger Lakes Forward with a $500 million State investment through the Upstate Revitalization Initiative, announced by Governor Cuomo in December 2015. The State’s $500 million investment will incentivize private business to invest well over $2.5 billion – and the region’s plan, as submitted, projects up to 8,200 new jobs. More information is available here.

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Shari Voorhees-Vincent | [email protected] | (585) 399-7055
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