Progressive, known for its quirky television ads about insuring your car from runaway shopping carts and other hazards, is getting into the pet insurance business.
Progressive Corp. (NYSE: PGR) in Mayfield Village, Ohio, is entering the voluntary benefits market by partnering with Pets Best, the pet insurance company in Boise, Idaho.
The partnership's Progessive Pet Insurance by Pets Best is aimed at employers who want to add pet insurance as a voluntary employee benefit.
The Progressive-branded product will be written and serviced by Pets Best, which is part of CareCredit, the healthcare credit card provider.
According to the American Pet Product Association, about 85 million households in the United States spent $29.3 billion on veterinary care in 2019.
"Pet ownership in this country is at an all-time high, and costs for veterinary care continue to rise as we see more sophisticated medical technologies and improved treatment options," said Chris Middleton, senior vice president and general manager of Pets Best, in a written statement.
"To help address this challenge, many pet owners are turning to pet insurance for protection," Middleton added. "This expanded product offering with Progressive allows us to reach even more business owners, HR managers, brokers and decision-makers who turn to Progressive for their commercial insurance needs."
Progressive has been offering Pets Best pet health insurance plans to dog and cat owners since 2009.
"We understand that employers are looking for ways to create more comprehensive and competitive benefits packages," said Drew Purcell, business development leader at Progressive in a written statement.
"Employees are placing increased importance on work perks that complement their lifestyles and recognize what's important to them," Purcell said. "By offering pet insurance as a voluntary benefit, employers can tap into the strong bond that many people have with their pets."
There's no cost to employers to add Progressive Pet Insurance by Pets Best as a voluntary benefit. The benefit is available to companies of any size and can be added at any time throughout the year.