Abacus Launches Program for Professional Small Businesses

PRODUCT: Professional small business package

COMPANY: Abacus Insurance Brokers through three carriers: Hiscox, Allianz and Zurich

BEST RATING: A (Excellent)

AVAILABILITY: Coverage is available to brokers with access to the Abacus online system.

FOCUS: Congress officially recognized the needs of small businesses—those with 500 employees or fewer—in 1953 when it created the Small Business Administration (SBA) to aid, counsel, assist and protect the interests of small businesses.

Today, small businesses in this country employ about half—56.1 million—of the nation’s private workforce, according to the U.S. Census Bureau.

Small businesses have the power to transform the country, which is why Abacus Insurance Brokers launched a professional small business program that provides general liability, errors & omissions, inland marine and workers compensation for 120 classes of business.

“The goal of this program was to structure a unique offering that allows brokers to obtain various lines of coverage from a single entry point,” explains Darren Lewin, vice president of programs at Abacus.

UNDERWRITING: Abacus distributes the program through its broker network online with real-time quoting, issuance and servicing. Online servicing enables quoting, binding and issuance in less than three minutes. Clients can download policies and issue certificates in real time at their discretion.

General and professional liability limits are up to $3 million. Inland marine limits reach $500,000. Workers compensation limits extend to $1 million. Deductibles are $0-10,000 for professional liability and $500-2,500 for inland marine. There are no deductibles for GL and workers compensation.

MINIMUM PREMIUM: $270 for GL, $350 for E&O and $100 for inland marine. Varies by state for workers compensation.

TARGET: Small businesses with revenues up to $5 million. Eligible business classes include architects & engineers, beauty/health/well-being, business consulting, IT consulting and technology, janitorial and cleaning, landscape and lawn care, marketing consulting, retail, real estate professionals and more than 50 others.

Classes are broad enough to encompass diverse professions, such as event planners, web designers, florists, tutors, photographers, psychologists, snow removal professionals, court reporters, strategy consultants, music therapists and yoga/Pilates instructors. COVERAGE

TERRITORY: All U.S. states except Alaska.

CONTACT: Darren Lewin, vice president of programs; Abacus Insurance Brokers, 2512 Wilshire Boulevard, Santa Monica, CA 90403; 424-214-3720.

Ronimarie Acord is an IA contributor.