PRODUCT: Cover Your Assets (CYA) In-Home Business Owner's Policy

COMPANIES: Arbella Insurance

BEST RATING: A

AVAILABILITY: Available to appointed agents and brokers only.

FOCUS: Recently, Arbella Insurance Group launched the Cover Your Assets (CYA) In-Home Business Owner's Policy program. The new endorsement provides general liability and business personal property coverage and is designed to meet the needs of Massachusetts small businesses operated from a residence when Arbella also writes the insured's Massachusetts homeowners policy.

“During the pandemic, many people found creative ways to make money, like starting a business in their own home," says William Hughes, vice president of commercial lines, Arbella Insurance Group. “Our new CYA BOP was designed specifically with those home-based entrepreneurs in mind. As a leader in commercial insurance, we are committed to serving business owners and helping them protect their young companies." 

COVERAGE DETAILS: To qualify for a CYA BOP, the insured must have an Arbella homeowners policy. Arbella's CYA endorsement strips out coverage for buildings and structures from the BOP because coverage for real property will be provided by the insured's Arbella homeowners policy.

The CYA BOP provides up to $100,000 coverage for business personal property. For business liability, CYA BOP provides a $1 million per occurrence general liability limit and $2 million aggregate. Over 75 business classes are accepted.

UNDERWRITING: Insured must be a registered business with a federal employer identification number. The business must operate in or from a single-location residence covered by an Arbella homeowners policy with limited operation outside the home and limited customer traffic into the home and gross annual sales of $500,000 or less.

MINIMUM PREMIUM: $250

TARGET: Registered, single location Massachusetts home-based businesses with limited operations outside the home and limited customer traffic into the home. These businesses can include but are not limited to bakeries, barbershops or salons, accounting services, photographers and many retail operations.

COVERAGE AVAILABILITY: Massachusetts.

CONTACT: David Zawilinski, director, commercial lines underwriting, Arbella.

Will Jones is IA editor-in-chief.