Property-casualty insurance is the core product for small business owners, but Chubb is now going above and beyond the standard offering to better protect more than 5 million small businesses that operate in the U.S.
PRODUCT: Chubb BOP
COMPANY: Chubb
BEST RATING: A++ (Superior)
AVAILABILITY: Coverage is available to Chubb-appointed independent agents and brokers.
FOCUS: Property-casualty insurance is the core product for small business owners, but Chubb is now going above and beyond the standard offering to better protect more than 5 million small businesses that operate in the U.S.
The carrier’s new business owners policy, Chubb BOP, combines more than 60 coverages, including property, liability and actual loss sustained business income protection. Property insurance enhancements include an automatic blanket limit concept that ties together 12 essential coverages.
Designed for businesses with less than $10 million in revenue, Chubb BOP can be tailored for a variety of industries, including technology, service, real estate and associations. “From our perspective, the real core market of small business owners and the independent agents serving them needs broad coverage and the ease of doing business,” says Jim Williamson, division president of small commercial insurance at Chubb.
Currently, Williamson says, small business owners purchase one or two specialty line coverages from Chubb. But the new product enables independent agents to offer “the full breadth of coverages a small business owner would need.” And thanks to Chubb’s Fast TrackSM online underwriting platform, agents can quote and issue a policy in minutes—making it easy to place business quickly without training.
“Instead of making the agent and insured customize their policy and pick among various endorsements, we’ve created two enhancement endorsements—one for property and one for liability,” Williamson explains. “A small business owner can buy various limits with easy configuration, enabling them to have a fully functioning broad policy at an attractive price, with the ease of doing business.”
Small business owners can receive extensive protection for not only property and liability risks, but also workers compensation, commercial auto, and management and professional liability. If a small business owner has three, four or five coverage requirements, Williamson says, they’ll have peace of mind knowing a single carrier will be able to handle a claims scenario.
UNDERWRITING: Liability limits up to $2 million per occurrence and $10 million aggregate. Optional coverages include more than 60 property and 20 liability enhancements, privacy and data breach, employment practices liability, electronic data liability and professional liability coverages. Umbrella premiums start at $400 per million for targeted classes. Auto limits are available up to $1 million.
MINIMUM PREMIUM: $485.
TARGET: “Everything from startup companies with no employees to companies with $10 million in revenue, in a wide variety of classes,” Williamson says. “We are writing with financial institutions, technology companies, retail, cultural institutions, health care companies and much more.”
COVERAGE TERRITORY: Coverage is available in 43 states. Chubb plans for availability across the contiguous U.S. by early 2017.
CONTACT: Jay Weber, senior vice president, sales & distribution; Chubb, 3440 Toringdon Way, Suite 307, Charlotte, NC 28277.
Ronimarie Acord is an IA contributor.
