The SureStep business owners policy (BOP) offers the conveniences of a traditional BOP as well as greater flexibility with significantly more forms to tailor coverage.
PRODUCT: SureStep® Business Owners Policy
COMPANIES: Westfield
BEST RATING: A
AVAILABILITY: Available to agents and brokers by appointment only.
FOCUS: Westfield has offered a business owners package for decades. However, the SureStep® BOP will allow the super regional carrier to compete with national companies in a whole new way. The product has all the conveniences of a traditional BOP, like ease of doing business and coverages automatically included, but now offers greater flexibility with significantly more forms to tailor coverage.
“We streamlined our eligibility rules and our appetite has expanded," says Robyn Hahn, president of commercial lines, Westfield. “SureStep® is a big improvement on our legacy BOP product."
“It's unique in that it grows while the customer grows. Small businesses change over time, and SureStep® can change with it," Hahn says. “A business owner can keep the same policy while adding coverages in increments that meet their business needs for that time."
COVERAGE DETAILS: SureStep® automatically includes the expected insurance protection from an ISO BOP, including an endorsement that provides the extra coverages from an ISO BOP (CP 72 04 Business Owners Property Extension) and the Actual Loss Sustained (ALS) Business Income for 12 months (CP 72 05 Business Income ALS) endorsement.
Additionally, most forms available on Westfield's Commercial Package Policy are now available for SureStep®, providing flexibility for individual insureds. “SureStep® BOP is a straightforward choice for over 300 business classes within the small business eligibility framework—with more accepted class codes than our traditional BOP," Hahn adds.
UNDERWRITING: Check underwriting guidelines associated with each class code. For habitational, restaurant and hotel risks, eligibility in relation to the maximum number of locations, stories and minimum owner experience will apply. Maximum payroll and percentage of subcontracted work will apply to contractor risks. Total insurable value for each building must not exceed $10 million and sales for each location must not exceed $10 million.
TARGET: The ideal client's written premium will amount to less than $75,000. Target markets include: contractors, real estate and services, hospitality (restaurants and hotels), retail and offices.
COVERAGE AVAILABILITY: Currently available in CO, DE, GA, IL, IN, IA, KY, MD, MI, NM, NC, OH, PA, SC, TN, VA, WV and WI.
CONTACT: Westfield, 800-243-0210.
Will Jones is IA editor-in-chief.
