What Small Business Insurance Policies Does Chubb Offer?
Chubb has many different types of insurance policies for business owners, such as coverage for cybersecurity, general liability, professional liability, and workers’ compensation. Keep in mind that this is not a full list of everything Chubb has to offer. The best way to find out what your small business may need is to ask the insurance company directly.
Policy for Business Owners
The Business Owner’s Policy (BOP) from Chubb is a type of insurance that covers a wide range of liability and property risks. The insurance company covers businesses in many different fields, such as retail, manufacturing, and food services. This policy can be bought by small business owners who make up to $30 million a year.
Liability for a Profession
Chubb’s liability insurance covers things like mistakes or omissions, slander, and copyright infringement, among other things. There are different kinds of professional liability policies, some of which are made for businesses like law firms, banks, and architecture and engineering firms. There are also other products you can buy. To find out more, you can contact Chubb or your insurance agent.
Compensation for workers
Workers’ compensation for small businesses covers businesses with as few as one worker and as much as $30 million in sales. In general, a policy will cover things like your employees’ medical bills and lost wages, as well as travel insurance and a waiver of subrogation.
There are also several ways to add coverage to the policy. One of these is a Ransomware Encounter Endorsement, which covers your business if it gets hit by ransomware.
Most of the time, coverage applies all over the world, since hosting and storing data can happen anywhere in the universe. Chubb’s coverage has no minimum premiums because it adjusts to the size of your small business’s risk. Your limits and coverage determine how much you pay for your premiums.
Accidental death and dismemberment benefits are included in Chubb’s travel insurance policies for business travelers. Key employees can get more coverage. Depending on the policy, benefits can include help with travel and benefits for different types of employees. Some of these benefits are payments for total and permanent disability, medical costs after an accident, paralysis, and coma.
Chubb also covers business trips outside of the country. Some of the most important coverages in their foreign package policy are contingent commercial auto liability, overseas assistance services (like emergency medical evacuation and help finding lost documents), and contingent employers liability. Most of the time, businesses that send less than 100 people abroad for up to 30 days each can get insurance.
Chubb’s general liability insurance covers a wide range of potential losses, such as advertising injury (which covers things like copyright infringement, libel, slander, and invasion of privacy related to your company’s advertising), bodily injury, property damage, and medical costs for personal injury when the company is found to be at fault.
Most policies cover lawsuits brought in the U.S. or Canada that could happen anywhere in the world. The insured can be employees, vendors, or people who rent out premises or equipment.
Breakdown of Equipment
Equipment breakdown coverage from Chubb lets you customize your policy in a number of ways and is available for a wide range of industries, such as hospitality, education, manufacturing, publishing and printing, food processing, cold storage, and more. In the event of a covered peril, your coverage will pay to replace or fix equipment, and it may also cover things like food going bad or ammonia getting into the water.
Premises Pollution Liability
This policy covers U.S. companies and multinational companies that are based in the U.S. In general, the policy covers pollution that happens quickly or by accident, as well as pollution that happens slowly or over time. Third-party property damage, transportation, disaster management, and production pollution coverage are some of the more specific types of coverage.
Contractors’ Responsibility for Pollution
The Contractors Pollution Liability (CPL) policy is different because it covers most commercial contractors instead of larger businesses and their employees. It offers insurance for many different types of businesses, such as roofing contractors, general contractors, masons, landscapers, and carpenters. There are also coverages for transportation, emergency response, and disaster management.
Excess & Surplus
Excess and surplus policies are for businesses that have a lot of unique or high risks. Business insurance policies to cover these companies are not available in the traditional insurance market because the risks are too high or too uncertain.
Excess and surplus policies cover this. They are usually bought through the surplus lines market, which is a special market for insurance. But some standard carriers might have a separate company that can help with this. One example is that Chubb’s Westchester company sells Excess & Surplus policies.