If you're starting a business, you might already be considering business bank accounts, credit cards, and other ways to manage your finances. But what about protecting your money?
That's where business insurance comes into play.
Chubb has been offering insurance for over 65 years and provides comprehensive policies and add-ons for businesses, whether you're a small startup or a larger enterprise. Read on to learn more about Chubb's business insurance offerings.
Chubb Features
Chubb offers small business insurance for smaller ventures, as well as commercial insurance for businesses with annual revenues over $1 million. Their flagship product is the Business Owners Policy (BOP), which is designed specifically for small business owners. This BOP insurance offers coverage for more than 1,000 industries, including financial services, food, healthcare, real estate, and service-based businesses. Additionally, BOP insurance is suitable for businesses with up to $30 million in revenue.
The policy covers various scenarios, including:
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Lawsuits against your business
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Court costs and bail bonds
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Liability damages
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Medical expenses for individuals injured in an accident on your business premises
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Business income loss
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Forged checks
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Loss or damage to your employees' personal property within 1,000 feet of your building
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And more. You can find further details on policy coverage here.
Optional Add-Ons for Extra Protection
Policyholders can also enhance their coverage with optional add-ons. Some of the add-ons available include:
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Workers' compensation insurance
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Umbrella insurance
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Commercial auto insurance
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Cyber enterprise risk management
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Management liability coverage
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Privacy and data breach coverage
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Animal bailee coverage
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Earthquake insurance (in selected states)
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Employment practices liability insurance
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Foreign liability, including kidnap and ransom coverage
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Electronic data liability insurance
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Equipment breakdown coverage
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Water backup and sump overflow coverage
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Professional liability insurance for various businesses, including barbershops, dental labs, florists, funeral directors, hairstylists, hearing aid establishments, optical shops, printers, and veterinarians
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Crime coverage, including forgery, money and securities theft, and employee dishonesty
Pricing
The actual cost of Chubb insurance depends on your specific situation and the coverage you select. Higher-risk businesses, such as construction or manufacturing, will typically pay more than lower-risk businesses like consulting.
Other factors that can affect pricing include the location of your business (do you rent or own your space?), as well as your claims history, if applicable.
Should You Buy Chubb Business Insurance?
Chubb offers customizable policies that cover a wide range of industries, so chances are your business is likely covered under one of their policy options. The high revenue limits also make many small business owners eligible for coverage.
For some small business owners, the decision may come down to the cost of the policy. Unfortunately, Chubb does not publish their pricing publicly. The best way to find out how much you might pay is to get a quote directly on their website.
