Chubb Small Business Insurance: Coverage Options and Costs

Operating a small business comes with risks – from property damage to lawsuits and more. Having adequate insurance coverage gives owners peace of mind that unexpected losses won’t sink their enterprises. For over 100 years, Chubb has offered policies protecting companies across industries.

Chubb Small Business Insurance: Coverage Options and Costs

But what exactly does Chubb offer today’s small businesses? Let’s explore the policies available, costs, and whether Chubb presents the right solution for your needs.

Overview of Chubb Small Business Insurance

The Chubb Group actually comprises multiple insurance companies serving both large corporations and SMBs. Smaller companies can access coverage through Chubb Small Business Insurance.

You qualify for simplified policies if you generate under $1 million in annual revenue. Offerings target main street shops, technology startups, consultants, healthcare professionals, and more.

Chubb Small Business sells general liability, professional liability, workers comp, cyber insurance, business owners policies, and other common coverages conveniently online or through agents. You also get access to risk management guidance.

Larger businesses over $1 million in revenue can still work with Chubb, but will need an agent’s help scoping more tailored solutions. Industry-specific packages span construction, life sciences, environmental services, and many additional sectors.

Now let’s explore Chubb’s most popular small business policies in more detail.

Chubb’s Business Owners Policy (BOP)

Combining general liability insurance, property damage coverage, and business interruption protection into one bundle makes a BOP efficient for many companies.

Chubb’s BOP uniquely also bundles extra expenses and income coverages to reimburse you for costs of keeping operations running despite disasters. Additional options include:

  • Employment practices liability
  • Data breach/privacy damage coverage
  • Expanded liability limits
  • Equipment breakdown protection
  • Water backup safeguards

You easily compare tiered deductibles and coverage limit options to match budget priorities through Chubb’s online portal. Then access account management tools for filing claims, adding vehicles/equipment, and managing certificates of insurance.

General Liability and Umbrella Insurance

Of course you can also buy general liability or professional liability insurance individually if already insuring contents/buildings separately.

General liability covers third party bodily injury, property damage, personal injury, and advertising injury claims stemming from your business operations and premises.

Chubb Small Business lets you choose from half a dozen coverage limit tiers based on your level of risk. More exposed businesses can also pile on extra umbrella insurance picking up where general liability caps leave off.

Umbrella protection gives that extra defense cushion against the most severe claims not fully covered within base policies. Chubb provides up to $5 million in extended coverage.

Cyber and Data Breach Insurance

Another add-on covers data exposures and cybersecurity incidents even if you’ve taken reasonable precautions. Having cyber insurance means paying ransomware demands, notification costs, legal services, and liability claims won’t break the bank.

Chubb’s cyber policy specifically covers:

  • Data loss/destruction
  • Cyber extortion
  • Business interruption
  • Cyber deception
  • Bricking of computers
  • Reputation harm

It provides access to breach coaches guiding you through response and recovery processes too. This reduces long-term operations impacts and claim costs.

Workers Compensation Insurance

Workers compensation pays for employee medical bills and lost wages due to on-the-job injuries regardless of fault. Many states mandate businesses – even one person shops – carry this insurance protecting staffers.

Independent contractors and gig workers may not qualify as employees in some cases. But having coverage gives peace of mind handling incidents for anyone supporting your workplace.

Chubb Small Business offers workers comp policies with compensation limits aligned to your employee payroll size. Quote-to-purchase workflows make getting insured simple in most cases.

How Much Does Chubb Small Business Insurance Cost?

Average costs for Chubb’s policies depend on your business category, location, payroll, claims history, desired coverage limits, and other variables. Ballpark ranges break down like:

  • BOPs: $500 – $3,000 yearly
  • General liability: $300 – $2,000 yearly
  • Professional liability: $600+ yearly
  • Cyber insurance: $600+ yearly
  • Workers comp: Varies widely by state and payroll

You must get quotes to determine actual pricing. Chubb’s online portal or agents prompt you for details to generate accurate premium estimates. Side-by-side comparisons help narrow suitable options.

Is Chubb the Right Insurer for Your Small Business?

Chubb makes insuring straightforward for qualifying main street businesses. Consider coverage if wanting:

  • Convenient online policy purchase for common needs
  • Top financial strength providing confidence
  • Low complaint ratios signaling satisfaction
  • Personalized agent guidance for more complex risks
  • Industry-specific packages spanning contractor risks to IT consulting exposures

Business insurance decisions require comparing multiple provider options directly reflecting your firm’s unique situation. But Chubb Small Business presents a prime solution choice to dig into without question for many ventures.

Conclusion

Running shop means managing risks threatening operations and balance sheets. Chubb’s small business insurance options apply over a century of experience to protecting companies across sectors.

Check if their coverages and convenience meet your needs. Or utilize quotes only to benchmark pricing and coverage from competitors if wanting expanded online policy purchasing flexibility in particular.

Either way, Chubb’s financial standing earns them strong small business insurance contender status. Determine what solution works optimally given your budget, team composition, and risk management priorities.

Check Out:

LEAVE A REPLY

Please enter your comment!
Please enter your name here