What makes Chubb such a strong player in the insurance industry is its breadth of offerings for businesses. It has policies to cover the needs of any business, whether that's liability policies, property coverage, or specialty offerings like product recall and railroad or marine insurance.
Chubb offers the liability insurance policies businesses of all sizes may need, including general, professional, management and medical liability policies. Because of this, as well as the ease of its claims process and wealth of other commercial offerings, Chubb is our choice as the best business liability insurance company for small businesses.
Types of Insurance
What makes Chubb such an appealing commercial insurer is its wide range of policy types, including a host of liability insurance coverage. Chubb's Customarq general liability insurance can be purchased on its own or combined with property insurance. The general liability coverage covers a number of liability loss exposures that fall into one of two categories. The first is liability for conditions or activities arising from the premises or operations of a company. The second is liability to someone who is harmed by products manufactured, sold or distributed by the insured business. Chubb's Customarq general liability policy can be purchased on an occurrence basis or a claim-made basis.
When purchased in combination with its property insurance as part of its business owner policy (BOP) coverage, Chubb offers up to $4 million in liability coverage. If you need more, Chubb's umbrella policy provides excess liability of up to $10 million. Part of what makes Chubb a good choice for small businesses is that your insurance agent can tailor the BOP to meet your specific needs.
In addition to its general liability coverage, Chubb offers several other liability policies, including management, professional, privacy, foreign general, liquor and medical liability.
Chubb offers small businesses much more than just liability insurance. Small businesses can use Chubb for their workers' compensation insurance as well. Coverage is available for small businesses with even just one employee and up to $30 million in revenue. Part of this coverage is medical management, including internal nurse case managers who provide medical expertise and support to the adjusters, to help ensure injured employees can make a quick recovery and return to work.
There is also a foreign insurance package for small businesses that conduct business and travel overseas. This international coverage for small businesses is not something we saw with all of the insurance companies we examined. It also has international packages designed specifically for midsize organizations.
Overall, Chubb offers more than 30 different insurance products, including accident and health, equipment breakdown, cyber, environmental, excess and surplus, global casualty, marine, product recall, property, railroad, reinsurance, specialty casualty, and surety insurance coverage. You can read more about the specific policies available from Chubb here.
Chubb determines your rates after reviewing multiple sources of information as permitted by law, including historical loss cost and loss cost trends. It uses filed approved rates in each state. Factors in your rates include individual risk exposure, based on your business classification and building construction, and the insurance amount you request.
What's also nice about Chubb is its tailored options for a wide range of industries, including aerospace, agriculture, broadcasters, clean tech, construction, cultural and educational institutions, energy, entertainment, federal government contractors, financial institutions, food, healthcare, hospitality, law, life science, manufacturing, professional services, real estate, technology, transportation, and wineries.
Claims can be reported 24/7 by telephone or fax, online, or through a local Chubb agent. This variety of claim-filing options is an appealing aspect of Chubb.
Every claim is unique, and Chubb's claims process depends on a number of factors, including the terms and conditions of the issued policy, receipt of any documentation required to adjust a claim, whether or not an inspection is needed to fully assess damages, and whether there are any coverage questions that require additional investigation.
Chubb has business claims consultants who meet with policyholders to help them fully understand the claims process. They first gain a complete understanding of your business, help develop a customer claims service plan that meets your specific needs, establish and notify the adjuster of any special claims-handling instructions, and then monitor the process to ensure it is running smoothly and efficiently.
Adjusters are assigned to each claim based on where the business is located and the type of business filing the claim. This helps ensure that the most appropriate adjuster is assigned to the case. However, if you don't get along with your dedicated claims adjuster, Chubb can assign you a new one. Not all of the insurers we looked into offer this option.
When workers' compensation claims are filed, the assigned claims adjuster conducts an investigation to determine if the injury is covered under the employer's workers' comp policy. The adjuster may contact the employee during this process for additional information. If the injury is determined to be work-related, Chubb helps make sure the employee gets the medical care they need to get back to work as soon as possible, such as physician visits, rehabilitation and prescription medication.
Chubb operates in 54 countries, with executive offices in New York, London and Zurich, among other locations. You can contact the company via online form. You can also visit the Chubb website to quickly find an agent in your area. For most requests, you can deal directly with your local agent.
The Chubb website is also filled with helpful resources, including FAQs about insurance options and the claims process, as well as testimonials about how Chubb handled various claims.
Chubb has been ranked No. 1 in commercial claims handling by risk managers. However, the company is not an accredited member of the Better Business Bureau and has a B- rating. That being said, only been 101 complaints have been filed against the company in the past three years, which is substantially fewer than some of the other insurers we examined have.