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. It also maintains the Chubb Cyber Index, offering cyber-exposure analysis free for access.
Types of Insurance
What also makes Chubb such an appealing commercial insurer is its wide range of policy types. Its Customarq general liability insurance can be purchased on its own or combined with property insurance. The general liability insurance 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. The 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. It even has a special unit that assists customers with family office liability coverage, protecting against specific risk to the business, its owner, and their family, including family trust and trustee liability and directors and officers (D&O) liability.
Chubb offers several other liability policies, including management, professional, privacy, foreign general, liquor and medical liability. It stands out from other carriers with its full suite of cyber products, including comprehensive cyber insurance protection and cyber enterprise risk management, which are of growing importance for all small businesses operating in this digital age. Its Cyber ERM policy is particularly useful to mitigate risk for any organization that owns or manages sensitive customer or employee information, third-party corporate information, a computer network, or a website.
The Chubb Global Cyber Facility helps companies assess their cyber and data privacy risk. Its claims division also helps clients through a network security incident and has the capacity to help policyholders notify more than 300 million individuals of a privacy breach, according to the company.
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.
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. There is also a foreign insurance package for small businesses that conduct business and travel overseas.
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, online, by fax, or through a local Chubb agent. This variety of claim-filing options is another appealing aspect of Chubb.
Every claim is unique, so 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 necessary to fully assess damages, and whether any coverage questions require additional investigation.
Chubb has business claims consultants who meet with policyholders to help them fully understand the claims process. They'll first gain a complete understanding of your business, help you 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.
You can contact the company by 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.
Chubb has been ranked No. 1 in commercial claims handling by commercial brokers and risk managers in the Advisen Claims Satisfaction Survey. Although the company is not an accredited member of the Better Business Bureau, it had an A+ rating on the site as of November 2020. It has closed 128 complaints against it in the last three years and 43 complaints in the last 12 months, which is a small number of complaints relative to its size and many other insurers.