Chubb Business Insurance Review | U.S. News

Chubb operates in 54 countries and territories, with origins dating back to 1882. The insurer has an A++ financial strength rating from AM Best and offers life insurance, homeowners insurance, auto insurance, business insurance, and specialty personal insurance coverage.

Chubb’s small business insurance offerings include policies for a wide variety of industries, including food services, health care, tech, real estate, and financial services. Policyholders also have the option of customizing their policies with coverage for equipment breakdowns, privacy and data breaches, and employment practices liability. Businesses can get a quote and purchase basic policies online. There is also a network of agents and brokers, should you require a high amount of coverage or more customized policies.

There isn’t a live chat feature for those that want the option. Policyholders are able to contact Chubb online by logging into its website, or by calling customer service.

Keep in mind that if you’re not a member of the Chubb Customer Service Center and have questions about your policy, you will most likely have to call your agent instead of Chubb directly. However, policyholders are able to file a claim online, whether they’ve purchased a policy online directly through Chubb or through a local insurance agent.

Chubb’s commercial insurance products offer a wide range of coverage for its clients, including ones for general liability, commercial property, and cybersecurity protection. The insurer also offers convenient ways to contact the company or make claims online or on the phone. However, those interested in more details on offerings may need to get a quote online or get in touch with an agent for a more customized policy.

The final price you’ll pay for your small business insurance policy from Chubb will vary depending on factors Chubb uses to assess your business’ risk.

Some factors that determine premium prices may include:

You can purchase a policy from Chubb online (as long as your business is less than $1 million in revenue), by speaking with a representative over the phone, or through independent agents. You can head to Chubb’s website to find a list of agents in your area.

If you want to apply online, follow these steps:

Chubb offers a variety of policy types, including business owners cybersecurity, general liability, professional liability, and workers’ compensation coverage. Keep in mind that the following isn’t a comprehensive list of Chubb’s offerings. It’s best to contact the insurer directly for suggestions or more details about what your small business may need.

Chubb’s business owner’s policy, also called BOP insurance, offers broad coverage for liability and property risks. The insurer offers coverage for a variety of industries, including ones in the retail, manufacturing, and food services sector. Small business owners with up to $30 million in revenue can purchase this policy.

Chubb’s liability insurance offers different kinds of coverage, including ones for errors or omissions, defamation, and copyright infringement. There are a variety of professional liability policies available, including those designed specifically for businesses like law firms, financial institutions, and architectural and engineering firms. There are other products available as well, and for more information you should either contact Chubb or your insurance agent.

Small business workers’ compensation offers coverage for organizations with up to $30 million in revenue and as little as one employee. What is generally covered in a policy includes protection for medical expenses and lost wages to your company’s employees, travel insurance, and waiver of subrogation.

Chubb’s cybersecurity insurance offers coverage for most enterprise-wide, cyber-related risks.

Policies include coverage for things like:

There are also several options to add coverage to the policy. One of these is a Ransomware Encounter Endorsement, which would provide coverage if your business is the victim of a ransomware attack.

In most cases, coverage is applicable worldwide, since hosting and data storage can be anywhere in the universe. There are no minimum premiums for Chubb’s coverage, since it’ll scale for the size of your small business’s risk. Premiums are based on the scope of your limits and coverage.

Chubb’s travel insurance policies offer accidental death and dismemberment benefits while traveling for business purposes, or more if they’re considered key employees. Depending on the policy, benefits include travel assistance and benefits based on various employee classifications. Some of these benefits include benefits for disability (including total and permanent disability), accident medical expenses, paralysis, and coma.

Chubb also provides coverage for international business travel. Some of the core coverages for their foreign package policy include contingent commercial auto liability, overseas assistance services (including emergency medical evacuation and lost document assistance), and contingent employers liability. In most cases, policies are available to businesses that conduct less than 100 foreign trips, with each trip up to 30 days.

Chubb’s general liability insurance provides coverage for various loss exposures, including advertising injury (which includes coverage for things like copyright infringement, libel, slander, and invasion of privacy in relation to advertising for your company), bodily injury, property damage, and medical expenses for personal injury when the company is found liable. Policies are generally for worldwide coverage for lawsuits that are brought to the U.S. or Canada, and the insured can be either employees, vendors, or lessors of premises or equipment.

Chubb’s equipment breakdown coverage offers a variety of ways to customize your policy and is available for many types of industries, including hospitality, education, manufacturing, publishing and printing, food processing, and cold storage. In the event of a covered peril, your coverage will include replacement and repair of equipment, and may provide coverage such as food spoilage and ammonia contamination.

This policy offers coverage for U.S. and U.S.-based multinational companies. In general, the policy covers sudden and accidental pollution events, as well as non-sudden or gradual pollution events. More specific types of coverage include third-party property damage, transportation, catastrophe management, and production pollution coverage.

The Contractors Pollution Liability (CPL) policy differs in that it offers coverage for most commercial contractors, instead of larger businesses and their employees. It offers underwriting for different industries including carpentry, general contracting, masonry, landscaping, and roofing contractors. Other features include transportation coverage, emergency response, and catastrophe management coverage.

Excess & Surplus policies are for companies with high or unique risk factors. Because of the high or uncertain risks associated with these companies, business insurance policies to cover the companies are not offered in the traditional insurance marketplace. This is where Excess & Surplus policies come in. They’re usually purchased through a specialized marketplace of insurers, called the surplus lines market. However, some standard carriers may have a specific company to assist with these needs. For example, Chubb offers Excess & Surplus policies through its Westchester company.

Licensing for these policies will vary from state to state.

Depending on the policy, there may be coverage for general liability, property, umbrella (or excess), professional liability, or workers’ compensation.

Policyholders can file a claim online, on the phone, or through their agent (if the policy was purchased through one).

To file a claim online, you’ll generally need to do the following:

Both Chubb and Travelers offer similar types of small business insurance nationwide, including business owner’s policy, professional liability, and workers’ compensation and issues policies. Travelers and Chubb also offer coverage for a wide range of industries.

Although both companies allow their policyholders to file a claim online, Travelers doesn’t offer the ability to receive a quote or purchase a policy online — you’ll need to do so through an agent in your area.

If an insurer’s financial strength is important to you, consider looking at the company’s AM Best rating to determine its financial stability. Both Chubb and Travelers are highly rated, though the latter is rated an A and the former an A++.

Both Chubb and Hiscox offer small business insurance for a large number of industries. Hiscox offers insurance to over 180 professions. While it doesn’t offer farm and ranch insurance, it does offer short-term liability coverage, which is best for small businesses that only need coverage for a specific period of time (usually less than a year).

Otherwise, many of the policies both insurers offer provide similar coverage. For instance, both the errors and omissions insurance from Chubb and Hiscox offer worldwide coverage. However, Hiscox may be able to provide retroactive coverage, whereas Chubb only offers coverage during the policy period (even if the claim was made before the policy start date).

Both insurers’ customer service options include online and phone contact. Hiscox offers live chat, whereas Chubb doesn’t. However, Chubb does have agents who can assist you instead. Both companies also offer online quotes and the ability to purchase a policy online, though Chubb may require you to contact them first if your business earns over $1 million in revenue.

Learn more in our Hiscox review.

Yes, Chubb provides coverage for remote workers. It has a Work from Home Group Personal Accidental (GPA). This offers coverage for employees while they are working from home, or at an agreed location where the employee is to do their work. Coverage benefits include recovery assistance, bodily injury, and replacement of staff and recruitment costs if the employee is permanently disabled or dies from a covered bodily injury.

Our research has not found any discounts for small business insurance policies through Chubb. That being said, you may want to contact the insurance company to see whether or not it does.

Depending on how you purchased the policy, you may either need to go through your agent or directly through Chubb to make changes to your insurance policy.

To cancel your small business policy with Chubb, you’ll need to contact the insurer and request a termination of policy request form. Once submitted, Chubb will contact you to confirm the cancellation, and if applicable, receive money back for part of your premium.