If you’re starting a business, you may already be thinking about business bank accounts, credit cards and other ways to manage your money. But what about ways to protect your money?
That’s where business insurance comes in.
Chubb has been offering insurance for over 65 years and has comprehensive policies and add-ons for businesses, whether you’re a small venture or a larger enterprise. Read on to learn more about Chubb’s business insurance offerings.
Chubb Business Insurance
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State availability
Available in all 50 states
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Policy highlights
Chubb’s business insurance is available to companies with up to $30 million in revenue. It offers a variety of services to businesses in a number of industries, and a number of coverage enhancements for business owners’ policies to customize coverage.
Pros
- Quotes available online
- Highly rated for customer satisfaction
Cons
- Certificates of insurance must be requested
Chubb business insurance review
Chubb features
Chubb offers small business insurance for smaller ventures or commercial insurance for businesses earning over $1 million. Its Business Owners Policy (BOP) is the cornerstone product for small business owners. BOP insurance offers coverage to over 1,000 industries, according to Chubb, including financial services, food, healthcare, real estate and service businesses. BOP insurance is also good for businesses earning up to $30 million in revenue.
The policy covers instances where your business is sued, court costs and bail bonds, damages for liabilities, medical fees for people injured in an accident if the accident happens on your business’s premises, loss of business income, forged checks, loss or damage to your employees’ personal property if it happens within 1,000 feet of your building and more. See here for additional information on policy coverage.
Policyholders can also add on optional coverage for enhanced protection. Policy add-ons include:
- Workers’ compensation
- Umbrella insurance
- Commercial auto insurance
- Cyber enterprise risk management
- Management liability
- Privacy and data breach
- Animal bailee coverage
- Earthquake (in selected states)
- Employment practices liability
- Foreign liability including kidnap and ransom
- Electronic data liability
- Equipment breakdown
- Water back-up and sump overflow
- Professional liability insurance for barbers, dental labs, florists, funeral directors, hair stylists, hearing aid establishments, optical establishments, printers and veterinarians
- Crime, including forgery and alteration, money and securities, as well as employee dishonesty
Pricing
Actual Chubb pricing depends on your situation and the coverage you select. Higher-risk businesses, like construction or manufacturers, will pay more than lower-risk businesses, like consulting.
Other factors that can impact pricing are where your business is located — do you rent or own your space? — and past claims history, if you have one.
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Annual Percentage Yield (APY)
3.46% with a daily balance of $5,000,000 or below; 4.42% with a daily balance above $5,000,000
Pros and cons
Still on the fence about a business insurance policy from Chubb? Weigh these pros and cons.
Pros
- A wide array of add-ons, so you can create a policy that’s right for you
- Policies that cater to businesses of any size up to $30 million in revenue
- Provides coverage to over 1,000 industries
- Quotes are available online
- Coverage is available in all 50 states
Cons
- Not BBB accredited
- Certificates of insurance must be requested
Should you purchase Chubb Business Insurance?
Chubb offers customizable policies that cover a wide range of industries, so chances are your business may fall under a covered industry. The high revenue limit for policies also makes many small business owners eligible for coverage.
For some small business owners, the decision may come down to the cost of a policy and, unfortunately, Chubb doesn’t publicize their pricing. The best way to figure out what you may be charged is to get a quote directly online.
Alternatives to Chubb business insurance
Here’s how Chubb compares to a other insurers on the market.
Nationwide
Nationwide Business Insurance
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State availability
Not available in Alaska, Hawaii, Louisiana and Oklahoma
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Policy highlights
Nationwide offers insurance policies for small and large businesses alike in a variety of industries. A number of insurance types also help business owners to tailor their coverage.
Pros
- Highly rated for customer satisfaction and financial strength
- Wide variety of industries and coverages sold
Cons
- App doesn’t support business policy management
Nationwide is very well-known for its insurance products and is practically a household name. Like Chubb, it covers a wide array of industries, however, Nationwide isn’t available in all states. Coverage is currently unavailable in Alaska, Hawaii, Louisiana and Oklahoma.
Nationwide also doesn’t publish pricing on its website, so you’ll need to get a quote.
Hiscox
Hiscox Business Insurance
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State availability
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Policy highlights
Hiscox offers a variety of policies for small businesses, including general liability, professional liability, business owner’s policies (BOP), workers’ compensation and medical malpractice. It also offers directors and officers (D&O) liability insurance, which many competitors do not.
Pros
- Can buy coverage, file claims and make policy changes online
- Multi-policy and work-from-home business discounts available
- Short-term liability insurance available for small businesses
Cons
- High volume of complaints according to the NAIC
- BOP insurance not available in many states
Hiscox stands out for offering work-from-home business policy discounts, making it a very attractive option for those who run low-risk businesses that they can operate from home.
One drawback to Hiscox, though, is that their BOP insurance coverage isn’t available in all states, so if you operate out of an uncovered state, Chubb may be the better option for you.
FAQs
Do you need general liability insurance for your business?
General liability insurance isn’t a requirement, but it’s typically recommended because some clients may require you to carry it, and it can help protect your business’ finances under specific circumstances.
Should I have insurance as a small business owner?
If you run a business that involves some risk of liability (like a home bakery, for instance), it can be a good idea to get some insurance coverage to protect yourself from instances where you may get sued by a customer or client.
What does business insurance cover?
Business insurance coverage depends on the policy you select and if you’ve opted for any add-ons.
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At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every small business insurance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of small business insurance products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
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