Chubb Limited CB recently unveiled its new business owner’s policy (BOP) to offer unparalleled insurance solution to independent agents and brokers as well as small business clients. The new policy, which will be available across the nation, combines superior coverage and cutting-edge technology.
Chubb BOP is part of a new suite of innovative insurance products launched by Chubb’s Small Commercial Insurance division. This division, which was unveiled earlier this year, was established to meet the needs of independent agents, brokers and small business clients.
The new, tailor-made policy for small businesses will provide wide protection coverage for property and liability exposures and a supporting umbrella liability product. Also, the policy will offer the option to add workers’ compensation, commercial auto, and management and professional liability insurance protection to its coverages.
Apart from the industry standard policies, Chubb BOP comprises more than 80 customized coverages and limits. These include a noteworthy automatic blanket limit of insurance that binds 12 necessary property coverages and enables clients to effectively use their insurance money in case of a loss.
Chubb’s Small Commercial Insurance division expects that its offerings will meet the needs of the clients for a BOP. The latest policy is synonymous with the property and casualty (P&C) insurer’s focus on innovation. The BOP also displays its commitment toward the agency partners and their small business clients.
Small business is the fastest growing segment of the U.S. economy and thus, a strategic move like the nationwide rollout of the new BOP will result in substantial value addition to the products and services of the insurer. Moreover, the newly unveiled policy will further strengthen the insurer’s position in the P&C space.
Zacks Rank and Stocks to Consider
Currently, Chubb carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the same space are National Interstate Corporation NATL, NMI Holdings, Inc. NMIH and Cincinnati Financial Corp. CINF. While both National Interstate and NMI Holdings sport a Zacks Rank #1 (Strong Buy), Cincinnati Financial holds a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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