Chubb Sets Sights on Small Technology Firms with New Business Owner's Policy

BASKING RIDGE, N.J., Oct. 31, 2016 /PRNewswire/ -- Chubb has expanded its business owner's policy, Chubb BOP, to the technology industry by crafting specialized insurance features and benefits to meet the unique risks faced by small businesses in the technology segment.

"Expanding our recently launched Chubb BOP into the rapidly growing technology industry makes perfect sense," said Jim Williamson, Division President, Small Commercial Insurance, Chubb North America. "Chubb has a long history providing technology companies with insurance solutions tailored to the industry's specialized needs. We have taken that expertise and applied it to the development of a business owner's policy that offers agents an outstanding solution for their small business clients in the technology segment."

Chubb BOP for the technology industry includes more than 80 property and liability features and benefits beyond industry standard policies. It also provides a unique automatic blanket limit of insurance that ties together 13 essential property coverages, allowing business owners to use their insurance dollars where they need it the most following a loss. Chubb BOP for the technology industry also includes the following for small technology companies:

• Automatic blanket limit that includes electronic data and research, as well as development property
• Business personal property that includes computer hardware
• Tailored property insurance for mobile communications, electronic data recovery costs (computer virus), installation, and personal property off-premises, including transit and utility services direct damage
• Crime insurance for computer fraud and funds transfer, identity theft expense, money and securities, as well as employee dishonesty
• Business income insurance that includes actual loss sustained, business income from dependent property worldwide, alternative power generation, business income extension for websites, and utility services
• Valuation that includes green standards, removal of insurance to value provision, replacement cost, and selling price on finished stock

Chubb BOP for technology companies includes broad protection for property and liability exposures, as well as umbrella, workers compensation, commercial auto, overseas travel, technology errors and omissions, and cyber liability insurance. Chubb BOP is now available to the following technology classes:

• Computer programing and software
• Computer-related services
• Technology manufacturers and wholesalers
• Telecommunication services
• Broadcasters
• Technology research and development start-ups

The award winning Fast Track^SM online underwriting platform will let agents quote and issue a Chubb BOP technology segment policy in minutes.

Catering to the Technology Industry's Small Business Needs

Chubb BOP for the technology segment is part of a growing suite of innovative insurance products for small businesses being released by Chubb. Available in over 43 states, with plans to be in all 48 contiguous states by year-end, Chubb BOP is sold through an exclusive network of independent insurance agents and brokers. Chubb BOP is now offered to more than 530 classes of business including clubs and associations, cultural institutions, financial services, healthcare offices, real estate, retail stores, service businesses, technology firms, and wholesalers.

About Chubb

Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: chubb.com.

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SOURCE Chubb