Chubb’s new Business Pack Insurance set to provide increased protection for SMEs
Chubb recently launched a new package insurance solution known as Chubb Business Pack Insurance for small and medium enterprises in Australia. This solution aims to provide broad coverage for property and liability exposures to help protect business owners from a range of operating risks. Hence, the policy includes standard coverage for business interruption, general property damage, public and products liability, machinery and equipment breakdown, theft, money and tax audits.
In addition to the standard coverage, Chubb Business Pack Insurance also includes protection against cyber and environmental liability. Cover is available for cyber liabilities such as network security, privacy and data asset loss while the environmental protection component of the policy covers sudden, accidental and gradual pollution originating at the insured location.
Specifically tailored for Australian businesses with a turnover of up to $10 million, Chubb Business Pack Insurance currently serves occupations across Office & Professional Services, Healthcare & Medical Surgeries, Retail and Trades & Services. These industry segments account for up to 35% of the SME market in Australia. In the future, there are plans to extend the Business Pack risk appetite to include occupations from other industries.
Chubb Business Pack Insurance is available only through the broker distribution network. Using Chubb’s purpose-built E-placement platform that is available on Sunrise Exchange, brokers are able to quote, bind, bill and issue Chubb Business Pack Insurance online efficiently and conveniently.
John French, Chubb’s Country President for Australia and New Zealand said, “Chubb Business Pack Insurance is an innovative solution for the SME market. Not only will it cover all the typical exposures small business owners face in their day-to-day operations but it will also cover emerging risks like cyber and environmental liability.”
“More than 500 brokers attended our launch events and feedback was overwhelmingly positive. They appreciate that our policy is a flexible solution, with robust coverage options available exclusively through the broker distribution channel,” he said.