Chubb sets sights on technology sector with policy for small businesses

New specialized policy has been revealed as company targets growth

Insurance News

By Lucy Hook

Chubb has set its sights on small technology firms by opening up its business owner’s policy, Chubb BOP, to the sector.

The insurer has developed a specialized policy with over 80 property and liability features, and benefits beyond industry standard to meet the risks faced by small businesses in the technology industry.

“Expanding our recently launched Chubb BOP into the rapidly growing technology industry makes perfect sense,” Jim Williamson, division president, small commercial insurance, Chubb North America, said in a statement.

“Chubb has a long history providing technology companies with insurance solutions tailored to the industry’s specialized needs,” he continued. “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.”

Alongside specialized coverage, Chubb’s offering for the tech industry 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, the company said.

Other elements included in the policy are an automatic blanket limit that includes electronic data and research as well as development property, business personal property that includes computer hardware, and crime insurance for computer fraud and funds transfer, identity theft expense, money and securities, as well as employee dishonesty – plus more.

Chubb BOP is available in over 43 states, with plans to be in all 48 contiguous states by year-end, and the new technology-focused policy is available to a wide range of technology classes.

The award-winning Fast TrackSM online underwriting platform will let agents quote and issue a Chubb BOP technology segment policy in minutes, Chubb said.

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