PHILADELPHIA--(BUSINESS WIRE)--
According to the Small Business Administration, small businesses make up
a full 99 percent of all U.S. employers.1 Despite the
integral role small businesses play in the overall health of the U.S.
job market, many small businesses are especially vulnerable to the risk
of significant financial loss. They have historically lacked access to
affordable insurance coverage options to adequately protect themselves.
Recognizing the small business need for adequate insurance coverage and
risk management precautions, ACE
Commercial Risk Services, the small commercial specialty lines
business of ACE Group, recently expanded its Specialty Commercial
Products for Small Businesses, available on a Business Owners Policy
(BOP).
This new product suite offering, available through ACE
Solutions Fast TrackSM, the online small business
underwriting solution from ACE Commercial Risk Services, enables small
business owners to purchase a business owners package, or monoline
General Liability product, for more than 100 specific small business
classes. Eligible industry classifications by product segment include,
but are not limited to:
-
Professional Offices: Examples include accounting or bookkeeping
firms, insurance agencies, law firms, and medical offices
-
Retail Businesses: Bookstores, florists, gift shops, and hardware
stores, among others
-
Service Businesses: Barber shops, beauty salons, photographers, and
shoe repair shops
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1 – 4 Family Rental Dwellings
-
Artisan Contractors: Carpentry, electrical, handyperson, dry wall, and
many more
“Too often, small business owners fail to secure comprehensive insurance
coverage that can help ensure the success of their business. They are
typically concerned about the cost, or are confused about what’s
available in the marketplace. The bottom line is, any type of loss could
put a small business’ future at risk,” said David Charlton, Division
President, Specialty and Micro-business Division, ACE Commercial Risk
Services. “Developed in response to the growing small business market,
and increasing broker demand, ACE now offers customizable coverage for
more than 100 specific classes of small businesses, which meet their
unique needs at an affordable price, and provide access to ACE’s
industry-leading expertise across various professional coverages.”
Key features of these new coverage options include:
-
Up to $5,000,000 in total property values or $1,000,000 in sales
-
Business owners package coverage form that automatically includes more
than 15 unique coverage enhancements
-
Business Income coverage offered on an actual Loss Sustained basis
-
Optional coverages including Hired/Non-Owned Auto Liability and
Equipment Breakdown
-
Optional Blanket Additional Insured endorsements
-
Premier Craftsmen Endorsement, including coverages for miscellaneous
tools and installation floaters
-
Up to $1,000,000/$3,000,000 in General Liability limits
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Direct bill, agency bill, EFT and credit card payment options available
The Specialty Commercial Products for Small Businesses are latest
generation of new and enhanced ACE Commercial Risk Services products
servicing small business. Recent ACE products and enhancements include Vacant
Building/Vacant
Land coverage, Not
for Profit Management Liability, Community
Associations and, most recently, the ACE
Solutions Fast TrackSM online quote, bind and issue
underwriting platform.
About ACE Group
ACE Group is one of the world’s largest multiline property and casualty
insurers. With operations in 54 countries, ACE provides commercial and
personal property and casualty insurance, personal accident and
supplemental health insurance, reinsurance, and life insurance to a
diverse group of clients. ACE Limited, the parent company of ACE Group,
is listed on the New York Stock Exchange (NYSE: ACE) and is a component
of the S&P 500 index. Additional information can be found at www.acegroup.com,
or follow ACE on Twitter, https://twitter.com/ACEGroupNA.
1 https://www.sba.gov/sites/default/files/FAQ_March_2014_0.pdf
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Source: ACE Group