Available coverage options provide broad protection against the types of risks that restaurants and other small food businesses face in a growing market
Whitehouse Station, NJ (June 28, 2019) – Chubb now offers small business insurance to cover the unique risks faced by the food service industry. Coverage is available through Chubb’s expanding and award-winning digital platform, the Chubb Marketplace, which features a broad and customizable suite of products for businesses with up to $30 million in revenue.
According to the National Restaurant Association, there are more than one million restaurant locations in the United States, employing more than 15 million people – or about one in 10 working Americans. The restaurant industry is projected to see $863 billion in sales this year, representing an increase of more than 46 percent since 2010, and equaling four percent of the U.S. gross domestic product.
“The food service industry faces a diverse array of exposures – from customer and employee injuries to property damage and loss of business income,” said Jim Williamson, Division President, Small Commercial Insurance, Chubb North America. “Through our convenient and easy-to-use online Marketplace platform, Chubb provides access to robust insurance solutions for restaurants, banquet halls, caterers, commissaries, food trucks, and more – all supported by our industry-leading capabilities in underwriting, claims, and risk engineering. We are excited to expand our available solutions for independent agents who serve small businesses in the food service industry.”
In addition to Chubb’s Business Owner’s Policy (Chubb BOP), coverage for small businesses within the food service industry is available on the Chubb Marketplace for the following lines of business:
- Workers’ Compensation;
- Commercial Auto;
- Cyber Enterprise Risk Management (ERM);
- Management and Professional Liability; and
- Foreign Package.
“Through the Chubb Marketplace, agents can quote and issue policies with ease, providing their clients with tailored and complete account solutions,” Williamson concluded. “For our insureds, Chubb delivers renowned claims, account services, and financial strength, along with the ability to grow as they do.”
Additional information on Chubb Small Commercial Insurance’s suite of products can be found here. All products may not be available in all states. This communication contains product summaries only. Coverage is subject to the language of the policies as actually issued.
1. National Restaurant Association: Restaurant Industry Facts at a Glance.
About Chubb Small Commercial Insurance
Chubb’s Small Commercial Insurance division leverages superior underwriting expertise and world renowned claims, account services, and financial strength to offer solutions for small businesses. Chubb Small Commercial products are available through Chubb’s exclusive network of independent agents and brokers for over 1,000 classes of business in the following industries: artisan contractors, clubs and associations, cultural institutions, financial services, food services, healthcare offices, life sciences, manufacturers, real estate, retail stores, service businesses, technology, and wholesale businesses. Built for and with independent agents, Chubb’s award-winning digital platform, the Chubb Marketplace, is designed to modernize the placement and service of small business insurance.
Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, 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, Paris and other locations, and employs approximately 30,000 people worldwide. Additional information can be found at chubb.com.
Chubb Insurance Company of Canada has offices in Toronto, Calgary, Montreal and Vancouver and provides its products and services through licensed insurance brokers across Canada. For additional information, visit: chubb.com/ca.
Source: ChubbTags: Chubb, launch, platform, small business