Chubb has launched a new insurance offering to protect small and medium-sized enterprises in Australia from a range of operating risks.
The Chubb Business Pack Insurance provides standard coverage for business interruption, general property damage, public and products liability, machinery and equipment breakdown, theft, money, and tax audits.
The policy also includes protection against cyber liabilities, such as network security, privacy and data asset loss; and coverage against environmental liabilities, including sudden, accidental, and gradual pollution originating at the insured location.
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The new product is specifically tailored for Australian businesses with a turnover of up to $10 million, and currently serves occupations across office and professional services, healthcare and medical surgeries, retail and trades, and services. Chubb said these industry segments comprise 35% of the SME market in the country, and plans to extend the business pack risk appetite to include other occupations from other industries.
The Chubb Business Pack Insurance can be obtained only through the broker distribution network. Brokers are able to quote, bind, and issue the product using Chubb's purpose-built e-placement platform, which is available on Sunrise Exchange.
“Chubb Business Pack Insurance is an innovative solution for the SME market,”
John French, Chubb’s country president for Australia and New Zealand, said. “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.”
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