In response to what it sees as a pattern of underinsurance among small businesses, ACE Group announced this month an expansion to its specialty line of insurance products for small businesses.
ACE Commercial Risk Services will now offer ACE Commercial Umbrella – a policy designed to address the risk needs of small business owners for call standard classes, including hotels/motels, professional offices, retail institutions and restaurants.
The product boasts policy limits of up to $5 million, with a $500 minimum premium per layer. More than 260 classes are available, and the policy can be sold as a standalone product or written over ACE Specialty Commercial Products, available on a business owner’s policy.
ACE Commercial Umbrella is available through ACE Solutions Fast Track, an online portal that quotes and issues policies within minutes.
The insurer stressed the importance of an umbrella product to small businesses, saying smaller commercial entities are often unaware of risks and, due to their size, especially vulnerable to liability or business errors.
“Small business owners may be left financially unprepared for a lawsuit and resulting legal fees, especially when costs exceed the limits of a general liability insurance policy – if a customer slips and falls, causing severe bodily injury and requires continued medical treatment,” the company said.
Learn more on how much does general liability insurance cost with this article.
“For these reasons, small businesses should always consider a commercial umbrella liability policy, which can alleviate concerns about losing income or business assets in the event of a serious accident or unforeseen event.”
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.
