Chubb Business Insurance Review

As one of the top business insurers in the U.S., Chubb offers a wide range of products designed to help you mitigate risks.

Chubb logo

Our Partner

Small Business Insurance

AT A GLANCE

  • Insurance for all company sizes
  • Decades of experience
  • Personalized customer service
  • Array of coverage options
Overall Rating
4/5
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Key Takeaways

  • Chubb stands out thanks to its team of underwriting experts who can accurately assess risks in a wide range of categories.
  • Being able to build a customized policy package helps you save on business insurance.
  • Small business insurance policies make coverage for cyber risks and other liabilities affordable for small organizations.
  • With its A++ rating, Chubb is a reliable insurer.

Pros & Cons

Pros

  • Affordable policies for a wide range of business risks
  • Chubb processes claims quickly
  • Builds a customized policy package can help you save
  • You can get protection for risks other companies often overlook, such as ESG factors.

Cons

  • You’ll have to speak to an agent to get a quote.
  • Chubb lacks digital tools to let you manage your coverage.

Navigating the world of business insurance can be challenging. With countless coverage options, choosing a policy that mitigates risks while remaining affordable often results in a complex decision process.

Chubb is one of the top business insurers. Learn more about this company in our Chubb review and find out whether Chubb could be a good option for your unique needs.

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Quick Summary

Service: Business Insurance

Rates: Varies based upon the policy

Promotion: No current promotions

About Chubb

Chubb offers a wide range of insurance products, from personal insurance policies to business coverage. The company also sells surety bonds.

With a presence in 54 countries and $200 billion in assets, it’s one of the largest insurers in the U.S. The total amount of premiums adds up to more than $46 billion thanks to the diverse offering of personal and business products.

Chubb’s parent company trades on the New York Stock Exchange and is part of the S&P 500 Index. It’s interesting to note that Chubb is an insurer and an underwriting company.

Chubb will perform the underwriting process when you buy coverage instead of relying on a third party.

Policies

Business owners have access to a wide range of customizable policies for Chubb. Here are some of the main types of coverage this insurer offers.

General Liability Insurance

A general liability policy protects your business against lost revenues, lawsuits, and accidents. Chubb offers provisions that cover faulty products as well as operational mistakes.

Plus, you can get coverage in the U.S. and overseas.

Accident and Health Insurance

Besides purchasing accident and health coverage for your workforce, you can get coverage for illnesses and injuries that could result from using your products.

Chubb also offers global policies that cover employees while traveling aboard.  You can also find policies designed to protect students, volunteers, and other special groups.

Workplace Benefits

Chubb is a popular option for businesses because of the customizable workplace benefits packages the insurer offers. With options like life insurance, accident coverage, and critical illness policies, you can build a package that reflects your unique risks.

Cyber Insurance

Did you know that cyber-crimes cost a total of $2.7 billion in 2020? Chubb can help keep you safe with cyber risk insurance.

Chubb stands out by offering policies with a broad definition of tech incidents and personal data, which results in more protection for your business.

Plus, Chubb relies on tech experts to underwrite these policies. Their experience ensures that you get protection against the latest cyber risks, including ransomware and data breaches.

Environmental Insurance

Environmental insurance policies offer protection in case your activities have a negative impact on the environment. Pollution liability coverage can go a long way in managing ESG risks.

Political Risk

Developing a presence in new markets can be risky. With political risk coverage, Chubb can protect your business from a wide range of external factors.

Small Business Insurance

Chubb has an entire line of products designed for businesses with less than $30 million in revenues. These policies are affordable and easy to customize.

Here are a few examples of the type of coverage you can get for your small business:

  • You can purchase a Business Owner’s Policy to protect your business assets and get liability coverage.
  • Chubb offers affordable worker’s compensation policies for small businesses to cover medical expenses and lost wages.
  • If you have employees who travel, you can get an international travel policy.
  • Cyber risk can be expensive to manage for small businesses. Chubb makes it easy with customizable cyber risk management policies.
  • If you have commercial vehicles or a fleet, you can protect these assets with commercial auto insurance.
  • You can protect your small business further with employment practices liability coverage, fiduciary liability policies, or crime coverage.
  • An umbrella policy can also be a good option if you want to extend existing coverage or get coverage for a wider range of claim types.

Who is Chubb Best For?

Chubb is an excellent option for any organization that needs an affordable and customizable insurance solution. This insurer stands out by offering a wide range of products and letting you build a portfolio that reflects your needs.

This insurer is also a great option if you need to manage risks other companies don’t cover. With policies that insure you against environmental or political risks, Chubb goes beyond the type of risks other insurers typically cover.

We also highly recommend Chubb for small businesses with revenues under $30 million. This insurer works with small businesses in more than 500 different categories and has an excellent understanding of the unique risks small organizations face.

Chubb Alternatives

NEXT Insurance
Next Insurance logo
  • Best For: Small businesses
  • Rates: Depends on policy
  • Promotion: Up to 10% for multiple policies
Hiscox Insurance
Hiscox logo
  • Best For: Affordability
  • Rates: Depends on policy
  • Promotion: No current promotions
Thimble Insurance
Thimble logo
  • Best For: Micro-businesses
  • Rates: Depends on policy
  • Promotion: No current promotions

Should You Get Chubb Business Insurance?

We think Chubb is an excellent option for business insurance. We found that Chubb had a financial strength rating of A++ when doing research for our Chubb review.

It’s a good indicator that the company is reliable and will be able to pay out claims.  The underwriting expertise is another reason to choose Chubb.

Many insurers outsource this process, which can result in higher costs for the insured.  Chubb relies on experts in fields like healthcare, cybersecurity, or ESG to assess risks accurately.

You can count on Chubb to identify risks other insurers might overlook, and you’ll pay premiums that reflect actual risks instead of paying for coverage you don’t need.

This insurer also offers outstanding service and can process claims fast. You can also work with an agent to build a customizable package, which is a great way to manage risks while saving money.

Chubb

Chubb offers business insurance protection and a level of service that comes from decades of experience insuring companies of all sizes.

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FAQ's

Read on for some common questions about Chubb.

Is Chubb a reliable insurance company?

Chubb’s parent company is part of the S&P 500 Index. With over $200 billion in assets, Chubb has an excellent financial position, which greatly reduces risks.

How long does it take to get coverage?

It should take two to three days to get coverage. It can take longer if you’re building a highly customized portfolio with several insurance products.

How does Chubb make money?

Like most insurers, Chubb has two main sources of income. The first source is the premiums clients pay for coverage. Since Chubb is a major insurance company, the amount of the premiums collected is typically higher than the claim payouts.

Chubb also invests a part of the premiums collected. These investments increase the amount that is available for payouts.

How does Chubb keep my personal data safe?

Chubb keeps your data safe by limiting the amount of personally identifying data it collects and using secure storing solutions for sensitive data.

You can reach Chubb’s privacy policy to learn more.

  • Editor Rating
  • Rated 4 stars
  • 80%

  • Chubb Business Insurance
  • Reviewed by:
  • Published on:
  • Last modified: July 23, 2022


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