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Chubb (Warren, N.J.) has introduced small business insurance to cover the specific risks of the food service industry. The insurer is offering the coverage through its the Chubb Marketplace, a digital marketplace featuring what the insurer calls 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,” comments 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 adds. “For our insureds, Chubb delivers renowned claims, account services, and financial strength, along with the ability to grow as they do.”