ACE Solutions Fast Track Expands Specialty Insurance Offerings to Protect Small Businesses Against Unforeseen Risks
May 27 2015 - 6:52PM
Business Wire
According to the Small Business Administration, small businesses
make up a full 99 percent of all U.S. employers.1 Despite the
integral role small businesses play in the overall health of the
U.S. job market, many small businesses are especially vulnerable to
the risk of significant financial loss. They have historically
lacked access to affordable insurance coverage options to
adequately protect themselves. Recognizing the small business need
for adequate insurance coverage and risk management precautions,
ACE Commercial Risk Services, the small commercial specialty lines
business of ACE Group, recently expanded its Specialty Commercial
Products for Small Businesses, available on a Business Owners
Policy (BOP).
This new product suite offering, available through ACE Solutions
Fast TrackSM, the online small business underwriting solution from
ACE Commercial Risk Services, enables small business owners to
purchase a business owners package, or monoline General Liability
product, for more than 100 specific small business classes.
Eligible industry classifications by product segment include, but
are not limited to:
- Professional Offices: Examples include
accounting or bookkeeping firms, insurance agencies, law firms, and
medical offices
- Retail Businesses: Bookstores,
florists, gift shops, and hardware stores, among others
- Service Businesses: Barber shops,
beauty salons, photographers, and shoe repair shops
- 1 – 4 Family Rental Dwellings
- Artisan Contractors: Carpentry,
electrical, handyperson, dry wall, and many more
“Too often, small business owners fail to secure comprehensive
insurance coverage that can help ensure the success of their
business. They are typically concerned about the cost, or are
confused about what’s available in the marketplace. The bottom line
is, any type of loss could put a small business’ future at risk,”
said David Charlton, Division President, Specialty and
Micro-business Division, ACE Commercial Risk Services. “Developed
in response to the growing small business market, and increasing
broker demand, ACE now offers customizable coverage for more than
100 specific classes of small businesses, which meet their unique
needs at an affordable price, and provide access to ACE’s
industry-leading expertise across various professional
coverages.”
Key features of these new coverage options include:
- Up to $5,000,000 in total property
values or $1,000,000 in sales
- Business owners package coverage form
that automatically includes more than 15 unique coverage
enhancements
- Business Income coverage offered on an
actual Loss Sustained basis
- Optional coverages including
Hired/Non-Owned Auto Liability and Equipment Breakdown
- Optional Blanket Additional Insured
endorsements
- Premier Craftsmen Endorsement,
including coverages for miscellaneous tools and installation
floaters
- Up to $1,000,000/$3,000,000 in General
Liability limits
- Direct bill, agency bill, EFT and
credit card payment options available
The Specialty Commercial Products for Small Businesses are
latest generation of new and enhanced ACE Commercial Risk Services
products servicing small business. Recent ACE products and
enhancements include Vacant Building/Vacant Land coverage, Not for
Profit Management Liability, Community Associations and, most
recently, the ACE Solutions Fast TrackSM online quote, bind and
issue underwriting platform.
About ACE Group
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. ACE Limited, the parent
company of ACE Group, is listed on the New York Stock Exchange
(NYSE: ACE) and is a component of the S&P 500 index. Additional
information can be found at www.acegroup.com, or follow ACE on
Twitter, https://twitter.com/ACEGroupNA.
1
https://www.sba.gov/sites/default/files/FAQ_March_2014_0.pdf
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version on businesswire.com: http://www.businesswire.com/news/home/20150527006702/en/
ACE GroupCarla Ferrara,
215-640-4744carla.ferrara@acegroup.com
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