Chubb has introduced small business insurance services to the food service industry through its digital platform, the Chubb Marketplace.
The digital platform of Chubb features and customisable suite of products for businesses that earn up to $30m (£23.7m) in revenue.
As per the National Restaurant Association, there are over one million restaurants in the US, employing more than 15 million people, or about one in 10 working Americans. The restaurant industry is projected to have $683bn (£540bn) in sales this year, which is more than 46% since 2010 and is 4% of the gross domestic product of the US.
Chubb North America small commercial insurance division president Jim Williamson said: “The food service industry faces a diverse array of exposures – from customer and employee injuries to property damage and loss of business income.
“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 the newly launched coverage, Chubb’s Business Owner’s Policy (Chubb BOP) coverage for small businesses in the food service industry will be available for Umbrella, Workers’ Compensation, Commercial Auto, Cyber Enterprise Risk Management (ERM), Management and Professional Liability and Foreign Package.
Williamson continued saying: “Through the Chubb Marketplace, agents can quote and issue policies with ease, providing their clients with tailored and complete account solutions.
“For our insureds, Chubb delivers renowned claims, account services, and financial strength, along with the ability to grow as they do.”
In April this year, the insurance company announced expansion of insurance coverage through its Private Equity+ to address the risks faced by private equity firms in Canada.
The extended offerings can help to transfer and mitigate some of the most significant liabilities by combining four management liability coverages that include management, outside directorship, professional services and Employment Practices Liability in one policy.