Last Updated 25 October 2018 | By:

Chubb Business Insurance Review

Are They A Good Fit For Your Company?

Chubb Business Insurance Review

When you need insurance for your business, it can be difficult to know which of the many carriers is the best choice. While shopping for insurance can be a hassle, it’s one or the most important steps in the early life cycle of any business. Getting the right coverages from a company you can trust is vitally important to your success as a business owner.

Chubb has grown considerably in the last few decades to become one of the world’s largest insurers, but that doesn’t necessarily mean they’re a good fit for your company. This review will analyze Chubb’s business insurance policies to help you determine if their service is right for you.

Pros and Cons of Chubb Business Insurance

Pros

  1. Chubb receives superb ratings from all major ratings firms, making them a safe bet when it comes to covering your claims.

  2. Chubb has an impressive history, traces their roots back to 1882 when a man named Thomas Caldecot Chubb opened a marine insurance company in New York City to cover ships and cargo.

  3. Chubb offers an exhaustive list of comprehensive commercial insurance policies, specifically geared toward businesses in many different industries and categories.

Cons

  1. For such a major company, Chubb has a very outdated website that can be difficult to navigate.

  2. Chubb does not offer online quotes, meaning you’ll need to speak directly with a representative to get more information about your policy and pricing options.

  3. Chubb has very few customer reviews available online. This makes it difficult to gauge what their customer experience is like.

What Kinds of Business Insurance Does Chubb Offer?

Chubb offers a wide variety of commercial insurance policy options. They allow customers to shop for insurance by industry, by coverage category, or by specific services. While this list is not exhaustive, it includes their most popular categories:

  • Accident and Health
  • Commercial General Liability
  • Commercial Package
  • Cyber
  • Environmental
  • Excess and Surplus
  • Global Casualty
  • International Solutions for Mid-Sized Companies
  • Management Liability
  • Marine
  • Medical Liability
  • Product Recall
  • Professional Liability
  • Property
  • Railroad
  • Reinsurance
  • Small Commercial
  • Specialty Casualty
  • Surety
  • Trade Credit and Political Risk
  • Umbrella and Excess Casualty
  • Workers Compensation
  • Workplace Benefits

How Can I Get a Quote From Chubb?

Unlike some of their competitors, Chubb does not offer an online quote generator. Instead, prospective customers must contact a local agent to discuss policy options. You can find this information by using the “Find an Agent” tool on their website.

How Does Chubb Rank for Financial Strength?

When choosing an insurance carrier, it’s important to consider their financial stability and strength. When you file a claim, you never want to be concerned with your insurance carrier’s ability to cover your expenses. Chubb enjoys very high ratings from all major ratings firms. In fact, A.M. Best gives them the highest possible score for financial strength.

A.M. Best Financial Strength Rating: A++ (highest possible score)

“Assigned to insurance companies that have a superior ability to meet their ongoing insurance obligations.”

A.M. Best Issuer Credit Rating: aa+

“Assigned to entities that have a superior ability to meet their ongoing senior financial obligations.”

Moody’s Rating: Aa3

“Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.”

Standard & Poor’s Financial Strength Rating: AA

“An insurer rated AA has very strong financial security characteristics, differing only slightly from those rated higher.”

How Much Does Chubb Business Insurance Cost?

In general, it’s quite difficult to make fair cost comparisons among insurance providers. There are simply too many variables to consider. One provider may have a lower price for general liability insurance, while another offers cheaper property coverage. The level of benefits offered for the cost can also vary.

Generally speaking, though, Chubb’s commercial insurance policies tend to be right around the industry average, or a bit higher. It should be noted that Chubb’s coverage can extend to perils that other insurers won’t cover, making some of their higher prices worth the cost.

Customer Reviews

Customer reviews can be a difficult thing to qualify. It’s impossible to determine exactly which policy each reviewer holds and the specific circumstances behind their experience. With insurance, in particular, anyone who has had to file a claim is likely dealing with a difficult situation. Still, there is value in examining how a typical customer views a company since it can give you a glimpse into their general customer support reputation.

Chubb has a mix of positive and negative reviews, as most commercial insurance providers do, but they also have far fewer overall reviews than the majority of insurance carriers. Among the available reviews, people are fairly divided on the quality of customer service and coverage. Several cite premium increases as a reason for leaving the company.

However, for the size, scope, and longevity of the company, the lack of feedback is unusual. This makes it difficult to accurately gauge the customer experience.

Final Thoughts

Final ThoughtsOverall, Chubb earns a score of 3.8 out of 5. They’re an insurer with exceptionally strong financials, making them a very safe pick for any business. Additionally, their impressive variety of policy options sets them apart from many of their competitors.

No matter the size of your company or the nature of its business, Chubb is likely to have policies that suit your needs. The way they structure their policies by industry can be especially useful if your business lines up with one of their industry plans.

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