ACE Commercial Risk Services, the small commercial specialty lines business of ACE Group, has 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 Track, the online small business underwriting program 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: including accounting or bookkeeping firms, insurance agencies, law firms, and medical offices
- Retail businesses: including ookstores, florists, gift shops, and hardware stores, among others
- Service businesses: barber shops, beauty salons, photographers, and shoe repair shops
- One-to-four family rental dwellings
- Artisan contractors: carpentry, electrical, handyperson, dry wall, and many more
Features of these new coverage options include:
- Up to $5 million in total property values or $1 million in sales
- Business owners package coverage form that automatically includes more than 15 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 million/$3 million in general liability limits
- Direct bill, agency bill, EFT and credit card payment options available
The specialty commercial products for small businesses are the 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 Track online quote, bind and issue underwriting platform.
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