- With Chubb as a new partner, BizCover’s offering has become more competitive as it aims to provide additional insurance options and reduce the cost of insurance for small business owners.
- The Chubb Public Liability product is now available on the BizCover platform as an annual-only policy with monthly options being rolled out later in the year.
- With policies starting from $487.50, BizCover has also brought Chubb’s Cyber Liability on to bolster its offering in the increasingly critical cyber insurance market.
Offering greater choice to small businesses
BizCover has expanded its business insurance offering with Chubb’s Public Liability product going live on the platform, giving it one of the best online comparisons in the market.
The move marks the Sydney-based Insurtech’s second product release with new partner, Chubb, after bringing on its Cyber Liability offering last December.
“We’re thrilled to be partnering with Chubb once again who bring along a great reputation in claims handling and expertise in small business insurance,” says Jane Mason, BizCover’s Head of Product, Channels and Risk.
Public Liability insurance is a crucial form of protection for many Australian small businesses, particularly those that interact with customers or work on closely with suppliers.
Without it, businesses could be vulnerable to financial losses and reputational damage resulting from costly compensation claims, legal battles, and associated expenses.
The Chubb Public Liability product will initially be available as an annual-only policy with monthly options being rolled out later in the year.
Chubb’s Public Liability policies will begin from $349.18 annually for businesses with under 50 employees and less than $7 million in annual turnover.
Chubb joins six other insurers on the BizCover platform offering Public Liability insurance – AIG, Berkley, Dual, QBE, RelyOn and Vero.
“We understand the importance of protecting businesses against financial losses and believe adding more insurers onto our platform makes our offering more competitive reducing the cost of small business insurance,” says Mason.
Bolstering the cyber defenses of small businesses
The news comes after the successful launch of Chubb’s Cyber Liability offering on the BizCover site last December.
With Chubb’s Cyber Liability policies starting from $487.50, BizCover brought the product on to bolster its offering in the increasingly critical cyber insurance market.
The average cost per cybercrime incident has skyrocketed in Australia, reaching $39,000 for small businesses, according to the Australian Cyber Security Centre’s (ACSC) latest Threat Report.
With many small businesses spending less than $500 on cybersecurity annually, the ability to compare and buy cyber insurance products has become more important than ever.
BizCover’s two other Cyber Liability insurance partners, AIG and DUAL, also updated their product offerings in December to better reflect the risks currently faced by small businesses.
“Cyber insurance is especially topical given the current environment, and we want to help protect small businesses from the growing risk of cybercrime,” says Mason.
Chubb is a leading provider of cyber risk solutions since its first cyber product was launched in 1990s, giving it decades of claims and underwriting experience to incorporate into its coverage.
“We are extremely excited to be partnering Chubb and we look forward to more product releases going forward.”
This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. © 2023 BizCover Pty Limited, all rights reserved. ABN 68 127 707 975; AFSL 501769