Chubb Commercial Insurance is one of the largest and most well-known business insurance providers in the United States and worldwide. The company offers a wide range of coverage options for businesses of all sizes, making it a good choice for companies looking for comprehensive protection.
One of the key selling points of Chubb Commercial Insurance is its extensive network of agents and brokers. This ensures that businesses can find an agent or broker who understands their specific needs and can provide them with competitive quotes.
Chubb Commercial Insurance has solid financial strength ratings from all of the major rating agencies. This means that businesses can be confident that their policy will be honored in the event of a claim.
Chubb Commercial Insurance Pros and Cons
If you’re thinking about using Chubb for your commercial insurance needs, you should be aware of the benefits and drawbacks of doing business with the company:
AdvisorSmith Rating For Chubb
- Overall rating:  / 5 stars
- Coverage options: [4.5] / 5 stars
- Cost:  / 5 stars
- Ratings and complaints:  / 5 stars
- Digital experience: [3.5] / 5 stars
- Customer service: [4.5] / 5 stars
Chubb Commercial Insurance Coverage Options
Chubb Commercial Insurance offers a wide range of coverage options for businesses of all sizes. Some of the key coverage areas include:
- Cyber incidents
- Business interruption
- Workers’ compensation
- Management liability
Businesses can customize their policy to fit their specific needs, and Chubb offers a number of endorsements that can further expand coverage. For example, the company’s “Green” endorsement provides protection for businesses that have made efforts to reduce their environmental impact. This endorsement is available at no additional cost for qualifying businesses.
Chubb also offers specially designed options for small businesses and startups, responding to their unique risk profiles and insurance needs. The company also takes pride in providing coverage for numerous industries and professionals, including agriculture, construction, energy, financial institutions, manufacturing, and technology. Chubb also provides solutions for some innovative industries such as clean tech or aerospace.
You should, however, note that only BOP and general liability are available in all 50 states, whereas the availability of other policies varies from state to state.
Chubb Commercial Insurance Cost
The cost of Chubb Commercial Insurance will vary depending on the size and type of business and the coverage options you select. However, companies can expect to pay more for Chubb’s comprehensive coverage than they would for a policy with less coverage. Still, customers report that they don’t feel like they are overpaying for their policies. Jimmy Wood says on Insuranks:
“Chubb provides business insurance coverage for all sizes of businesses, from small local ones to huge multinational corporates, they are very fast to respond to your claims, their business insurance coverage is very advanced while being tailored to your needs, aka covering you from all sides without over-covering you to make you pay more like some companies do. I’m a very satisfied customer.”
Chubb Commercial Insurance Ratings and Complaints
Chubb has solid financial strength ratings from all of the major rating agencies. This means that businesses can be confident that their policy will be honored if they ever need to file a claim. AM Best rates Chubb with an A++ (Superior) rate, Standard & Poor with an AA, and Moody’s with an A3 rating. However, we noticed that Chubb is not a BBB-accredited company, which could be considered a downside by some prospective clients.
According to the National Association of Insurance Commissioners (NAIC), in 2020, Chubb had a complaint index of 0.91, which is below the industry average.
Chubb Commercial Insurance Digital Experience
Chubb Commercial Insurance offers an easy-to-use website that is easy to navigate but seems a bit outdated. The site is well organized and provides plenty of information on the company’s products and services. Policyholders can also access their account information and make payments online. However, the site does not offer live chat support, which could be a problem if you have questions or need assistance outside of regular business hours.
The digital experience also seems incomplete because prospective clients can’t get an online quote for all the policies they might be looking to buy.
Another thing worth mentioning is the web-based application Chubb designed for its clients called Worldwide. The application allows users to access and manage their risk management plans. However, you should note that the application may not be available to all Chubb’s clients.
Chubb Customer Service
Chubb provides a few options for their clients to contact the customer support department. You can fill out a form online, reach out to them via email, or call the suitable phone number you can find on the company website. If you prefer to talk to your local agent, but you’ve lost their contact, you can call the support team who can help with that request.
Chubb’s customer service team is knowledgeable and helpful, and they are willing to help policyholders with any questions or concerns they may have. We couldn’t find many negative reviews about the company’s customer service on review websites, and as often happens, most negative experiences come from people holding a personal lines insurance policy with Chubb.
J.D Power’s U.S. Small Commercial Insurance Study gives Chubb an overall customer satisfaction index of 838 on a scale of 1000 points, ranking the company in the fifth position for 2021. Here is one review to attest to that:
“Very annoyed in 2020 they do not offer online quotes. However, they are great at everything else. The coverage is amazing, customer service is world-class, (the) value of money is great (even when their rates are not the cheapest), fast and excellent handling of claims, very dedicated and business-focused. The only other issue is since they cover all types and sizes of businesses, they do not seem to specialize in any of them specifically.”, says Peter Fox.
Other Services and Features That Chubb Offers
Clients who need assistance with assessing the amount of coverage they need for their business income insurance policy can take advantage of an online “My Business Income Consultation” service with Chubb. The company also provides risk and claims management services through ESIS, a Chubb company.
Chubb also provides in-house risk engineering services. Risk engineers help businesses identify exposures and prevent risks in their industries through risk mitigation strategies and digital solutions.
What Is the Chubb Claims Process?
The Chubb Commercial Insurance claims process is quite straightforward. Policyholders can file a claim online, through email, by calling the company’s 24/7 claims hotline, or through their local agent. Once you file the claim, an adjuster will be assigned to investigate the incident and determine if coverage is available. If coverage is available, the adjuster will work with you, the policyholder, to settle the claim.
If you file a workers’ compensation claim, the process could be slightly different as the adjuster may also contact the employee for additional information.
How to Get Quotes From Chubb
Businesses can visit the company’s website to get contact information for a local agent or broker to get a quote from Chubb Commercial Insurance. The company only offers digital quotes to small businesses with under $1 million in revenue, and you can’t get an online quote for all their products. If you are a small business looking for general liability, a BOP, professional liability, or cyber insurance coverage, chances are you can get an online quote from Chubb.
If you a looking for another insurance policy or your business generates more than $1 million in revenue annually, you can get your quote by phone or by reaching out to a local agent in your area.
Bottom Line: Is Chubb a Good Company?
Overall, Chubb Commercial Insurance is a good choice for businesses looking for comprehensive protection at a competitive price. The company’s extensive network of agents and brokers makes it easy to find someone who can provide quotes and help with any questions or concerns you may have. Also, Chubb’s strong financial ratings give you peace of mind knowing that your policy will be honored if you ever need to file a claim.
Chubb might not be a good option if you prefer to have a digital shopping experience from the start. Also, some businesses find their rates to be a bit too high for companies looking to spend less on insurance.
Alternatives to Chubb Commercial Insurance
Companies should shop around and compare quotes from multiple providers to find the best rate for their needs. You can do that by choosing to work with an insurtech brokerage, like Cover Wallet. Embroker, or Insureon, for example.
If you’re not sure Chubb is the right commercial insurance provider for your business and you are looking for a company with financial stability similar to Chubb’s, there are a number of other companies to consider.
If you don’t mind the lack of an online quoting system and you are running a small business, State Farm could be an option for your insurance needs. State Farm offers solutions specifically designed for small businesses, so you can probably find adequate coverage for your company. Another similar alternative for small businesses could be Allstate, but that is again if you don’t mind an incomplete digital experience as you can’t submit a claim online with Allstate.
If you are looking for a more digital shopping and policy management journey, Thimble might be a better option for you. The company offers custom solutions for small businesses, and you can get a quote, bind a policy, and file claims online.
On the other hand, let’s suppose you run a large business with complex insurance needs and want to shop around for the best coverage. You might want to consider one of the large players out there, such as The Hartford, Travelers, or Nationwide, and compare their rates before deciding who to go with for your insurance plan.