ACE Solutions Fast Track Expands Specialty Insurance Offerings to Protect Small Businesses Against Unforeseen Risks

According to the Small Business Administration, small businesses make up a full 99 percent of all U.S. employers.1 Despite the integral role small businesses play in the overall health of the U.S. job market, many small businesses are especially vulnerable to the risk of significant financial loss. They have historically lacked access to affordable insurance coverage options to adequately protect themselves. Recognizing the small business need for adequate insurance coverage and risk management precautions, ACE Commercial Risk Services, the small commercial specialty lines business of ACE Group, recently 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 TrackSM, the online small business underwriting solution 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: Examples include accounting or bookkeeping firms, insurance agencies, law firms, and medical offices
• Retail Businesses: Bookstores, florists, gift shops, and hardware stores, among others
• Service Businesses: Barber shops, beauty salons, photographers, and shoe repair shops
• 1 – 4 Family Rental Dwellings
• Artisan Contractors: Carpentry, electrical, handyperson, dry wall, and many more

“Too often, small business owners fail to secure comprehensive insurance coverage that can help ensure the success of their business. They are typically concerned about the cost, or are confused about what’s available in the marketplace. The bottom line is, any type of loss could put a small business’ future at risk,” said David Charlton, Division President, Specialty and Micro-business Division, ACE Commercial Risk Services. “Developed in response to the growing small business market, and increasing broker demand, ACE now offers customizable coverage for more than 100 specific classes of small businesses, which meet their unique needs at an affordable price, and provide access to ACE’s industry-leading expertise across various professional coverages.”

Key features of these new coverage options include:

• Up to $5,000,000 in total property values or $1,000,000 in sales
• Business owners package coverage form that automatically includes more than 15 unique 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 $1,000,000/$3,000,000 in General Liability limits
• Direct bill, agency bill, EFT and credit card payment options available

The Specialty Commercial Products for Small Businesses are 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 TrackSM online quote, bind and issue underwriting platform.

About ACE Group

ACE Group is one of the world’s largest multiline property and casualty insurers. With operations in 54 countries, ACE provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance, and life insurance to a diverse group of clients. ACE Limited, the parent company of ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index. Additional information can be found at www.acegroup.com, or follow ACE on Twitter, https://twitter.com/ACEGroupNA.

1 https://www.sba.gov/sites/default/files/FAQ_March_2014_0.pdf

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ACE GroupCarla Ferrara, [e-mail]