Why package scalability is so critical for growing lower middle market companies

close-up office building
Michelle McLaughlin

A scalable insurance product is critical to lower middle market companies

BY: Michelle McLaughlin, Chief Underwriting Officer | Middle Market & Small Business Divisions

I’ve seen it many times, an agent has a lower middle market customer that is growing quickly. For instance, a technology company that is thriving in today’s digital commerce space. At first, the company needed a simple package product or business owner’s policy with standard property and general liability coverage. But as the company grew, so did their exposure and insurance needs. They increased the number of locations where they operate, they acquired another small technology company, and they even expanded outside the United States. As the company expanded, their risk changed and so did their insurance needs. Now they need additional coverages, higher limits, and global insurance protection.

 

That’s just one example, the U.S. economy is driven by businesses that grow — often rapidly — into middle market companies. But the insurance industry, as a whole, isn’t set up to efficiently deal with that growth and seamlessly cover the additional exposures.

 

That’s why Chubb decided to take a different approach to lower middle market companies. We designed the new Benchmarq Package to be completely scalable, so the business can get the coverage it needs, and the broker doesn’t have to search for new coverage. Instead, Benchmarq Package expands and evolves with the business.

 

With Benchmarq, customers can expect efficient underwriting decisions and quicker delivery of quotes and policies. When the insured’s needs change, endorsements can be added, and limits increased. The pricing is customized for each individual customer, so it is competitive at a smaller scale and as the company grows.

 

With the new Benchmarq Package, designing the right insurance program for lower middle market clients is easy. It offers unique features such as the ability to select business income on an actual loss sustained basis or a stated amount, select higher limits for catastrophe coverages like flood and earthquake, and provide insurance protection for property coverage overseas as well as employees traveling abroad with foreign voluntary workers’ compensation and foreign non-owned auto.

Get the Details

Take a deeper look at our Benchmarq Package product.

Insights and expertise

We keep you informed — and your business protected — with these helpful articles.
security camera
All business sizes
Tips for managing your business’s IoT risk
The expanding internet of things (IoT) means reliance on new technology for efficiencies and profits. But along with the technology comes new cyber security and other business risks. Here’s what you need to know about IoT and your business.
business woman
All business sizes
5 steps for creating a business continuity plan
Risk managers advise that one of the best ways to make sure your business can reopen quickly – and stay successful – after a disaster is to develop a business continuity plan.
colorful ship containers
All business sizes
How to protect your business from supply chain disruption
Managing supply chain risk from external vendors and suppliers.
school lockers
Risk Management
School’s in session: Understanding education related risks
Learn how to identify and mitigate the greatest risks facing educational institutions.
chimney on a roof
Risk Management
How to keep that roof over your head
Keep your roof in top shape by preventing water leaks with regular inspections.
construction belt
Business Insurance Basics
3 steps to reduce the risk of workers compensation claims
Prevent worksite accidents by establishing and adhering to safety practices.
frozen red pole
Risk Management
Cold weather preparedness for your business
Follow these best practices to prepare for winter weather and help minimize its impact on your facilities.
fire fighters battling fire
Catastrophes
How to reduce the risks of wildfires to your business
Best practice prevention tips to increase the chance of your facility surviving a wildfire

Find an Agent

Speak to an independent agent about your insurance needs.