USAA and The Hartford Financial Services Group have aligned to offer insurance protection to USAA members who own small businesses. Known as the USAA Business Insurance Program, the new exclusive alliance replaces the USAA General Agency’s previous small business insurance program, in which USAA brokered commercial coverage for its members with nine carriers, including The Hartford.
Currently, USAA members own about 16,500 policies through that program. Under the program, USAA will perform sales operations through a dedicated team of commercial insurance representatives. USAA will also market the insurance to its members. The Hartford has formed dedicated teams to underwrite policies and perform policy service, claims processing and billing for the new alliance. Additionally, the policy jacket will be co-branded to prominently display the USAA and The Hartford logos.
The centerpiece of the agreement is The Hartford’s Spectrum policy, which is available to more than 700 classes of business. The Spectrum policy provides today’s small businesses with essential protections, such as business income coverage to help keep a company going if a loss shuts down operations and equipment breakdown coverage to pay for damaged equipment. Additionally, it includes employment practices liability insurance, a key coverage in a litigious society. Other available coverages are commercial auto and workers’ compensation.
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