Berkshire Hathaway GUARD Insurance Companies is adding a commercial package product that will include coverages for property, general liability, umbrella, and employment-related practices liability insurance (EPLI).
The company plans to launch the product in Pennsylvania in early April with other states to follow, according to GUARD CEO Sy Foguel.
The new package product has been designed to complement the company’s current businessowner’s policy by addressing the insurance needs of larger, more complex operations or businesses with multiple exposures, said Executive Vice President Lyle Hitt.
Initial target markets include light-to-medium manufacturing, wholesalers and distributors, truck stops/travel plazas, resorts, and country clubs. The product will eventually expand into new markets.
The product offers discounts when two or more lines are purchased as well as additional discounts based on unique business characteristics.
Berkshire Hathaway GUARD Insurance Companies Commercial Package will include: commercial property coverage with built-in equipment breakdown, inland marine, and crime coverage; general liability with base limits of $1 million to $6 million with even higher limits considered; employment-related practices liability insurance (EPLI); and commercial umbrella for added protection.
In October of 2012, GUARD was acquired by Berkshire Hathaway Inc. In 2013, GUARD unveiled a new identity as Berkshire Hathaway GUARD Insurance Companies.
GUARD offers a national footprint with a growing list of insurance products, including: workers’ compensation, property/liability via a businessowner’s policy, commercial auto, umbrella, professional liability, disability, and homeowners.
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