Chubb has rolled out a new insurance product for the lower middle market segment with an expanded base coverage offering in both property and liability.
Benchmarq Package features scalable property and general liability coverages to protect clients from the risks in their industries, including: education, food, manufacturing, professional services, real estate, retail, technology, wholesale, and wineries. Chubb plans to expand the product into additional industries.
Benchmarq’s base offering was designed for smaller or less complex package risks, but coverage can also scale up through higher limits and additional endorsements for the middle market space.
According to Ben Rockwell, division president, Chubb Middle Market, the new Benchmarq product helps to fill a gap in the lower middle market space that isn’t typically served by either a traditional package or business owners insurance policy.
Benchmarq is currently available through field underwriters in 29 states, with more anticipated to become available in coming months.
Benchmarq will be available on Chubb digital platform, the Chubb Marketplace, in the Fall of 2021.
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