Chubb Life says its new Assurance Extra Business policy has been designed to support 97% of the country’s businesses – the SME market.
The company says following market feedback it has created a product that combines its Business Assurance, Agribusiness Extra, and Business Extra policies into one multi-purpose offering.
Customers with an inforce Business Assurance, Agribusiness Extra or Business Extra policy can still claim on their policy, states Chubb. However, these products are no longer being sold.
As an opening offer, applications for the new Assurance Extra Business submitted by 30 September 2023 may be entitled to two months’ free cover – subject to these terms & conditions.
Among the benefits of the new product is that it can be transferred to new business owners and shareholders.
“This allows cover to stay in place even if there are significant changes to the structure and ownership of the business,” states Chubb.
In addition, the product can be tailored to the needs of the business based on:
- Business expenses
- Replacement labour
- Replacement revenue
The policy also features a ‘business increase option’ that allows for increases to the monthly benefit. There’s also a key person start-up benefit for the agricultural sector.
Chubb states that advisers wanting to offer Assurance Extra Business to clients will need to complete its accreditation module. Applications are open now, but will close on 10 July. Advisers can click here for details.
A Chubb tool kit for the product is available here.