Business General Liability Insurance from Chubb, GEICO and Veracity Compared

Your business has grown to the point you are interested in protecting the income derived from the product or service you provide. Perhaps you have had general liability insurance and you realize there is more to protecting your company than just that. Either way looking for the right business insurance products can be overwhelming. Sometimes large corporations and companies that sell insurance products have the market share to attract customers due to their name recognition. They use that name recognition to offer other insurance products which they specifically do not underwrite.

GEICO Business General liability insurance Policies

GEICO (Government Employees Insurance Company) for example is a major auto and property insurance carrier that partners with Hiscox to provide business insurance products. GEICO has been rated A++ for its insurance policies by AM Best but care should be taken to look at the actual underwriter when a quote is obtained from the specific insurer because as mentioned previously Hiscox is the contracted company used by GEICO. Some recent studies have mentioned that The Chubb Group of insurance companies competes well against companies like Hiscox for general liability and business insurance policies. As the 12th largest property and casualty insurer with over $52 Billion in assets, Chubb has the name recognition to offer its other business insurance products effectively. The Chubb Group has roughly 8,500 independent agents and brokers the specialize in shopping its company’s products of which over 170 commercial products are available.

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Make Sure to Compare Apples to Apples When Finding Business Insurance Quotes

Veracity vs GEICO vs Chubb

Veracity Insurance claims to be the specialty insurance experts. Their pricing on traditional business policies including general liability and product liability can be higher than other companies, however they may be able to insure certain products that others will not underwrite. Veracity has their own in-house underwriters, which may make the process easier for hard to insure products. For that reason Veracity is a well suited niche market insurer. Examples include vitamin and supplements manufacturers, which Veracity currently insures as well as more challenging contracting businesses such as Oilfield service contractors and machine shops.

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