CHES launches standalone commercial crime insurance product
CHES launches standalone commercial crime insurance product | Insurance Business Canada
Commercial Solutions
CHES launches standalone commercial crime insurance product
Offering aimed at small businesses
Commercial Solutions
By
Terry Gangcuangco
To combat the increasing incidence of fraud affecting small businesses, CHES Special Risk has rolled out a standalone commercial crime insurance product called ‘Crime Coverage’.
According to the managing general agent, fraud-related losses at small businesses reach a median of $150,000, with around 23% of losses valued at no less than $1 million.
Premiums for CHES Crime Coverage start as low as $100, while limits extend up to $3 million. The product offers a wide coverage spectrum with few restrictive classes, and multi-year policy terms are available as well.
Senior professional lines underwriter Michael Chaplik stated: “When combating fraud, many small businesses encounter significant challenges. Our objective with CHES Crime Coverage is to furnish tailored solutions that cater to the precise needs of our clients, affording them peace of mind amid the constantly shifting landscape of risks.
“We understand that each business is unique, which is why we tailor our coverage to meet the specific needs of our clients. Our aim is to provide a comprehensive crime insurance solution that surpasses the limited coverage typically found within package policies, offering blanket location coverage and access to loss prevention and disaster planning consultations through our network of independent service providers.”
Backed by extensive expertise in various sectors such as mercantile, financial institutions, government entities, armoured car/valuables, and fine arts, the CHES fidelity/crime division also offers solutions for kidnap, ransom & extortion coverage.
“Our wealth of experience, coupled with our specialized products, has fuelled our consistent growth within the marketplace, making CHES Special Risk the preferred choice for small businesses seeking robust insurance solutions,” Chaplik highlighted.
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