Starr offers an innovative, streamlined BOP package for producers
To meet that challenge, in fact, Starr is now offering its business owners policy, or StarrBOP, a property and casualty package tailored to small businesses with sales of $5,000,000 or below and fewer than 50 employees.
"For the broker or agent, the premium produced in this market must be maximized with a 'low touch' approach, which means a very streamlined process through which this business can be transacted," Alexander said. "With StarrBOP, producers only need to log into our innovative new portal and they can move from beginning to end of the qualification process within minutes. They can then quote, bind, collect payment and issue the policy. When it comes to small business, StarrBOP meets the real need for speed and ease."
StarrBOP, available in all 50 states, offers property limits up to $5 million per location and a liability limit of $2 million ($4 million in the aggregate) per insured. The program is written on Starr Indemnity & Liability paper, which offers an "A" rating from AM Best. Enhanced coverages and options on select risks can include:
-- Computer Fraud
-- Outdoor Signs
-- Crisis Containment
-- Appurtenant Structures
-- Employee Dishonesty
-- Lock & Key Replacement
-- Water backup
-- Auto - non-owned & hired
Alexander noted that Starr's primary target classes for StarrBOP include office/service, retail, leisure, artisan contractors and real estate. He says what gives Starr, and by extension producers, a competitive edge is StarrBOP's enhanced coverages endorsement.
"We go beyond typical BOP options by offering some grants of coverages that others don't readily provide," he said.
For example, one such enhancement is crisis containment coverage. If an insured has a loss which affects their business reputation and finds it necessary to seek the services of an outside consulting or public relations organization, StarrBOP will cover some of those costs.
Another enhancement is non-owned and hired auto, which is a very typical - and critical - area of concern for small businesses whose employees often use their own or rented vehicles to conduct business.
Naturally, an integral part of the Starr BOP offering is the company's world-class claims service, which is part and parcel of the Starr Companies' brand. Starr's experienced claims TPA professionals step in to address claim-related needs promptly and efficiently, working closely with clients to manage a claim thoroughly to its most appropriate resolution.
"We have a wide spectrum of industry, claim services and loss control experience, which enables us to understand the insured's business and to offer solutions for small business needs," Alexander said. "Our goal is to assist producers - and by extension small business owners - in a time of need, and to provide superior claims service to our insureds and producers. We realize that for small businesses, claims service can make the critical difference in survival."
While coverage and claim services are vital, Alexander explained that the StarrBOP delivery process, an easy-to-use web portal, gives producers a basic tool that will get them from A to Z in a matter of minutes, rather than hours or days. The StarrBOP program also will accept various payment options and plans.
"We are rolling out StarrBOP's portal in time for January" Alexander said. "After which, producers should keep on the lookout for expanded or new offerings in the coming months."
"The StarrBOP Portal will be available to select distribution partners, those with the right mix of business that offer the best fit with our product," he said. "Producers accessing this product will be part of something special."
This article provides only a partial description of certain terms and conditions offered. It is intended solely for general informational purposes and does not provide any guidance regarding coverages that may or may not be available under a policy as it respects to any claims. Please refer to actual policy form for all applicable terms and conditions. All coverages may not be available in all jurisdictions. For more information about StarrBOP, please contact Jennifer Ronan, Director of Online Sales & Marketing, at 646-227-6474 or email@example.com , or Richard Alexander, General Middle Market Profit Center Manager, at 646-227-6588 or firstname.lastname@example.org
399 Park Avenue, New York, NY 10022
STARR COMPANIES (or STARR) and the STARR Logo are trademarks worldwide for the services offered by the operating insurance and travel assistance companies and subsidiaries of Starr International Company, Inc.
(The above piece is part of our continuing Insights series designed to highlight key products and services to our readers. This paid-for Insights was written and edited by Risk & Insurance®
on behalf of our marketing partner. Additional Insights can be found on our Web site at www.riskandinsurance.com.)
November 28, 2012
Copyright 2012© LRP Publications