Colonial Surety Launches Next-Gen Commercial General Liability Protection and Business Owner’s Policy (BOP) for America’s SMBs

Continuing to work towards closing the protection gap between large and small businesses, Colonial Surety embedded both products with basic Cyber Liability Insurance

WOODCLIFF LAKE, N.J.--(BUSINESS WIRE)--
Colonial Surety, a leading direct and digital insurer, today announced the addition of Commercial General Liability and a Business Owner’s Policy (BOP) to its already extensive suite of SMB insurance products. Both innovative offerings have basic cyber liability insurance built in, come with flexible payment options, and can be purchased with multi-year policy terms, which helps SMBs to lock in rates.

“Since the launch of our SMB-focused digital platform, Colonial Surety has made it easier and quicker for SMBs to find, purchase and manage all the insurance and bond products they need to build strong, stable and safeguarded businesses,” said Wayne Nunziata, CEO at Colonial Surety. “However, just as America’s hardworking SMB owners are continually pushing the envelope within their respective industries, we too aspire to match that drive by actively creating products to support and protect each entrepreneur throughout their business journey.”

Colonial Surety’s new Commercial General Liability offering provides insurance coverage for SMBs against claims made by others including bodily injury, damage to property, or personal injury. Their new BOP offering combines Commercial General Liability and Commercial Property Insurance — which financially supports a business in response to the loss of goods or income, or in the case of structural damage, etc. — into one package.

What makes these two products unique is that Colonial Surety has woven in its basic Cyber Liability Insurance into each product. Meaning, owners of these policies will also benefit from the company’s holistic cyber protection, specifically designed for SMBs.

Launched as a standalone product last January (2022), Colonial Surety’s Basic Cyber Liability Insurance assists SMBs at every stage of incident investigation and breach response — helping them to navigate the legally obligated steps that must be taken in the event of an attack. Additional highlights include legal services, access to computer experts, call center services, customer notifications and more.

Most insurance companies expect policies to be satisfied in a single, annual premium payment. For these two new products, Colonial Surety permits SMB owners to choose from an array of payment schedule options. This eliminates cash flow limitations as an obstacle to obtaining the coverage needed to ensure proper protection.

In addition, both products are available via multi-year policy terms, which when chosen, lock in yearly rates. To date, these types of insurance have mostly been offered with one-year policy terms, allowing for variations in cost, year-over-year, which can make budgeting difficult for small business owners. With a locked in rate, SMB owners can know with certainty their insurance costs for the foreseeable future.

“Our mission is to provide small business owners with elite, yet cost-effective insurance coverage. By baking in Cyber Liability Insurance, offering flexible payment options and enabling locked in rates for these two products, we hope to establish a new, more modern touchstone within the industry,” concluded Nunziata.

As of today, both products are available via the company’s digital platform. Learn more here.

About Colonial Surety

Colonial Surety was founded in 1930 and brings deep experience and market expertise to every product and every customer relationship. Colonial Surety gives its customers the assurance that they, their businesses, and their clients are safeguarded with the right surety and insurance products at all times.

Colonial Surety makes it easy for a wide range of industries and professions to buy the bonds and insurance products they need. Colonial Surety is a direct and digital insurer offering products through an online platform supported with exemplary customer service. The company gives customers a simple, direct, and instant service that takes the pain out of buying insurance and bonds. Colonial Surety is licensed in every U.S. state, rated “A” Excellent by A.M. Best, and listed by the U.S. Treasury as an approved surety.

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Erica Schain
Aspectus Group

[email protected]

Source: Colonial Surety