Today, more than 37 million small businesses in the country account for 99% of all U.S. businesses. But though they are a significant employer vital to the nation's economy, historically, small businesses have had issues getting the liability coverage they need.
"Because of the long applications and loss runs needed to quote or underwrite coverage, small businesses weren't a good fit for processes in place for larger businesses," says Ian Rider, Assistant Vice President, Philadelphia Insurance Companies (PHLY). "It made it difficult to insure them and took weeks to investigate. We realized we needed to reconsider the impact these requirements had on our ability to quote their coverage to make them easier to handle."
As a result, PHLY introduced two small business insurance solutions to simplify the process agents and brokers go through to get coverage for their clients. Now, thousands of insurance agents and brokers have taken advantage of our unique solutions for faster insurance quotes.
Two Small Business Insurance Solutions, One Forward-Thinking Company
Ease of doing business is a commitment PHLY makes to all of its insureds, and the small business sector is no different. We drew from our deep experience with the insurance needs and risk exposures of more than 120 specialty niches. This expertise made it easier to understand and plan for what small businesses face. It also let us shorten supplemental applications.
PHLY now has two separate units to concentrate solely on admitted and non-admitted small businesses. This separation makes it easier to analyze what underwriting information is needed and introduce processes for fast quotes in 48 hours or less instead of several weeks.
PHLY QUICK QUOTES: Quotes in 24-48 hours for Admitted Policies for Small Businesses
"Changing our quoting requirements and unit structure made a big difference in our ability to write commercial lines and to do it quickly," says Ashley Varland, Assistant Vice President, Small Business Unit at PHLY.
PHLY now has over 50 underwriters in twenty-one regional offices who are familiar with the unique communities businesses are a part of and the businesses' needs. "This local presence allows our underwriters to build close relationships with businesses and become true partners because they work together from start to finish," Varland says. "And we follow a consistent approach in all of our offices across the country with these admitted policies."
PHLY's changed submission requirements have also contributed significantly to the ease of doing business when looking for general liability ($1M/3M aggregate), property, participant accident, and umbrella coverage with large excess limits.
For a QUICK QUOTE, small businesses now only need:
- An ACORD Application
- Either a PHLY Supplemental Application or a competitor's New Business Supplemental Application
- Effective Dates and Expiring/Current Premium Size
That's all that's required. The most significant change is that insurance agents no longer need to submit a loss letter or loss runs (subject to binding).
Agents and brokers now start the process by emailing the information to the PHLY Quick Quotes Inbox: quickquotes@phly.com. Your request gets to an underwriter within two hours of submission. Your underwriter will call you the same day to go over the information and make sure there is enough information to quote. (You may also hear if your client is ineligible then.) Last, you will find out in 24-48 hours if you are approved.
Eligible business classes able to take advantage of Quick Quotes include:
- Non-profit and For-profit Human and Social Services
- Day Care Centers
- Home Health Care & Hospice
- Health & Fitness Facilities
- Amateur Sports
- Performing Arts Centers
- Driving Schools
- Vocational Schools and Tutoring Operations
- Film Production, Videography, and Filmography
- Land Conservancy
- Bed and Breakfasts
- Hunt Club Leasing Land
With PHLY Quick Quotes, now these industries can quickly and easily get the business liability insurance coverage they need.
PHLY's E&S Small Business 48-Hour Solutions for Companies Needing Non-Admitted Coverage
"If your small business client falls into the non-admitted category in the $3,000-$15,000 premium range, then PHLY's E&S Small Business Solutions (SBS) is the fast quote stream for them to use," says Steve Rodriguez, Specialty Underwriting Manager, E&S Division.
Small business clients can apply for:
- General liability with a $1M limit ($2M for general and products aggregate)
- Liquor liability with a $1M limit
- Property of $5M per policy
- Supported Lead excess coverage up to $5M over our Primary
Like Quick Quotes, processes have been reduced, streamlined, and simplified. Agents will need:
- Any necessary ACORD application
- Either a PHLY product-specific Supplemental Application or competitor's Supplemental with equivalent information
- Three years of currently valued loss runs
- Resume or bio for new entities
- Effective dates and expiring/current premium size
Note that some requirements can be quoted subject to receipt at binding.
Also, like Quick Quotes, you work closely with your assigned underwriter, who is with you every step of the way. Your underwriter comes from your region of the country and has the deep product and community knowledge necessary to understand what's required. Send us an email at smallbusinesssubmission@PHLY.com to get started.
You'll be contacted within 24 hours and then have a quote, request for information, or declination within 48 hours. "Because you'll know in 48 hours, you won't be wasting time waiting for an answer," says Rodriguez. "We're really proud of how we're doing more for our customers in less time and maximizing the number of customers we can now cover because of how we review information."
SBS non-admitted business classes that can take advantage of the fast quote stream include:
- Contracting: Artisan trade contractors, general contractors, custom home builders, and owners interest and project-specific CGL policies (not available in NY state)
- Commercial Real Estate: Retail stores, LRO, vacant land, vacant buildings, flea markets, strip malls, commercial warehouses
- Manufacturing: Machine shops, tools, appliances, metal fabricators, sporting goods, and more
- Hospitality: Restaurants, bars and taverns, theatres, catering halls, and more
With SBS, agents with non-admitted business can relax, knowing coverage can be quickly within their reach.
Small Businesses Benefit from PHLY's Ease of Doing Business
When you factor in that over 99% of small businesses in America employ almost half of the nation's workforce - 120 million people - it's clear American business is overwhelmingly small business.
From a driving school and baseball camp with Quick Quotes to a beer garden and marine supply manufacturer with SBS, small businesses across sectors are continuing to benefit from PHLY's dedication to making it easier to do business. PHLY is also a trusted choice because of its A++ Superior Rating for financial stability from AM Best Company. We will always be there for our customers when needed.
With expertise in more than 120 specialized niches, PHLY knows what small businesses need. Try out these fast 48-hour quotes for your admitted and non-admitted small business clients today.
PHLY will be in touch in a few hours or sooner. Questions? Please don't hesitate to contact your PHLY rep to learn more or ask us to reach out to you.