Berkshire Hathaway GUARD Insurance Companies is set to introduce a commercial package product designed to complement the company’s current Businessowner’s Policy.
The new commercial package product will include coverages for property, general liability, umbrella, and employment-related practices liability insurance (EPLI).
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The package product, which will be initially launched in Pennsylvania, will address the insurance requirements of larger, more complex operations or businesses with multiple exposures.
The company intends to launch the product in other US states soon.
Berkshire Hathaway GUARD Insurance Companies executive vice president Lyle Hitt said: “Our initial target markets include light-to-medium manufacturing, wholesalers and distributors, truck stops/travel plazas, resorts, and country clubs, and we will eventually expand into new markets.”
The commercial package will include commercial property coverage with built-in equipment breakdown, inland marine, and crime coverage.
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By GlobalDataIt will also cover general liability with base limits of $1m to $6m with even higher limits considered; employment-related practices liability insurance (EPLI); and commercial umbrella for added protection.
Berkshire Hathaway GUARD Insurance Companies vice president of commercial package Ellen Hauser said: “GUARD’s coverages are unique and built with a wide range of add-ons and industry-specific endorsements. We take a customised approach to expanding the limits and scope of traditional property and casualty insurance.”
Berkshire Hathaway purchased GUARD in October 2012 and unveiled a new identity as Berkshire Hathaway GUARD Insurance Companies next year.
In January this year, Berkshire Hathaway unveiled plans to expand into the property construction insurance market of the UK and Ireland.
