Tool Helps Chubb Customers Determine Needs

The Chubb Group of Insurance Companies has created an online tool to help businesses determine an appropriate business income/extra expense limit of insurance needed in the event of an emergency situation. My Business Income from the Chubb Group provides a methodology for the carrier's policyholders to compute business income/extra expense limits through a four-step process. It is available free to all businesses at www.chubb.com/mybi.

"Too many businesses underestimate the amount of business income/extra expense insurance they need," says Paul L. Lewis, senior vice president of Chubb & Son and worldwide property, machinery, and marine manager for Chubb Commercial Insurance. "Our online tool is designed to take the frustration out of calculating the amount of business income or extra expense insurance they should purchase."

Following a covered loss, business income/extra expense insurance is designed to pay net profit (or loss), continuing expenses, and extra expenses until operations are restored, according to the carrier.

"Business income/extra expense insurance helps businesses reestablish themselves after a crisis with a minimum impact on the income they normally generate," says Lewis. "Having the right amount of insurance is critical to making sure businesses can survive an emergency, the loss of operations, and the loss of income."

In addition to purchasing business income/extra expense insurance, Lewis advises, businesses should have a disaster recovery and business continuity plan in place that is up-to-date and tested on a regular basis. Businesses that complete My Business Income Consultation also can order a free copy of Chubb's Business Recovery Planning Guide on CD-ROM.