Berkshire Hathaway GUARD Insurance Companies, a U.S subsidiary of Warren Buffett’s global insurance and reinsurance company, is adding a Commercial Package product that will include coverages for Property, General Liability, Umbrella, and Employment-Related Practices Liability Insurance (EPLI).
GUARD Chief Executive Officer (CEO) Sy Foguel explained that the company is planning for an early April launch for the coverage in Pennsylvania initially, with other states to follow.
“Our goal is to become a ‘One Stop Shop’ for our agents and their insureds, so we continue to expand our portfolio to supply our network of independent agents with quality products that enable them to grow,” Sy said.
Executive Vice President Lyle Hitt added that the new package product has been designed to complement the company’s current businessowner’s policy by “addressing the insurance needs of larger, more complex operations or businesses with multiple exposures.”
He said that the product will initially target markets such as light-to-medium manufacturing, wholesalers and distributors, truck stops/travel plazas, resorts, and country clubs.
The Commercial Package will include commercial property coverage with built-in equipment breakdown, inland marine, and crime coverage; general liability with base limits of $1 million to $6 million; employment-related practices liability insurance (EPLI); and commercial umbrella.
“GUARD’s coverages are unique and built with a wide range of add-ons and industry-specific endorsements,” Ellen Hauser, Vice President of Commercial Package stated. “We take a customized approach to expanding the limits and scope of traditional property and casualty insurance.”
Elizabeth Hartman, GUARD’s Assistant Vice President of Marketing, also commented: “We can provide a great service to agents. Our product is competitively priced with discounts available when two or more lines are purchased as well as additional discounts based on unique business characteristics.”
GUARD was acquired by Berkshire Hathaway in 2012. It currently offers insurance products for workers’ compensation, property/liability via a business owner’s policy, commercial auto, umbrella, professional liability, disability, and homeowners.