6/6/2023 0 Comments Thehartford.com servicecenter![]() * Blanket limit for business personal property * Business income coverage extension for building owners * Professional liability for pet groomers * Errors & omissions (E&O) for high-tech businesses * CyberFlex-a group of coverages designed to protect against Internet-related exposures for traditional "brick and mortar" businesses Though SPECTRUM has a myriad of built-in coverages, such as EPLI and equipment breakdown, it also has a wide variety of options available, including: "This allows us to handle this business more efficiently," Jim says.Īnother change that has been "the direct result of agent feedback" is the enhanced coverage available with the SPECTRUM BOP, making the policy customizable for different industry segments. And we will continue to focus on becoming more local."Īt the same time, the back-room functions have been consolidated in three locations-Charlotte, North Carolina New Hartford, New York and San Antonio, Texas. It is clear that this enhanced local presence has helped us achieve the success we've enjoyed. We've seen growth rates of nearly 20% in this sector in the last two years, while the industry overall has grown less than 4% a year. ![]() "Each year since then, we've increased the number of sales reps and our market share has jumped, as well, to our current 4.2%. We also have 14 business technology solutions managers in the field who are there to help agents with any technology problems." He points out that in 1997, Select Customer had only 47 sales representatives in the field and its share of the small business market was 2.4%. "We now have 110 sales representatives in the field reporting back to 14 regional vice presidents. Our objective is to make things easier for our agents because we recognize that that is the way we will achieve our growth goals."įor example, Jim continues, The Hartford Select Customer group is continually expanding its local presence in order to establish closer relationships with all its agents. "We learn from the nearly 5,000 agents selling our small commercial product every time we visit them. "Our growth in this sector has been enhanced by the fact that we listen to our agents and provide the products and services that they and this market need," Jim says. We currently write about $1.3 billion, or 4.2%, of the $31 billion small business market." "Our goal is to boost our marketshare to around 10%. Ruel, The Hartford's senior vice president, Select Customer. "Partnering with our agents has enabled us to grow at the rate of about 20% a year," according to James M. So it probably should come as no surprise that, this year, the company added nearly 200 classes to its growing list of small businesses that are eligible for The Hartford's businessowners policy (BOP) called "SPECTRUM," bringing the total to around 1,000. And it has 18 consecutive years of combined ratios below 100 to prove that it really likes-and really understands-this marketplace. When The Hartford states it is committed to small commercial business, it has more than two decades of experience in this market to back up its claim. ![]() Looks to hit 10% of this $31 billion market
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