Harleysville Insurance Unveils BOP Offering

Independent agents representing Harleysville Insurance now have a product that is specifically designed to meet the needs of smaller, property-driven risks in hundreds of business classes.

Harleysville’s StarAdvantage^® Businessowners Program (BOP) is the first product to be introduced under the company’s new “StarAdvantage” banner. Market segments targeted for this new offering include: habitational, mercantile, office, service/processing and wholesalers.

The new program includes class-specific enhancements for funeral directors, printers, professional offices and veterinarians, as well as a full menu of options that can further tailor coverage to the specific needs of clients within the core business classes typically written by the company’s agents. Higher liability limits—up to $2 million per occurrence and with a $4 million aggregate—also are available with the new product.

“Harleysville’s StarAdvantage BOP is the first in our next generation of products, and it has been well received by our agents,” explains Brian Flemming, vice president of marketing and agency relations. “In conjunction with the product launch, we also are introducing accessHarleysville//CL^SM—our new state-of-the-art commercial lines policy administration system—to make it quick and easy for agents to quote, bind and issue the majority of new BOP business and most supporting lines.”

“With this brand new product offering, our goal is to provide value to our agents by delivering a comprehensive, competitively priced BOP,” Flemming adds. “To accomplish that, we evaluated the small business marketplace in terms of both coverages and pricing. As a result of our review, we increased limits for many of our coverages and added some new coverages. In the two states where we’ve already introduced this product—New Jersey and Pennsylvania—we’ve adjusted our rates—particularly on our most desirable classes. And, as a result of our extensive use of sophisticated predictive modeling technology, which assists in the underwriting process for all policies that qualify for Harleysville’s StarAdvantage BOP, we are able to give the best price for a particular risk—immediately, at the point of sale.”

Coverage for actual loss of income during a business interruption, equipment breakdown, spoilage caused by power outage, utility services—time element, and water backup and sump overflow are automatically included in the policy. Other built-in coverages for small businesses are automatic additional insured status for managers or lessors of premises, and for lessors of leased equipment. Optional endorsements include ordinance or law, flood and earthquake (select markets), e-commerce, and professional liability (six classes of business), among others.

“The StarAdvantage Series is a new product lineup that will offer a common product platform across all states and lines of business, which will make it easy for our agents to handle multi-state risks,” explains Flemming. “Agents also will find it easy to transition an insured from one product to another as the client’s business expands and diversifies.”

The StarAdvantage BOP has been introduced in Harleysville’s home state of Pennsylvania, as well as in New Jersey. Product launches are planned to be completed in the company’s remaining states throughout 2008 and into early 2009.