Businessowner Policy customers to receive a 15% refund on two months’ premium
BOSTON (April 21, 2020) – As part of its continued response to the unprecedented coronavirus (COVID-19) pandemic, Liberty Mutual Insurance today announced its Businessowner Policy (BOP) Refund, which gives its U.S. small business customers a 15% refund on two months of their annual premium. This support is an expansion of the customer relief the company recently unveiled for its Liberty Mutual and Safeco personal auto customers.
"Small business owners are the backbone of our local economies and today, more than ever, they are facing financial challenges," said Liberty Mutual Chief Operating Officer, U.S. Retail Markets, James MacPhee. "We remain dedicated to serving these customers with premium relief and other accommodations to help ease some of their worries."
Businessowner Policy Refund
- Liberty Mutual BOP customers will receive a 15% refund on two months of their annual premium on policies in-force as of April 1, 2020, pending regulatory approval.
- The refunds will begin in the coming weeks and will be issued by check
- The payments will happen automatically, and customers do not need to call Liberty Mutual to receive the refund.
Payment Flexibility Options
- Late fee charges have been automatically stopped and cancellations due to non-payment have been paused for small commercial customers from March 23 through at least June 1, 2020.
- Liberty Mutual continues to work with individual customers and their agents to extend payment dates if needed and provide personalized support.
Here are other ways Liberty Mutual is supporting small business customers:
- Temporarily offering Hired and Non-Owned auto coverage to existing restaurant, bakery, deli, and other similar policyholders to fill insurance gaps should they decide to add delivery to their service.
- Suspending all non-renewals with policy effective dates of April 1 through July 31, 2020 and extending coverage for an additional 120 days.
For commercial insurance customers with other lines of business and policies, Liberty Mutual will work on a case-by-case basis with their agent or broker to reflect the exposure changes they are currently experiencing.
For more information, please visit www.libertymutual.com/covid-19.
About Liberty Mutual Insurance
At Liberty Mutual, we believe progress happens when people feel secure. By providing protection for the unexpected and delivering it with care, we help people embrace today and confidently pursue tomorrow.
n business since 1912, and headquartered in Boston, today we are the sixth largest global property and casualty insurer based on 2019 gross written premium. We also rank 75th on the Fortune 100 list of largest corporations in the U.S. based on 2018 revenue. As of December 31, 2019, we had $43.2 billion in annual consolidated revenue.
We employ over 45,000 people in 29 countries and economies around the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property.
For more information, visit www.libertymutualinsurance.com.
Contact: Glenn Greenberg