The Hanover Insurance Group, a regional property and casualty company, has introduced a business owner’s policy (BOP) class comparison look-up tool. It is designed to help Hanover’s agent partners efficiently categorize a small business owner’s industry classification and instantly obtain a quote for the company’s ‘Avenues’ BOP.
The process of classifying a small business for a new policy can be time-consuming because insurance companies often use different classifications names for small businesses. Hanover says its BOP class comparison look-up tool will simplify this process, allowing agents to search for an accurate small business classification using keywords, Standard Industrial Classification (SIC) codes or North American Industry Classification System (NAIC) codes.
The new BOP class comparison tool enables our agency to easily determine whether a risk can be written by The Hanover and if so, whether it would be eligible for a BOP or a package, eliminating a lot of back and forth between agents and underwriters, said Betty Chapin, agency manager for Fred Rhodes and Co of Houston, Texas.
The class comparison look-up tool is available to agent partners on The Hanover’s agent resource site, The Agency Place.