WILKES-BARRE, Pa., Jan. 16 /PRNewswire/ -- GUARD Insurance Group has announced plans to introduce a new Businessowner's Policy (BOP) during the first quarter of 2008. Designed to match the typical needs of the company's current customer base, which primarily consists of small- to mid-sized employers, GUARD's BOP will initially focus on restaurants, artisan contractors, retail stores, and professional offices in Pennsylvania and will be marketed as a complement to GUARD's traditional specialty -- workers' compensation insurance.

"We currently provide coverage to tens of thousands of businesses in 22 states plus the District of Columbia through a network of 500 independent insurance agents," stated Executive Vice President of Insurance Operations Marshall Kornblatt, who is in charge of the company's marketing activities. "About three quarters of our policyholders are smaller operations -- the same group that typically finds BOPs an attractive insurance alternative. As a result, this venture makes a lot of sense and gives us a new opportunity to use the considerable expertise we have developed."

BOPs were first introduced by the industry in the 1970s to give certain qualifying commercial consumers a means of satisfying the majority of their property and casualty insurance needs via a single, competitively priced policy. Several lines (such as automobile, umbrella, and workers' compensation) must be obtained separately. While BOPs have become more refined over time as insurers have added coverage variations, the role of this product is largely unchanged.

"GUARD's long-term goal is to become a one-stop, insurance shop for smaller business owners," stated Chief Executive Officer Sy Foguel. "We want to be able to address all of the property and casualty needs of our targeted customers." He also suggested, "We have planned a limited initial launch in PA only, because we want to be sure our BOP has the right balance among price, service, and protection to be successful."

Rated A- "Excellent" by the A.M. Best Company (an internationally recognized source of independent performance information), GUARD Insurance Group has four insurance company subsidiaries -- AmGUARD, EastGUARD, NorGUARD, and WestGUARD -- and is licensed in 45 jurisdictions. The organization has written workers' compensation premiums of approximately $200 million dollars in 2007 with additional growth planned in 2008 for both this line and the new BOP product.

In May of 2007, GUARD was acquired by Clal Insurance Enterprises Holdings, Ltd., an international operation with direct written premiums of $2 billion. "Clal's varied experience and expertise with other lines has been helpful with this new initiative," remarked GUARD President Susan W. Shoval, CPCU. "We are fortunate to have found a strong business partner able to offer us access to so many valuable resources."

During the first quarter of 2008, GUARD will be taking the steps necessary to finalize the initial BOP and begin accepting online submissions from a pilot group of GUARD PA agents via the company's nationally recognized Agency Service Center. According to Kornblatt, "We feel we have a solid team of insurance professionals representing us, but we remain interested in hearing from producers who would like to learn more about our new product and perhaps even participate in our pilot. Contacts from prospective policyholders are always welcomed, too."

Based in Wilkes-Barre, Pennsylvania, GUARD has field offices in six major metropolitan areas.

Source: GUARD Insurance Group