COLUMBUS, Ohio — Today, Grange Insurance Company announced its Businessowner Policy (BOP) payback, which will return 20% of April and May premiums to its BOP customers. This support is an expansion of the customer relief the company recently unveiled for its personal auto customers.
“Now more than ever, small brick-and-mortar businesses need our support,” said John Ammendola, Grange Insurance President and CEO. “Grange is taking this and other important actions because it’s the right thing to do during this difficult time for our loyal small business customers, many of whom have been financially impacted by the pandemic. We are dedicated to our mission of providing peace of mind and protection during life’s unexpected events for these small business customers and playing our part in helping local economies.”
With stay-at-home orders and other social distancing measures in place across the country, the risk for insured losses at insured locations has been reduced. Grange Insurance BOP customers will receive a 20% payback for the months of April and May for policies in-force as of March 31, pending regulatory approval. Paybacks will be issued by check and mailed to customers in May. The payments will happen automatically, and customers do not need to do anything to receive the payback.
Additional Relief for Our Customers
The small business paybacks announced today are in addition to the relief Grange is already providing to customers during this pandemic. This includes:
- Personal Auto Payback: Providing a 25% premium payback for April and May for personal auto customers related to the various COVID-19 shelter-in-place orders, with an estimated $25 million impact in relief.
- Billing Flexibility: Offering a grace period to pay premiums and waiving late fees for personal and commercial policyholders directly impacted by the circumstances surrounding COVID-19.
- Food Delivery: Supporting our commercial restaurant insureds and our personal auto policyholders who work in the restaurant industry by temporarily adjusting coverages to provide flexibility for food delivery exposure.
- We have been and will continue to work with our agents and customers on a case-by-case basis to reflect the exposure changes our customers are experiencing during these stay-at-home orders for their Commercial Package, general liability and workers compensation policies, which are easily adjusted for changes in exposures and reduction in business. We are also working with agents and customers to adjust or suspend certain coverages on insured commercial vehicles that are not being used as a result of stay-at-home orders.
About Grange Insurance
Grange Insurance Company, with $3 billion in assets and in excess of $1 billion in annual revenue, is an insurance provider based in Columbus, Ohio. Through its network of independent agents, Grange offers auto, home and business insurance protection. Life insurance offered by Grange Life Insurance and Kansas City Life Insurance. Established in 1935, the Grange Insurance Company and its affiliate Integrity Insurance Company serve policyholders in Georgia, Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia and Wisconsin. Learn more about Grange Insurance.