Proper Coverage For Professional Firms
Professional firms need comprehensive insurance coverage due to various potential claims. Eligible risks serve companies with annual revenues between $5M to $15M.
Professional and Technology Errors and Omissions
Coverage for professional services across miscellaneous professionals and technology firms.
- Defense outside the limit
- Unintentional breach of contract
- Coverage for independent contractors as insureds when working for the named insured for most accounts
- Supplemental payment coverage for reasonable expenses while attending arbitration, a trial or hearing
- Technology products coverage available
- Full prior acts coverage buyback available for most accounts
Media Liability
Coverage for personal and intellectual property injury claims.
- Negligence in content
- Content displayed on products (logos, images, etc.)
- Broadly-defined “covered content” or customizable schedule of “covered media activity”
- Media liabilities assumed under contract
Network Security and Privacy Liability
Coverage for network security failures and data breaches.
- Regulatory actions arising from HIPAA or other privacy law violations, including claims expense, fines, penalties and consumer redress funds
- Payment Card Industry (PCI) assessments, in addition to PCI fines and penalties
Privacy Breach and Extortion Threat Expense
- Breach of Personally Identifiable Information (PII) in any form (including digital and paper files)
- PII stored by third party vendors
- Privacy breach caused by rogue employee
- Breach of employees’ private data
- Voluntary notifications
- No “failure to maintain safeguards” clause
- Business interruption available for qualifying accounts
- Privacy breach expense in addition to limits of liability available
Highlights Applicable to All Coverage Parts
- Full severability for innocent parties
- Softened hammer clause of 75/25 in favor of insured
- Three year extended reporting period
- Single deductible applies to interrelated acts
Aggregate Limits Available
Coverage Part A (Professional and Technology Errors and Omissions): Up to $5,000,000
Coverage Part B (Media Liability): Up to $5,000,000; Intellectual property up to $2,000,000
Coverage Part C (Network Security and Privacy Liability): Up to $5,000,000; Regulatory claims up to $1,000,000; PCI fines and penalties up to $1,000,000; PCI assessments up to $1,000,000
Coverage Part D (Privacy Breach Expense): Up to $5,000,000; Cyber extortion threat expense up to $1,000,000; Data asset restoration up to $1,000,000
Additional Advantages
- A.M. Best A++ rated carrier
- Free access to eRisk Hub
- Access to Business Resource Center for business growth and protection assistance