The Hanover Insurance Group, Inc. reports it has expanded its small commercial product suite, introducing miscellaneous professional liability coverage as an endorsement to its Avenues Business Owners Policy.
The Hanover’s miscellaneous professional liability is designed to meet the needs of companies with less than $2.5 million in total revenues.
The new offering will be available in the majority of the states in which The Hanover writes business, except Florida and Louisiana.
Miscellaneous professional liability extends protection against wrongful acts including actual or alleged negligent acts, error or omission, misstatement or misleading statement in the performance of professional services.
“Many small professional service businesses like consultants, travel agents and real estate brokers do not carry this important coverage,” said David J. Firstenberg, commercial lines president at The Hanover. “Considering our litigious society where even the smallest mistake can lead to a lawsuit, it is more important than ever that these types of small businesses begin to adequately protect themselves.”
The Hanover’s miscellaneous professional liability coverage for small businesses is available as a optional Business Owners Policy endorsement.
By packaging the coverage as an endorsement, The Hanover believes it has created a more affordable product for the vast majority of eligible business, costing between $150 and $2,000, depending upon the class of business, limit of insurance and firm’s total revenue-significantly less than a stand-alone policy which typically costs between $2,500 to $10,000.
The Haonver says its product is also unique because, unlike stand alone policies, which commonly list $1 million as the lowest available limit, its miscellaneous professional liability product offers limits starting at $100,000.
The miscellaneous professional liability endorsement will be available for a variety of Avenues BOP classes.
Source: The Hanover Insurance Group