The Hanover Insurance Group, Inc. is enhancing its technology product suite to build on the company’s suite of specialized products for small to mid-sized technology companies, with a focus on its errors and omissions (E&O) offering. The new E&O capabilities are currently available in most states, while more business owners and commercial package policy enhancements will be launched during the first quarter.
Hanover Technology Advantage will focus on technology businesses in more than 125 classes, including the information technology, electronics manufacturing, and telecommunication service provider industries. The coverages combine local expertise and risk management options to help technology companies and also can be customized to meet the individual needs of each business.
The Hanover offers three E&O options for technology companies so agent partners have access to the right products that they need.
Some highlights of the enhanced E&O coverage, include:
- Claim made coverage with notice of claim limited to described authorized persons
- Enterprise-wide definition of covered services, extending to all insured products and work
- Broad definition of anomaly (wrongful act) that includes breach of warranty or representation as well as information security coverage
- Coverage for the insured’s website activities and virus transmission liability
- Pre-claim assistance included in supplementary payments, which do not reduce the limit of liability available
- Non-binding arbitration, which reduces the per claim retention by 50 percent or $10,000, whichever is less
- An unlimited optional extended reporting period
Agents interested in more details on The Hanover’s Technology Advantage, should reach out to the company through one of its local branch offices.