The Hartford has expanded Spectrum, its signature product for small business, and is now providing more coverages and higher basic and optional limits, while extending eligibility to more than 200 additional classes of business.
The 200 new classes of business include high tech industries such as website design and development, software development and Internet tool providers; financial services companies such as security brokers and mortgage brokers, cultural organizations such as museums, art galleries and libraries; associations such as charitable foundations, professional associations and civic associations; and book and local newspaper publishers. The class additions open the program to more than 700 types of business.
More than 35 coverage options and enhancements also have been added, including protection against theft by computer fraud and options to combine building and personal property located in a single or several locations into a single blanket limit of up to $5 million per location.
The Hartford introduced physical damage protection for hired vehicles and the ability to place property-only or liability-only policies within the package. Spectrum 2000 was initially introduced in a limited number of states on August 1. The program has been filed in all states countrywide (excluding Alaska and Hawaii) and is expected to be available in all states by the end of the year.
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