The Hartford Expands Professional Liability Product for Tech Firms

July 17, 2006

Connecticut-based The Hartford Financial Services Group Inc. has announced that its member companies have expanded the policy limits available to customers from $1 million to $2 million on The Hartford’s FailSafe MEGA product, a professional liability coverage designed specifically for smaller technology firms and offered through the company’s Technology Practice Group.

“In today’s business environment, it’s not just the big tech players who face this risk,” said Michael Dandini, vice president of The Hartford’s Technology Practice Group. “In fact, we’ve noticed that a growing number of smaller firms are on the receiving end of lawsuits that relate to their work. Often, their interests would be better served with a greater amount of coverage for potential errors and omissions.”

The Hartford’s Technology Practice Group helps agents and brokers serve all types of technology clients, from start-ups to established market leaders.

When purchased with the The Hartford’s popular Spectrum business owners’ policy, FailSafe(R) MEGA creates an insurance solution that can help meet the growing needs of smaller tech firms. Along with its new $2 million limit capacity, key features include:

* A broad definition of covered technology services.

* A universal coverage territory.

* Built-in coverage for independent contractors and clients in the event they are sued because of a glitch in an insured’s technology services.

* Minimum premiums starting as low as $800 and minimum self- insured retentions as low as $2,500. (Retention refers to the amount of money a policyholder must pay for covered damages and/or claim expenses in connection with each covered event before this insurance begins to pay).

FailSafe MEGA is one of three offerings in The Hartford’s FailSafe suite of professional liability products, which are designed specifically for technology businesses. For technology companies with more-complex needs, The Hartford offers its stand alone GIGA and TERA products which provide additional coverage features.

“Our products and services can meet the needs of all types of technology businesses,” added Dandini. “Plus, we’re focused exclusively on technology, which can help agents and brokers better serve clients in this large and ever-changing industry.”

Source: The Hartford

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