To meet the specific insurance coverage needs of the specialized technology market, Travelers Select Accounts is now offering Technology Office Pac and Technology Manufacturers Pac Plus.
The two new segments are a part of Master Pac, Travelers’ Business Owner’s Policy for small commercial insurance. They cover the risks associated with small technology-focused businesses and provide two newly added optional endorsements for those who want to enhance their insurance coverage.
The new products address more than 25 specific coverage features important for technology businesses, including Denial of Service Attack and coverage extensions found in Travelers’ XTEND Endorsement.
Technology Office Pac is tailored for businesses like computer consultants, software firms, or Web site designers. Technology Manufacturers Pac Plus provides coverage for businesses that manufacture technology products.
As part of the core Master Pac coverage offering, Denial of Service Attack protects businesses from loss of revenue or income due to the necessary suspension of electronic computer operations caused by an attack that denies customers access to the business via the Internet. For example, a hacker may target a Web site or Internet service provider to prevent Internet customers from accessing one or many Web sites, ultimately denying an Internet customer access to the insured’s Web site. Denial of Service Attack provides insurance coverage up to $25,000 and is automatically attached to every technology account that has Business Income and Extra Expense coverage. This is a vital coverage for accounts who offer products for sale over the Internet. Denial of Service Attack is also available for non-technology businesses up to a limit of $10,000.
An XTEND Endorsement is also automatically included on every small technology business account. That endorsement provides 15 extensions of general liability coverage, including broadened named insured and blanket additional insured coverage for managers or lessors of premises and lessors of leased equipment. Most general liability policies cover suits for bodily injury or property damage caused by products made or sold in the United States, or personal injury or advertising injury caused by offenses committed on the Internet. The XTEND Endorsement for technology manufacturers provides coverage for those suits brought anywhere in the world.
To provide quality insurance for technology risks of any size, Travelers Select Accounts is partnering with Travelers Global Technology. Accounts that exceed Travelers Select’s Technology Office thresholds will be referred to Global Technology. Any technology account that desires a quote for Technology Errors and Omissions coverage will have access to the Global Technology Cybertech+ product to meet those needs. In addition, Travelers has a staff of claim professionals that handle only claims from technology companies, as well as 40 loss control experts dedicated to technology business.
“This partnership reinforces our ‘garage to greatness’ strategy of providing coverage for the entire life cycle of a technology company,” said Kathy Swendsen, president of Travelers Global Technology. “The new segments of Master Pac address the accelerated need for sophisticated risk solutions tailored for smaller technology companies.”
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