Euclid Managers, LLC, an underwriting manager based in Kansas City, announced a new insurance product for service professionals. This new product, BusinessWare, packs a variety of professional liability coverages into one policy form. Some of the built-in protections include errors & omissions (E&O), copyright and trademark infringement, defamation, security coverage for internet/tech network activities, and privacy and other personal injury coverages.
The policy covers business services performed for others, as well as activities performed on the insured’s website.
Coverage for BusinessWare is provided by A.M. Best-rated A XV, Hudson Insurance Group and is available nationwide, on a non-admitted basis in most states. A variety of service-oriented businesses are eligible for BusinessWare. For a risk appetite list, go to http://www.euclidmanagerskc.com.
“You can certainly buy some of the coverages built into BusinessWare from other markets,” says John Whall, vice president, Euclid Managers, LLC, “but you’ll probably need to buy a miscellaneous professional liability policy plus multiple endorsements.
“Given the prevalence of websites, security concerns such as identity theft and the potential for privacy and defamation exposures, why would today’s buyer need to ask for an endorsement for these types of coverages?” Whall asks. “By building these necessary protections right into BusinessWare, we’re able to provide some peace of mind for our insureds and streamline the buying process.”
The BusinessWare minimum premiums start at $1,500 and the minimum retention is $2,500. Up to $5,000,000 in limits are available. The product is available on an admitted basis in New Jersey and New York (Free Trade Zone) and on a non-admitted basis in all other states.
Source: Euclid Managers
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