Hiscox has launched phase two of their Hiscox Professional Liability Portfolio, adding two additional coverage options to the existing portfolio. Professional services firms can now add crime and data breach and privacy security liability, in addition to general liability coverage to their Hiscox professional liability policies. Hiscox Professional Liability Portfolio launched in February with industry specific forms for occupations needing allied healthcare (AHC), architects & engineers (A&E) and miscellaneous professional liability (MPL) insurance coverage.
Crime is an ongoing risk for organizations of all sizes. A typical organization can lose 5 percent of its overall revenue to fraud each year with private companies being the most frequent victims and suffering the highest median loss. 49 percent of organizations that are victims of fraud do not recover (via insurance or other methods) any of those losses. (Association of Certified Fraud Examiners 2012 study).
Data breach is another growing risk for professional service firms. Small-to medium-sized companies lose an average of $188,242 per breach, and two-thirds of victimized companies went out of business within six months of the breach (Symantec Corporation 2013 Internet Security Threat Report. Vol. 18).
Hiscox Professional Liability Portfolio provides insurance that addresses the risks and challenges of a variety of professions – from beauty salons/day spas to real estate developers to consultants. Brokers can customize coverage, now including crime, data breach and privacy security liability and general liability coverage on AHC, A&E and MPL policies.
Hiscox Professional Liability Portfolio offers:
- Targeted, industry specific policy forms
- Clear, concise policy language
- Cross selling opportunities
- Standard general terms and conditions for all lines of business
Industry specific forms allow for further customization of coverage more directly related to the threats and exposures present for a specific profession.
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