Chubb’s Pro ERMSM is expected to help professional service firms mitigate a range of unique exposures that can impact their businesses
Image: Chubb unveils coverage for professional service firms.Photo: Courtesy of Free-Photos/Pixabay
In response to ever-evolving exposures requiring enterprise-wide solutions, Chubb has introduced Pro ERMSM to help professional service firms mitigate a range of unique exposures that can impact their businesses. This new offering combines Miscellaneous Professional Liability, Media Liability, Cyber Liability, and first-party Cyber coverages with extensive loss mitigation and incident response services, all in a single policy. Pro ERMSM is an expansion of Chubb’s comprehensive Cyber ERM offering, giving organizations of all sizes an enterprise risk management solution to address their wide-ranging risks.
“Professional service firms face a variety of liability exposures from their ordinary day-to-day operations, which can have a devastating impact on their company’s bottom line and reputation,” said Christopher Calnon, Senior Vice President, North America Financial Lines, Chubb. “For example, clients can bring lawsuits against firms for failure to provide a service in a timely fashion, if confidential data is accessed by an unauthorized party, or if a software product recommended by the firm failed to provide targeted efficiencies.”
“Historically, firms would have to purchase multiple insurance policies or endorsements to secure the comprehensive coverage they need to address these risks,” Calnon continued. “Purchasing these coverages separately can result in unforeseen coverage gaps, leaving companies vulnerable to additional exposures. With Pro ERMSM, professional service firms now have access to a more fully integrated solution, enabling them to better mitigate, manage and insure their constantly evolving exposures in today’s technology-driven environment.”
Key benefits include:
Access to Chubb’s award-winning cyber loss mitigation and incident response services as well as law firms and counsel with extensive professional liability experience
Combines Miscellaneous Professional Liability, Media Liability, Cyber Liability and first-party Cyber coverages in a single policy, removing the need to purchase multiple insurance policies or endorsements and reducing the potential for unforeseen coverage gaps
Market-leading coverage features, including 100% defense costs coverage available for covered claims worldwide
Includes broadened definitions, expanded reporting provisions and coverage extensions – all selected to address the evolving exposures of today’s miscellaneous professional service firms
Available to miscellaneous professional service firms of all sizes, including consultants, business process administrators, public relations firms, staffing firms, and more
Source: Company Press Release