The Hartford Financial Services Group has introduced new professional liability insurance product, which will protect small businesses when they are sued by a customer claiming a negligent act, or error or omission in the professional services they provide.
The company has added the new endorsement to The Hartford’s Business Owner’s Policy, allowing it to provide the new product for more than 30 different types of industries.
The Hartford small commercial product assistant vice-president Lynn LaGram said: "An alleged mistake can result in a lawsuit that can be very costly for a small business and damaging to their reputation.
"We are pleased to offer this industry-leading coverage to small business owners, especially accountants who in the past would typically need to purchase a separate policy to obtain the coverage they need."
The new endorsement has been designed to meet the needs of small businesses such as accountants, graphic designers and consultants. It will also allow agents and small business owners to work with one policy and one bill.
According to the firm, the new endorsement offers a wide range of deductible and coverage limit options and extended reporting period that covers a small business owner if a claim is made after an insurance policy ends.
In addition, it will provide full prior acts coverage that protects a small business owner against unknown errors or omissions that took place before the policy started.
The Hartford provides services in property and casualty insurance, group benefits and mutual funds.
Image: The new endorsement will meet the needs of small businesses such as accountants, graphic designers and consultants. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.