The Hanover Insurance Group announced a new, updated Private Company Advantage coverage program within its management liability portfolio to provide businesses with an enhanced product suite for privately owned companies, which is offered through The Hanover's independent agents.

"Many mid-sized business leaders think significant business exposures are issues only for large, public companies. What they don’t realize is that cyber privacy and security risks, crime and employee litigation exposures exist quite often in privately held businesses," said Helen R. Savaiano, president of management liability at The Hanover.

The Hanover’s Private Company Advantage now offers the following enhanced coverage parts, enabling agents to customize coverages that are appropriate for their clients’ needs:

Directors & Officers Liability – Enhancements include an expanded definition of the terms "claim" and "loss," as well as "insured vs. insured exclusion" updates.

Employment Practices Liability – Highlights of several new enhancements include third party coverage automatically included, independent contractors included as employees, and defense expense coverage for breach of written contracts.

Fiduciary Liability – Several product improvements include variable sub-limits available for Compliance Resolution, 502(c) and HIPPA civil penalties, an expanded definition of the term claim, and priority of payments language improvements.

Cyber Security and Privacy – A flexible cyber protection solution which includes three new first party cyber coverages and six new third party cyber coverages as well as complimentary access to The Hanover’s eRisk Hub, which offers planning and prevention tools and resources for proactive risk management.

Crime – Crime Coverage base form now includes several new coverages as well as enhanced coverages including Premises Coverage Insuring and coverage for employees on military service.

Kidnap & Ransom – New insuring agreements added, including political repatriation, hostage crisis costs and security consulting services.

Additionally, all coverage parts now include several important enhancements. Among these are: management controlled entities covered as a "subsidiary," coverage territories expanded to anywhere in the world, and claims reporting as soon as practicable but no later than 90 days after the end of the policy period.