These enhancements are the company's latest investment in its specialty offerings
The Hanover Insurance Group, Inc. (NYSE: THG) today announced enhancements to its Hanover Miscellaneous Professionals Advantage product, offering stand-alone liability insurance designed to meet the changing needs of professionals.
These enhancements are the company’s latest investment in its specialty offerings. With this modernized solution, expanded coverage is offered to a broader range of small, mid-sized and large firms. The company has rolled out the product in the majority of its states and plans to offer it in all commercial lines states in early 2020.
“Professional firms today face a variety of evolving and emerging risks,” said Gregory W. Leffard, president, Hanover Professionals at The Hanover. “We’ve made significant investments in our professional liability offering to ensure our agents have flexible, robust products and service solutions designed to help protect their clients against a wide range of exposures.”
With a variety of insuring agreements, supplemental coverages and coverage enhancements, Hanover Miscellaneous Professionals Advantage now includes:
- Privacy and security liability: Covers liability related to mishandling of clients’ personal information
- Cyber liability: Covers multiple types of cyber breach expenses, such as business interruption
- Pre-claim assistance: Covers costs or defense expenses for investigating or monitoring a potential claim
- Crisis event expense: Covers expenses for consulting services performed by a crisis management firm
- Withheld client fee assistance: Protects against clients refusing to pay for completed services
- Reputation protection: Reimburses expenses incurred responding to a reputation event on social or traditional media
- Replacement of key officers: Reimburses replacement expenses, such as advertising and travel costs
- Workplace violence counseling: Reimburses counseling expenses for witnesses of physical workplace violence
In addition, Hanover Miscellaneous Professionals Advantage provides experienced risk management and expert claims services. The company’s team of in-house risk management experts offers first-hand knowledge of specific risks professionals face, and relevant and actionable risk management strategies. A dedicated professional liability claims team helps coordinate efforts to efficiently resolve even the most complex claims.
The upgrade of Hanover Miscellaneous Professionals Advantage builds on the company’s existing robust suite of professional liability solutions for its agents. The Hanover also offers an errors and omissions endorsement for select business owner’s and commercial package policies, program solutions for homogenous groups with similar coverage needs, and Insurago, an innovative, customer-facing digital insurance platform that enables independent agents to offer professional liability coverage to independent professionals.
Source: Company Press Release