Posted on 09 Aug 2013 by Neilson
The Hartford has enhanced its FailSafe® suite of professional liability offerings to address the evolving needs of technology companies with expanded coverage for data, systems and networks.
"Professional liability is one of the most significant risks for technology companies today," said Joe Coray, vice president of The Hartford's Technology & Life Science Practice. "An alleged failure of a product or service that causes economic loss to a client's business can result in a costly lawsuit and reputational damage."
According to The Hartford's data, professional liability claims against technology companies average more than $200,000.1 Most of these claims include allegations of breach of contract, failure to perform or negligence, and can often also involve issues of liability for loss or corruption of client data.
The Hartford's FailSafe product suite offers professional liability coverage for technology companies of all sizes. Available enhancements to The Hartford's FailSafe suite include:
- Broader coverage for data loss, security and damage caused by rogue employees;
- Extended liability coverage for a technology company's activities on its own computer system and networks; and
- ‘Claims made' policy forms that ease reporting requirements.
The Hartford has also launched HFP ProntoSM for FailSafe, an agent portal that offers a streamlined submission process, online collaboration capabilities for agents, customers and underwriters, as well as risk management and insurance shopping resources.
"Pronto for FailSafe is the latest example of The Hartford's commitment to our agents and technology customers," said Coray. "We continue to invest in technology solutions to make it easier for agents to help our customers obtain professional liability coverage that truly addresses their evolving business needs."
To learn more about The Hartford's specialized offerings and resources for technology companies or to locate an agent, visit www.thehartford.com/technology. Agents can access HFP Pronto for FailSafe via The Hartford's Electronic Business Center.
About The Hartford
With more than 200 years of expertise, The Hartford (NYSE: HIG) is a leader in property and casualty insurance, group benefits and mutual funds. The company is widely recognized for its service excellence, sustainability practices, trust and integrity. More information on the company and its financial performance is available at www.thehartford.com. Join us on Facebook at www.facebook.com/TheHartford. Follow us on Twitter at www.twitter.com/TheHartford.