As the technology industry continues to surge -- reporting annual revenues of nearly $1.2 trillion -- The Hanover Insurance Group, Inc., is significantly enhancing its technology product suite to help its agent partners seize more opportunities in the market.
These enhancements build on the company's already successful suite of specialized products for small to mid-sized technology companies, with a focus on its errors and omissions (E&O) offering. The new E&O capabilities are currently available in most states, while more business owners and commercial package policy enhancements will be launched during the first quarter.
Through Hanover Technology Advantage, The Hanover's agent partners can solve the unique challenges faced by technology businesses in more than 125 classes, including the information technology, electronics manufacturing, and telecommunication service provider industries. The distinctive solution combines unique coverages, local expertise, and risk management solutions to help technology companies protect against the ever-changing, complex risks they face. These offerings also can be customized to meet the individual needs of each business.
"The technology industry is one of the fastest-growing, dynamic segments of our economy," said Jack Roche, president, business insurance. "Our enhanced offering will help our agent partners to capitalize on the limitless opportunities in the market."
In addition, Roche said, "by limiting distribution of our products and capabilities, while continuing to invest in sophisticated enhancements, we are creating value for our agent partners and giving them a distinctive competitive advantage. Delivering this through local underwriters, The Hanover approach combines agency responsiveness and one point of contact, with expertise."
Enhancing E&O Coverage
One size does not fit all. With this in mind, The Hanover differentiates itself in the technology space by offering several robust technology E&O solutions. No two technology companies are exactly alike. With three E&O options for technology companies, The Hanover ensures that its agent partners have access to the right solution that they need.
Some highlights of the enhanced E&O coverage, include:
- Claim Made coverage with notice of claim limited to described authorized persons
- Enterprise-wide definition of covered services, extending to all insured products and work
- Broad definition of anomaly (wrongful act) that includes breach of Warranty or Representation as well as Information Security coverage
- Coverage for the insured's website activities and virus transmission liability
- Pre-claim assistance included in supplementary payments, which do not reduce the limit of liability available
- Non-binding arbitration, which reduces the per claim retention by 50% or $10,000, whichever is less
- An unlimited optional extended reporting period
"Just as the technology industry evolves quickly, carriers have to be flexible to cover the newest, emerging risks of the sector," said Toby Levy, vice president, technology insurance at The Hanover. "At The Hanover, we are committed to constant innovation that leverages our industry expertise to offer our agent partners the total solution that they need to win big in the technology sector."
Agents interested in more details on The Hanover's Technology Advantage, should reach out to the company through one of its local branch offices, which can be found at www.hanover.com, or by emailing firstname.lastname@example.org.
About The Hanover
Founded in 1852, The Hanover Insurance Group, Inc. (NYSE: THG) is proud to be celebrating 160 years of delivering on its promises to its agent and broker partners, and their customers. The Hanover Insurance Group, Inc., based in Worcester, Mass., is the holding company for a group of insurers that includes The Hanover Insurance Company, Worcester, Mass., Citizens Insurance Company of America, Howell, Mich., Chaucer Holdings plc, London, and their affiliates. The Hanover offers a wide range of property and casualty products and services to businesses, individuals, and families through a select group of agents and brokers. The company is ranked among the top 25 property and casualty insurers in the United States. Through Chaucer, the company also underwrites business at Lloyd's of London in several major insurance and reinsurance classes, including property, marine and aviation, energy, U.K. motor and casualty.