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*. 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 for ease of reporting requirements.
The Hartford has also launched HFP Pronto 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.
* Average cost for claims with incurred defense and indemnity costs above a policy’s retention.