Published: August 15, 2018

Businesses today need a wide range of insurance coverage being that there are so many things that could cause an insurance claim today.   Professional firms can purchase a policy with one or more coverage parts.   Eligible risks have a broad spectrum for companies that vary in annual revenues between $5M to $15M.  

Professional and Technology Errors and Omissions

  • This coverage covers claims arising from the insured’s professional services for a broad range of companies, including miscellaneous professionals and technology firms. Coverage highlights include:
  • Defense outside the limit
  • Unintentional breach of contract
  • Coverage for independent contractors as insureds when working for the named insured for most accounts
  • Supplemental payment coverage for reasonable expenses while attending arbitration, a trial or hearing
  • Technology products coverage available
  • Full prior acts coverage buyback available for most accounts

 

Media Liability

Covers claims alleging personal and intellectual property injury, including libel, slander, copyright and trademark infringement. Coverage highlights include:

  • Negligence in content
  • Content displayed on products (logos, images, etc.)
  • Broadly-defined “covered content” or option to customize schedule of “covered media activity”
  • Media liabilities assumed under contract

 

Network Security and Privacy Liability

Covers claims against insureds arising from a failure of network security, breach of private data, violation of a privacy law or disclosure of third party corporate information. This includes coverage for:

  • Regulatory actions arising from violation of HIPPAA or any other privacy law, including claims expense, fines, penalties and consumer redress funds
  • Payment Card Industry (PCI) assessments, in addition to PCI fines and penalties

 

Privacy Breach and Extortion Threat Expense

Covers expenses arising from a privacy breach including forensics, notification (including call center services), credit monitoring, public relations, and data restoration, as well as expenses arising from a cyber extortion threat. Coverage highlights include:

  • Breach of Personally Identifiable Information (PII) in any form (including both digital and paper files)
  • PII stored by the insured’s third party vendors Privacy breach caused by a rogue employee Breach of employees’ private data
  • Voluntary notifications
  • No “failure to maintain safeguards” clause
  • Business interruption available for qualifying accounts
  • Privacy breach expense in addition to limits of liability available

 

Highlights Applicable to All Coverage Parts

  • Full severability for innocent parties
  • Softened hammer clause of 75/25 in favor of insured
  • Three year extended reporting period
  • Single deductible applies to interrelated acts

 

Aggregate Limits Available

  • Part A Professional and Technology Errors and Omissions up to $5,000,000
  • Part B Media Liability up to $5,000,000• Intellectual property up to $2,000,000
  • Part C Network Security and Privacy Liability up to $5,000,000
  • Regulatory claims up to $1,000,000
  • PCI fines and penalties up to $1,000,000
  • PCI assessments up to $1,000,000
  • Part D Privacy Breach Expense up to $5,000,000
  • Cyber extortion threat expense up to $1,000,000
  • Data asset restoration up to $1,000,000

 

Additional Advantages

  • A.M. Best A++ rated carrier
  • Free access to eRisk Hub
  • Access to our Business Resource Center that will assist in growing and protecting the insured’s business

  Our job is to ensure you have the proper coverage for the likely risks you might be exposed to.   Keeping you protected,   Rick   All Access Insurance in Littleton, CO,  who represents multiple insurance companies as a “Broker” and provides products for auto, home,  commercial, workers compensation, and much more!   Call us today for a free quote at (303) 932-1700