WORCESTER, Mass., Jan. 28, 2012 /PRNewswire/ -- As the technology industry continues to surge -- reporting annual revenues of nearly $1.2 trillion -- The Hanover Insurance Group, Inc. (NYSE: THG), 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 CoverageOne 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