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.
Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ. These important risks and uncertainties include those discussed in our Quarterly Reports on Form 10-Q, our 2012 Annual Report on Form 10-K and the other filings we make with the Securities and Exchange Commission. We assume no obligation to update this release, which speaks as of the date issued.The coverage discussion herein is a summary. Coverage is provided by the member companies of The Hartford Financial Services Group, Inc. and may not be available to all insureds in all states. For a complete description of coverage terms, conditions and exclusions, refer to the insurance policy. In the event of a conflict, the terms, conditions and exclusions of the policy purchased prevail. Information provided herein based on data as of July 2013 and is subject to change. 1 Average cost for claims with incurred defense and indemnity costs above a policy's retention.