The Hartford has launched a new professional liability insurance offering that, it said, will help protect small businesses in the event they are sued by a customer claiming a negligent act or error or omission in the professional services they provide.
This new endorsement to The Hartford's business owner's policy expands the number of industries The Hartford can protect with a professional liability endorsement to more than 30. The industry-focused coverage can be customized to meet the unique needs of small businesses such as accountants, graphic designers, and consultants.
“An alleged mistake can result in a lawsuit that can be very costly for a small business and damaging to its reputation,” said Lynn LaGram, assistant vice president of small commercial products at The Hartford. “We are pleased to offer this industry-leading coverage to small business owners, especially accountants, who in the past would typically need to purchase a separate policy to obtain the coverage they need.”
The company said that key features for the endorsement include:
- A range of deductible and coverage limit options;
- Extended reporting period, which covers a small business owner if a claim is made after an insurance policy ends;
- Full prior acts coverage, which protects a small business owner against unknown errors or omissions that took place before the policy began; and
- Convenience of one policy and one bill.
“We heard from small business owners that professional liability insurance is important and we wanted to make it easy for them to obtain the coverage they need,” Ms. LaGram said. “Adding the new professional liability endorsement is a convenient, cost-effective way for small business owners to protect themselves from the unexpected and it is another example of The Hartford's commitment to helping small businesses succeed.”
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].