Chubb has introduced a new product for professional service firms.
In a statement, Chubb explained that the new product combines miscellaneous professional liability, media liability, cyber liability, and first-party cyber coverages with loss mitigation and incident response services.
According to Chubb, the new product, “Pro ERM,” is an expansion of Chubb's cyber ERM offering, “giving organizations of all sizes an enterprise risk management solution to address their wide-ranging risks.”
“Professional service firms face a variety of liability exposures from their ordinary day-to-day operations, which can have a devastating impact on their company's bottom line and reputation,” said Christopher Calnon, senior vice president for North America financial lines at Chubb. “For example, clients can bring lawsuits against firms for failure to provide a service in a timely fashion, if confidential data is accessed by an unauthorized party, or if a software product recommended by the firm failed to provide targeted efficiencies.”
“Historically, firms would have to purchase multiple insurance policies or endorsements to secure the comprehensive coverage they need to address these risks,” Mr. Calnon continued. “Purchasing these coverages separately can result in unforeseen coverage gaps, leaving companies vulnerable to additional exposures. With Pro ERM, professional service firms now have access to a more fully integrated solution, enabling them to better mitigate, manage, and insure their constantly evolving exposures in today's technology-driven environment.”
Chubb said that the key benefits of the new product included:
- Access to Chubb's cyber loss mitigation and incident response services as well as law firms and counsel with professional liability experience;
- Combined miscellaneous professional liability, media liability, cyber liability, and first-party cyber coverages in a single policy, removing the need to purchase multiple insurance policies or endorsements and reducing the potential for unforeseen coverage gaps;
- 100 percent defense costs coverage available for covered claims worldwide;
- Broadened definitions, expanded reporting provisions, and coverage extensions; and
- Availability to miscellaneous professional service firms of all sizes, including consultants, business process administrators, public relations firms, and staffing firms.
Learn more: www.chubb.com.
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].