The Hartford Financial Services Group is expanding its professional liability offerings.
The Connecticut-based insurer has announced the availability of a new professional liability insurance endorsement to its business owners policy, tailored to the needs of small businesses. The endorsement is intended to protect small commercial clients when they are sued by a customer claiming a negligent act, error or omission.
According to the firm's announcement, the endorsement offers a wide range of deductible and coverage limit options as well as an extended reporting period that covers a small business owner if a claim is made after the insurance policy ends.
It also protects against any errors or omissions a small business owner might have committed before the policy started.
The Hartford small commercial product assistant vice president Lynn LaGram said the new endorsement is available for more than 30 industries, including accountants, graphic designers and consultants, which are currently underserved by the market.
"An alleged mistake can result in a lawsuit that can be very costly for a small business and damaging to their reputation," LaGram said. "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."
More information on the endorsement is available on The Hartford's website.
Source: Insurance Business America