The Hanover Insurance Group said it has introduced a new, updated Private Company Advantage coverage program within its management liability portfolio to provide businesses with an enhanced product suite for privately owned companies, which is offered through The Hanover’s independent agents.
“Many mid-sized business leaders think significant business exposures are issues only for large, public companies. What they don’t realize is that cyber privacy and security risks, crime and employee litigation exposures exist quite often in privately held businesses,” said Helen R. Savaiano, president of management liability at The Hanover. “Our new, comprehensive solution for management liability insurance helps agents better serve their private company clients, making sure they are ahead of emerging exposures in this highly complex market.”
The Hanover’s Private Company Advantage now offers the following enhanced coverage parts, enabling agents to customize coverages that are appropriate for their clients’ needs:
Additionally, all coverage parts now include several important enhancements. Among these are: management controlled entities covered as a “subsidiary,” coverage territories expanded to anywhere in the world, and claims reporting as soon as practicable but no later than 90 days after the end of the policy period. Terms and conditions have been updated for all current coverage parts to reduce the need to track or request a multitude of commonly provided policy elements, making it easier for both businesses and agents.
The Hanover distributes its management liability products solely through independent agents, as it believes these local agents are critical to helping customers understand the complex insurance coverages for their businesses. These enhancements to The Hanover’s Private Company Advantage enable agents to help their customers stay ahead of the changing risks within management liability.
“The Hanover’s products are excellent, but more importantly, the company is constantly improving their product offering as the management liability market continues to evolve,” said Linda C. Zook, carrier relations director and vice president at Parker, Smith & Feek. “The company is always looking to innovate and stay ahead, and that’s important because The Hanover’s coverages and underwriting expertise provide our clients with products to help meet their changing needs.”