Hanover Accountants Professional Liability Advantage is designed to meet the needs of a broad range of accounting professionals, providing a variety of insuring agreements, supplemental coverages and coverage enhancements.
PRODUCT: Hanover Accountants Professional Advantage
COMPANIES: The Hanover Insurance Group, Inc.
BEST RATING: A (Excellent)
AVAILABILITY: Available to appointed agents and brokers.
FOCUS: The Hanover provides comprehensive coverage to accountants, bookkeepers, tax preparers and enrolled agents to address the evolving risk exposures they face, such as increased regulations, cyber exposures and their daily operations.
“One of the ways The Hanover Accountants Professional Advantage enhancement improves on the previous offering is by providing a broader definition of professional services to include any advice given or services provided, offering better protection for accountant clients," says Sarah Medina, president of professional liability, The Hanover.
The product also includes unique enhancements, such as employment practices liability insurance, withheld client fee assistance and a professional liability endorsement offering further coverages, like canceled conference coverage and temporary meeting space assistance. In addition, The Hanover offers a risk management hotline and robust offerings on their risk management website, including sample engagement letters, news bulletins and alerts.
COVERAGE DETAILS: Hanover Accountants Professional Liability Advantage is designed to meet the needs of a broad range of accounting professionals—from small tax preparers and bookkeepers to top accounting and CPA firms.
With a variety of insuring agreements, supplemental coverages and coverage enhancements, agents and brokers can tailor protection for any advice given or services performed.
Additional product features include:
- A broad definition of insured, which includes predecessor and affiliated firms, temporary and leased employees, spouses, domestic partners, legal representatives, independent contractors and more.
- A definition of damages that includes pre- and post-judgment interest, and punitive and exemplary damages.
- First-dollar defense and $10,000 first-dollar defense options are available.
- Claims expenses available inside or outside limits of liability, plus an option for unlimited expenses outside the limits.
- Self-insured retention options available for large firms.
- Variety of deductible options, including no deductible.
UNDERWRITING: Rating is based on revenues and other factors including areas of practice, risk management and prior loss experience. The Hanover can also indicate and quote based on a competitor's application. Limits of liability range from $25,000/$50,000 to $10 million for select firms.
TARGET: Hanover Accountants Professional Advantage targets a wide range of accounting professionals, including small, mid-sized and top 100 firms.
COVERAGE AVAILABILITY: Available for new business in all U.S. states except AK, DC, GA, IL, MA, VA and VT.
COVERAGE TERRITORY: Worldwide
CONTACT: Sarah Medina, president of professional liability, The Hanover; 860-697-4317.
Will Jones is IA managing editor.