Chubb has announced the launch of new specialized coverage to address the risks faced by professional services firms. Chubb’s new Pro ERM product combines miscellaneous professional liability, media liability, cyber liability, and first-party cyber coverages with extensive loss mitigation and incident response services in a single policy. Pro ERM is an expansion of Chubb’s comprehensive Cyber ERM offering.
“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, Chubb senior vice president for North America financial lines. “For example, clients can bring lawsuits against firms for failure to provide 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. 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.”
Key benefits of Pro ERM include:
- Access to Chubb’s cyber loss mitigation and incident response services, as well as law firms and counsel with extensive professional liability experience
- Market-leading coverage features including 100% defense costs coverage available for covered claims
- Includes broadened definitions, expanded reporting provisions and coverage extensions
- Available to miscellaneous professional service firms of all sizes, including consultants, business process administrators, public-relations firms, staffing firms, etc.