Other Commercial Coverages Overview

Based on your operations, there are several vital coverage to your business.  Below are some of the most common coverages.

Professional Liability

Protect your business from liability risks resulting from professional services, advice or recommendations provided by your business.

As a business owner, you strive to provide the highest level of service and delivery to your clients. But even with the most conscientious efforts, mistakes can happen and put your business at risk – regardless of whether your business is found to be at fault.

If a client claims damages resulting from a mistake you made in delivering your services, they may take action and file suit against you. The cost to protect your business in such cases can be financially crippling.

Professional Liability Insurance Options

Depending on the type of business you own, there are three different ways in which Travelers can offer professional coverage for small business owners:

  • Automatically included with our Travelers BOP (Business Owner's Policy) – at no additional cost.

  • Added as an enhancement to your Travelers BOP – providing broader coverage limits and deductible options for an additional premium.

  • Available as a stand-alone Professional Liability policy – value-added benefits and coverage features for businesses with more complex professional exposures.

Consider This Coverage…

If your business is based on providing professional services, advice or recommendations to your clients.  The simplest things can lead to unexpected legal action against your company:

  • An accident

  • An unintentional oversight

  • A misunderstanding

  • Poor documentation

  • Miscommunication

 

Employment Practices Liability

Protect your business from liability risks if an employee should claim wrongful employment practices.

In today's increasingly complex and litigious environment, even the most conscientious business owners can find themselves in a situation where an employee feels his or her legal rights have been violated. It can happen in any industry or business size. Even if you are not found liable, the costs to defend an employment practices claim can be financially overwhelming.

Defending your business against an employment practices claim can cost you time, money, and emotional distress. Travelers Employment Practices Liability+ with Identity Fraud Expense Reimbursement (EPL+) is a smart choice you can make to protect your business.

Employment Practices Liability+

Available through our Travelers BOP (Business Owner's Policy), EPL+ can help protect your business in the event of a claim alleging wrongful employment practices, such as:

  • Discrimination (including age, race, gender and other violations of employment discrimination law) 

  • Sexual harassment 

  • Retaliation 

  • Wrongful termination

EPL+ is designed to help cover your legal defense expenses – regardless of whether you are found to be at fault – as well as damages awarded to an employee, up to the EPL+ coverage limit.

Includes These Valuable Features:

Exclusive on-line loss prevention program with Risk Management PLUS+ Online®.

  • Provides training for managers on employment practices related issues, model workplace policies and sample forms.

  • Access to EPL+ Help Line supported by attorneys specializing in employment practice issues.1

Identity Fraud Expense Reimbursement

  • Risk management guidance to help prevent identity fraud.

  • Lets you offer employees some protection for out-of-pocket expenses needed to restore their identity including:

    • Lost wages

    • Attorneys’ fees

    • Day care and elder care costs

 

Cyber or Data Breach

Cyber insurance can’t stop data breaches from happening.  But it can help you prepare for and respond when a data breach occurs.

Think that data breaches and cyber attacks only happen to the largest of companies? Think again. While large companies make the headlines, the reality is 1 in 3 documented data breaches occur in businesses with less than 100 employees.1 What’s more, 60% of small businesses close their doors within 6 months following a cyber attack.2

If your business handles customer data or processes payment transactions, you’re at risk of a cyber attack. Expenses associated with a data breach can quickly add up for a small business when the average cost of each compromised record is $217.3 Whether you have 300 customer records or 3,000, your bottom line could be impacted by legal defense costs, settlements, lost business, notification costs, and more.

CyberFirst Essentials® - Small Business

Available in conjunction with a Business Owners Policy (BOP), CyberFirst Essentials - Small Business provides sophisticated, yet affordable, coverage to minimize the impact to your business and your reputation, including:

  • Breach notification to customers

  • Credit card monitoring services

  • Costs to retain a public relations consultant to help restore your reputation

  • Consulting and forensic fees to identify and resolve the cause of a data breach

  • Defense and settlement costs if you are sued for alleged failure to prevent unauthorized access to, or use of, personal information

Cyber insurance can't stop data breaches from happening.  But it can help you prepare for and respond when a data breach occurs.

You might think that most data breaches are caused by hackers or malicious attacks. But more than half of data breaches are caused by system glitches and human error.3

Consider these scenarios…

  • An employee mistakenly sends a batch of personnel files to the wrong email address.

  • A credit card company calls to inform you that credit cards used at your business were compromised through your point of sale system.

  • While on business travel you lose your cell phone, which has sensitive customer information stored in your email's Inbox.

 

Cyber Liability

Who Needs Cyber Liability Insurance?

Every type of organization, from global companies to mom and pop shops that use technology to do business, face cyber risk. As technology becomes more complex and sophisticated, so do the threats that businesses face. This is why every business and organization needs to be prepared with both cyber liability insurance and an effective cyber security plan to manage and mitigate cyber risk. At Travelers, we understand the complexity of cyber threats. We have solutions to help insure and protect your business assets.

     

What is Cyber Liability Insurance?

Cyber liability insurance is an insurance policy that provides businesses with a combination of coverage options to help protect the company from data breaches and other cyber security issues. It's not a question of if your organization will suffer a breach, but when. Travelers cyber insurance policyholders can also access tools and resources to manage and mitigate cyber risk — pre-breach and post-breach.

What does Cyber Liability Insurance cover?

Cyber liability insurance can cover costs associated with data breaches and cyber attacks on your business. Those costs can include such things as lost income due to a cyber event, costs associated with notifying customers affected by a breach, costs for recovering compromised data, costs for repairing damaged computer systems and more.

Travelers Cyber coverage can be a crucial safeguard against the devastating financial consequences of a cyber attack. Travelers offers customized insurance solutions depending on your business’ level of risk, with coverage options available to address:

  • forensic investigations,

  • litigation expenses,

  • regulatory defense expenses/fines,

  • crisis management expenses,

  • business interruption,

  • cyber extortion, and

  • Betterment.

Find the Travelers Cyber Liability insurance coverage that is right for your organization.