Source: Hanover Insurance – Technology Insurance
Hanover Insurance: Technology Companies Insurance Appetite
Hanover has built a strong technology insurance program, particularly for small to mid-size tech firms in the Northeast – a region with a high concentration of tech companies. Their integrated Tech E&O and Cyber product is competitive with specialty carriers like Hiscox. Good option for IT consultants, MSPs, SaaS companies, and digital agencies.
Available Lines
| Line of Business |
|---|
| General Liability |
| Business Owners Policy (BOP) |
| Technology E&O |
| Cyber Insurance |
| Workers' Compensation |
| Commercial Auto |
| Umbrella/Excess |
Premium Range
$1,500-$10,000
Typical annual premium
Target States
36 states (strongest in Northeast and Mid-Atlantic)
Key Features
- Technology E&O with broad definition of technology services and products
- Cyber insurance integrated with Tech E&O for seamless coverage
- BOP for technology firms with office-based operations
- Media liability coverage for tech companies with content platforms
- Competitive pricing for small to mid-size tech firms
Limitations
- Hardware manufacturers with product recall exposure are excluded
- Not available in 14 states – check geographic eligibility
- Cryptocurrency and blockchain companies need specialty markets
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