Comprehensive Solutions for Information Technology Companies

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1 Hanover Technology Advantage Comprehensive Solutions for Information Technology Companies Protect your business with the right property and general liability coverage. All of the property that makes up your company buildings, furniture, equipment, supplies, and more needs protection from the many risks the world can throw at it. Things like fire, theft, business interruption, loss of income, contract cancellations, damaged goods in transit, data breaches, and other exposures happen every day. As if that weren t enough, companies today face enormous liability risks arising from acquiring new companies, personal injury, lease agreements, or Internet and website content. Not having the right insurance coverage in place for your specific industry is courting catastrophic financial loss, and even total business failure. Hanover Technology Advantage offers comprehensive property and liability insurance protection designed specifically for Information Technology companies like yours. We provide property and liability insurance, along with robust risk management solutions, for companies of all sizes and types. Our technology program also offers a wide range of optional specialized coverages for enhanced protection. The Hanover lets you easily add custom coverages to your property and liability protection. Designed by highly experienced technology insurance specialists, Hanover Technology Advantage is designed to meet the unique and complex exposures faced by today s Information Technology companies.

2 Hanover Technology Advantage Property Broadening Endorsement New Coverages The Hanover has created a Technology Property Broadening Endorsement to meet the unique needs of all types of Information Technology companies. Business Income and Extra Expense from Dependent Properties Information Technology companies have become increasingly dependent on both domestic and foreign service providers and suppliers. This dependency creates a top and bottom line exposure that may not be covered appropriately. For example, a packaged software company could lose revenue if there was a fire at their outsourced sales and service center. Recognizing the prevalence of this important but often overlooked exposure, The Hanover automatically provides coverage for Business Income and Extra Expense arising from covered causes of loss at dependent properties anywhere in the world. Limits can be increased for an additional charge if needed. $250,000 Business Income New Product to Market Delay The technology industry moves at light speed. New product introduction and constant innovation are the keys to sustaining a competitive advantage. What if a pipe burst and caused extensive damage to computer equipment, delaying the launch of your newest product? What if this allowed one of your competitors to bring a similar product to market ahead of you? The loss of revenue and profit could be substantial. The Hanover has enhanced our Business Income coverage to address lost revenue resulting from a covered delay in new product introduction caused by physical loss or damage to property directly related to new product development. $50,000 Electronic Data Processing Equipment Computer equipment often makes up a significant percentage of total business property. The type and amount of this equipment can vary substantially over time. Maintaining an adequate limit of insurance coverage with separate polices can be daunting. However, failure to do so can lead to uncovered losses. For Information Technology companies, The Hanover automatically amends the definition of covered property to include computer equipment, media, and data. This reduces the burden of constantly having to report changes in total values and provides additional peace of mind that in the event of a serious loss, the limit of insurance for this type of property will be adequate. Included in Business Personal Property Limit Newly Acquired or Constructed Property Building Building acquisitions happen quickly and insurance isn t always top of mind. Unfortunately, failure to report newly acquired or constructed property in a timely fashion could lead to potentially large, uncovered losses. In the event that a newly acquired or constructed building is not reported to us in a timely fashion, The Hanover automatically extends coverage for the remainder of the policy term. $2,000,000 Newly Acquired Business Personal Property New equipment is purchased regularly, but revised business personal property values may not be reported to the insurance carrier in a timely fashion. Failure to report newly acquired equipment could result in not having appropriate limits of insurance in the event of a serious loss. The Hanover recognizes that new equipment purchasing decisions happen quickly and that insurance is not always top of mind. To reduce the potential for uncovered losses resulting from loss or damage to newly acquired business property, we automatically extend coverage for this type of equipment. $1,000,000 Newly Acquired Locations Business Income and Extra Expense New locations are designed to drive new revenue. Failure to report newly acquired locations can lead to uncovered claims not only for damage to newly acquired buildings or business property, but also lost revenue. Because the exposure to loss associated with newly acquired locations can be significant, The Hanover has designed our Business Income and Extra Expense coverage to respond automatically to loss of revenue resulting from locations that have not yet been reported to us. $250,000

3 Unnamed Locations Technology companies often have business property at a variety of locations. Some of these locations may be scheduled on their insurance policy. Other locations may not. Business property at unscheduled locations can be damaged or stolen, and these losses might not be covered by traditional policies. Hanover provides additional peace of mind to Information Technology companies by automatically providing coverage for loss or damage to business property at unnamed locations. $100,000 Contract Penalties Many contracts have provisions for penalties in the event that the supplier is unable to fulfill the terms of the contract. If a fire at their facility prevents a software developer from fulfilling their contract and they become subject to contract penalties, it is very likely that their traditional insurance policies will not respond to this type of claim. We have enhanced our property coverage for Information Technology companies to address penalties you are required to pay due to your failure to provide your product or service according to contract terms. $50,000 Property in Transit Technology products are extremely susceptible to loss or damage, particularly when in transit. Not having proper coverage for property in transit can result in losses that go straight to the bottom line. The Hanover automatically provides coverage for property in transit to reduce the potential for costly uncovered claims. $100,000 World-wide Laptop Coverage Employees at technology companies often travel overseas with their laptops. Standard property policies do not always extend coverage for this equipment when outside the domestic coverage territory. The Hanover automatically extends coverage for laptops that are damaged or stolen anywhere in the world. $25,000 World-wide Property Off-Premises Many technology companies have temporary offices with business property overseas. Typically, traditional insurance policies do not respond to loss or damage to business property outside the domestic territory, leaving a potentially significant uncovered exposure. The Hanover recognizes that having business property overseas is commonplace. That s why we automatically extend coverage for property located temporarily outside of the U.S. $50,000 Information Technology Hanover s Technology Services Property Broadening Endorsement also provides a blanket limit of $250,000 which, in the event of a loss, can be apportioned to any one or more of the following coverages: Accounts Receivable Consequential Loss to Stock Deferred Payments Fine Arts Fire Department Service Charge Fire Protection Equipment Recharge Inventory & Loss Appraisal Outdoor Property Personal Effects & Property of Others Research and Development Documentation Research and Development Extra Expense Valuable Papers

4 Hanover Technology Advantage Optional Coverage Electronic Vandalism Interruption of Computer Operations Computer operations can be interrupted by a variety of tangible or intangible exposures. Many traditional insurance policies are not designed to respond to losses arising from intangible exposures such as computer viruses, denial of service, or hacker attacks. The Hanover offers coverage which addresses loss of income or extra expense associated with interruption of computer operations arising from hackers, viruses, or denial of service attacks. $100,000 Data Breach Coverage Data Breach What if a laptop containing your customer s personally identifiable information were lost or stolen? Would your current insurance cover the costs associated with notifying your customers of this potential data breach? The Hanover provides comprehensive protection in the event of a data breach, including: Data Breach Services: Effective data breach consulting and response services Data Breach Expenses: Pays the cost for notifying victims, forensic analysis, and proactive monitoring services $10,000 Additional Expenses: Pays expenses incurred by Insured for legal expenses, public relations, and more Green Building Coverage Green Building As going green becomes more mainstream and state building codes begin to require green repair methods, standard property coverages will no longer meet your company s needs. Companies that currently own green buildings, or would like to green their current property after a loss, need this essential coverage. The Hanover Green Building optional endorsement provides a number of important coverages, including: Additional costs associated with a rebuild using green products after a loss for non-green buildings Upgrades needed to maintain same level of certification that building had prior to loss Varies Green re-commissioning or re-certification fees Loss of Business Income is extended to cover the increased period of time required to rebuild or incorporate green building materials.

5 Technology General Liability Broadening Endorsement This optional endorsement provides a broad range of coverages, including: Newly Acquired or Formed Organizations Covered until end of policy period Within the technology industry, acquisitions or new subsidiary formations happen all the time. Many companies don t realize that they are required to report acquisitions or newly formed organizations to their carrier in a timely fashion. Failure to provide this notification can compromise coverage in the event of a loss. The Hanover automatically extends liability coverage to newly acquired or formed organizations for the remainder of the policy term in the event the Insured forgets to provide notification. Included Broad Personal Injury Coverage Claims for personal injury are increasingly common. As a result, many insurance carriers have restricted or refuse to expand coverage in this important area. The Hanover s Technology General Liability Broadening Endorsement extends the definition of personal injury to include coverage for claims of discrimination or humiliation. Included Property Damage Legal Liability (Fire, Lightning, Explosion, Smoke, or Leakage Damage) Many lease agreements require tenants to indemnify building owners for damage to rented premises under a variety of circumstances. Traditional General Liability policies only provide coverage for fire losses, leaving many other scenarios unaddressed. Hanover provides Property Damage Legal Liability coverage for fire, lightning, explosion, smoke, or sprinkler leakage damage. $500,000 Enhanced Website & Internet Coverage Endorsement Enhanced Website and Internet Coverage Endorsement General Liability policies typically restrict personal and advertising injury coverage to those portions of an Insured s website which are determined to be an advertisement. In today s Web 2.0 world, it can be problematic to make this determination. In the event of a claim, this ambiguity can result in large, uncovered losses. Hanover s optional enhanced website and Internet coverage extends Personal and Advertising Injury coverage to the Insured s entire website and removes exclusions for claims arising from bulletin boards and chat rooms.

6 Hanover Technology Advantage International Coverage Your Need Technology companies often have international exposures. Employees who travel overseas for business can become ill or injured while doing business in another country, needing immediate return travel to the U.S. Travelling employees also have property exposures. Company merchandise or property under their control could be stolen or damaged. Our Response The Hanover has developed an International Coverage that provides valuable protection to technology companies that have overseas exposures. It covers employees traveling overseas, opening a foreign office, relying on foreign manufacturers, etc. These new optional coverages offer the following protection: Non-Admitted Coverage (for incidental exposures only) Coverage for incidental amounts of business property overseas Additional Coverages In addition to Property and Liability coverage for technology companies, The Hanover s comprehensive technology program also offers these coverages: Workers Compensation Hanover s Workers Compensation Broadening Endorsement adds seven important coverages, including paying additional expense to repatriate an employee to the United States because of bodily injury, to your Workers Compensation at no additional cost Commercial Auto Our optional broadening endorsement adds more than 24 important coverages at a fraction of what it would cost to purchase separately Commercial Umbrella Provides up to $25 million in Umbrella Liability coverage with additional limits available General Liability coverage for suits brought outside the U.S. International Human Resources Assistance Admitted Coverage The Hanover can provide access to a network of locally admitted carriers who can provide International Property, Auto, and General Liability coverage. Get matched with the right technology insurance today. Nobody knows more about designing the right coverage for today s Technology Services business risks than your Hanover Agent and The Hanover team. For your peace of mind, get all the details from your local Hanover Agent today.

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8 About The Hanover Over the course of its nearly 160-year history, The Hanover has established one of the longest and proudest records in the industry, inspiring confidence among agents and the customers they serve. Today, we are a Fortune 1000 company, ranked among the top 30 property and casualty insurance companies in the industry, are financially strong, and enjoy an Excellent (A) rating from key industry analysts. We offer a wide range of property and casualty insurance products and services to individuals, families, and businesses through an exclusive network of some of the best Independent Agents in the country. The Hanover Insurance Company 440 Lincoln Street, Worcester, MA Citizens Insurance Company of America 645 West Grand River Avenue, Howell, MI w w w. h a n o v e r. c o m This material offers a brief description of coverages and programs and is provided for informational purposes only. Actual coverages may vary by state. Options and credits are not available in all states. For exact terms, conditions, exclusions, and limitations, please contact your Hanover Agent. Policies are underwritten by one or more of the following: Allmerica Financial Alliance Insurance Company, Allmerica Financial Benefit Insurance Company, Citizens Insurance Company of America, Citizens Insurance Company of Illinois, Citizens Insurance Company of the Midwest, Citizens Insurance Company of Ohio, The Hanover Insurance Company, The Hanover New Jersey Insurance Company, and/or Massachusetts Bay Insurance Company. Florida: Policies in the state of Florida are underwritten by The Hanover Insurance Company, Massachusetts Bay Insurance Company, The Hanover American Insurance Company, and/or Allmerica Financial Benefit Insurance Company. Avenues, The Hanover Insurance Group with Eagle icon, and Our policy is performance are trademarks of The Hanover Insurance Group, Inc. All other trademarks are the property of their respective owners (11/10) LC