Travelers Canada shines light on new professional liability coverage

Travelers Canada recently announced the expansion of its suite of professional liability products, with the addition of new accountants’ professional liability coverage.

The insurance provider noted that with new exposures emerging in each industry, it’s more critical than ever for professionals to have comprehensive insurance coverage tailored to them. With this in mind, the new product offers a broad variety of solutions:

The remit of the new product includes: 

• Non-profit outside directorship coverage;
• Security breach notification expense coverage;
• Personal fiduciary coverage;
• Crisis management expense coverage;
• Pre-claim assistance; and
• Some cyber coverage elements, such as a small sub-limit for breach notification.

Discussing the coverage with Insurance Business, Traveler Canada’s managing director of specialty insurance, Michael Trendler revealed the thought process behind the introduction of the new product.

“Brokers have expressed a need for professional liability coverage options from domestic carriers, and in the current market, Canadian solutions for accountants’ professional liability (APL) are limited,” he said. “Travelers Canada’s APL is readily available to accounting professionals looking for a local carrier. As we look to grow our specialty insurance service and product offerings to meet the evolving needs of our brokers, their clients and the marketplace, we recognized the need for a domestic APL product.”

Digging into the specific risks covered by the product, Trendler noted that Travelers Canada’s APL product provides protection to accounting professionals, in the event they are sued for alleged negligence in the performance of their professional services.

“Our APL offering is a stand-alone product - it does not need to be purchased with any other Travelers products,” he said. “It can also provide additional key coverage benefits such as non-profit outside directorship coverage, security breach notification expense coverage, personal fiduciary coverage, crisis management expense coverage, pre-claim assistance and a cyber breach notification sublimit.”

Touching on how the product complements Travelers Canada’s existing suite of professional liability products, Trendler highlighted that the company strives to provide brokers and their clients with the right solutions for their needs, regardless of their sector – public, private or non-profit. He added that APL allows the business to offer solutions to an industry that presently has fewer domestic carrier options.