Pro ERM℠ is a fully integrated solution that enables professional service firms to manage and insure the growing exposures that companies face in the digital era. Pro ERM℠ is an expansion of Chubb’s comprehensive Cyber ERM policy that gives organizations of all sizes an enterprise risk management solution to address professional, media, and cyber exposures.
Pro ERM℠ combines the following coverages:
- Professional Liability
- Professional liability results from errors or omissions in the performance of professional services. In today’s world, many service companies provide technology services in addition to the professional services that are core to their operations. For such companies, it is increasingly necessary to purchase professional liability insurance that covers both professional and technology services.
- Electronic, Social and Printed Media Liability
- Chubb understands the advertising of a professional service firm in today’s world encompasses printed materials, websites, and a social media presence. Defamation, copyright infringement, and trademark infringement are just some of the exposures associated with the promotion of an organization. Chubb’s Electronic, Social and Printed Media Liability coverage was developed to address these media activities.
- Cyber, Privacy and Network Security Liability
- Cyber risks are enterprise risk issues that require enterprise risk management solutions. With Chubb’s Cyber, Privacy and Network Security Liability coverage, you have access to a distinctive level of cyber protection accompanied by extensive loss mitigation and incident response services.
- First Party Cyber Coverage
- Being prepared to respond to a cyber incident is essential to mitigating loss to an organization. Chubb’s First-Party Cyber coverage provides protection when it comes to Business Interruption and Extra Expenses, the Cyber Incident Response Fund, Digital Data Recovery, and Network Extortion.
Coverage Details
- Broadened definition of professional services expressly includes professional technology services
- Reporting provision for claims is “as soon as practicable” after knowledge of a control group member
- Broadened definition of insured includes independent contractors – natural persons or single person entities – when performing their duties on behalf of an insured organization
- Additional insured status automatically provided to clients when required by contract. Additional insured coverage is specific to professional incidents committed by, on behalf of, or at the direction of an insured organization. The insured vs insured exclusion does not apply to claims brought by such additional insureds
- 100% defense costs coverage available for covered claims worldwide
- Access to law firms and counsel with extensive professional liability experience
- Highly customizable solutions to address clients’ unique exposures worldwide
- Automatic coverage for newly created and acquired subsidiaries without a policy reporting requirement
- Non-cancelable by Chubb, except for nonpayment of premium
- Claim includes professional disciplinary proceedings for natural person professionals alleged to have violated the applicable professional code of conduct
Get Access to Chubb’s Cyber Services as a cyber policyholder
Click here for more information on Password Defense, Online Cyber Security Education, Cyber Security Ratings, and 24/7 Incident Reporting.
Why should a professional service firm purchase Pro ERM℠?
- Clients may require a service firm to carry professional liability insurance.
- Clients may hold a service firm responsible for their liability if such liability arises out of the service firm’s action.
- Clients may incorporate the service firm’s work product into the products or services they provide to others. A lawsuit can be brought by any third party who relies on, or is adversely impacted by, the service—not just the immediate client.
- Service firms may have access to proprietary business information or personal protected information and have a duty to safeguard that information.
- Service firms may hire and oversee subcontractors to provide certain services on their behalf. Clients may hold the service firm responsible for the work product of the subcontractors.
- Having the right insurance in place can actually be a marketing advantage when competing against companies to win a service contract.
Looking for More Information?
Chubb's Professional Liability insurance solutions, like Pro ERM, combine multiple coverages to prevent you from a range of professional liability risks. To find out what coverage is right for you, download our informative product sheets.