Massachusetts-based The Hanover Insurance Group announced the launch of a new suite of cyber products designed to help protect small to mid-sized businesses from losses related to data breaches and cyberattacks.
“With hackers and malicious programs becoming increasingly sophisticated, data breaches represent financial, reputational and operational threats to businesses,” said Michael R. Keane, president, small commercial at The Hanover. “Our new, comprehensive solution helps protect companies against these threats, while providing our agents a competitive advantage in the marketplace and providing their clients with more peace of mind.”
The Hanover’s new suite of cyber capabilities for business owner’s policies enables independent insurance agents to deliver more value to their customers, offering more protection against the threat from cyberattacks and data breaches. The enhancements to both first and third party coverage options better protect businesses against possible financial damages resulting from cyberattacks and data breaches.
The enhanced business owner’s policy data breach coverage provides first party protection for covered direct costs a business faces when a data breach occurs, including:
- Notification and investigation expenses such as credit monitoring and forensic analysis expenses;
- Cyber business interruption and extra expenses incurred due to a data breach
Breach restoration expenses for the cost of labor to recreate or copy lost or stolen data;
- Additional expenses including legal services, public relations, data breach theft and data breach ransom and reward, fraud alert, identity restoration, consulting services.
The Hanover’s new cyber liability coverage also includes defense and liability protection for claims brought against insureds by a third party, including:
- Privacy and security liability for third party claims arising from a privacy or security breach, including loss or theft of personal data, violation or failure of the insureds’ systems.
- Cyber media liability for electronic media breaches such as infringement, trademark, plagiarism, invasion of privacy, libel, defamation and slander.
Source: The Hanover
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