The Hartford Steam Boiler Inspection and Insurance Company (HSB) which is part of insurance giant Munich Re, has introduced HSB Total Cyber™, a stand-alone insurance product that offers mid-size companies direct coverage for multiple types of data and cyber exposures.
The new product builds on a decade of HSB’s experience covering identity theft, data breaches and cyber attacks, so agents and brokers can offer commercial customers a more comprehensive solution to today’s growing cyber risks. The coverage is designed for businesses with revenues of $10 million to $150 million, although businesses with revenues up to $250 million can be underwritten.
“The cyber market is the Wild West of insurance with so many different types and levels of coverage,” said Timothy Zeilman, HSB vice president. “Medium sized companies, meanwhile, are squeezed between expensive cyber policies designed for big organizations and low-cost insurance packaged for small businesses. HSB Total Cyber™ helps fill that gap with a single policy that includes a variety of essential coverages that a mid-size company needs and can afford.”
Cyber insurance is important for medium-sized companies as they struggle to protect the personal information they keep on customers and employees. Increasingly, larger companies are also imposing contractual obligations on contractors and suppliers, which require mid-size companies to carry cyber insurance and improve cyber defenses to protect the larger firm from hackers.
Other cyber products for mid-size businesses might cover a few cyber exposures. HSB Total Cyber™ is a unique bundle of cyber and information security coverages offering broader protection. These include data breach response and liability, identity theft, computer attack, cyber extortion, and network security and electronic media liability — all in one policy.
HSB’s experience in data and information has evolved from many years of covering equipment risks. With increased technology, data and connectivity risks present in today’s equipment, HSB has the expertise to underwrite technology and cyber exposures, and already provides data and cyber coverage for tens of thousands of businesses.
HSB Total Cyber™ is available through independent agents and brokers (pending approvals in some states). HSB has been providing identity theft insurance and services since 2005; data breach coverage since 2007 and added cyber liability coverage since 2013.
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