Waterloo, Ont.-based Economical Insurance announced on Wednesday that it has launched EXPERT Cyber, coverage that is available to commercial policies for Canadian businesses in the event of a data breach.
“Cybersecurity is a growing area of concern for businesses of all sizes,” Fabian Richenberger, executive vice president of commercial insurance at Economical, said in a statement, pointing to internal breaches caused deliberately or inadvertently by staff or computer systems frozen by ransom-demanding hackers.
“A company’s entire operation can be critically compromised with a few clicks of a mouse. How the company responds in the hours and days that follow a breach can make or break the business,” Richenberger suggested. “With EXPERT Cyber, everything is taken care of – from meeting regulatory requirements and covering fees, to notifying clients, managing business interruption, and restoring lost data.”
Economical explained in the statement that the coverage is for both first- and third-party losses due to a data breach. Coverage includes:
First-party losses suffered by the business owner for network business interruption, cyber extortion and data protection;
Third-party damages and expenses resulting from a violation of a privacy law, regulatory defence and penalties, or payment card fines;
Expenses for professional services (e.g., forensic investigation, legal support, public relations, and crisis management); and
Breach support and specialized claims services from a “dedicated team of breach response professionals.”
“We give customers peace of mind knowing that in the event of a breach, we will deliver professional services that will mitigate their loss and save their reputation,” Richenberger concluded.
Founded in 1871, P&C insurer Economical has more than $2.1 billion in annualized premium volume and more than $5.4 billion in assets as at March 31, 2017. With more than one million customers nationwide, the Canadian-owned and operated company conducts business under the following brands: Economical Insurance, Economical, Western General, Economical Select, Perth Insurance, Sonnet, Petsecure, Economical Financial and Family Insurance Solutions.