April 29, 2013 by Canadian Underwriter
Hartford Steam Boiler Inspection and Insurance Co., part of Munich Re, has introduced a new cyber risk coverage offering for small businesses.
Dubbed HSB CyberOne, the coverage is part of the company’s ongoing effort to offer products and services to smaller commercial organizations that need coverage for information security risks.
“Cyber attacks are a serious problem for small businesses, which often have limited security and technical resources,” Greg Barats, president and CEO of Hartford Steam Boiler noted in a statement.
“We developed HSB CyberOne as a simple way for a business to help protect its computer systems,” he said. “It’s a logical extension of Hartford Steam Boiler’s series of products for smaller businesses that cover identity theft, data breach and data risks from equipment breakdowns.”
The offering includes broad coverage with limit up to $100,000. The coverage aims to help policyholders recover from damage to systems caused by a computer attack. It also includes “defense and liability coverage for certain lawsuits that allege third-party damage resulting from a failure by the insured to adequately secure its own computer system,” the company said.
Other insurers can add HSB CyberOne to a group of their small business policies, which HSB said makes it more affordable than products underwritten one policy at a time.
“It can be included as part of a business owners product (BOP) or a Commercial Multi-Peril (CMP) policy, making it convenient for customers and agents to access and easier for insurers to administer,” the company added.