Hiscox has launched a new suite of technology products to address the growing technology, privacy and cyber risks facing businesses globally. Hiscox coverage includes breach of contract and intellectual property exposures, which representing over 80 percent of all technology claims handled by Hiscox in recent years. These coverages will remain key features of the new portfolio. Hiscox’s technology product provides up to $10 million in coverage for US-based businesses
“The risk profile for a business has changed dramatically in recent years, whether you are a provider of technology products and services or simply a consumer of them,” said Jim Whetstone, US Technology and Privacy Manager at Hiscox. “As evidenced by our claims statistics, too many forms exclude the very elements of coverage our policyholders need the most.”
The Hiscox Technology portfolio has eight individual modules:
- Technology protection: designed for technology companies, this module provides affirmative breach of contract coverage that is not available under most standard technology errors and omissions forms, in addition to the more traditional negligence coverage.
- Privacy protection: coverage for the costs to defend and resolve claims related to the handling of a breach of personally identifiable or confidential corporate information.
- Breach cost: coverage for the costs to respond to a data breach, whether required by law or when it’s the right thing to do
- Cyber business interruption: compensation for hacker related losses.
- Hacker damage: reimbursement for the costs of repair or replacement of digital assets.
- Cyber extortion: assistance from a security risk firm in handling the situation as well as any final ransom paid to minimize disruption.
- Miscellaneous protection: complementary miscellaneous professional liability coverage for technology companies with blended professional services.
- Multimedia protection: costs to defend and resolve claims which arise out of online content, including social media.