Travelers Europe announced it has enhanced its offering for technology businesses in the United Kingdom and Ireland with a packaged product to provide improved protection against the unique cyber risks facing IT, communications and electronics manufacturing and assembly companies.
The offering includes public and products liability, property damage and business interruption, employers’ liability, professional indemnity, cyber-media liability and network security insurance.
“Cyber breaches can impact a company’s operations, finances and reputation, so it’s no wonder that more than 65 percent of technology firms view cyber risks as the chief threat to their business,” said Mark Crane, technology practice lead, Travelers Europe. “This package helps technology companies protect their business and their hard-earned reputations as they manage through a cyber incident and get back to business as usual.”
The combined package includes elements such as:
- Network Security (cyber cover). A first-party cyber insurance product designed to help customers protect their businesses when a data breach or an extortion demand is discovered.
- Professional Indemnity and Cybermedia Liability. Automatic worldwide jurisdiction provides cover for intellectual property rights, legal fees and expenses, blended limits or separate limit towers, as well as some third-party fines and penalties.
- Data Breach Response Service. A 24/7 data-breach hotline is available to customers through a partnership with a leading law firm specializing in data-breach events. Customers also have direct access to a wide range of specialist partners in areas such as IT forensics, public relations and denial-of-service attack response.
- Cyber Breach Coach. An initial consultation is provided to customers for each cyber event, providing expertise and knowledge to help mitigate potential losses.
Travelers also offers other insurance products for technology businesses, including management liability, personal accident and business travel, cargo and kidnap and ransom cover.
About Travelers Europe
Travelers operates in Europe in both the general insurance market and through Lloyd’s. Travelers Insurance Co. Ltd. offers business insurance, bond and specialty insurance and risk management services. Travelers Syndicate 5000 at Lloyd’s underwrites specialist and business classes, including marine, global property, power and utilities, accident and special risks, aviation and energy.
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