The Chubb Group of Insurance Companies has added protection for cyber breaches and other crimes to its ForeFront Portfolio 3.0 program for private companies.
The new cyber security insurance will allow U.S. companies to choose from nine management and professional liability coverages. It will help protect private companies against damages and liability resulting from network security intrusions and privacy violations. The policy will respond to crisis management and privacy notification expenses in the event of a data breach even if a claim for cyber liability is not triggered.
“The frequency and severity of cyber breaches, employee thefts, kidnappings and workplace violence incidents are growing concerns for many companies and their employees,” said Lisa Jones, vice president for private business management liability products for Chubb. “Chubb’s new ForeFront Portfolio 3.0 fills coverage gaps and provides substantive resources to help them prevent and manage the risks.”
Customers with cyber security insurance also have access Chubb’s eRisk Hub, a cyber risk management Website, and discounted cyber loss prevention services, including data breach consulting.
ForeFront Portfolio 3.0 also now offers crime insurance customers five free employee background investigations and discounted crime risk assessment services. Complimentary employee crime hotline reporting service is also available during the first year. Customers with workplace violence expense coverage can receive one free hour of crisis management consulting, up to three times per year.
In addition to the cyber and crime additions, the Warren, N.J.-based carrier has broadened the program’s coverage for workplace violence expense, directors and officers liability, employment practices liability, fiduciary liability, miscellaneous professional liability and kidnap, ransom and extortion. Chubb also has added employed lawyers liability insurance to ForeFront Portfolio 3.0.
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