BHSI Launches Professional Liability, Network Security and Privacy Policies

October 9, 2015

Berkshire Hathaway Specialty Insurance (BHSI) has launched two policies providing cyber liability and breach response coverage with risk management resources, the Professional First Network Security & Privacy Policy and the Professional First Professional Liability and Network Security & Privacy Policy. The latter also includes customizable errors and omissions (E&O) liability coverage.

The Professional First Professional Liability and Network Security & Privacy Policy provides E&O coverage for technology and specified miscellaneous services. Both policies include multi-faceted network security and privacy liability insurance and risk management resources, which can be tailored for professional services firms of all types, from technology enterprises, to financial institutions, to law firms.

Features of both policies include:

  • Coverage for third party exposures resulting from data security and privacy breaches, including regulatory investigations, fines and penalties.
  • Breach expense and extortion threat coverage, addressing the range of direct expenses an insured incurs to effectively respond to a breach or extortion threat.
  • Media liability coverage, which responds to traditional media exposures (e.g. through a company’s website) arising from electronic content.
  • Business interruption coverage to pay lost income and related expenses incurred as a result of the insured’s business’ partial or full interruption due to a network security failure.
  • Online access to eRiskHub, which provides tools and resources to help policyholders understand cyber exposures, establish a breach response plan, and prepare to mitigate the impact of a breach on their organization. The eRiskHub is provided via NetDiligence, a cyber security and e-risk assessment firm.

Berkshire Hathaway Specialty Insurance underwrites on the paper of Berkshire Hathaway’s National Indemnity group of insurance companies.

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