Business Risk Partners (BRP) now offers technology E&O with built-in data breach/privacy coverage for tech service providers, including website designers and engineers, software developers, and emerging tech firms. Additionally, for small and middle market companies nationwide, BRP is offering stand-alone data breach/privacy coverage. Both policies are underwritten by Liberty International Underwriters® (LIU), part of Liberty Mutual Insurance®.
Coverage includes legal liability (third party) and direct loss, including cybercrime expenses (first party) for costs associated with a data breach. It also features proactive loss mitigation services and an innovative first responder concept which provides a single point of entry to a myriad of services required in the event of a breach.
“LIU took the initiative to build crucial services around its data breach/privacy product such as crises mitigation, forensics, and legal services. So with one phone call, a firm experiencing a breach immediately can access a variety of experts to help manage and mitigate the impact of the crisis. In addition, after purchase every policyholder is contacted by a privacy and security advisor who will explain the services included and how to take advantage of them. This feature is essential for the small to middle market customer that may not have the time or resources to invest in proper risk control,” says Jayne Downey, senior underwriter and data privacy specialist for BRP.
Cyberattacks are no longer directed primarily at large organizations. A study with one of the world’s leading cybersecurity firms found that more than 40 percent of over 1 billion cyberattacks it prevented in the first three months of 2012 targeted companies with less than 500 employees. An estimated 60 percent of small and medium-sized businesses lack any type of plan for responding to or reporting data breach losses.
“Companies are often shocked to find out the costs involved with a breach that compromises customer data. All it takes is a security lapse or one lost laptop,” says BRP President Lisa Doherty.
Both data breach/privacy policies are immediately available nationwide to private companies. Capacity of up to $5 million per claim is available. A deductible credit of 50 percent is offered for claims resolved through mediation.
BRP serves more than 30 classes of business in the tech arena, including service firms specializing in hardware and software design, maintenance, and installation; telecommunications; computer forensics; data entry and management; website design; call centers; and more.