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Hiscox product focuses on technology, cyber risks

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Hiscox Ltd. has launched Hiscox ClearTech, designed to provide coverage for technology businesses across a range of industries, Hiscox said in a Monday statement.

Hiscox offers cyber and technology coverages that allow users to create a policy that addresses their specific exposures, according to the statement.

Coverage for technology liability includes protection for claims of misappropriation of trade secrets, negligence, and service credit and liability coverage for third-parties. Cyber liability covers the costs to defend and resolve claims alleging the mishandling of personally identifiable or confidential corporate information, negligence, and violation of privacy or consumer protection law, breach of contract and regulatory investigations, issues due to network security failure, according to the statement.

“Although this market is complex, it doesn’t need to be complicated. Hiscox ClearTech will provide technology software and services companies with a clear, tailored insurance package, which includes access to a global network of technology and cyber lawyers and technical specialists. This helps ensure that our clients both understand their exposures and have the right tools to mitigate their risks,” Dan Burke, technology product head at Hiscox said in a statement.