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WARREN, N.J.—Chubb Group of Insurance Cos. has added cyber security to its line of professional liability insurance for private companies.
The coverage is intended to provide private U.S. firms protection against damages and liability resulting from network security intrusions and privacy violations, the Warren, N.J.-based insurer said Monday in a statement.
“The frequency and severity of cyber breaches, employee thefts, kidnappings and workplace violence incidents are growing concerns for many companies and their employees,” Lisa Jones, vp for private business management liability products for Chubb, said in the statement. “Private companies remain vulnerable to these potentially disruptive and expensive criminal incidents if they are relying solely on their general liability and umbrella insurance.”
The cyber security coverage has been added to Chubb's ForeFront Portfolio 3.0, which addresses professional liability exposures for small to midsize companies.
The policy provides crisis management and privacy notification expenses in the event of a data breach, even if a claim for cyber liability is not triggered. It also provides access to Chubb's cyber risk management website and offers discounted loss prevention services, such as data breach consulting.
According to the statement, ForeFront Portfolio 3.0 also has broadened its coverage to include crime, workplace violence, and directors and officers liability, among other coverage types and services.