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Philadelphia Insurance Cos. said Monday that it has launched a cyber security liability endorsement.
According to Bala Cynwyd, Pennsylvania-based Philadelphia Insurance Cos., the endorsement offers first- and third-party protection for multiple classes of business. Coverage includes attorney fees, computer forensic costs, regulatory fines and penalties, customer notification expenses and public relation expenses.
The endorsement is available for any commercial package policy that includes general liability coverage. This includes products that fall under the category: educational, entertainment, environmental, habitational, health, industry service, nonprofit, public services, sports, and real estate, Philadelphia Insurance said in a statement.
“As organizations become increasingly aware of their cyber risk exposures, cyber and privacy liability insurance coverage is becoming a standard insurance protection among commercial accounts of all sizes,” Kim Hamilton, vice president in the commercial lines division at Philadelphia Insurance said in the statement. “PHLY’s Cyber Security Liability Endorsement has the flexibility to attach to virtually any PHLY-issued policy, making it easier to attract and retain accounts that don’t require or have the budget for stand-alone policies with higher limits.”
Businesses should review and reaffirm provisions of their cyber insurance to avoid potential liability from a series of issues raised by the Pokémon Go craze.