Berkley Asset Protection announces expanded Cyber Coverage
(NEW YORK) – If a hacker stole credit card data from your business, would you have insurance to pay fines and ransom demands, notify customers and provide ID theft services? Even if you use a point-of-sale vendor to process your credit card transactions, your business may be responsible for the protected information.
Berkley Asset Protection has announced an expanded Cyber Coverage Endorsement that offers a comprehensive risk management program to help businesses avoid a data loss and respond when a loss occurs.
Key benefits include:
- Aggregate limits up to $1 million, the standard limit is $100,000
- Extortion threat (i.e., ransomware) coverage
- First-party coverage for expenses to notify and monitor, investigate, and handle crisis management, as well as cover privacy, data breach, data replacement and system restoration
- Third-party coverage for unintentional failure to safeguard protected information and to address media wrongful acts such as libel, slander, infringement of an individual’s right to privacy
- Regulatory proceedings coverage (i.e., fines)
- Data breach services in partnership with CyberScout, a premier provider of identity protection solutions, identity theft recovery services, breach services and data risk management solutions
Berkley Asset Protection’s new Cyber Endorsement is available immediately in most states.
The minimum premium for this coverage, with the standard limit, is very affordable at less than $250/year, depending on location and business sales volume.
About Berkley Asset Protection
Berkley Asset Protection, a Berkley company, is the only specialty insurance provider that offers insurance for all aspects of jewelry and fine arts businesses: jewelers block, fine art, commercial property and liability, and workers’ compensation. The company also offers Lavalier Personal Jewelry Insurance and coverage for individuals’ collections. For more information about Berkley Asset Protection visit www.BerkleyAssetPro.com.
