In a world with growing concern over cybersecurity and online information breaches, a new “Cyber Liability” coverage for business policies is being offered by Merchants Insurance Group.
Merchants Insurance Group is working with NAS Insurance Services (NAS) to introduce Cyber Liability coverage for business policyholders. The new optional coverage may be added to a Merchants Advantage Plus® (MAP®) Auto Repair, Businessowners, or Contractors policy as well as Commercial Package policies. Cyber Liability will be available for new business policies effective December 1, 2017, and renewal policies effective February 1, 2018.
Cyber Liability provides comprehensive data security and privacy coverages that address both first-party losses and third-party liability claims. A $100,000 limit is available with no separate application required.
Policyholders with this coverage have access to NAS CyberNET®, an online resource offering advice from expert cyber risk advisors, plus 24/7 online training courses, sample data security and personnel policies, vendor agreement templates and more.
The coverage helps insureds lessen data and privacy risks and recover from a breach with services including a “breach coach” and legal counsel services; IT security and forensic experts; public relations/advertising support; breach notification; call center and website support; and credit monitoring and identity theft restoration services.