Hanover launches cyber products for small and mid-sized firms

Hanover Insurance Group recently launched a new range of cyber insurance products aimed at small to mid-sized businesses looking for financial protection from data breaches and cyberattacks.

“With hackers and malicious programs becoming increasingly sophisticated, data breaches represent financial, reputational, and operational threats to businesses,” said Michael R. Keane, president of small commercial at Hanover. “Our new, comprehensive solution helps protect companies against these threats, while providing our agents a competitive advantage in the marketplace and providing their clients with more peace of mind.”

Worcester, Mass.-based Hanover’s addition of cyber options to businessowners policies will be distributed through the insurer’s network of independent insurance agents and include both first and third party coverage options better protect businesses against possible financial damages resulting from cyberattacks and data breaches. The coverage includes notification and investigation expenses such as credit monitoring and forensic analysis expenses; cyber business interruption and extra expenses incurred due to a data breach; breach restoration expenses for the cost of labor to recreate or copy lost or stolen data; and additional expenses including legal services, public relations, data breach theft and data breach ransom and reward, fraud alert, identity restoration, consulting services.

Third-party coverage includes privacy and security liability for third-party claims arising from a privacy or security breach, including loss or theft of personal data, violation or failure of the insureds’ systems, and cyber media liability for electronic media breaches such as infringement, trademark, plagiarism, invasion of privacy, libel, defamation and slander.