Berkshire Hathaway Specialty Insurance has unveiled a new Business Crisis Event Cost Coverage policy, to cover costs incurred to manage a business crisis, including the fees of a crisis management consulting firm.
The new policy offers up to $100,000 to hire a crisis management consulting firm to advise the policyholder in managing adverse media coverage and public perceptions, following a crisis. The events include a serious accident or explosion, an act of violence, or a contamination incident.
Moreover, the coverage also provides expenses required extending immediate support to victims and their family members, including funeral expenses, psychological counseling, travel, and temporary living costs.
Berkshire Hathaway Specialty Insurance, executive and professional lines, healthcare professional liability, casualty executive vice president David Bresnahan said the coverage gives policyholders in all industries vital support in responding to crisis events in order to mitigate both financial and reputational damage.
"The speed with which we brought our Business Crisis Event Cost Coverage to market is indicative of our ability to respond swiftly to the needs of our customers," Bresnahan added.
The insurer said that for activating the coverage, no claim under the underlying policy is required and limits are separate from the aggregate umbrella policy limit, with no deductible.
A crisis management consulting firm, pre-approved by Berkshire Hathaway Specialty Insurance or any one with whom they already have a relationship can be used by the policyholders.
Berkshire Hathaway Specialty Insurance offers commercial property, casualty, healthcare professional liability, executive and professional lines insurance and programs for customers across the US.