Berkshire Hathaway Specialty Insurance (BHSI) has launched two new policies in the US, which provide cyber liability and breach response coverage with risk management resources.
Part of the firm’s Professional First suite of professional liability products, the new policies include the Professional First Network Security & Privacy Policy and Professional First Professional Liability and Network Security & Privacy Policy.
BHSI professional liability head and senior vice-president Danielle Librizzi said: "Our experienced professional liability team is providing solutions to simplify for customers the complex work of managing professional liability and cyber exposures.
"We are pleased to bring to market comprehensive, flexible coverage, backed by BHSI’s commitment to service and financial strength."
The Professional First Professional Liability and Network Security & Privacy Policy offers errors and omissions (E&O) liability coverage for technology and specified miscellaneous services.
Both policies comprise multi-faceted network security and privacy liability insurance and risk management resources, which are designed for professional services firms of all types, including technology enterprises, financial institutions and law firms.
The policies will provide coverage for third party exposures resulting from data security and privacy breaches, comprising regulatory investigations, fines and penalties.
They will also offer breach expense and extortion threat coverage, media liability coverage and business interruption coverage to pay lost income and related expenses incurred as a result of the Insured’s business’ partial or full interruption due to a network security failure.
The policies have online access to eRiskHub, which offers modern market tools and resources to enable policyholders understand cyber exposures, establish a breach response plan, and prepare to mitigate the impact of a breach on their organization.
In September, BHSI introduced a full line of Inland Marine Insurance products in the US, including Builder’s Risks, Contractor’s Equipment, Installation Floaters, Inland Transit, Motor Truck Cargo, Warehouse Legal Liability and miscellaneous floaters.
BHSI offers commercial property, casualty, healthcare professional liability, executive and professional lines, surety, travel, programs, and homeowners insurance services.
Image: The new policies are part of BHSI’s new Professional First Professional First suite of professional liability products. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.