The Hartford Steam Boiler Inspection and Insurance Company (HSB), part of Munich Re, is extending the availability of its identity theft insurance and services to the employees of small to mid-sized businesses as a standalone policy for employers, the company said.
HSB Identity Recovery insurance has expense coverage and personal case management services similar to those HSB has provided through client insurance companies, agents and brokers for almost a decade, insuring more than seven million people against identity theft and fraud.
"Identity theft has been a top complaint for years," said David Schraeder, HSB senior vice president. "The risk is growing with data breaches, connected homes and smart phones being used to store and transmit sensitive information. Employers can help protect their employees and their families with the identity restoration coverage and services they need."
HSB Identity Recovery coverage pays for expenses and services to help victims restore their name and credit to pre-theft status when their personal information is lost or stolen. It is available through agents and brokers to employers who can provide the identity theft coverage to employees.
In addition to paying expenses such as lost wages, child and elder care, the cost of credit reports, postage, shipping and fees, HSB Identity Recovery coverage can pay for legal fees involving civil or criminal complaints and mental health counseling related to the identity theft (in most states).
Identity theft services include a toll-free help line, access to a professional identity restoration firm which will work with the victim through the entire process, case management performed by licensed investigators, and an option to use a limited power of attorney.
Hartford Steam Boiler (HSB), a member of Munich Re’s Risk Solutions family since 2009, is a leading specialty insurer providing equipment breakdown, other specialty coverages, inspection services and engineering-based risk management that set the standard for excellence worldwide.
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In the financial year 2015, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €3.1bn on premium income of over €50bn. It operates in all lines of insurance, with over 43,000 employees throughout the world. With premium income of around €28bn from reinsurance alone, it is one of the world’s leading reinsurers.