The Main Street America Group has launched its new product offering – cyber risk protection especially designed for “Main Street” businesses – in 19 states across the country.
The extensive coverage, available through Main Street America’s Main Line Business Owners Policy (Main Line BOP), is currently available via the super-regional property/casualty insurance carrier’s independent agents with Main Line BOP writing authority in Arizona, Connecticut, Delaware, Indiana, Georgia, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, North Carolina, Nevada, Pennsylvania, South Carolina, Tennessee, Utah, Virginia and Wisconsin. Over the next few months, coverage will be launched in eight additional states.
"Cyber attacks can be a serious issue for small businesses, which often have limited security and technical resources," said Dan Gaynor, Main Street America’s vice president/head of commercial lines. "This valuable coverage, available as an enhancement to our Main Line BOP program, helps protect businesses from lost business income and data recovery expenses as a result of computer viruses and other computer attacks, which unfortunately are increasing in frequency."
Gaynor added coverage offered through Main Street America addresses several unique data privacy exposures, including identity recovery, data compromise and damage to data systems.
"Identity recovery insurance combines identity theft insurance with services that help identity fraud victims restore their credit history and records to pre-theft status. Coverage and service are provided for key owners of a commercial entity," Gaynor said.
Additionally, Gaynor said Main Street America’s CyberOne™ data systems coverage protects a commercial entity against damage to electronic data and computer systems from a virus or other computer attack. It also protects a business’ liability to third parties that may have suffered damage due to security weaknesses in the business’ computer systems. In addition, it provides coverage defense and liability costs for an insureds’ systems security failure, including breach of third party business information.
"Most commercial entities, since they have customers and employees, have cyber exposure. Typically, an entity will have records of employees’ Social Security numbers as well as health information for benefits programs," Gaynor said. "While the more sensational breaches involve hacking information via the internet, the majority of breaches actually occur by other means such as accidentally releasing information or stolen files."
With roots dating back to 1923, The Main Street America Group is a mutual insurance holding company which writes business through its nine property/casualty insurance carriers: NGM Insurance Company, Old Dominion Insurance Company, Austin Mutual Insurance Company, Grain Dealers Mutual Insurance Company, Main Street America Assurance Company, Great Lakes Casualty Insurance Company, MSA Insurance Company, Spring Valley Mutual Insurance Company and Main Street America Protection Insurance Company.