OneBeacon Technology Group, part of the OneBeacon Insurance Group, has enhanced its @vantage for Information Technology product designed for hardware, software and telecommunications companies.
According to the OneBeacon, two primary coverage areas have been broadened to recognize the emerging risks of technology firms. With OneBeacon’s custom data privacy protection, policyholders receive coverage for their potential failure to protect their clients’ private data and for costs associated with responding to data breaches, whether they occur in written or electronic form.
Furthermore, OneBeacon provides dedicated services to help its customers mitigate potential incidents and to notify affected parties should a breach occur, including identity restoration case management and other specialized services provided by Identity Theft 911. Additional coverage extensions are also available such as proactive monitoring services, data breach ransom, data breach reward and more.
The second enhancement focuses on @vantage for Information Technology’s errors and omissions protection that provides financial protection to the policyholder and its clients for the policyholder’s failure to perform. @vantage Technology Errors and Omissions offers protection, while the broader @vantage Plus version of the product delivers more specialized coverages.
Matt Mueller, president of OneBeacon Technology Group, said: We regularly strengthen our products, which are built on the deep expertise of our underwriting, claims and risk control specialists, to provide a robust, committed market for our distribution partners.