It is great to see a new player in the Cyber Insurance market. Oceania Insurance Group has just released their new Esurance CPM policy via Lloyds of London which has been specifically designed to provide protection against the cyber, privacy and media risks faced by companies large and small. They are able to assist with the following types of business:
- Website Operators
- E-Tailors including Ebay sellers
- Healthcare providers
- Leisure and entertainment companies
- Online Retailers
- Manufacturers and wholesalers
- Professional service companies
What I am most excited about is that this is a product that is now obtainable to the traditional small business who may have an online store who are currently exposured should someone steal their clients information. With premiums starting from less than $1,000, this is a significant reduction from the current providers.
The policy wording looks very broad and should definitely be comprehensive enough to provide a level of cover that previously hasnt been available at this level of premium. The wording provides cover for the following risks:
- Comprehensive media liability, including cover for user generated content
- Advertising and personal injury
- Defamation, including libel and slander
- Intellectual property rights infringement
- Invasion of privacy
- Blanket professional indemnity
- Breach of contract
- Cyber liability, privacy liability and privacy breach notification costs
- Public liability
- Property and business interruption, including cyber perils
It certainly is exciting times ahead with the industry starting to catch up the fast pace of the technological world today. I, along with many industry colleagues, look forward to the exciting innovations ahead.
More information including how to get a quote on Cyber Insurance can be found here.
