Cyber Risk Insurance

Do your clients have the best Cyber Risk Insurance coverage?

What is Cyber Risk Insurance?  At Tennant Risk Services, we distinguish between technology professionals, who need to buy technology E&O, and technology users, who need to buy Cyber Risk coverage.  Technology professionals are organizations that develop technology and related services for individuals and organizations, and bring this technology to our everyday lives.  Technology users are the wide range of individuals and organizations that depend on technology and technology vendors to conduct their business, and rely on Cyber Risk Insurance to protect them from the related exposures.

The Cyber Risk segment is a rapidly changing market segment, and the exposures are not adequately covered in the CGL.  Cyber Risk typically includes both first and third party coverages arising out of the provision of goods and services using technology.  Coverage can include professional liability, virus protection, identity theft protections, breach mitigation, copyright infringement, libel/slander, regulatory defense and intellectual property protection.  To add to the complexity, different entities have different exposures and therefore have different coverage needs. 

Data Breach

One sub-segment that is getting significant attention in the media and from insureds is data breach (also called Privacy).  Data breach insurance is designed to provide protection from the breach of confidential information, whether electronic or paper-based.  Coverage is not expensive for most type of organizations, but the risks can be significant. 

Tennant Risk Services provides Cyber Risk Insurance for all types of technology users, and we are experts in this segment.  Let us know your needs, and we will provide quick turnaround with competitive pricing and coverage from a range of markets.  Our clients are getting broad coverage at lower costs.

Target classes include:

• Internet Businesses
• Retail Stores
• Medical Offices & Facilities
• Auto Dealers
• Benefit Administrators, TPAs
• Insurance & Financial Professionals

Tougher Accounts?  Business concentrations in non-standard classes and more difficult exposures are our standard fare, including:

• Healthcare Data Service Providers
• Financial Institution Data Service Providers
• Adult Entertainment
• Adverse Loss Experience
• New Operations/Startups
• Firms providing multiple services

Special coverage provisions are available for operations with unique insurance exposures.
These can include:

• Unencrypted Portable Media
• Vicarious Liability for Service Providers
• Independent Contractors Coverage

Highlights:

• Minimum premiums as low as $1,000
• Risk Management services
• Variety of limit & deductible options

Account Examples:

• Medical Office. $3 Million Limit, $ 15,000 Premium.
• Retail Insurance Agency. $1 Million Limit, $ 4,000 Premium.
• Religious Organization. $1 Million Limit, $ 3,000 Premium.
• Retailer, consumer products. $1 Million Limit, $ 9,000 Premium.

Claim Scenarios

• An employee for a healthcare organization lost a laptop containing patient records. The incident required notification to state authorities, credit monitoring and restoration protection, and reimbursement to victims for direct loss.
• A virus was accidentally introduced to a corporate network by an employee. The virus shut down an order processing system, resulting in both first and third party claims.
• An employee of a medical office improperly accessed and released private medical records, resulting in a regulatory notification requirement and a suit from one of the impacted parties.
• Data residing with a vendor is permanently lost due to a system failure, and the cost to replace the data is significant.

Supporting retail insurance agents and brokers with specialty expertise, exceptional service, broad market relationships and competitive products.  For more information, to discuss a specific client challenge, or to submit an account, please call 860-519-1301 or email to submissions@tennant.com. We look forward to working with you!

Put our Cyber Risk Insurance Expertise to Work for You!

Other                                                   All States, Low Minimum Premium

                                                            Contact:   860-519-1301 or submissions@tennant.com