Liberty Mutual is beefing up its commercial and business policies with enhanced, flexible cyber coverages – yet another major insurer responding to the growing risk of computer-related data breaches and attacks.
The new options apply to its commercial package products and monoline general liability policies for small to mid-sized businesses. They include data compromise response expense, data compromise defense and liability, attack and extortion, and network security liability.
Each is built with separate aggregate limits that offer separate and varying sub-limits and deductibles.
The idea behind this is to structure coverage for specific customer needs, Liberty Mutual said in its announcement. For example, all four coverages designed to go with Liberty Mutual’s Data Security endorsement offer aggregate limits up to $1 million, with deductibles that range from between $2,500 and $10,000 per coverage, the company said.
“Businesses of all sizes are increasingly recognizing the growing threat to data security and associated financial risks that cyber attacks and breaches pose,” Bryan Grimm, Liberty Mutual’s senior vice president, Commercial Insurance, and manager, General Liability, said in a statement.
Among insurers that have tried to respond to the growing cyber threat with enhanced products: Hiscox, Nationwide, XL Group, Aegis London, American International Group and Travelers Cos.
Source: Liberty Mutual