Markel Corp. added coverage to its management liability suite of products. Lockton Affinity is the new program administrator for the new CyberLock Defense standalone cyber liability policy with options for more than 40 industry groups.
Markel Corporation added a standalone employment practices liability policy customized for professional employer organizations to its management liability suite of products.
The new policy is a modular product providing liability coverage for PEOs and their customers with separate limits available for each. Various coverage enhancements are also available, such as third-party coverage, workplace violence, wage and hour defense, and immigration coverage. PEOs provide back-office products and services for small businesses, including payroll, benefits, HR, insurance, tax administration, and regulatory compliance.
The onboarding process is one of the differentiators of this policy. It consists of an in-person meeting to introduce the policyholder to their claims examiner, review policy features, and deliver an overview of the risk management services offered to PEOs.
The policy is presently available in all 50 states.
Lockton Affinity is the new program administrator for the new CyberLock Defense standalone cyber liability policy with options for more than 40 industry groups including retail, industrial & manufacturing, financial services, restaurants, and more.
Key benefits of the CyberLock Defense Insurance program include:
- Broad first and third party coverage options to address cyber extortion, breach of data privacy, contractual liability, copyright infringement and rogue employees
- No sublimits of coverage
- Combined single limits of liability available for all coverage, including cyber theft, social engineering loss, ransomware and more
- Automatic business interruption expense and reputational harm coverage
- Policy limit options from $100,000 to $10M
- Quick and simple quoting and binding processes
- Admitted, non-admitted, & excess policies available
Coverage is available from an A rated carrier by AM Best.
Lockton Affinity, an affiliate of Lockton Companies, was formed in 1987 to meet the specialized insurance needs of affinity groups, non-profits, associations and franchises. It currently serves an array of industries ranging from small business, financial institutions and franchise businesses to fraternal organizations and common-cause groups.
Sources: Markel, Lockton