The solution, known as BBR Select, offers the same combination of forensic, legal, notification, credit monitoring and call center services as BBR, ensuring that when a breach occurs the affected organization can move swiftly and sure-footedly to protect its reputation with customers. The policy provides for notification and credit monitoring for affected individuals (normally in the range of 25,000 to 250,000, though higher numbers can be covered) as well as third party liability coverage of up to $5 million. Premiums start as low as $1,000.
Coverage is provided through Beazley's private enterprise team, which focuses on the professional liability needs of small businesses. The team is able to offer this solution to risks with revenues of up to $25 million but in practice larger companies may opt for the standard BBR solution, which includes notification and credit monitoring services for up to four million affected individuals.
Benefits of BBR Select include:
-- Breach response services provided outside the third party limit of liability, ensuring that this limit will not be eroded by prior use of the available breach response services -- Forensic and legal assistance from a panel of experts to help determine the extent of the breach and the steps needed to comply with applicable laws -- Notification provided on a number of affected individuals basis, not a capped dollar amount, to persons who must be notified under applicable law or those who are determined to be subject to risk of financial, reputational or other harm -- Each notified individual to receive an offer for 12 months of free 3-bureau credit monitoring -- Identity theft-related fraud resolution services for individuals enrolled in credit monitoring who become victims of identity theft -- A free loss control information service provided with each policy, including compliance and breach response information, email alerts of key legal and regulatory developments, and expert on-line support for client questions on data security issues -- Additional insuring agreement providing for indemnification of Payment Card Industry (PCI) fines and penalties, covering up to $100,000 in fines and penalties resulting from non-compliance with published PCI data security standards -- Regulatory defence and penalties coverage up to $1,000,000; -- Public relations and crisis management expenses up to $250,000 Beazley recently announced a number of enhancements to BBR, which are also available to buyers of BBR Select. These include an expansion of response services to include the services of a PCI forensic investigator, computer security expert and an attorney to advise on how to respond to regulatory requirements under Merchant Services Agreements following an actual or suspected compromise of credit card data.
Jamie Orye, who heads the Beazley private enterprise underwriting team focusing on technology, media and business services risks, said: "Small businesses are at least as vulnerable to data breaches as their larger counterparts. Indeed, in many cases they may be more vulnerable as they cannot afford the latest technological weaponry to keep ahead of hacking and malware threats. But now, for the first time, small businesses have access to comprehensive and affordable coverage to protect their most precious resource - the goodwill of their customers - in the event that a data breach occurs."
Note to editors:
Beazley plc (BEZ.L), is the parent company of specialist insurance businesses with operations in Europe, the US, Asia and Australia. Beazley manages five Lloyd's syndicates and, in 2011, underwrote gross premiums worldwide of $1,712.5 million. All Lloyd's syndicates are rated A by A.M. Best.
Beazley's underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd's.
Beazley is a market leader in many of its chosen lines, which include professional indemnity, property, marine, reinsurance, accident and life, and political risks and contingency business.
For more information please go to: www.beazley.com