WORCESTER, Mass., July 27, 2015 /PRNewswire/ -- The Hanover Insurance Group, Inc. (NYSE: THG) today announced the launch of a new suite of cyber products designed to help protect small to mid-sized businesses from losses related to data breaches and cyberattacks.
"With hackers and malicious programs becoming increasingly sophisticated, data breaches represent financial, reputational, and operational threats to businesses," said Michael R. Keane, president, small commercial at The Hanover. "Our new, comprehensive solution helps protect companies against these threats, while providing our agents a competitive advantage in the marketplace and providing their clients with more peace of mind."
The Hanover's new suite of cyber capabilities for business owner's policies enables independent insurance agents to deliver more value to their customers, offering more protection against the threat from cyberattacks and data breaches. These enhancements to both first and third party coverage options better protect businesses against possible financial damages resulting from cyberattacks and data breaches.
The enhanced business owner's policy data breach coverage provides first party protection for covered direct costs a business faces when a data breach occurs, including:
- Notification and investigation expenses such as credit monitoring and forensic analysis expenses
- Cyber business interruption and extra expenses incurred due to a data breach
- Breach restoration expenses for the cost of labor to recreate or copy lost or stolen data
- Additional expenses including legal services, public relations, data breach theft and data breach ransom and reward, fraud alert, identity restoration, consulting services, and more
The Hanover's new cyber liability coverage also includes defense and liability protection for claims brought against insureds by a third party, including:
- Privacy and security liability for third party claims arising from a privacy or security breach, including loss or theft of personal data, violation or failure of the insureds' systems
- Cyber media liability for electronic media breaches such as infringement, trademark, plagiarism, invasion of privacy, libel, defamation and slander
The Hanover distributes all of its products, including the new cyber and data breach products, exclusively through independent insurance agents. These local agents have expertise that helps their customers understand complex insurance coverages and select the insurance protection that fits the needs of their businesses.
To find out more about The Hanover's new cyber capabilities, please contact your local Hanover agent and visit hanover.com.
ABOUT THE HANOVER
The Hanover Insurance Group, Inc., based in Worcester, Mass., is the holding company for several property and casualty insurance companies, which together constitute one of the largest insurance businesses in the United States. For more than 160 years, The Hanover has provided a wide range of property and casualty products and services to individuals, families, and businesses. The Hanover distributes its products through a select group of independent agents and brokers. Together with its agents, the company offers specialized coverages for small and mid-sized businesses, as well as insurance protection for homes, automobiles, and other personal items. Through its international member company, Chaucer, The Hanover also underwrites business at Lloyd's of London in several major insurance and reinsurance classes, including marine, property and energy. For more information, please visit hanover.com.
Michael F. Buckley
Abby M. Clark
All products are underwritten by The Hanover Insurance Company or one of its insurance company subsidiaries or affiliates ("The Hanover"). Coverage may not be available in all jurisdictions and is subject to the company underwriting guidelines and the issued policy. This material is provided for informational purposes only and does not provide any coverage. For more information about The Hanover visit our website at www.hanover.com.
SOURCE The Hanover Insurance Group, Inc.