Hanover Insurance Group has rolled out its new separate non-admitted cyber coverage to safeguard commercial lines agents and their clients from increasing risk of cyber threats.
Dubbed Hanover Cyber Advantage Premier, the new coverage offers agent partners with access to specialised and complementary products to serve their small and mid-sized businesses.
Hanover Specialty Insurance Brokers (HSIB), an in-house excess and surplus brokerage of Hanover, will underwrite the coverage.
Hanover Specialty president Bryan Salvatore said: “This new product builds on our strong existing cyber capabilities with a non-admitted solution that responds to the needs of the market and our agents.
“Hanover Cyber Advantage Premier offers an innovative solution that is designed to grow and evolve with companies over time, helping to address their constantly evolving cyber exposures.”
The American insurer said that its cyber coverage insurance plans can be customised to meet evolving cyber exposures.
By availing Hanover Cyber Advantage Premier product, the businesses can get protection for a mixture of first- and third-party exposures, which includes third-party liability, first-party loss of income, first-party response costs, as well as first-party fraud loss.
To enable policyholders to reduce the effects of cyber-attacks and re-start their business, the Hanover’s cyber solutions provide access to The Hanover’s panel of third-party cyber incident response partners.
They also offer guidance, expertise and support to deal with claims management following a cyber-attack.
Additionally, the business are offered access to specialised service providers so that they can obtain required help in cyber breach response, legal counsel, data recovery, as well as forensic IT services.
Additionally, the insurer is providing access to its risk management web portal known as eRisk Hub. It is designed to enable insureds to understand their exposures, create plans for response and lessens the effects of breaches on their businesses.
In April, Hanover Insurance launched a new digital platform, dubbed Insurago, to enable independent agents to easily acquire new customers.