Policy covers cyber crime, cyber liability and data breach expense
NIG has launched a new cyber insurance product called NIG Cyber Cover.
The broker-only commercial insurer, part of Direct Line Group, said it introduced the new policy in response to growing demand for cyber insurance.
The new policy covers both first- and third-party risks. Mandatory cover under the policy includes cyber crime, cyber liability and data breach expense.
Optional cover includes hardware, data corruption and loss of business income caused by a cyber event.
NIG director of underwriting and pricing Justin Clarke said: “We’re extending our product range to cover against new and changing risks faced by SMEs.
“Dependent on customer needs, this product provides mandatory and optional covers, the latter including loss of business income following a cyber event.”
NIG director of broker markets Steve Scott added: “This launch not only responds to customers’ needs, but also to our brokers who have requested a cyber product.
“It’s yet another demonstration of how NIG is developing products and propositions to support our brokers.”