HARTFORD, Conn.--(BUSINESS WIRE)--The Hartford Steam Boiler Inspection and Insurance Company (HSB), part of Munich Re, has introduced HSB Total Cyber™, a stand-alone insurance product that offers mid-size companies direct coverage for multiple types of data and cyber exposures, the company announced today.
The new product builds on a decade of HSB’s experience covering identity theft, data breaches and cyber attacks, so agents and brokers can offer commercial customers a more comprehensive solution to today’s growing cyber risks. The coverage is designed for businesses with revenues of $10 million to $150 million, although businesses with revenues up to $250 million can be underwritten.
“The cyber market is the Wild West of insurance with so many different types and levels of coverage,” said Timothy Zeilman, HSB vice president. “Medium sized companies, meanwhile, are squeezed between expensive cyber policies designed for big organizations and low-cost insurance packaged for small businesses. HSB Total Cyber™ helps fill that gap with a single policy that includes a variety of essential coverages that a mid-size company needs and can afford.”
Cyber insurance is important for medium-sized companies as they struggle to protect the personal information they keep on customers and employees. Increasingly, larger companies are also imposing contractual obligations on contractors and suppliers, which require mid-size companies to carry cyber insurance and improve cyber defenses to protect the larger firm from hackers.
Other cyber products for mid-size businesses might cover a few cyber exposures. HSB Total Cyber™ is a unique bundle of cyber and information security coverages offering broader protection. These include data breach response and liability, identity theft, computer attack, cyber extortion, and network security and electronic media liability — all in one policy.
HSB’s experience in data and information has evolved from many years of covering equipment risks. With increased technology, data and connectivity risks present in today’s equipment, HSB has the expertise to underwrite technology and cyber exposures, and already provides data and cyber coverage for tens of thousands of businesses.
HSB Total Cyber™ is available through independent agents and brokers (pending approvals in some states). HSB has been providing identity theft insurance and services since 2005; data breach coverage since 2007 and added cyber liability coverage since 2013.
Hartford Steam Boiler (HSB), a member of Munich Re’s Risk Solutions family since 2009, is a leading engineering and technical risk insurer providing equipment breakdown insurance products, other specialty coverages, and related inspection services and engineering consulting. Founded in 1866, HSB's difference is grounded in extensive technical knowledge with over 50 percent of its staff engineers, inspectors and technical personnel around the globe. We leverage our knowledge to anticipate future risks and develop a range of specialized solutions that enable our clients to build deeper and more profitable customer relationships. HSB holds A.M. Best Company’s highest financial rating, A++ (Superior). For more information, visit www.hsb.com and connect on Twitter, Facebook and LinkedIn.
About Munich Re
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2014, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €3.2bn on premium income of over €48bn. It operates in all lines of insurance, with over 43,000 employees throughout the world. With premium income of around €27bn from reinsurance alone, it is one of the world’s leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. Its primary insurance operations are concentrated mainly in the ERGO Insurance Group, one of the leading insurance groups in Germany and Europe. ERGO is represented in over 30 countries worldwide and offers a comprehensive range of insurances, provision products and services. In 2014, ERGO posted premium income of €18bn. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand. Munich Re’s global investments amounting to €227bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.