Cyber coverage included in new product from Lawyers Financial
By Kathy Rumleski, AdvocateDaily.com Contributor
Lawyers Financial has recently launched a new office insurance product that includes cyber risk coverage to help firms recover when hackers breach their systems and access confidential information, says Dawn Marchand, vice-president of marketing and direct distribution for CBIA/Lawyers Financial.
“Cyber insurance is designed to mitigate the risk exposures by offsetting recovery costs after a security breach,” Marchand says of the coverage included in Lawyers Financial's new commercial office insurance.
“Everyone has home insurance to protect their house and contents and this product is for lawyers who rent or own offices. It’s comprehensive coverage for office insurance,” Marchand tells AdvocateDaily.com.
Coverage includes everything you would expect — fire, theft, crimes, computer and currency fraud, and umbrella liability for bodily injury, property damage, personal and advertising injury, she says.
It also protects against employee theft, loss or damage to valuable documents and damage to media and electronics.
“Even if you have water damage from a neighbouring office, it’s covered. Or in the case of a disaster, if you need to move temporarily, the plan includes relocation costs and will cover the loss of earnings until you’re back in business.”
Marchand says clients are increasingly asking about cyber risk coverage.
“It’s top of the list of what people are asking for.”
She says some businesses believe a data breach is a theft and therefore covered by their existing policies, but that is often not the case.
“Cyber is unique. Businesses can be left responsible for expenses related to cyber liability,” Marchand says.
“Those expenses can include an investigation of the cause, legal costs, third-party damages and the fee to notify affected parties. All of these features are included with our new office insurance.”
Marchand says companies are being breached all the time by increasingly sophisticated hackers and it’s a huge issue for lawyers.
“When their databases are hacked and there’s a possibility of personal information being revealed, it’s very concerning and costly," she says. "It can hurt a firm’s reputation and finances, especially for small firms.”
While Lawyers Financial offers coverage for all lawyers, Marchand says the focus is on small firms and sole practitioners.
“As with all our products, the cost is very reasonable because we are not-for-profit.”
Another plus in dealing with Lawyers Financial is the convenience for clients to obtain services, she says.
"This product is available completely online — from quote to online payment," Marchand says, adding that it can all be done in as little as 10 minutes.
“A lawyer’s time is their money. We want to make it as easy as possible, so you can do it all online if you choose.”
She says renewing with Lawyers Financial is also easy.
“Because it’s a once-a-year purchase, we will get back to them with a reminder 30 to 60 days ahead of time. It’s all about having the best product at the best price and making it convenient.”