US-based Grange Insurance has introduced its new cyber coverage for businesses, which will provide critical protection against potential data breaches.
The new product provides limits ranging from $25,000 to $1m, first and third-party coverage, as well as breach response planning and reputation management from cyber security solutions provider IDT911.
Grange’s new product offers data breach expense coverage for items ranging from notification letters to customers and call handling and reporting.
It also offers third-party liability coverage, comprising of media wrongful acts, network security wrongful acts and privacy wrongful acts.
In addition, the new coverage offers protection against criminals, who install malware on personal devices and demand payment to remove it.
The IDT911 will help Grange to build an effective data breach response plan and receive guidance on the best breach response strategy.
It will also enable Grange to protect business reputation, in addition to preventing regulatory sanctions or fines.
Grange Insurance president Mike Winner said: "Cyber coverage is quickly becoming a necessity for businesses of all sizes.
"Not only does our coverage offer a variety of options for customers, but we’ve also partnered with the best in the industry when it comes to protecting businesses."
Based in Columbus of Ohio, Grange provides auto, home, life and business insurance protection products through its network of independent agents.
Image: Grange Insurance launches new cyber coverage for businesses. Photo: courtesy of Stuart Miles / FreeDigitalPhotos.net.