Bermuda-based insurer Hiscox has rolled out an upgraded version of its Security Incident Response (SIR) product to offer additional protection to business integrity risks such as corruption and fraud.
According to Hiscox, the new SIR policy will also cover for the expenses incurred by a business when dealing with an insured event.
First launched in 2017, SIR supports businesses in managing several security and crisis events such as impact of terrorism, through to extortion risks.
Now, by adding business integrity risks, the policy is expected to shield against the growing threat to multi-national businesses from risks such as bribery, agent misconduct, contract and procurement fraud, embezzlement, social engineering and money laundering.
Along with business integrity risks, the new version of SIR will also provide reimbursement for the expenses incurred during a crisis including temporary physical security measures or the deployment of staff to an incident location.
The insurance cover also includes a new, fourth trigger, which responds on the allegation of an insured event having occurred.
It complements the pre-incident response offered by SIR, which helps businesses in mitigating an incident at its earliest stages and even help avoid an insured event from happening.
Hiscox, through SIR, will also continue to offer its clients the exclusive access to crisis management consultancy Control Risks.
Hiscox SIR product director Gareth Bateman said: “Businesses are dealing with an ever-changing risk and security landscape both at home and abroad.
“We have recognised the evolution of these threats and have enhanced our successful SIR product to provide cover for 19 additional insured events, with a focus on business integrity risks such as bribery and corruption, embezzlement, and financial statement fraud.
“The growth in regulatory action against businesses globally reflects the added risks to businesses of experiencing a damaging prosecution related to an incident such as internal bribery – our clients have told us this is an important area of protection for them.”
With more than 3,300 employees, Hiscox has operations in 14 countries. The company, through the retail businesses in the UK, Europe, Asia and the US, offers a range of specialist insurance for professionals and business customers as well as homeowners.