USI Affinity Announces New Cyber Liability Insurance for New Jersey Attorneys and Firms
Matawan, NJ (PRWEB) July 25, 2013 -- USI Affinity is excited to announce a new insurance product available to members of the New Jersey State Bar Association: a Cyber Liability Insurance Policy tailored specifically for law firms. USI Affinity, the exclusive administrator for the NJSBA Insurance Program, worked with specialist insurer Beazley to develop the new cyber liability product tailored specifically to law firms with ten or fewer attorneys, with a flat fee of just $150 per attorney and a simple 5-question application.
“Cyber liability exposures have become an increasing risk for law firms in the past few years, and one that continues to grow,” said Mike Mooney, Vice President of Bar Association Programs for USI Affinity. “Working daily with NJ State Bar members, we felt like there was a real need for a product like this. Most cyber liability coverage for the legal industry is geared towards larger firms, so the cost can be prohibitive for small firms and solo attorneys. USI Affinity worked with the data breach experts at Beazley to develop an affordable new cyber liability product designed for smaller law firms.”
Because they are entrusted with so much sensitive, private information, law firms are at great risk of data breach (whether intentional or accidental) and the costs associated with it. Those costs include immediate notification of all parties potentially affected by the data breach, providing credit monitoring to affected parties, investigating the incident, managing the firm’s reputation through the event, and more. The total cost of a data breach can be anywhere from $30 per record up to as much as $200 per record. Costs like these are generally NOT covered by a firm’s Lawyers’ Professional Liability Insurance policy.
This new cyber liability product, Beazley Breach Response Select, goes beyond traditional LPL coverage to address every aspect of data breach. Key highlights of the offering include:
• Regulatory defense and penalties coverage up to $250,000 (retention $2,500)
• Website media liability up to $250,000 (retention $2,500)
• Public relations and crisis management expenses up to $50,000 (retention $2,500)
• Coverage for response costs, including notification, credit monitoring and call center service, provided on the basis of the number of affected individuals, not a capped dollar amount (average response costs can be as much as $30 per record). Coverage for up to 25,000 individuals.
• Legal and forensic expenses coverage up to $50,000.
• Forensic and legal assistance from a panel of experts to help determine the extent of the breach and the steps needed to comply with applicable laws.
• Free loss control information service provided with each policy, including compliance and breach response information, email alerts of key legal and regulatory developments, and expert on-line support for client questions on data security issues.
• And more.
Law firms that want more information about the Cyber Liability program for New Jersey State Bar Association members can call Adam Wells at 855.874.1266, email him at adam.wells(at)usiaffinity(dot)com or visit us online at http://www.mybarinsurance.com/nj/business-insurance/cyber-liability/.
About USI Affinity
For more than 50 years, USI Affinity has developed and administered insurance and financial programs that offer law firms unique advantages in coverage, price and service. As the endorsed broker of more than 30 state and local bar associations, and with more than 35,000 attorneys insured, USI Affinity has the experience and know-how to navigate the marketplace and design the most comprehensive and innovative insurance and benefits packages, including optimal Lawyers Professional Liability coverage, to fit a firm’s individual needs.
Mike Murphy, Chief Marketing Officer, USI Affinity, http://www.mybarinsurance.com/nj/, (610) 537-1323, [email protected]
Share this article