Network Security & Privacy
Shielding Businesses from Financial Loss
Protecting consumer, business, and employee information remains a priority across all industries. Many businesses across retail, financial services, healthcare and hospitality acquire sensitive consumer information, such as credit card and social security numbers over the course of any given day. Access to this type of sensitive data poses a significant financial and reputational risk to the business in the event of a data breach. Similarly, employers who maintain employee health information for a company provided health plan could face privacy related claims if the data falls into the wrong hands.
The Safehold Special Risk Network Security and Privacy Risk Program offers solutions to help shield your business from financial loss due to stolen, misplaced, or misused data. Whether a breach is caused by hackers, employee error, or a compromised website or point-of-sale system, Safehold’s program provides protection from costly exposures.
No matter your industry, network and privacy exposures are a rising concern -and the stakes keep getting higher. Data security is a significant vulnerability usually not covered by traditional general liability, professional liability, or crime insurance policies.
Businesses that engage in the following activities are especially at risk:
- Communicate via a website, social media, or email
- Accept credit cards online or in person
- Maintain a list of customers, their purchases, and financial information
- Store employees' personal information and health data
As a managing general underwriter, Safehold works on behalf of top-rated insurance carriers to create risk management programs that meet
the unique needs of your industry. Our Network Security and Privacy Risk Program offers a comprehensive solution for your network and privacy exposures.
- Healthcare services
- Financial services
- Wholesale distribution
- Professional services (such as accountants, law firms, etc.)
- Insurance companies
Our WebNet Protection® and WebNet SB® (small business) products offer broad and modular first and third-party coverage.
With our Network Security and Privacy Risk Program, you can cover costs such as:
- Crisis management, public relations, and required notifications and credit monitoring for people whose information was compromised
- Claims arising from the theft of sensitive information, the disruption of online services for customers or vendors, defamation, or the loss of intellectual property
- Data restoration
- Loss of business income
- Regulatory fines and penalties
Limits and deductibles
Full limits are available for crisis management, investigative expenses, and regulatory claim expenses in our main program. Sub-limits available in our small business program.
Companies with more than $100 million in revenue, non-admitted
- Policy limit: $32 million
- Deductibles start at: $25,500
- Minimum premium: $15,000
Companies with less than $100 million in revenue, non-admitted
- Policy limit: $5 million
- Deductibles start at $5,000
- Minimum premium: $2,500
Companies with less than $100 million in revenue, admitted
- Policy limit: $5 million
- Deductibles start at: $1,000
- Minimum premium ranges from $500 to $900