LOS ANGELES, CA--(Marketwire - Jan 18, 2013) - Farmers Insurance Group of Companies® has introduced a new Cyber Liability and Data Security program to protect main street businesses in Oklahoma.
Farmers explains that there is no question that incidents of cyber liability and data security breaches are on the rise. The cost of a security breach today can have a devastating impact on businesses and that is why we felt it important to provide this coverage.
The coverage was provided automatically for all Business Owner Policy (BOP) industries with a modified premium less than $50,000.
- The coverage is provided immediately for all new Business Owner Policies, with an effective date of January 1, 2013.
- The coverage will be automatically provided for all renewal Business Owner Policies with an effective date of March 1, 2013.
- New and renewal customers will receive a letter giving them the option to not accept the coverage if they choose.
There are federal and state reporting obligations required by law and the dissemination of personal information as a result of a breach can also expose a business to third party liability, Farmers Insurance notes. That's where Farmers Cyber Liability and Data Breach expense coverage can help.
Farmers Cyber Liability and Data Breach Expense coverage offers:
- $25,000 limit for indemnity
- $25,000 limit for defense
- $2,500 self-insured retention
- Third party liability coverage
- Privacy breach response services including customer notification and forensic and legal assistance
- Extended reporting period available
- Free data security risk management services through FarmersCyber.com
Farmers Insurance Group of Companies is a leading U.S. insurer of automobiles, homes and small businesses and also provides a wide range of other insurance and financial services products. Farmers Insurance is proud to serve more than 10 million households with more than 20 million individual policies across all 50 states through the efforts of over 50,000 exclusive and independent agents and nearly 24,000 employees.
Farmers is a trade name and may refer to Farmers Group, Inc. or the Farmers Exchanges, as the case may be. Farmers Group, Inc., a management and holding company, along with its subsidiaries, is wholly owned by the Zurich Insurance Group. The Farmers Exchanges are three reciprocal insurers (Farmers Insurance Exchange, Fire Insurance Exchange and Truck Insurance Exchange), including their subsidiaries and affiliates, owned by their policyholders, and managed by Farmers Group, Inc. and its subsidiaries. For more information about Farmers, visit its Web site at www.farmers.com or at www.Facebook.com/FarmersInsurance.