Beazley lifts the lid on updated media and tech industry insurance policy

Beazley lifts the lid on updated media and tech industry insurance policy | Insurance Business

Beazley lifts the lid on updated media and tech industry insurance policy

Specialist insurer Beazley has enhanced its insurance policy for media and technology businesses to better keep up with the evolving tech market and cyber threat landscape.

The improved MediaTech policy now combines comprehensive errors and omissions (E&O) and media liability insurance with cyber coverage. This ensures that media and tech companies do not just have a policy that covers for specific risks, but also receive support from expert risk management services to reduce their exposure.

MediaTech itself has also been streamlined to “provide clear and concise wording and seamless protection,” a release explained.

The E&O and media coverage features include:

  • Broad professional liability, to cover for non-technology professional services
  • Unintentional breach of contract for professional liability exposure
  • Online and offline media – this includes content shared on social media
  • Trade secret misappropriation claims
  • Unfair competition alleged with copyright/trademark infringement
  • Mental anguish and emotional distress
  • Defamation, invasion of privacy and plagiarism

The cyber coverage part of the policy includes:

  • Coverage for breach response costs
  • First-party coverage for cyber extortion
  • Data recovery costs
  • Coverage for business interruption and dependent business interruption following security breaches and system failures
  • E-crime coverage for fraudulent instruction fraud, funds transfer fraud, and telephone fraud

Clients will also have access to Beazley’s Breach Response Services team, who can provide a range of pre-breach and risk management services.

“Beazley MediaTech has been designed to protect firms that are at the cutting edge of using and developing new technology in exciting and often experimental ways,” said Beazley head of US cyber & tech Bob Wice. “We’ve enhanced our offering to ensure it keeps pace with the evolving risk landscape.”