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AXA XL Adds Cyber Insurance Option to its Lawyer’s E&O Offering
To help lawyer firms minimize the high financial cost and reputational risks associated with potential cyber incidents, AXA XL has added Cyber Suite, a cyber and security insurance coverage as an option to its Lawyers’ Errors & Omissions (E&O) insurance program.
According to Dwayne Johnson, Underwriting Manager for Lawyers’ Professional Liability business, “A stolen laptop, a network hack or random computer virus can create enormous and costly consequences for a design firm’s practice and reputation. Lawyers rely on technology just as much as any other profession. One cyber incident can significantly compromise all that a law firm has worked hard to build. We’re pleased to be able to pair up our professional and cyber insurance expertise and deliver Cyber Suite coverage to help our clients address today’s new and emerging online and technology-driven business exposures.”
Available under AXA XL’s Lawyers’ professional liability policy, Cyber Suite helps law firms impacted by a data breach or other cybercrime. Among available coverages are:
- Data Compromise Response Expense – providing coverage for resources to respond to a breach of personal information
- Computer Attack – providing coverage for resources to respond to a computer attack
- Cyber Extortion to respond to an extortion threat
- Misdirected Payment Fraud –providing reimbursement for the amount fraudulently obtained from the insured as a result of a wrongful transfer event
- Computer Fraud – offering reimbursement for the amount fraudulently obtained from the insured as a result of a computer fraud event
- Data Compromise Liability – extending protection to pay defense and settlement costs in the event of a suit related to a breach of personal information
AXA XL’s E&O insurance protects professional individuals and companies from actual or alleged mistakes, errors, omissions, negligence, or failures that occur while providing advice and services to clients.
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