OneBeacon Insurance Group member, OneBeacon Professional Insurance (OBPI), has launched a broadened lawyers’ professional liability (LPL) coverage so that its protections will now include network security and privacy (NSP) liability.
Lawyers can access this new offering in either of two possible ways, which are:
1. As an LPL policy endorsement
2. As its own standalone coverage
According to the OBPI senior vice president of the LPL division, Kim Noble, these days, a law firm’s lifeblood is its information systems, and it is vital to protect those systems, as they may hold highly sensitive and valuable data such as client information, intellectual property, litigation data, personally identifiable information, and even trade secrets.
Noble explained that “Our network security and privacy liability coverage will protect law professionals should there be a breach of these important systems.”
An NSP endorsement to an LPL policy at OBPI will provide protection against a breach of data for many of the costs that can build as a result of this type of event. This can include the expenses relating to minimizing the damage to the reputation of the firm using public relations, as well as first-party notification efforts.
On the other hand, the coverage provided by a standalone policy can include: privacy liability, breach consultation services, business interruption, network security liability, website media occurrence liability, management expenses sub-limit, breach notification, and others.
OneBeacon Insurance Group specializes in providing various professional liability products to specific industries such as lawyers, medical facilities, long-term care facilities, hospitals, physician groups, real estate professionals, design professionals, media organizations, technology providers, and financial services.