NIP Group Announces the Launch of Cost-Effective Cyber Security Insurance Program for Specialty Programs

WOODBRIDGE, N.J., Feb. 18, 2022 /PRNewswire-PRWeb/ -- NIP Group (http://www.NIPGroup.com), a market leader in insurance program administration, is proud to announce the addition of Cyber Suite, a comprehensive cyber security insurance program specifically created to assist landscapers, tree care professionals, construction contractors, and greenhouse and nursery growers with a cost-effective solution to combat the myriad of cyber threats impacting their business every day.

Cyber Suite is a comprehensive insurance solution designed to help businesses respond to a full range of cyber incidents including threats of unauthorized intrusion into or interference with computer systems, damage to data and systems from a computer attack, and cyber-related litigation. Cyberthreats are constantly evolving, growing stronger and more sophisticated each day. At current projections, data breaches and cyberattacks are expected to cost companies across the world a total of $6 trillion this year. Coverage highlights include, but are not limited to:

• Data Compromise Response Expenses – forensic IT review, legal review, notification to affected parties, services to affected individuals, public relations, regulatory fines and penalties, and PCI fines and penalties
• Computer Attacks – data restoration, data recreation, system restoration, loss of business, extended income, public relations
• Cyber Extortion Expenses – cost of responding to extortion threats which includes the cost of a negotiator and amount paid by the insured
• Misdirected Payment Fraud – coverage when the insured is the victim of a wrongful transfer event – an intentional and criminal deception of the insured or financial institution
• Computer Fraud – reimbursement for the direct financial loss to an insured when an amount is fraudulently obtained from the insured as the result of unauthorized access
• Data Compromise Liability – loss directly from personal data compromise or defense costs directly arising from a regulatory proceeding
• Network Security Liability – costs for defense and associated settlement and judgment costs arising from an action
• Electronic Media Liability – loss directly arising from an electronic media suit
• Identity Recovery – services for an identity recovery case manager to respond to identity theft and expenses incurred as a result of the theft

This coverage is backed by AXA XL, an A+ rated carrier and leading cyber and technology insurer for over 20 years, with limits up to $250k. Minimum premiums start at $329 for the first $50k, making this a very affordable coverage for NIP Group's specialty program insureds.

"The addition of the Cyber Suite program focuses on our commitment to providing insureds with the best overall insurance coverage for their businesses, allowing them to focus on running their businesses while we ensure that they are properly insured against physical, as well as digital risks," said Thomas Doherty, SVP, Specialty Programs at NIP Group. "This coverage will allow a variety of contractors and green industry businesses to continue to accept payments online and expand their digital presence without the worry of loss due to cyberattacks."

NIP Group has been insuring businesses across a wide variety of industries for over 30 years. We work with brokers across the United States to bring their clients best-in-class insurance solutions and provide extensive resources to help them expand their agencies.

About NIP Group
NIP Group is a market-leading specialty insurance program manager that designs unique commercial insurance solutions and risk services for more than 24 niche industries. Working with more than 5,500 broker partners, we help clients gain control over their costs, secure customized coverage and create safer work environments. NIP Group employs more than 150 professionals globally, is headquartered in Woodbridge, NJ and draws upon the expertise of highly talented business partners throughout the country and abroad to meet the needs of its clients. For more information about NIP Group, visit http://www.nipgroup.com

About AXA XL Insurance
AXA XL Insurance offers property, casualty, professional, financial lines and specialty insurance solutions to mid-sized companies through to large multinationals globally. We partner with those who move the world forward. To learn more, visit http://www.axaxl.com

Media Contact

John Bertoli, NIP Group, 8622621461, [email protected]

SOURCE NIP Group