Workers expect their defined contribution plans to play a greater role in their retirement income than annuities.
To help protect private companies from an increasing number of cyber and other crimes, the Chubb Group of Insurance Companies said it has added insurance coverages and risk management services to its ForeFront Portfolio 3.0 program.
Chubb said it has added cyber security insurance to Forefront Portfolio 3.0, which now allows U.S. companies to select from nine management and professional liability coverages. The new cyber coverage will help protect private companies against damages and liability resulting from network security intrusions and privacy violations. Even if a claim for cyber liability is not triggered, the policy will respond to crisis management and privacy notification expenses in the event of a data breach. All customers with cyber security insurance can access Chubb's eRisk Hub, a cyber risk management website, and discounted cyber loss prevention services, including data breach consulting.
"The frequency and severity of cyber breaches, employee thefts, kidnappings and workplace violence incidents are growing concerns for many companies and their employees," said Lisa Jones, VP for private business management liability products for Chubb. "Private companies remain vulnerable to these potentially disruptive and expensive criminal incidents if they are relying solely on their general liability and umbrella insurance. Chubb's new ForeFront Portfolio 3.0 fills coverage gaps and provides substantive resources to help them prevent and manage the risks."
ForeFront Portfolio 3.0 also now offers crime insurance customers five free employee background investigations, discounted crime risk assessment services and a complimentary employee crime hotline reporting service for the first year. Customers with workplace violence expense coverage can obtain one free hour of crisis management consulting, up to three times per year.
Chubb also has broadened the program's coverage for crime, workplace violence expense, directors and officers (D&O) liability, employment practices liability, fiduciary liability, miscellaneous professional liability and kidnap, ransom and extortion. In addition, Chubb has added employed lawyers liability insurance to ForeFront Portfolio 3.0 to help private companies close the coverage gaps that may be left by their D&O insurance.
The member insurers of the Chubb Group of Insurance Companies form a multi-billion dollar organization providing property and casualty insurance for personal and commercial customers worldwide through 8,500 independent agents and brokers. Chubb's global network includes branches throughout North America, Europe, Latin America, Asia and Australia.
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