PLM offering cyber liability insurance

Pennsylvania Lumbermens Mutual Insurance Company, the Philadelphia-based insurance carrier serving the LBM industry, has introduced a new suite of coverage that is geared toward digital crimes.

The Cyber Suite is a liability insurance program offering five types of coverage to help businesses respond to digital incidents, PLM said. This includes data breaches, intrusions, cyberattacks and damage to data or systems.

Also included in the program is a comprehensive package of cyber coverages including: data compromise response expense coverage, computer attack coverage, cyber extortion coverage, data compromise liability coverage and networking security liability coverage.

Under the terms of the program, insured companies will receive access to risk management and computer diagnostic resources including eRiskHub, an online portal that helps insured business owners prepare for and respond to data breaches and cyberattacks.

“Though we all hear about the big data breaches, cyber risks are an increasing threat to small and medium sized businesses as well — and the lumber and building materials industries are no exception,” said John Smith, president and CEO of PLM. “Our Cyber Suite offering can help cushion our insureds against the expensive and time-consuming task of recovering from cyberattacks and data breaches.”

The Cyber Suite will be available to all property policy holders. With aggregate limits between $50,000 and $1 million, it will be included as a coverage enhancement for companies already insured by PLM and does not require a separate application.

PLM has about 6,000 businesses customers nationwide with property, general liability, inland marine, business automobile, commercial excess liability and equipment breakdown coverages.