Chubb Insurance has begun offering protection against cyber-bullying, the first time “troll insurance” has been offered in the UK.
The policy will cover the cost of time off work, professional counselling and relocation, if required by people targeted by harassment online.
If a person or group commits at least three acts which intimidate, harass or even threaten a customer, then Chubb identifies this as cyber-bullying.
Its wealthy home insurance customers will be covered for up to £50,000. The policy also means that customers may be able to hire consultants specialising in public relations and reputation management, to deal with online smears and trace where abuse has come from.
The Association of British Insurers (ABI) revealed that last year, more than 80 per cent of large businesses had their online systems breached, but less than 10 per cent of those businesses had any type of cyber insurance.
“Insurers have been monitoring the growth of cyber risk for some time, and recent high profile events mean the general public is becoming much more aware of how they could be affected by hacking, data theft or cyber bullying,” said Matt Cullen, of the ABI.
“Insurers are innovating all the time to offer people and businesses products to help them manage new and existing risks.”
Chubb is currently in the process of the insurance sector’s biggest takeover in history. Swiss firm ACE has agreed to buy the American firm for $28.3bn.