We went the extra mile to recommend insurance companies that offer the best insurance quote irrespective of the kind of cover you want. We also shared with you the worst insurance companies to avoid as published by AAJ.
As though that wasn’t enough, we’ve also talked about the exact steps you can take to file a claim and get it approved just to make sure that you have all your insurance needs in one place.
But we didn’t see it coming that they will be needed for you to insure yourself and your family against cyberbullying.
The thing about cyberbullying insurance is that the policy is strictly designed for the rich. Only high-net-worth individuals are given permission to purchase this insurance as the premium is not sold as a stand-alone offer.
Cyberbullying insurance is the brainchild of Chubb, a global insurance giant. This insurance policy was first launched for wealthy clients of Chubb across the U.K. and the Republic of Ireland. The first of its kind in the region.
Chubb has promised to map out as much as £50,000 ($74,600) to help clients and their families recover from online trolls and bashers.
This money they will be mapping for each client will be used to hire PR professionals who would help clients repair reputational damage.
They are also willing to help their clients in engaging the services of a cyber-security expert who would get all the needed evidences to build a strong legal case when the matter gets to court.
Plus, it will pay for lost income or tuition fees if a client has to miss work or school. And it will cover temporary relocation costs if a client has to move as a result of trolling.
“The intention is to cover any related costs that may occur as a result of cyberbullying,” said Tara Parchment, a client manager at Chubb.
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How to Purchase Cyberbullying Insurance Cover
It’s unfortunate anyway for an average small business owner because this cyberbullying insurance can’t be purchased as a stand-alone product. It’s only included in Chubb’s top-of-the-line home insurance package, which costs at least £2,500 ($3,730) per year and is targeted at high-net-worth individuals.
Just how bad does the cyberbullying have to get before you call Chubb?
Parchment said a client can seek coverage after experiencing more than three acts of cyberbullying that resulted in a financial loss. The client would have to undergo harassment, intimidation and/or threats of libel, slander or violence. So run-of-the-mill online taunting wouldn’t be enough to trigger payouts.
The goal Chubb is trying to achieve here is to help you get your life on track after you’ve been cyberbullied. This is one of the best ways the rich can protect their family from the psychological and financial impact of cyberbullying.