Are attacks by trolls so out of control that potential future victims of cyberbullying need insurance?

Either the justified or irrational fear that the answer to that question is yes has driven multinational insurance firm Chubb Corp. to offer troll insurance in the United Kingdom.

Cyberbullying is defined by the insurer as “three or more acts by the same person or group to harass, threaten or intimidate a customer,” and the inclusion of cyberbullying into Chubb’s policies is said to be the result of a survey of the target audience and brokers, according to the Financial Times.

The insurance provides coverage to the value of up to £50,000 ($75,700) and can be used toward physical relocation, counseling and compensation for time off due to severe online harassment.

In the event that mitigation of the cyberbullying may be required, the insurance policy also extends to the hiring of a reputation management firm and digital forensic specialist to assist the victim repair their public image and to track down the troll, presumably so that information can be passed along to police for further action.

While the new insurance coverage is primarily targeted at parents whose children may be subject to such abuse, it also covers adults in the event of a lost job or wrongful arrest stemming from harassment.

“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,” the Association of British Insurers Head of Strategy Matt Cullen told The Telegraph.

“Insurers are innovating all the time to offer people and businesses products to help them manage new and existing risks.”

Brave new world?

Ultimately, in a free market, Chubb, or any other insurance company for that matter, is entitled to provide insurance policies for whatever they want to, and it’s up to the market to decide whether the product is worthy of consumption.

The media and various do-gooder groups claim that cyberbullying is a modern menace that is increasingly on the rise, creating fear among certain types of people who believe everything they read and hear, and it’s the same type of people who might well lap a product like this up.

Conversely, there’s no shortage of evidence that the threat of cyberbullying is grossly overstated as well, which means that this insurance, like much that is sold, is nothing more than preying on gullible, stupid people who know no better.

Chubb’s cyberbullying insurance goes on sale in the United Kingdon on January 1, 2016.

Image credit: malter/Flickr/CC by 2.0