Just wondering if anyone is selling cyber liability insurance in the NY area and what companies you're using. It's one of these coverages that's really being pushed right now, but I haven't really seen anything affordable to offer to small business. Most of the minimum premiums I'm seeing are $1,000+ and that's really tough to sell to a small business when they're BOP is probably only $1k-2k or so. It looks like some companies are starting to add it as an endorsement to the BOP, which I think will really help adoption, but in the meantime just looking for possibly an affordable stand alone option. Thanks!
Affordable Cyber Liability
- Thread starter Camaroon
- Start date
As a fellow NY-er I can tell ya I haven't seen anything affordable for standalone cyber for small business. But most of your mainline carriers should add it by endorsement though.
I know Hartford does, I believe Travelers does. You can throw in EPL and Cyber and really get a high end bop.
I know Hartford does, I believe Travelers does. You can throw in EPL and Cyber and really get a high end bop.
- 131
Try USLI data breach product.
Sent from my iPhone using InsForums
Sent from my iPhone using InsForums
- Thread starter
- #4
Thanks guys. I checked with a wholesaler we're working on getting appointed with after I posted this and they said they have coverage starting at about $500. But as for endorsing it, that's what I'm hoping most carriers do, and I know some have started, but the ones we're appointed with don't do that yet. But I'll check out USLI as well and see how they look!
$500? That is cheap. Lowest I have seen is a $1K. Make sure the limits are adequate and covers the cost for "notifying" all customers etc. Also see what events qualifies to trigger coverage.
SuperNewbie
Expert
- 36
This is a product that companies are scrambling to offer now. I would expect the answer to this question to keep changing over the next 5 years. Whoever you wind up with, it might be good to revisit this every year for a while.
- 211
I'm a wholesaler and we have a cyber product for professional exposures that starts
at under $400 premium for small risks. Let me know if I can help. You can fall out the app online at yesbaker.com
at under $400 premium for small risks. Let me know if I can help. You can fall out the app online at yesbaker.com
- 149
Many small business owners have asked me about a stand-alone cyber policy. I would like to get appointed with an insurance company and provide a cyber liability and data breach policy.
Can anyone point me in the right direction?
Much thanks.
Can anyone point me in the right direction?
Much thanks.
- 211
You can request a quote here for a small business: Data Breach Insurance - Baker Insurance and Bonds LLC
The premiums start around $400 for most office-based businesses.
Similar threads
