We’ve Made Cyber Insurance Easy to Quote, Bind, and Deliver

While huge data breaches and other types of cyberattacks against companies like Bellagio, Mandalay Bay, and 23andMe make headlines, small businesses are attractive prey for hackers. Cybercriminals assume that weaker security measures will make small businesses more accessible to crack than larger enterprises.

Unfortunately, too often, small to midsize companies don’t have the staff and resources to manage an attack and lack Cyber insurance to help with the financial fallout, which can be significant. According to a cybercrime study by Accenture, nearly 43% of cyberattacks are on small businesses, with only 14% prepared to face such an attack. In 2020 alone, there were more than 700,000 attacks against small businesses, totaling $2.8 billion in damages.

You can boost your efforts to make Cyber insurance a critical piece of your small business insureds’ risk management program. For example, restaurants are the target of cyberattacks due to the increased use of digital payments, online reservations, and mobile apps. An unsecured payment system can be a goldmine for attackers attempting to steal financial information from customers, paving the path for identity theft and fraud. The resources spent on notifying affected customers, forensics to determine how a breach occurred, crisis management to mitigate reputational damage, and other measures and expenditures are overwhelming for most small businesses without Cyber insurance.

ISC’s Cyber Insurance Program

ISC, through our wholesale division, offers Cyber insurance for a broad range of risks – from construction and restaurants to real estate and transportation and many more. Policy limits up to $3 million, covering everything from data breaches to social engineering and ransomware, are available.

Among the many coverage features available, the carrier offers  Event Response and Liability coverage for information privacy and network security losses, Data Recovery, PCI Liability, Business Interruption, System Failure, Reputational Harm, Cyber Extortion, Financial Fraud, Bricking (when a piece of computer is rendered unusable and requires replacement), Preventive Shutdown, and Cyber Crime endorsements.

A Streamlined Process with Relay

We’ve made it easy to obtain Cyber insurance for your clients with a platform we recently added with Relay. All you have to do is sign up to gain access to the Relay platform on our site. Once you have access, you can log in and get quotes immediately. Our four carrier partners are listed on Relay. You can get a quote from one of our partners or all four.

You’ll increase deal flow while protecting your clients against one of the top risks today.

*NOTE: The insuring agreement in a policy sets out the covered perils, assumed risks, and nature of coverage that the insurance company provides to its insured in exchange for the premiums paid. Thus, the terms and conditions of the policy will dictate whether coverage exists and the nature of any potential benefits.