In the wake of a string of high-profile global cyberattacks, another Canadian insurer has jumped into the cyber market – this time with a cheaper product aimed at protecting local businesses from internet harm.
Economical Insurance has announced the launch of its Expert Cyber coverage, for Canadian businesses assistance in the event of a data breach.
Brenda Smythe, Economical director of corporate underwriting, said the company had a clear advantage to help brokers sell cyber in the growing market.
Search and compare product listings for Cyber Insurance from specialty market providers here
“We believe our competitive advantage is its affordability,” she said. “We’re offering a broad array of limit options to suit businesses of all sizes — from $50,000, with options to purchase higher limits.”
With a myriad of other options already out there, Economical believes Canadian companies needed more options. And the affordability of this product would be another tool for brokers, Smythe said.
“We launched Expert Cyber to give our commercial customers an affordable and innovative cyber cover solution that will mitigate their loss and save their reputation,” she noted. “It will not only protect them after a breach, it will keep them running without interruption.
“Brokers don’t want their clients to learn how to manage a data breach after it has occurred. This affordable coverage will help their commercial clients respond in the hours and days that follow a breach so they can stay in business,” she said.
The policy covers, according to the company, provides “best-in-class response services and coverage for both first- and third-party losses due to a data breach.”
Coverage also includes “expenses for professional services,” like forensic investigation, legal support, and public relations.
Waterloo, Ontario-based Economical has more than $2.1 billion in annual premium volume and more than one million Canadian customers.
Related stories:
Economical Insurance expands executive team
Cyber is Canadian brokers’ number one search
.jpg)
