APOLLO Exchange has announced that a new product has been made available on its online broker portal – a cyber liability insurance product from AXIS Insurance.
A release explained that the product offers a full cyber wording and includes up to $2 million for companies with up to $50 million in revenue. Premiums for the insurance start at $450. Coverage for social engineering fraud, ransomware, business interruption, data restoration, and cyber extortion are included in the product at no additional cost.
AXIS has also added a Data Breach Event Hotline service to the product, which allows clients to call for a consultation in the event of a cyber crime.
Brokers can access the product through the APOLLO Exchange broker portal, receiving 20% commission when a policy is sold. Alternatively, the product can be sold in an email campaign, leveraging the white label, consumer-facing version of APOLLO’s platform. Another option for clients is that they can directly purchase the product using APOLLO’s Launchpad.
“With many businesses adapting to a digital first work from home or ecommerce environment, cyber exposures have increased dramatically,” commented APOLLO CEO Jeff McCann. “Global cyber attacks have peaked and working from home makes many businesses easy targets. It is an important time for the cyber insurance conversation with clients continuing operations.”
APOLLO also noted in a company release that its monthly pay feature is available on this cyber product. This allows clients to pay for their policy in 12 equal monthly installments.
