Colonial Surety, a direct and digital insurer, has announced the launch of an entry-level cyber liability insurance product for small and medium-sized businesses. The product has $50,000 of available coverage for less than $175 per year, and will be available through Colonial’s SMB-focused digital platform.
“Small businesses are the drivers of the US economy, but most don’t know they’re just as susceptible to a cyber attack as larger organizations,” said Wayne Nunziata, CEO of Colonial Surety. “In fact, very few have a response plan in place despite the high losses they’ll experience if hit. That’s why we’ve architected this entry-level cyber liability insurance. With this offering, we now offer a complete line of business liability coverage specifically for SMBs, including a suite of products specifically designed for those that sponsor retirement and 401(k) plans.”
While larger organizations have had access to cyber liability insurance for years, to date there have been fewer options tailored to small business owners, Colonial said. The insurer said its SMB Cyber Liability Insurance product bridges that gap.
The insurance is built to be instantly and efficiently available, Colonial said. SMB owners can sign up through Colonial’s digital platform in under three minutes. The insurance covers assistance at every stage of incident investigation and breach response, helping small and medium-sized businesses to navigate their legal obligations in the event of an attack. Features of the plan include legal services, access to computer experts, call center services, customer notifications and more.
“Advancements in business technology have opened up a world of possibilities,” said Richard Clark, chief insurance officer at Colonial Surety. “But with these new technologies comes a rise in cyber-related crime, creating protection concerns for any business working with critical information such as credit card details and Social Security numbers. This is why we’re proud to be adding this entry-level cyber liability insurance to our digital platform as a first step for SMBs to obtain all the insurance and bond products they need to protect and run their businesses.
“With it, we are democratizing access to a level of business protection that has historically only been available to larger enterprises, leaving SMBs exposed. We’re passionate about closing this gap, because in today’s digitally driven world, cyber protection should be considered as much of a no-brainer as having a lock on your company’s front door.”
