HSB Expands Cyber Coverage for Small Businesses and Micro Enterprises
PRODUCT: HSB Cyber Suite.
COMPANIES: HSB.
BEST RATING: A+
AVAILABILITY: Available to agents and brokers through commercial insurance companies that partner with HSB.
FOCUS: As cyber threats continue to evolve at an alarming pace, small businesses are increasingly vulnerable to ransomware attacks, social engineering fraud and data breaches. Often, these organizations lack the resources and expertise to respond effectively to these emerging threats. HSB’s Cyber Suite bridges this gap by offering scalable coverage that combines financial protection with proactive risk management tools.
HSB Cyber Suite is a tailored cyber insurance solution designed for small and mid‑sized businesses, including micro enterprises. It responds to the growing need for comprehensive and accessible cyber protection, providing a viable alternative to traditional standalone policies. By incorporating key coverages typically found in standalone cyber policies, Cyber Suite offers a streamlined and cost‑effective solution, with premiums and limits specifically crafted to address the unique needs of smaller organizations.
COVERAGE DETAILS: HSB Cyber Suite includes a wide array of first‑party, third‑party and supplemental coverages and was enhanced to include coverage for bricking, betterment, cryptojacking, business impersonation fraud, executive computer fraud, invoice manipulation, business identity theft liability and court attendance costs. Another highlight is the introduction of Micro Cyber coverage, designed specifically for microbusinesses. The coverage option provides essential protection for the smallest enterprises at an attractive price point.
“It doesn’t matter if a business has five or 500 employees, every organization deserves comprehensive cyber insurance,” says James Hajjar, chief product and risk officer for HSB, part of Munich Re. “We have designed HSB Cyber Suite with the right mix of quality coverage, value and flexibility to help small employers keep up with today’s evolving cybersecurity risks.”
UNDERWRITING: Companies partnering with HSB to offer Cyber Suite coverage retain full underwriting authority for limits up to $1 million, with no application questions or referral to HSB required for limits up to $250,000, and only a questionnaire for limits of $500,000 or $1 million. The Cyber Suite rating process is streamlined and eligibility is determined at the location level to ensure appropriate risk segmentation.
TARGET: The target demographic for HSB Cyber Suite includes small businesses with six to 50 employees, mid‑size businesses with 51 to 500 employees and microbusinesses with five or fewer employees, especially those that previously chose not to purchase cyber coverage because of cost or complexity. The product is especially suited for businesses that rely on digital systems or store sensitive data, lack in‑house IT or legal resources, and operate in industries with moderate to high cyber exposure.
COVERAGE AVAILABILITY: All U.S. states.
Will Jones is IA editor-in-chief.
