PRODUCT: Basic Cyber Liability Insurance

COMPANIES: Colonial Surety Company

BEST RATING: A

AVAILABILITY: Agents can go to colonialsurety.com/insurance/cyber-insurance to set up an account and start quoting.

FOCUS: Colonial Surety's Basic Cyber Liability Insurance provides a smart solution to help small and medium-sized businesses (SMBs) successfully manage their risk of data breaches while minimizing liability for their organization. Colonial's cyber liability product aims to bridge a gap in the market and provide tailored protection to smaller business owners.

“Small businesses are the drivers of the U.S. economy, but most don't know they're just as susceptible to a cyberattack 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 basic-level cyber liability insurance," he continues. “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."

COVERAGE DETAILS: Colonial Surety's Basic Cyber Liability Insurance includes $50,000 of available coverage for less than $175 per year. In the event of a claim, the insured is provided with assistance at every stage of incident investigation and breach response, helping SMBs to navigate the legally obligated steps which must be taken in the event of an attack. Additional highlights of the plan include legal services, access to computer experts, call center services and customer notifications.

UNDERWRITING: Business owners can sign up and instantly purchase via the company's digital platform in under three minutes.

MINIMUM PREMIUM: Less than $175 per year.

TARGET: Any small-sized company, a sole proprietor or small business owner.

COVERAGE AVAILABILITY: All U.S. states and territories, except American Samoa.

CONTACT: Michael Bonfante, business development manager, Colonial Surety; 201-949-1134.

Will Jones is IA editor-in-chief.