PRODUCTS: Secure BOP^®: CyberSuite and Frederick Mutual Secure^® Home: Home Cyber Protection.

COMPANIES: Frederick Mutual Insurance Company; underwritten and reinsured by Hartford Steam Boiler.

BEST RATING: A

AVAILABILITY: Appointed agents and brokers only.

FOCUS: Frederick Mutual Insurance Company has been offering cyber coverage for homeowners and business owners since 2020. Earlier this year, Frederick Mutual released enhanced versions of its cyber coverage offerings to provide added protection for homeowners and businessowners.

Privacy and security are a major concern for individuals due to the number of smart devices and technology utilized today. Meanwhile, 43% of cyberattacks target small businesses, according to “Verizon's 2020 Data Breach Investigations Report," causing billions of dollars in losses for companies.

COVERAGE DETAILS: Frederick Mutual's CyberSuite Protection and Home Cyber Protection offer crucial protection for individuals and businesses who could face insurmountable loss in the face of a cyberattack.

The new Home Cyber Protection Program provides identity recovery coverage for its policyholders, which includes a licensed investigator to assist policyholders who have been victimized to regain control of their identity and to re-establish their pre-theft credit standing. Coverages also include reimbursement for lost wages and mental health counseling. The program also provides affordable protection for losses from computer attacks, cyber extortion and online fraud.

Meanwhile, Frederick Mutual's enhanced CyberSuite product now includes coverage for data compromise response expenses, extended income recovery, reputational harm, cyber extortion, data compromise liability, network security liability, electronic media liability and identity recovery. It also includes access to the Cyber Safety site, which provides a self-assessment tool that generates a unique risk score for the policyholder, and eRiskHub, a risk management portal designed to help businessowners prepare for a data breach.

UNDERWRITING: There is no application and only six underwriting questions for $500,000 and $1 million limits.

MINIMUM PREMIUM: The average premium for Home Cyber Protection is $34 while the premium for CyberSuite is around $300.

TARGET: The CyberSuite product is designed for small and medium-sized businesses to cover a host of cyber exposures and is applicable across various occupancies from retail to manufacturing. The personal lines product is best suited for homeowners with integrated home technology systems.

COVERAGE AVAILABILITY: DC, DE, MD, NC, PA and VA.

CONTACT: Rachael Newmister, marketing and communications specialist, Frederick Mutual Insurance Company; 57 Thomas Johnson Drive, Frederick, MD 21702; 240-877-9105.

Will Jones is IA editor-in-chief.