The package provides a new combination of cyber insurance coverage and cyber risk resilience tools that are flexible and responsive to situational needs.”
PRODUCT: Middle Market Package for Cyber
COMPANIES: Zurich North America
BEST RATING: A+
AVAILABILITY: Appointed agents and brokers only.
FOCUS: Middle-market businesses are particularly vulnerable to cyber threats. In the first quarter of 2023, a survey of midsize businesses with less than 2,000 employees by Huntress found that 27% of respondents had no cyber insurance coverage and 24% suffered a cyberattack or were unsure if they suffered a cyberattack in the previous 12 months. It also found 61% do not have dedicated cybersecurity experts in their organization and 47% do not have an incident response plan.
“Many middle-market companies have been caught in a cyber resource gap," said Michelle Chia, head of professional liability and cyber at Zurich North America. “They do not have the extensive cybersecurity teams and tools that larger corporations do, and yet face equally serious cyber risks."
The product was designed to “be a turnkey solution that provides cost-effective protection and high-quality services," she adds. “The goal is to help simplify and enhance cyber resilience for the middle-market segment, which is a growing and vital driver of the economy."
COVERAGE DETAILS: This package provides a new combination of cyber insurance coverage and cyber risk resilience tools that are flexible and responsive to situational needs. This insurance policy is combined with pre-breach resilience services that mitigate risk and post-event solutions that can help minimize economic impact and recovery time.
Also, it is an admitted product in 46 states, which simplifies matters for regional brokers to offer the solution to their midsize clients, according to Zurich, because brokers in those states won't need an additional special license to offer it.
The package includes pre- and post-event cyber services from leading vendors with whom Zurich has longstanding relationships. Resources included triage when network security is threatened or under attack; incident-response teams to identify attackers and contain the impact; support in restoring and recovering critical operations; and assistance with data breach notification obligations and crafting an appropriate response.
UNDERWRITING: Reach out to your broker underwriter for an application.
TARGET: Companies with under $500 million in annual revenue that are looking to buy an admitted insurance policy with current policy language, removing the need for language negotiations.
COVERAGE AVAILABILITY: The coverage is admitted in 46 states.
CONTACT: Robert Malone, head of middle markets for professional liability and cyber, Zurich.
Will Jones is IA editor-in-chief.