Big "I" Markets recently announced the addition of a new market, the Cyber Small Business Solution. Now it's time to market it to your small business clients!
We've made it easy for you with this prewritten letter for Big "I" Markets agents:
Valued business customer:
I am writing to inform you of the Cyber Small Business Solution—a $100,000 cyber liability policy for businesses that fit a specific size and class of business for $200 a year, subject to eligibility requirements.
Do you need cyber coverage? Consider these real-life claims examples and whether your business could afford such a loss:
- Patient records were exposed at a dental practice, costing it $33,000 for breach response and notification to affected individuals.
- A restaurant suffered a breach of payment card information which cost $24,000 in audit expenses and $75,000 in fines and penalties from the payment card brands.
- A travel agency suffered a breach which cost $27,000 in audit, fines and legal expenses.
- A movie theater was fined $5,000 for non-compliance.
- A retail store was fined $39,000 after spending more than $10,000 on a forensic audit.
- A bowling alley was fined more than $60,000 for a breach of payment card information.
The program application is limited to a signed acknowledgement statement. Coverage is effective the next business day upon payment, and the downloadable certificate of insurance is available within three days of the effective date. The cyber liability insurance is underwritten by a carrier rated A (Excellent) by A.M. Best.
Please contact me today for more information and to apply for coverage.
Download this document on the product resources section of Big "I" Markets, along with our sample declination form. Put the wheels in motion today and protect your book against this emerging risk.