Security incidents, data breaches and technology failures aren't just cyber risks, they're sources of professional liability for technology companies. Coalition's technology risk policyholders' average claims cost is $190,000, with 33% of claims resulting from a web application compromise.
Through Big “I" Markets, Big “I" member agents can offer Coalition's cyber and technology errors & omissions product, which helps protect tech companies with security tools and tailored cyber and professional liability coverage. Features include:
- Coverage for technology errors & omissions.
- Coverage for consequential reputational harm losses and media and PR costs to respond to an incident.
- Enhanced coverage for denial of service (DDoS) attacks that impede legitimate traffic to the policyholder's business.
- Costs to replace computer systems and other technology damaged in a cyberattack.
- Costs to respond to a ransomware incident.
- Funds transfer fraud losses arising from a security failure or social engineering.
Policyholders receive a full suite of security apps, including 24/7 security monitoring, automated threat and intelligence alerts, DDoS mitigation, security benchmarking, ransomware protection, employee training, patch reminders, and more—all at no additional cost!
When an incident happens, Coalition's dedicated 24/7 incident response and claims team helps policyholders respond to an incident. Coalition's team of security and insurance experts are dedicated to getting your clients back up and running following a cyber incident. Read this case study to learn about how Coalition was able to help a technology company overcome a ransomware attack.
Coalition's cyber liability products can be quoted through Big “I" Markets, the online market access system available exclusively to Big “I" members. Limits up to $15 million can be offered to commercial risks with up to $1 billion in revenue. Coalition's products are offered with the financial security of Swiss Re Corporate Solutions, Arch Specialty Insurance Company, Argo Pro U.S. and Lloyd's of London.
Ready to protect your technology clients? Log in to Big “I" Markets and create a quote in less than four minutes! Contact Carla McGee, your dedicated cyber insurance program manager, with any questions or to be walked through a quote.