Big "I" Markets, the online market access system available exclusively to Big "I" members, has partnered with Coalition, the leading technology-enabled cyber insurance solution, to give agents access to the cyber and technology errors & omissions insurance markets.
Coalition is the first insurance-enabled technology firm built to help businesses before, during and after a cyber incident. During the online quoting process, your client's network and web properties undergo an automated risk assessment to identify known issues and potential security weaknesses.
Once coverage is bound, Coalition provides ongoing monitoring for new and emerging threats specific to the information technology used by the insured, adding an extra layer of defense. All policies include this technology-driven approach which includes automated alerts, threat intelligence and ongoing policyholder monitoring along with a dedicated claims and security team should a breach occur.
Through the Big "I" Markets platform, any Big "I" member agency can quote and bind insurance online. Big "I" members also have direct access to Coalition's licensed agents and renowned cybersecurity experts via online chat throughout the sales and underwriting process. Watch our brief Coalition cyber insurance overview video and a demonstration of our streamlined cyber submission process to see how the quoting process works.
Coalition is now admitted in many states providing agents with a
one-stop shop to place coverage for small business as well as the most complex
risks in the surplus arena. Limits up to $15M are available to U.S. risks
generating less than $1B in revenue/gross profit.
Log in to www.bigimarkets.com and select Cyber Insurance - Coalition. Valuable resources such as a Cyber Declination form, Claims Examples, Coverage Examples, and What is MFA? can be found in the Product Resources section. Don't delay, login today!
Every business collects personal identifiable information (PII) like email addresses, phone numbers, credit card information and more, and all of it creates a cyber liability exposure.
Imagine your commercial client loses a laptop or business smartphone, or one of its customers calls to say their credit card was improperly used after visiting your client's establishment. Who does that small business turn to now?
The answer: Big "I" Markets. $200 solves this issue for most small businesses with fewer than 50 employees that is, if their independent agent has offered coverage through the Big "I" Markets Cyber Small Business Solution.
Questions? Log in to Big "I" Markets and select Cyber Liability Small Business Solution from the Commercial Products menu, or email Carla McGee.
When it comes to cyber liability insurance, "You have to drill down and figure out specifically what risk each client has to be able to appropriately mitigate damage," says independent agent Jeffrey Miller. "I say 'mitigate' because it’s not if you have a cyber event, it’s when."
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It's vital for insurance agents and brokers to counsel clients on the risks associated with the increasingly digital nature of business.
In a market thats getting more competitive every year, carriers are choosing to claw for business by broadening coverage.
Independent agent Dan Weedin is noticing "volatility" in the cyber liability insurance market. "The risk and exposure is constantly changing and it's difficult to keep up with," he says. "We must stay up to date with the appropriate coverages for perils that might not exist today."
There are a number of cyber insurance solutions for diverse industries. You need to know what to look for, when its important and for which industries. Here are things to consider in designing cyber liability coverage for your clients.
Think your small commercial clients dont need cyber coverage? Think again.
Given the potential payoff of hacking a company compared to an individual, it makes sense for personal lines clients to disregard cyber liability insuranceuntil you consider the high net-worth market.
In addition to making more attractive targets for cybercriminals, high net-worth individuals have another risk factor that makes them particularly vulnerable to attack: They like their tech toys.
The insurance industry has been slow to respond to cyber exposures in personal lines. But until it does, individuals dont have to sit around waiting to become victimsthey can take matters into their own hands.