Affordable cyber cover for smaller businesses now available

The recent spate of Worldwide cyber attacks has highlighted the need for cyber insurance. It is a fact that not only large multi-nationals are at risk and in can be argued that smaller businesses are somewhat easier picking for the hackers as their infrastructure may not be quite as sophisticated as a larger organisation.

With this in mind and in partnership with Bluefin & QBE we are promoting a product for our existing clients aimed specifically at companies with a turnover less that £1,500,000. The scope of cover and the policy limits have been specifically designed for smaller businesses and as a results the premiums are much more affordable.

The cover limits are

Cyber Liability (including Multimedia) £250,000 in the aggregate, incl. costs & expenses
Data Breach Notification £250,000 in the aggregate, incl. costs & expenses
IT Asset Rectification £250,000 in the aggregate, incl. costs & expenses
Forensic Costs £250,000 in the aggregate, incl. costs & expenses
PR Costs £250,000 in the aggregate, incl. costs & expenses
Regulatory Defence costs £250,000 in the aggregate, incl. costs & expenses
Credit Monitoring Costs £250,000 in the aggregate, incl. costs & expenses
Cyber Business Interruption £250,000 in the aggregate, incl. costs & expenses
Cyber Extortion £250,000 in the aggregate, incl. costs & expenses

The policy extension and sub-limits are:

Dishonesty of Employees                                           £100,000 in the aggregate, incl. costs & expenses
Financial transfer indemnification                            £25,000 in the aggregate, incl. costs & expenses
Loss or damage to documents                                   £50,000 in the aggregate, incl. costs & expenses
Withdrawal of content                                                  £50,000 in the aggregate, incl. costs & expenses
   
Excess £500
Time retention 12 hours
Jurisdiction Worldwide excluding USA/Canada

Premium are based on turnover

Turnover Premium
   
0 to £500,000     £147.00
   
£500,000 to £1,000,000 £259.00
   
£1,000,000 to £1,500,000 £371.00
   
  Inclusive of 12% tax and £35.00 arrangement fee

The acceptance criteria is straightforward and we believe that this product will be suitable for most small businesses. In cases where the business turnover exceeds £1,500,000 of the acceptance criteria can not be meet, we are likely to have alternative solutions.

 

 

Author: Tony Gibbs | June 29th, 2017

Contact the author

Tony Gibbs
Get in touch:   Reading: 0118 916 5480   London: 020 7036 8767   info@macbeths.co.uk