CoverHound’s Cyber Insurance Site Now Open for Small Businesses
Two weeks after unveiling insurance offerings for small businesses on its online platform, CoverHound has launched another website—CyberPolicy.com—with cyber protection tools for a similar target market.
Initially targeting slightly smaller businesses—those with 15 employees or fewer—CyberPolicy.com went live on Oct. 5, offering cybersecurity tools and cyber insurance policies from Norton by Symantec and Chubb in one bundled sale. The site launched back in July, but until now it only offered educational content about cyber risks to the general public.
The products are being offered in California only now at launch but the company plans to expand to other states soon.
Also, the CyberPolicy site will eventually expand to cover larger businesses, CoverHound said.
“The future of cyber and small business products is underwriting the vendors that people use,” CoverHound CEO Keith Moore told Carrier Management recently, explaining how it is possible to simplify the cyber insurance sales process from an underwriting standpoint and open up the possibility of binding small business cyber policies online.
“We’re really seeing there’s a huge market opportunity out there, [but] there’s a lot of education that has to happen in the process because people don’t understand cybersecurity. And they don’t understand the cyber insurance options that go with that,” Moore said.
“If we can deliver that in a digital experience, then we’ll be at the forefront of the market,” he said.
While the initial pairing of security software with an insurance policy unveiled marries cyber insurance coverage from Chubb with cybersecurity tools from Norton, more cybersecurity providers and insurers are being lined up to join the platform in coming months, CoverHound said in a media statement.
To buy the cyber coverage, small business owners can input basic business information, then answer two additional questions about sensitive records and devices and a few yes-or-no questions about past breaches, claims and credit card payment security in order to receive a coverage recommendation within a few minutes.
CoverHound, an insurtech company that allows customers to compare and purchase personal auto insurance online for over six years on CoverHound.com, added small commercial lines last month including workers’ compensation, general liability, professional liability, businessowners and commercial auto in late September. The participating insurers include Chubb, Liberty Mutual, Berkshire Hathaway Direct, Hiscox, Progressive and Employers. Those policies are available to small businesses with 20 or fewer employees on CoverHound.com.
CoverHound says that CyberPolicy.com provides “a curated choice of products at a cost that fits a small business budget—as little as $150 a year,” adding that the time from inputting these bits of information to purchase of the bundled product is typically less than four minutes.
Chubb and American Family Ventures are among the financial backers of CoverHound, which raised over $47 million last year in two funding rounds.