MiniCo Insurance Agency has introduced a cyber insurance program to provide monoline coverage for small and medium-sized businesses for costs resulting from a data breach by the insured and any subsequent expenses that may be incurred from the loss of data. The program is underwritten by Barbican Insurance Group, which has been rated “A” (Excellent) by A.M. Best, through MiniCo’s status as a Lloyd’s of London coverholder. The company is now offering coverage nationwide. Agents may obtain a premium quotation by visiting www.minico.com/cyber. No appointment or supporting MiniCo accounts are required to get a quote.
The program provides coverage for a wide range of eligible small and medium-sized commercial risks. Coverages include security and privacy liability, data recovery and loss of business income, privacy regulatory defense and penalties, crisis management costs, and data extortion.
MiniCo President and CEO Mike Schofield commented, “Small and medium-sized businesses are squarely in the crosshairs of cybercriminals. Recent data indicates a steep rise in the number and frequency of cyberattacks on these companies, which increases the need for an insurance solution. MiniCo has developed our cyber insurance program with this need in mind, and we are excited to offer this product to agents to help their clients protect their valuable business investments.”