BizCover for Brokers (B4B) has bolstered its cyber offering by bringing on its new Cyber Liability partner Chubb and updating its existing AIG and Dual cyber insurance products.
The move will give greater choice to SME insurance brokers on the platform as demand for cyber insurance ramps up after several high-profile attacks hit Australian businesses.
“The launch of BizCover for Broker’s new offering presents a huge opportunity for brokers who can now quote, compare, and bind from three market-leading insurers within minutes on one platform,” says BizCover for Brokers’ Head of Product, Channels and Risk Jane Mason.
“Cyber insurance is especially topical given the current environment, and we want to help brokers protect their SME clients from the growing risk of cybercrime.”
Chubb is a leading provider of cyber risk solutions since its first product was launched in 1998, giving it years of claims and underwriting experience to incorporate into its coverage.
The product, Chubb Cyber Enterprise Risk Management, will cover a wide range of risks, including privacy and security liability, business interruption and offer incident response services among many others covers.
The platform will also include existing insurers’ latest market wordings, including AIG CyberEdge Commercial and Dual Australia Cyber Liability and Privacy Protection 11.20.
Brokers can currently quote all three new products and bind from 23 December with a simple question set through the Sydney-based Insurtech platform, which streamlines processes for brokers in the Australian SME market.
AIG and Dual policies with an inception date before 23 December will be bound to the existing product and not the new ones. After the launch date, existing products will no longer be available on the platform.
BizCover for Brokers plans to further improve its cyber offering, with another new insurer expected to join the platform early next year.
The growing threat of cybercrime
Cybercriminals follow the money, and there is big money in data.
The average cost per cybercrime incident has skyrocketed in Australia, reaching $39,000 for small businesses, according to the Australian Cyber Security Centre’s (ACSC) latest Threat Report.
More than 76,000 incidents were reported, with the Government (34%), healthcare (9%), and telecommunications (8%) sectors hit hardest.
Education and Training (7%), Professional Services (7%), and Construction (4%) were also frequently targeted.
Small business owners are waking up to these risks, especially since the recent attacks on Medibank and Optus.
Earlier this year, the B4B Small Business Bravery Report found that cybercrime was the most concerning risk for small businesses, with 31% flagging it as their key risk. Yet only 7% of these businesses had Cyber Liability insurance.
But the complacency around Cyber Liability insurance is changing.
“With more cybercrime cases in the news, we have seen 100% annual increases in the number of enquiries about Cyber Liability insurance since the attacks,” says Mason.
“Brokers now have access to meet this growing demand through our platform where you can get multiple cyber quotes in minutes by answering just one simple question set.”
Accounting, IT Services, Property and Real Estate and Trades were the most popular industries bound on the BizCover for Brokers platform in the last financial year. These tend to store vast amounts of sensitive client information and details around high-value transactions.
*BizCover for Brokers acts as agent of the insurer and not as the agent of you or your client. Any advice provided is general advice only and does not take into account the personal objectives, financial situation or needs of you or your client. Always read the Product Disclosure Statement or Policy Wording (available on our website). © Copyright 2022 BizCover Pty Limited. BizCover for Brokers is a business name of BizCover Pty Ltd (ABN 68 127 707 975; AFSL 501769).