Cowbell Cyber, the industry's first AI-powered cyber insurance provider for small to mid-sized businesses (SMBs), today announced its plan to double down on relevancy and cyber resilience with coverages specific to classes of business known for complex cybersecurity measures. This makes Cowbell the first cyber insurance firm to bring an admitted insurance product that addresses exposures unique to manufacturing, construction and various other classes of business, closing the insurability gap for industries vital to the U.S. economy.
Cybercriminals cast a wide attack net to infiltrate every class of business and have recently ramped up their targets on businesses like construction and manufacturing – growing industries increasingly becoming more technology dependent. These vital industries have unique needs that encompass the physical and virtual world and according to the Cyber Insurance - The Market's View 2020 survey, these industries are showing a strong shift towards increased cyber insurance education and adoption.
"Every business is at risk of a cyber incident but the exposures and subsequent damages can vary drastically in type and scope by sector. Businesses in every industry are rapidly building awareness about the unique cyber threats they face," said Jack Kudale, CEO and Founder at Cowbell Cyber. "Cowbell Prime 250 goes beyond offering generic coverages, enabling insurance buyers to not benefit from customized policies but also add coverages for cyber incidents unique to their class of business."
Unique endorsements available with Cowbell Prime 250 include:
- Contractual Damages Endorsement for the manufacturing industry: Provides financial protection when the manufacturer faces a cyber event that triggers third party liability caused by the inability to fulfill a contractual requirement, the compromise of customer information or contractual damages that an unfulfilled contract might trigger for the customer.
- Missed Bid Endorsement for the construction industry: Provides construction with additional financial coverage for missed income when a cyber incident triggers a business interruption that prevents the construction company from bidding for or responding to an RFP.
- Cowbell Breach Fund with additional separate limit endorsement: Provides separate limit for the coverage of expenses common to many cyber events such as forensic services or notification to individuals and entities impacted by the incident. The limit for this fund can be extended through a Separate Limit Endorsement for classes of business carrying a large population of customers.
Using Cowbell, agents and brokers can now rapidly and with ease deliver cyber insurance offerings that are highly relevant to their clients. Starting with three preset industry-specific packages - Basic, Popular, Elite - they can, in a few clicks, customize policies or add endorsements unique to specific industries.
About Cowbell Cyber
Cowbell Cyber is dedicated to providing standalone, admitted, individualized and easy-to-understand cyber insurance for small and mid-size businesses. In its unique AI-based approach to risk selection and pricing, Cowbell's continuous underwriting platform, powered by Cowbell Factors, compresses the insurance process from submission to issue in less than 5 minutes. Cowbell Insurance Agency is currently licensed in 34 U.S. states and provides SMBs with admitted cyber insurance on AM Best "A" rated paper with up to $15 Million in coverage. For more information, please visit www.cowbell.insure
Lumina Communications for Cowbell Cyber
SOURCE Cowbell Cyber