ISO cyber options introduced for small- to medium-size business owners
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Two optional cyber endorsements for small and midsized businesses become available this month, said Verisk Analytics Inc.’s Insurance Services Office, in a statement Tuesday.
The endorsements are for use with the ISO Businessowners Program, a package policy used by many insurers to offer broad property and liability coverage for small and midsized businesses, according to the statement.
“Small and midsize businesses are often the victims of cyber attacks. But buying a stand-alone cyber insurance policy can sometimes be too expensive for them to consider,” said Beth Fitzgerald, president of ISO Insurance Programs and Analytic Services. “Our new business owner’s coverage options give insurers new tools to address this underserved cyber insurance market.”
ISO said its cyber insurance policies allow insurers to tailor coverage for their customers by offering set packages that protect against significant cyber exposures including data breaches, data replacement and restoration, cyber extortion, and business interruption.
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