Colonial Surety Closes the Protection Gap Between Large and Small Businesses With the Addition of Cyber Liability Insurance to Its SMB-Focused Digital Platform

Creation of new cyber protection product empowers America’s SMBs with access to affordable Cyber protection instantly

WOODCLIFF LAKE, N.J.--(BUSINESS WIRE)--
Colonial Surety, a direct and digital insurer, today introduces an entry level, SMB Cyber Liability Insurance, with $50,000 of available coverage for less than $175 per year to its product suite. The cyber liability insurance will be available via Colonial’s SMB-focused digital platform, which was purpose built to make it easier and quicker for SMBs to find, purchase and manage all the insurance and bond products they need to build strong, stable and safeguarded businesses, with products available to protect both their company and any retirement plans they may sponsor.

“Small businesses are the drivers of the U.S. economy, but most don’t know they’re just as susceptible to a cyber-attack as larger organizations,” said Wayne Nunziata, CEO at Colonial Surety. “In fact, very few have a response plan in place, despite the high losses they’ll experience if hit. That’s why we’ve architected this entry level Cyber Liability Insurance. With this offering, we now offer a complete line of business liability coverage specifically for SMBs, including a suite of products specifically designed for those that sponsor retirement and 401(k) plans.”

Colonial Surety’s SMB Cyber Liability Insurance provides a smart solution to help SMBs successfully manage their risk of data breaches while minimizing liability for their organization. While larger organizations have been able to protect themselves with cyber coverage for years to date there has been a lack of protection tailored to smaller business owners. Colonial’s SMB Cyber Liability Insurance bridges the gap in the market.

Colonial’s SMB Cyber Liability Insurance is built to be instantly and efficiently available. Owners of SMBs can sign up via the company’s digital platform in under 3 minutes. The Cyber Liability Insurance covers assistance at every stage of incident investigation and breach response — helping SMBs to navigate the legally obligated steps which must be taken in the event of an attack. Additional highlights of the plan include legal services, access to computer experts, call center services, customer notifications and more.

“Advancements in business technology have opened up a world of possibilities,” said Richard “Dick” Clark, Chief Insurance Officer at Colonial Surety. “But, with these new technologies comes a rise in cyber-related crime, creating protection concerns for any business working critical information, such as credit card details and social security numbers. This is why we’re proud to be adding this entry level Cyber Liability Insurance to our digital platform, as a first step for SMBs to obtain all the insurance and bond products they need to protect and run their businesses. With it, we are democratizing access to a level of business protection that has historically only been available to larger enterprises, leaving SMBs exposed. We’re passionate about closing this gap because in today’s digitally-driven world — cyber protection should be considered as much of a no-brainer as having a lock on your company’s front door.”

To learn more about Colonial Surety’s SMB Cyber Liability Insurance, click here.

About Colonial Surety

Colonial Surety was founded in 1930 and brings deep experience and market expertise to every product and every customer relationship. Colonial Surety gives its customers the assurance that they, their businesses, and their clients are safeguarded with the right surety and insurance products at all times.

Colonial Surety makes it easy for a wide range of industries and professions to buy the bonds and insurance products they need. Colonial Surety is a direct and digital insurer offering products through an online platform supported with exemplary customer service. The company gives customers a simple, direct, and instant service that takes the pain out of buying insurance and bonds. Colonial Surety is licensed in every U.S. state, rated “A” Excellent by A.M. Best, and listed by the U.S. Treasury as an approved surety.

src="https://cts.businesswire.com/ct/CT?id=bwnewssty=20220125005161r1sid=acqr8distro=nxlang=en" style="width:0;height:0" />

View source version on businesswire.com: https://www.businesswire.com/news/home/20220125005161/en/

Erica Schain
Aspectus Group

erica.schain@aspectusgroup.com

Source: Colonial Surety