Cowbell Standalone Cyber Insurance Product Now Admitted in California
May 2020 by Marc Jacob
Cowbell Cyber, a startup pioneering Artificial Intelligence (AI)-powered cyber insurance for small to mid-sized businesses (SMBs), announced the availability of Cowbell Prime 100, its standalone cyber insurance product, in the State of California. Cowbell’s innovative cyber insurance coverage is now available for California SMBs, with a coverage limit up to $5M.
California alone represents over 4M small businesses, employing 7.1M of the State’s private workforce, which means millions of businesses can benefit from cyber insurance coverage. However, Advisen’s 2019 Cyber Insurance: The Market’s View states “not understanding exposures” (73%), “not understanding coverage” (63%) and “cost” (46%) remain the top three identified obstacles to writing and issuing cyber insurance.
Cowbell Prime 100 delivers standalone first and third-party coverages to businesses up to $100M in revenue with a limit up to $5M and deductible as low as $1,000. Coverages include Security Breach Expense, Security Breach Liability, Cyber Extortion, Business Income, amongst others, and the recently added Social Engineering coverage. Coverages can be tailored to every business’ unique needs and risk appetite making cyber insurance a relevant and effective financial loss mitigation approach for cyberattacks. Additionally, Cowbell added to Prime 100 four new marquee endorsements - Ransom payments, Hardware replacement costs, Post breach remediation expenses and Telecommunications fraud.
Cowbell Cyber is committed to educating small businesses on cyber insurance. Access to Cowbell Cyber’s risk-ratings platform, Cowbell Factors, is available to non-policyholders to view risk insights, review and approve quotes online, and access their policy, including their certificate of coverage.