CoverHound, the insurance comparison shopping website initially designed for personal insurance, has expanded to small commercial cyber insurance. This comes just weeks after announcing it will expand its insurance offerings to workers’ comp and commercial auto lines also for small and medium-sized enterprises (SMEs). CoverHound’s new venture, CyberPolicy.com, targets small businesses with 15 employees or less and offers “cybersecurity tools and cyber insurance policies from Norton by Symantec and Chubb in one bundled sale,” according to an Insurance Journal article. CoverHound also announced plans to expand its cyber insurance offerings to larger businesses in the future.
Keith Moore, CEO of CoverHound, explained that binding SME cyber policies online will simplify the sales process in terms of underwriting. “We’re really seeing there’s a huge market opportunity out there, [but] there’s a lot of education that has to happen in the process because people don’t understand cybersecurity. And they don’t understand the cyber insurance options that go with that,” Moore said. “If we can deliver that in a digital experience, then we’ll be at the forefront of the market.” The process of buying cyber insurance through CoverHound is designed to be quick and straightforward; to purchase coverage small business owners just have to input “basic business information, then answer two additional questions about sensitive records and devises and a few yes-or-no questions about past breaches, claims and credit card payment security.” While cyber insurance take-up for small businesses is low, it is growing at a steady pace.