PIA Cyber Insurance Now Available to sell by Independent Agents
Tuesday, February 26, 2019
Posted by: Administration
FOR IMMEDIATE RELEASE CONTACT: Ted Besesparis
February 26, 2019 703-518-1352
PIA Cyber Insurance Now Available to Sell by Independent Agents
Enhanced Cyber Coverage Tailored to Small and Mid-Sized Businesses
WASHINGTON – The National Association of Professional Insurance Agents (PIA National) today announced that PIA members are now able to sell the PIA enhanced cyber insurance product to their clients.
PIA and ABA Insurance Services (ABAIS) have worked together with Great American E&S Insurance Company (rated A+ by A.M. Best) to create a tailor-made, robust cyber insurance program that responds to the most common cyber threats facing small and mid-sized businesses.
The PIA enhanced cyber insurance policy covers both first- and third-party loss for those most common cyber risks that may affect small and mid-sized businesses. These include:
- Fraudulent funds transfers
- Social engineering
- Business interruption
- Data breach/privacy
- Network security
- Website media liability
“In the past, retail agents have been able to purchase PIA’s cyber insurance product for their own agencies,” said PIA National Executive Vice President & CEO Mike Becker. “We are now extending the same enhanced coverage to business customers of PIA members at a price that beats the street cost of policies without the PIA coverage enhancements.”
In addition to the seven coverage parts provided under the PIA cyber insurance policy, the additional policy enhancements include:
· Expanded definition of multimedia wrongful acts – unauthorized use of website links, frames, formats, fonts, style, characters, titles.
· Coverage for HIPAA fines.
· Extended notice of Data Compromise (data breach event) from 5 to 30 days.
· Extended notice of Claim from 60 to 90 days after the end of the Policy Period.
· Extended notice of Non-Renewal from 60 to 90 days in advance of the Policy Expiration.
“In this digital era, it’s not a question of if you will be hacked, but when,” said ABAIS Senior Product Manager David Rupnow. “It is now more important than ever that businesses protect themselves from computer, network, and internet-based risks.”
In order to sell the PIA enhanced cyber product, PIA membership is required.
Agents who would like to protect their own agency can purchase PIA cyber insurance through their local PIA affiliate producers using a simplified, slot-rated quoting process. The policy premium is significantly discounted from those rates found in the standard market and includes the enhancements noted above. PIA membership is not required to purchase PIA cyber insurance for your agency.
Agents interested in offering cyber insurance to their clients or learning more should visit: www.pianet.com/sellcyber.
Founded in 1931, PIA is a national trade association that represents member insurance agents and their employees who sell and service all kinds of insurance, but specialize in coverage of automobiles, homes and businesses. PIA members are Local Agents Serving Main Street America SM. PIA’s web address is www.pianet.com.
ABA Insurance Services offers EPLI, Cyber, and Nonprofit D&O to small and midsized businesses and nonprofit organizations exclusively through independent agents. Our easy to use platform, ProCision®, allows you to rate, quote, and bind policies online in minutes from A+ (A.M. Best) rated Great American Insurance Group. More information can be found at abais.com.