PIA Makes Cyber Product Available for Agents to Sell to Small Business Clients

February 28, 2019

The National Association of Professional Insurance Agents (PIA National) has given its members a cyber insurance product to sell to their small and mid-sized businesses clients.

PIA and ABA Insurance Services (ABAIS) have worked together with Great American E&S Insurance Co. to create a cyber insurance program that responds to the most common cyber threats facing small and mid-sized businesses.

PIA National Executive Vice President & CEO Mike Becker said in the past, retail agents have been able to purchase PIA’s cyber insurance product for their own agencies but now the coverage has been extended to business customers of PIA members.

The PIA cyber insurance policy covers both first- and third-party loss for common cyber risks that may affect small and mid-sized businesses, including:

  1. Fraudulent funds transfers
  2. Extortion/ransomware
  3. Social engineering
  4. Business interruption
  5. Data breach/privacy
  6. Network security
  7. Website media liability

In addition to the seven coverage parts provided under the PIA cyber insurance policy, 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 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 order to sell the PIA cyber product, PIA membership is required.

Agents can purchase PIA cyber insurance through their local PIA affiliate producers using a slot-rated quoting process. PIA membership is not required to purchase PIA cyber insurance for an agency.

Founded in 1931, PIA is a national trade association.

ABA Insurance Services offers EPLI, cyber, and nonprofit D&O to small and midsized businesses and nonprofit organizations exclusively through independent agents.

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