Do your eTrade Business Package clients need Cyber cover?
Authored by NIG
Our brokers and customers will be aware of the rise of cyber related attacks. According to the National Cyber Security Centre, their threat over the next five years “will only become greater but also less predictable.”
In 2022, ransomware attacks in the UK rose 112%, despite falling globally, costing businesses millions of pounds.
We know many of our customers rely heavily on IT and computerised systems. And as teams adopt a hybrid approach and employees work away from main business locations, the potential for cyber attacks steadily grows.
It’s not just large corporations that are affected: attacks on SMEs are common and can have a significant economic impact on our customers’ bottom line. Unfortunately, it’s these smaller businesses who are less likely to have the resources to defend and respond to attacks.
That’s why we’re adding Cyber cover as an optional section of cover to our eTrade Business Package product.
What is cyber cover?
Cyber cover protects our customers against the financial impact of cyber risks. These risks can include ransomware, hacking, unintentional transmission of a virus, third-party reputational damage, data breaches and related loss of business income.
The optional insurance covers four key elements:
- Computer system damage and loss of business income
- Cyber crime
- Data breach expenses
- Cyber liability
And SMEs can choose from three cover limits: £25,000, £50,000 or £100,000.
How can SMEs get cyber cover?
Cyber will be available as an optional section of cover from 12 July 2023 when customers buy or renew an eTrade Business Package policy.
The eTrade Business Package product is modular with only Material Damage and Engineering sections necessary for us to provide a quote, giving brokers greater flexibility when discussing and meeting their customers’ needs.
Brokers can find the Business Package product via Acturis and our broker portal, TheHub.
Click here for more information about this product
About NIG
We’ve been experts in commercial insurance for 125 years.
The National Insurance and Guarantee Corporation (NIG) is a broker only insurer; we believe in getting to know both the brokers we work with and their clients’ businesses, building trusted partnerships that last for the long-term. Our highly experienced underwriting team are focused on working with brokers to identify and understand the risks faced by UK enterprises. Together, with our risk control experts and risk management tools we develop solutions to help UK enterprises reduce and mitigate key exposures. We offer a wide range of products with flexibility to create tailored insurance cover and when clients need us, claims are dealt with quickly and fairly through a proactive claims approach.
Our trading model has been designed to reflect the differing requirements of how brokers like to trade, with regional offices, National Trading Centre, National Schemes Centre, eTrade Centre of Excellence and dedicated experts for specialist sectors.
We’re investing in new technology to make us even easier to trade with. We’re launching an online risk management resource supported by our in-house Risk Control Team and introduced online claims submissions to speed up the claims process, minimising disruption to clients’ businesses. We are also the only insurer two years running with a five-star rating for both TheHub and Software Houses, in the Insurance Times 2019 and 2020 eTrade survey.
We are dedicated to making UK enterprises more resilient.
NIG is a wholly owned subsidiary of Direct Line Insurance Group plc, providing stability and financial strength. Our policies are underwritten by U K Insurance Limited.