Product is tailored for businesses with revenues under $50 million
Global broker WTW has announced the launch of a cyber solution designed to meet the needs of small and medium-sized enterprises in North America.
The product is tailored for businesses with annual revenues under $50 million, including startups and pre-revenue accounts.
Traditional underwriting processes often favor larger businesses, WTW said. This can leave SMEs vulnerable to cyber breaches due to limited access to affordable coverage.
To remedy this situation, WTW has partnered with leading cyber insurance carriers focused on meeting the needs of SMEs. The broker’s customized solution provides small and medium-sized businesses with simple access to competitive insurance quotes through self-service platforms. WTW has also allocated a dedicated underwriting staff to cater to the unique needs of SMEs.
The solution will also offer policyholder resources including tools and support for SMEs to implement and maintain cybersecurity measures.
“This moment signifies a transformative effort, dedicated to addressing the distinctive challenges SMEs face in the realm of cybersecurity,” said Jessica Klipphahn, NA head of MM cyber/E&O at WTW. “Through strategic partnerships with top-tier cyber insurance carriers and the delivery of resources, we assure SMEs access to affordable and comprehensive coverage. This initiative not only resolves concerns previously facing SMEs, but also positions cybersecurity as an integral and manageable component of their business strategy and enterprise risk management.”
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