Two weeks after unveiling business insurance offerings like workers compensation and general liability for small businesses on its online platform, CoverHound is launching another website-CyberPolicy.com-with cyber protection tools for a similar target market.
CoverHound, an InsurTech company that has allowed customers to compare and purchase personal auto insurance online for over six years on CoverHound.com, added workers comp, GL, professional liability, BOP and commercial auto in late September, offering policies from Chubb, Liberty Mutual, Berkshire Hathaway Direct, Hiscox, Progressive and Employers. Those policies are available to small businesses with 20 or fewer employees on CoverHound.com.
Initially targeting slightly smaller businesses-those with 15 employees or fewer-CyberPolicy.com went live on Oct. 5, offering cybersecurity tools and cyber insurance policies from Norton by Symantec and Chubb in one bundled sale. (Editor's Note: The site launched back in July, but until today, it only offered educational content about cyber risks to the general public.)
The CyberPolicy site will eventually expand to cover larger businesses, CoverHound said.
While CoverHound CEO Keith Moore believes that CyberPolicy.com may represent an industry first in enabling small businesses to secure cyber insurance coverage online, during a prelaunch interview in May he highlighted two other unique characteristics of the site: the combination of insurance and cybersecurity products in one place and the creation of an online library of educational content to help customers learn about cyber risks and about the process of creating cyber attack prevention plans.
"The future of cyber and small business products is underwriting the vendors that people use," he said, explaining how it is possible to simplify the cyber insurance sales process from an underwriting standpoint and open up the possibility of binding small business cyber policies online.
From a buyer's perspective, cyber insurance is also not an easy product to acquire-especially online, he told Carrier Management in a more recent interview late last month. "You see and hear about cyber insurance offerings, but you have to do a lot of digging and a lot of phone calls to generally make that happen."
That's why Moore and his team concluded: \"We need to build not only a comparison engine but also an education engine around cyber.\"