BTIS, At-Bay partner to launch cyber insurance marketplace
Builders & Tradesmen’s Insurance Services (BTIS), an insurance intermediary serving small businesses, has announced the launch of a new cyber insurance marketplace with cyber provider At-Bay.
At-Bay is a cyber insurance provider offering robust first- and third-party coverage for businesses with up to $100 million in revenue, with policies written through Trisura Specialty Insurance Company and with The Hartford Steam Boiler Inspection and Insurance Company as the lead reinsurer. Every cyber policy includes active risk monitoring services, including frequent security scans to detect vulnerabilities and an in-house security team to help customers resolve network issues before they are exploited.
The marketplace is currently accessible in 27 states with more than 1,000 class codes available, including recently added options for $50-$100 million revenue businesses, including retail and food services, hospitals and healthcare, finance, technology, construction and more.
“We are excited to offer our clients access to this broad insurance option, complete with a simplified quoting and binding process,” said Paul Hohlbein, CEO of BTIS. “Each cyber policy will come with security services to help businesses protect themselves, including active risk monitoring and a clear action plan in the event of an attack. We look forward to expanding the reach of this valuable product and bringing coverage to more businesses than ever before.”
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“BTIS has a strong reputation for providing high-quality insurance solutions to the SMB market,” said Kristie Felton, head of digital partnerships for At-Bay. “We look forward to helping them unlock access to cyber insurance products for SMBs across the country.”
The global cyber insurance market is expected to grow by more than 24% over the next six years, reaching an estimated $28.45 billion by 2028, according to a report by Vantage Market Research.