Spring launches SME cyber cover

The cyber product offers protection against loss from a cyber incident and provides access to Beazley Cyber services including pre-breach and risk management services, the managing general agent detailed.

The specialist financial and professional lines MGA is part of Aston Lark which teamed up with Spring Partners in November 2020. It was rebranded as Spring Insure this March.

The cover is an addition to the existing product suite of financial institutions and directors and officers cover offered in partnership with Beazley.

In the event of a cyber breach, policyholders will work directly with Beazley’s in-house breach response team, cyber services, and Beazley’s claim team to resolve the incident, the company explained.

Pace

CEO of Spring Insure, Nathan Sewell commented: “Cyber capacity is not keeping pace with growing demand for cyber solutions. In our areas of specialism, larger organisations can often access cover, but sometimes small businesses are left vulnerable.

“We understand that the needs of these smaller companies are different to their larger counterparts and our tailored approach to underwriting every risk makes this an important addition to the suite of products we offer to the SME market.”

Recent cyber launches

Earlier this month, Coalition teamed up with Allianz to launch a cyber insurance product to SMEs and mid-market businesses in the UK.

In the same month, CFC launched a ransomware cost calculator, the technology enables businesses to calculate the potential cost of a cyber attack.

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