PIA Program: PIA Cyber Insurance Program
May 27, 2020As the global pandemic of COVID-19 continues to affect the way we do business, PIA is highlighting specific programs that may be useful to you right now. We hope this is helpful.
Why care about this now? During this pandemic, your clients are finding themselves at home working remotely. Computer hackers can use this time to deploy aggressive ransomware attacks, and sophisticated social engineering scams to try and trick them into divulging sensitive information, so it is important that you educate your clients and protect them. As a PIA member, you can offer cyber liability insurance that responds to the most common threats facing small and medium-sized businesses.
What is it? PIA and ABA Insurance Services (ABAIS) have worked with Great American E&S Insurance Company (rated A+ by A.M. Best) to create a cyber insurance program tailor-made for small and mid-sized businesses. The PIA enhanced cyber insurance policy covers both first- and third-party loss for the most common cyber risks such as:
- Social engineering
- Funds transfer fraud
- Ransomware/extortion
- Network interruption
- Data breach
- Network security
- Media liability
In addition to the seven coverage parts, PIA members’ clients are provided with special PIA enhancements and reduced rates compared to ABAIS’s standard program for social engineering coverage.
PIA members who sell the PIA cyber insurance receive 12.5% in sales commission.
If you’re interested in purchasing cyber insurance for your agency, you can purchase the same PIA cyber insurance for a significantly reduced rate through your local PIA affiliate producers.