Let's assume you're an executive at a small MSP or MSSP. Even as you safeguard end-customer systems from cyberattacks, how can you reduce your own personal risk in the cyber market?
Coalition may have an answer. Indeed, the cyber insurance firm has Directors & Officers (D&O) and Employment Practices Liability (EPL) for small and medium-sized businesses (SMBs). The new offerings are expected to be generally available in 2022.
The executive risks products are backed by risk management and commercial insurance company Zurich North America. The offerings enable brokers to leverage financial, regulatory and transactional data to assess, mitigate and measure risk for SMBs, Coalition stated. From here, brokers can generate bindable P&O and EPL quotes.
Brokers also gain automated alerts about changes in control or other issues that can crop up after a P&O or EPL policy is enacted.
Coalition Acquires Attune, Adds $205 Million in Funding
The new risks insurance announcement surfaces after Coalition in October 2021 purchased Attune, a broker platform and marketplace provider. Coalition is using Attune's platform and marketplace to extend its cyber insurance market reach and applying its analytics and machine learning advancements to bolster its cyber insurance offerings, the buyer indicated.
Furthermore, Coalition in September 2021 completed a $205 million Series E funding round.
Coalition provides cyber insurance and cybersecurity tools to global organizations. It offers up to $15 million of cyber and technology insurance coverage in the United States and CAD $20M (approximately $16 million) of coverage across nine provinces and three territories in Canada.