Cybercovered.com MGA open for business
Written by staff reporter
A new MGA has been launched to address the threat of cyber attack among SMEs. Headed by company partner and co-founder Dennis Culligan, capacity for the cover is being provided by Hiscox. The online MGA will target UK businesses both directly and via strategic partnerships with brokers and intermediaries.
“Not only is the threat difficult for SMEs to understand and monitor but at present the ability to protect against loss via the use of insurance cover is complex and products are often too opaque for SMEs to understand,” explains Dennis Culligan. “The aim of Cybercovered.com was to demystify the cover and the issues for our clients and brokers so that there is a greater degree of certainty on what can be covered and how.
“Clients want a one stop shop, a place where they can access the cover they need rather than having to piece together different strands of cyber cover from different providers. Such a piecemeal approach can lead both to needless overlaps and with it wasted premiums, but more importantly gaps in cover that all too often only become apparent when a claim is made, and it is too late.”
Cybercovered.com will be officially launched in London on 30 April but is already open for business and the response has been extremely positive.
“We appreciate that while some SMEs may well prefer to visit our site and place their business online, there are those who have strong relationships with their insurance brokers,” says Culligan. “We are keen to work with brokers who have been asked to obtain cyber cover for their clients but have faced challenges in sourcing the right product at the right price.”