Coterie teams up with Berkley Re to provide cyber insurance for evolving business risks

Coterie Insurance, a technology-driven managing general agent (MGA) focused on simplifying small business insurance, has introduced cyber insurance to its platform through a new collaboration with Berkley Re Solutions and TransUnion.

Leveraging coverage from Berkley Re Solutions and cyber services from TransUnion’s TruEmpower™ Cyberscout solutions, Coterie now integrates Berkley Re’s tailored turnkey solutions into its already smooth user experience.

“Our agents and brokers have been asking for expanded coverage options as small businesses are at risk for numerous perils, including increasingly becoming targets for cybercriminals,” added Bobbie Collies, Chief Insurance Officer at Coterie Insurance.

“Now Coterie users can easily add cyber insurance to new policies quickly and efficiently, further safeguarding their small business clients.”

Cyber insurance claims hit unprecedented levels in 2023, with more businesses reporting cyber incidents than ever before, as noted by the HIPAA Journal.

In response, Coterie teamed up with Berkley Re Solutions, a top reinsurer in cyber coverage, to offer a specialised risk management program.

This programme delivers small businesses a range of services, including education, preparation, fraud and credit monitoring, identity protection, and more, through its collaboration with Cyberscout.

“We are excited to partner with Coterie to offer increased protection options to more agents and brokers serving small businesses,” commented Christopher Ellis, SVP & Head of Turnkey Solutions at Berkley Re Solutions.

“Our combined expertise, resources, and partnerships create a powerful offering that supports the needs of our partners and their clients.”

Through its integration of TransUnion’s Cyberscout solution, Coterie now offers enhanced cyber risk management services designed to support small businesses facing cyber incidents.

In the event of a breach or cyber attack, Cyberscout provides comprehensive claims management, incident response, and forensic services to evaluate the extent of the incident.

Additionally, it assists with crisis management, helping to minimise damage, maintain communication with stakeholders, and protect the business’s reputation.

Cyberscout also features mobile text alerts, a user-friendly web portal with cybersecurity tips, and a free “Business Security Self-Assessment” to help businesses identify vulnerabilities in their security practices.

“The aftermath of a data breach can feel chaotic for a business owner, and it’s difficult to even know how to begin addressing the situation,” stated Matt Cullina, Head of TransUnion’s global cyber insurance business.

“Cyberscout’s services are both technical and consultative to assess and repair the damage, while helping small business owners navigate the process—so they can focus on protecting their customers as well as their brand.”

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