PLEASANTON, Calif., May 19, 2020 /PRNewswire/ -- Cowbell Cyber, a startup pioneering Artificial Intelligence (AI)-powered cyber insurance for small to mid-sized businesses (SMBs), today announced the availability of Cowbell Prime 100, its standalone cyber insurance product, in the State of California. Cowbell's innovative cyber insurance coverage is now available for California SMBs, with a coverage limit up to $5M.
California alone represents over 4M small businesses, employing 7.1M of the State's private workforce, which means millions of businesses can benefit from cyber insurance coverage. However, Advisen's 2019 Cyber Insurance: The Market's Viewstates "not understanding exposures" (73%), "not understanding coverage" (63%) and "cost" (46%) remain the top three identified obstacles to writing and issuing cyber insurance.
"California is one of the largest markets for small business cyber insurance but these businesses do not have the time, resources or desire to sift through complicated cyber insurance coverages," said Trent Cooksley, co-founder and COO at Cowbell Cyber. "Now that Cowbell Cyber is admitted in California, we can help the State's millions of small businesses overcome this challenge and deliver them a tailored, standalone coverage within 5 minutes, making cyber insurance easy for all involved."
Cowbell Prime 100 delivers standalone first and third-party coverages to businesses up to $100M in revenue with a limit up to $5M and deductible as low as $1,000. Coverages include Security Breach Expense, Security Breach Liability, Cyber Extortion, Business Income, amongst others, and the recently added Social Engineering coverage. Coverages can be tailored to every business' unique needs and risk appetite making cyber insurance a relevant and effective financial loss mitigation approach for cyberattacks. Additionally, Cowbell added to Prime 100 four new marquee endorsements - Ransom payments, Hardware replacement costs, Post breach remediation expenses and Telecommunications fraud.
"Small businesses have become a cybercrime target and are especially vulnerable as many more employees are working from out-of-office locations. As businesses increase the use of technology in their operations, they need to take steps to improve their cybersecurity and protect their assets," said Clark Payan, CEO of the Independent Insurance Agents and Brokers of California (IIAB-Cal). "Cowbell makes it easy. They understand the risks and they understand the marketplace. They have created an innovative and responsive cyber insurance product specifically designed for small and mid-sized businesses."
Cowbell Cyber is committed to educating small businesses on cyber insurance. Access to Cowbell Cyber's risk-ratings platform, Cowbell Factors, is available to non-policyholders to view risk insights, review and approve quotes online, and access their policy, including their certificate of coverage. Businesses can sign up at https://cowbell.insure/for-businesses/
Cowbell Cyber maps insurable threats and risk exposures using artificial intelligence to determine the probability of threats and impact on coverage types. In its unique approach to risk selection and pricing, Cowbell's continuous underwriting platform, powered by Cowbell Factors™, compresses the insurance process from submission to issue to less than 5 minutes. Cowbell Insurance Agency is currently licensed in 15 U.S. states and provides SMBs with up to $5 Million of cyber coverage. Please visit www.cowbell.insure for more information.
Media Contact Jacqueline Meyler Lumina Communications for Cowbell Cyber [email protected]