HSB targets small US businesses with new version of cyber suite

(The Insurer) - Munich Re-owned HSB has launched a new version of its HSB Cyber Suite with expanded coverage options tailored for small and midsize businesses.

According to a survey by HSB, only 54% of small business owners purchase cyber insurance, with cost and complexity among the top reasons that others do not take up the coverage.

The specialty insurer's offering is designed to be affordable for small businesses, HSB said.

The tailored coverage is available through U.S. commercial insurers that partner with HSB to add coverage and services to their small business policies.

The new "micro cyber" option allows small businesses with limited cyber exposure to obtain coverage for computer attacks, data breach and identity theft, HSB said.

HSB appointed insurtech Cowell's former chief commercial officer Daniel Law as its cyber practice head in June 2024.