Embroker, the digital insurance company that’s radically improving the
way insurance works for businesses, today announced the release of its
third proprietary digital insurance policy: Errors & Omissions/Cyber.
The new policy completes a suite of digital insurance policies, custom
built to fill critical gaps in high-growth technology companies’
coverage and mitigate their exposure to unique industry risks. The
company released its first two digital policies–Directors & Officers
(D&O) and Employment Practices Liability Insurance (EPLI)–in 2018.
Built with the nuances and concerns of the technology industry in mind,
Embroker’s new E&O/Cyber policy offers technology companies coverage
that would traditionally require as many as 20 endorsements
(alterations), added manually with the assistance of a broker.
Traditional brokers are not incentivized to spend the time necessary to
address the acute coverage needs of high-growth technology companies,
leaving many unknowingly exposed to risk.
Embroker has additionally eliminated multiple layers of unnecessary
intermediation and complexity by automating the underwriting process
with algorithms that intelligently price companies’ risk. All of this
results in policies priced at approximately 20% less than a traditional
policy that provides substantially less protection than Embroker’s
technology company-specific policies’.
Now, technology companies are protected against common industry
scenarios, such as clients demanding and winning return of fees (“cost
of contract”) and technology companies assuming the liability of their
clients in a contract (“indemnity”). The coverage also addresses more
nuanced claims, such as cyber business interruption and social
engineering.
“The insurance industry is not set up to serve high-growth technology
companies, which puts their ability to innovate at risk,” says Matt
Miller, CEO and Founder of Embroker. “These companies are required to
buy coverage to be operational, but the policies currently available to
them weren’t built with modern technology companies’ needs in mind.
They’re also priced to compensate for the inherent inefficiencies of an
outdated and expensive insurance distribution system. We’re proud to
bring technology companies a radically better alternative: custom-built
policies that can be purchased in minutes, at a lower cost with far more
tailored coverage.”
Embroker’s E&O/Cyber policy was designed for any technology company
categorized as software as a service (SaaS), web development, or payment
processing, as well as companies that handle sensitive data. It protects
against claims that allege damages arising from technology services they
provide. It additionally protects online companies that store credit
card information, social security numbers and other personal information
online in the event of data breaches, software outages, cyber theft,
phishing attempts and related conflicts.
The new policy is available through Embroker’s self-guided, on-demand
digital platform, where it’s delivered in approximately 60 seconds.
Alternatively, companies can work with an Embroker expert, who
specializes in the technology sector, to discuss their objectives for
managing risk and understand how their policy will cover their needs.
All three of Embroker’s digital policies are reinsured by Munich Re.
About Embroker
Embroker
is a digital insurance company that’s radically improving the way
insurance works for businesses. The company’s digital insurance
platform, proprietary insurance products and data-driven advisors are
now helping more than 2,500 companies improve coverage and reduce costs.
Its suite of proprietary products, including the first ever end-to-end
digital directors and officers policy, streamline the insurance supply
chain. This enables Embroker to deliver instant quotes and reduce
premiums by an average of 20%. Founded in 2015 and headquartered in San
Francisco, Embroker serves business with 10 to 1,000 employees and has
raised over $42M in funding from leading fintech investors.
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