Westland Insurance has partnered with insurtech BOXX Insurance to deliver a cyber offering designed for individuals and families.
The cyber insurance product comes as recent statistics reveal that Canadian households are seven times more likely to experience cybercrime than a house fire, Westland said in a news release.
By partnering with BOXX Insurance, the brokerage said it can address the growing concerns of individuals and families regarding their digital safety.
The product includes credit monitoring, $1 million in identity recovery expenses, and lost wallet assistance, according to Westland. It also offers advanced cyber tools and insurance coverage for data breaches, identity theft, cyberstalking, and cyberattacks.
“Consumers are increasingly looking for simple and affordable solutions to protect themselves and their families online – to prevent potential attacks and access to experts should an incident occur,” said Donna Barclay, EVP commercial and specialty at Westland Insurance.
“We’re also seeing a significant demand for this type of product from business clients who are looking for employee benefit solutions to protect employees from attacks online.”
Another key feature of the Cyberboxx policy is its worldwide coverage, catering to Canadians traveling abroad who face heightened cyber risks from the less secure Wi-Fi networks in hotels and airports.
To address this concern, clients can access BOXX Hackbuster for live, hands-on assistance during digital emergencies.
Westland’s cyber offering comes after it unveiled a private client services practice. The new practice was set up to tailor coverage and risk management strategies for high-net-worth individuals.
Solutions offered through Westland’s private client services practice include coverage for high-value homeowners, secondary and seasonal homes, automobiles, fine art collections, jewelry, watercraft, and personal excess liability.
What are your thoughts on this story? Feel free to comment below.
