Cyberpolicy

CyberPolicy operates as a digital insurance marketplace, focusing on the small business sector by offering a platform to compare and acquire cyber insurance and other essential business policies. The company was founded in 2016 by Keith Moore as a subsidiary of CoverHound to address the growing and often confusing cyber risk landscape for smaller enterprises. Moore, a digital innovator with over 25 years in insurance and financial services, identified that while small business owners understood traditional liabilities, they lacked clarity on cyber risks. This insight led to the creation of CyberPolicy as a one-stop-shop combining cybersecurity planning tools, preventative software, and insurance coverage.

The firm's business model is centered on its online platform, which allows clients in all 50 states to compare, quote, and instantly bind policies from various A-rated U.S. carriers. Revenue is generated through commissions on the insurance policies sold. The platform initially focused on bundling cyber insurance with cybersecurity tools from partners like Norton by Symantec. It has since expanded to offer a comprehensive suite of business insurance products, including general liability, professional liability, and workers' compensation, complementing the offerings of its parent company. The company's key value proposition is simplifying a complex purchasing process, enabling a small business to secure coverage in minutes.

In November 2020, CyberPolicy, along with CoverHound, was acquired by Brown & Brown, Inc. (NYSE: BRO), a major U.S. insurance brokerage firm. This acquisition provided CyberPolicy with the backing and carrier relationships of a larger, established player, while allowing it to maintain operational independence and continue its focus on digital partnerships and enhancing the customer experience. Post-acquisition, the company functions within Brown & Brown's Retail segment, concentrating on strategic B2B relationships and scaling its digital marketplace to serve businesses at every stage of growth.

Keywords: cyber insurance, small business insurance, insurtech, online insurance marketplace, cyber risk management, business liability insurance, digital insurance agency, professional liability, data breach insurance, BOP, workers' compensation, cybersecurity solutions, insurance comparison platform, Brown & Brown, Keith Moore, CoverHound, cyber protection, risk assessment tools, SME insurance, InsurTech acquisition, commercial insurance online