Last week, Grange Insurance launched their new insurance offering, Cyber Coverage. The intention of the insurance is to provide business with comprehensive protection against online data breaches. Concerns regarding data breaches and online hackers have definitely increased within the past few years with some of the country’s biggest retailers falling prey to attacks. The company’s new coverage allows businesses to customize their limits, with availabilities ranging from 25,000 to 1 million dollars. The company also offers 1st and 3rd party coverage, as well as response planning and reputation management.
Grange Insurance also hopes to bank on the recent growth of Ransomware, by providing insurance coverage for extortion attempts through such means. According to the company’s press release, 60% of small businesses will be forced to shut their downs within six months after a data breach. As hackers continue to improve their techniques and discover innovative ways to attack, Grange’s arrangement with IDT911 will provide businesses with the protection and peace of mind desired.
Grange Insurance has been in the insurance business since 1935 and is currently based out of Columbus, Ohio. The company reports to having $2 billion in assets, with $1 billion in yearly revenue. Aside from the company’s new cyber coverage, they also offer home, life, auto, and other forms of business insurance. Over the course of several months, Grange Insurance has made several changes to their roster, including naming Terri Dalenta as their Chief Financial Office and Tim Cunningham as the group’s Chief Information Officer.
In February, Grange Insurance was awarded the LEED Green Building Silver Certification. Today, Grange products are market through an exclusive network of approximately 3,600 independent agents, who operate within 13 states. Just last month, A.M. Best affirmed Grange’s A rating. The company’s outlook was improved from negative to stable, as well. For additional information, be sure to check out the company’s official website at GrangeInsurance.com.