All businesses are currently subject to Cyber risks with liability (damage to 3rd parties and regulatory obligations due to breach, etc...), as well as first party expenses (socially engineered fraud, business owner identity theft, etc...). All of this can be covered by a variety of insurers. The challenge arises with the third party liability potential after a Smart Home is sold or existing home upgraded. These situations are not covered by Cyber policies because the data or device is not controlled by the insured builder/contractor.
Our combination SmartHome/Cyber program is easy to implement agency wide as part of any general liability quote or renewal. Our partner retail agencies need to indicate the problems solved and educate the residential builder/contractor that general liability excludes these kinds of claims. For an all included cost of just less than $1,300, any home builder of 40 homes or less, or any installing residential contractor/remodeler (other than a security systems installer) can buy the quality, “A-Rated” coverage that they need for a substantial technology event that might otherwise put them out of business.