SafeEnterprise Insurance launches Auto Dealership Cyber Program
SafeEnterprise, a specialty cyber insurance provider backed by Lloyds of London, is launching its new industry-based product for auto dealerships. Designed to address cybercrime and evolving regulatory standards in the US, SafeEnterprise Dealers offers a smooth and simple-to-understand process for adding cyber coverage to a policyholder’s P&C renewal.
June 2023 marked the inception of “complex amendments” to the FTC Safeguards rule, a longstanding regulation that supports protections around consumer information. The updates impose defined procedural and technical cybersecurity requirements upon auto dealers to protect sensitive data. Violations can carry severe financial consequences.
SafeEnterprise Dealers offers a comprehensive cyber insurance solution to meet this evolving regulatory landscape. The program includes first and third party cyber insurance coverage written on a proprietary coverage form designed for the unique cyber risks of vehicle dealers including new and used car, RV, motorcycle, boat, and other vehicle dealers as well as car rental and leasing agencies, and related repair service and retail parts stores. Policy limits of up to $5 million are available to eligible insureds with annual revenues of up to $500 million. Policyholders in compliance with the FTC Safeguards rule can also access streamlined underwriting and pre-negotiated rates from an appointed broker.
Any Policyholder struggling with elements of their cybersecurity program or looking to improve their cyber hygiene can access the Shield Up platform. Shield Up is our free-to-use cyber risk assessment and remediation platform, powered by Havoc Shield, designed to help small-to-medium-sized businesses understand and remediate cyber risks.
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SafeEnterprise is an MGA for cyber insurance products in the United States. We develop and distribute cyber insurance products with benefits designed to protect against industry-specific risks. SafeEnterprise Dealers is available on a surplus-lines basis in all 50 states and Washington D.C. The information in this article about particular insurance services is only provided for informational purposes. Any decisions regarding your insurance needs should be discussed with a licensed insurance agent.