Bewica cyber insurance review
Bewica is a general insurance intermediary that offers cyber protection to UK businesses, from sole traders up to large enterprises. Its cyber insurance is underwritten by its partner, Canopius, and policies are available to buy online or via brokers and introducers.
Bewica’s mission is ‘to help SME’s protect themselves from the risks of a digital world’, and giving you access to its cyber protection platform is a way of doing just that.
Bewica’s cyber insurance in detail
Bewica can offer your business cover to protect against hacking, data breaches, and other data liability.
Here’s a summary of what you’re insured against with a Bewica policy:
- Breach costs: This covers external resources you need following a breach e.g. IT forensic, PR and legal. They can notify those affected and arrange call centre and credit monitoring.
- Extortion costs: e.g ransomware payments.
- Third party claims against you: This may include legal defence after a data or security breach.
- Business interruption: following a cyber attack or breach that results in loss of income and increased working costs.
- Dependent business interruption losses: Loss of revenue where a cyber attack disrupts your systems or website which are managed by an outsourced provider.
- Customer loss: and income loss caused by reputational damage following a security or data breach.
- Cyber theft: that results in you losing money or financial assets.
- Data recovery and data loss mitigation: The cost to restore damaged data and mitigate more damage to your computer systems.
- Regulatory action: Covers legal defence costs and fines or penalties (insurable by law).
- Payment card industry fines: This includes costs resulting from non compliance with payment card security standards.
Here are some of the cover exclusions:
- Physical injuries, illness or death
- Damage to your property
- Losses or claims where an employee or former employee is liable
- Claims that were discovered before the policy start date but weren’t disclosed
- Claims arising from an Act of God
- Claims relating to your business’ bankruptcy or insolvency
- Any amount that is outside of the law
- Claims relating to infrastructure failure
- Claims relating to unsolicited communications
For details of the cover and exclusions in full, you should refer to the Policy Wording document.
You’ll also get a tailored schedule that includes any cover restrictions, and details of the maximum amount you could get for each type of claim.
If you go ahead with Bewica’s cyber insurance, you must commit to the following requirements:
- Answer any questions fully and accurately
- Advise Bewica immediately of any material changes that could affect the original terms of your policy, as well as your entitlement to be insured
- Not admit liability to a third party or offer to pay them without prior written consent from Bewica
- Notify Bewica as soon as possible after an incident happens that could result in a loss or claim
- Cooperate fully with Bewica and any of its representatives during a claim
If you go against any of these requirements it could reduce your protection or invalidate a claim.
- Breach response hotline open 24/7
- Policies include worldwide cover
- Cyber protection platform available
- Instant online quote tool
- Not all industries and services can be quoted online
- The cyber platform isn’t suitable for large enterprises
Bewica’s Cyber Protection Platform
The platform was launched in January 2020 and includes a set of tools to help your business increase its cyber security, by addressing key risks.
The main features of the platform include:
- Phishing training and simulations to help bring it to life
- How to check the security of your suppliers
- Automated breach alerts
- Website security assessments
You can arrange a demo of the platform with one of the team to help get you started.
It’s been built with SME’s in mind but if you have a large enterprise, you can contact Bewica directly to see how they can help.
Which sectors can Bewica cover?
Bewica can cover 90% of industries straight away. It also recognises some businesses are higher risk than others such as:
- Law firms
Most of these business types hold sensitive data, and start-ups are often more vulnerable financially, so a breach in the early stages could be extremely damaging.
Its cyber insurance has been created with these challenges in mind and your business can benefit from this insight.
Get a quote
You can get a quote in a few minutes using our online quote tool. You’ll have to answer some questions relating to your personal details and company to ensure the quote is accurate.
Certain industries, products or services can’t be quoted for online and require a custom quote through a broker.
What support is available?
You get 24/7 access to Bewica’s response team and you’ll be assigned an incident manager when you make contact. They’ll get back to you within two hours and coordinate the support you need.
This may include help from IT, legal and cyber response experts, and their services are included in the cost of your policy.
Bewica’s Cyber Insurance features at a glance
|Payment frequency||Annually or monthly (no extra fees)|
|Cancellation terms||Anytime (with written notice)|
|Industries accepted||90% via an instant quote|
|Breach response hotline||24/7|
|Cyber protection platform||Available with all policies|
|Financial fraud cover||Optional, covers up to £50,000|
|Scope of cover||Worldwide|
*If your business meets an additional set of security standards that are optional, you can benefit from a discount on your policy.
Bewica was set up in 2017 by technology and insurance experts who have partnered with Canopius, a global insurer, and (Coverholder at) Lloyds – the oldest insurance company in the world. So, what it may lack in longstanding history, it can draw an abundance of from its partners.
It delivers standalone cyber insurance to UK businesses and offers extra features like worldwide cover and its unique award winning cyber platform. Bewica claims to provide broad, affordable cover and can help you to reduce and manage the risks to your business through using its protection tools.
Bewica has simplified the process of buying its insurance as much as possible by offering a quick online quote tool that covers 90% of industries. You can buy a policy and protect your business in minutes, and have peace of mind that your call will be answered any time of the day or night if an incident occurs.
How do I get access to Bewica’s cyber protection platform?
If you buy a cyber insurance policy through Bewica, you’ll be given access to the cyber platform. You can also arrange a demo with a member of the team who can show you the different functions.
How do I pay for my cyber insurance policy?
You can choose to make one annual payment in full by debit or credit card or pay in equal monthly instalments, at no extra cost.
Is the Bewica policy cover fixed or can I add additional cover?
You have the option of adding financial fraud cover which protects losses up to £50,000 if your business suffers a social engineering attack.
How do I cancel my policy?
You can cancel at any time by giving written notice. Your premium will be refunded pro rata if you haven’t made a claim.
Where am I covered on a Bewica policy?
All cyber insurance policies through Bewica offer Worldwide cover.