Doing business is, in itself, a risk. But cloud and managed services providers face extra considerations such as dealing with cyber threats and service outages. With those factors in play, such suppliers and channel partners may be looking for ways to insulate themselves from liability.
On Wednesday, the MSPAlliance introduced a program that provides such protections.
The MSPA Cloud Insurance Program provides coverage options for technology errors and omissions; cyber liability; contractual liability; general liability; and property. It is brokered by Lockton Affinity. Limits of liability range from $1 million-$10 million per claim and include deductibles from $2,500 to $10,000 per claim. And MSPAlliance members who have completed the Unified Certification Standard are eligible for premium discounts.
Features include online self-service, coverage within 24-72 hours and on-demand availability of coverage certificates.
"This new program will bring low-cost, high-quality insurance to our members who are in need of such risk mitigation products as they protect their customers from cyber threats," said Charles Weaver, CEO of MSPAlliance. “In addition, this program will help expedite the underwriting process for getting coverage, which has typically been a big problem for many service providers."