“ Kaseya listened to us , put MSPs to the front of the line , and they did something . They got underwriters on board , figured out which products they needed to have to qualify , and then created the package in a way that simplified the process and is profitable for everyone . It ’ s simple , quick , headache-free , and cost-effective . This is how partnership is done .”
NEW PRODUCT — SPONSORED CONTENT CONT .
“ Kaseya listened to us , put MSPs to the front of the line , and they did something . They got underwriters on board , figured out which products they needed to have to qualify , and then created the package in a way that simplified the process and is profitable for everyone . It ’ s simple , quick , headache-free , and cost-effective . This is how partnership is done .”
- Rusty Goodwin , Executive Consultant , The Mid-State Group
Kaseya designed this program to make it easier to cut through the red tape and get cyber insurance that provides great coverage at a price significantly below what your customers will pay on the street .
If they went looking for coverage at all .
According to Schwam , “ When we ’ d ask our customers , ‘ Do you have cyber insurance ?’ They ’ d say , ‘ Oh , I ’ m covered . I ’ ve got insurance for my business .’ They thought they had cyber insurance , but it was just IT business coverage , which handles things like errors and omissions or liability or blanket . You ’ d need a separate rider just for cyber . They just didn ’ t know that , and they were at significant risk .”
Reducing that risk is what drove Kaseya and Cysurance to make this happen . “ We believe with the Cyber Insurance Fast Track program , you now have a strong security foundation that MSPs can build upon ,” said Bay . “ It drives down the cost of insurance to the point where the stack gets paid for in their savings . You can now spend less on insurance and more on security , which is particularly important for small and medium-sized businesses .”
According to independent cyber insurance expert Rusty Goodwin of The Mid-State Group , you do need to carefully evaluate any insurance plan to see whether it fits your situation . “ I ’ ve heard rumors that this program was in the works for years ,” said Goodwin , “ and while this definitely represents an important and positive step , the program isn ’ t totally perfect for everyone .”
Goodwin Observed :
It ’ s Not A Panacea .
The Certification Warranty isn ’ t unlimited , and it doesn ’ t cover every possible contingency . Only certain things are covered and for specific amounts . When it says “ up to $ 500,000 ,” that ’ s a total figure if everything went wrong at once . On an item-by-item basis , something like ransomware will provide $ 200,000 ; with loss of cash or loss of funds , the most you ’ re going to get is $ 50,000 . So as you would with any policy , read through the terms and definitions carefully to make sure you understand exactly how you ’ re protected . Additionally , MSPs should consult with a qualified attorney and insurance broker to evaluate coverage and reduce any potential risks .
It ’ s Possible MSPs Could Find Cheaper Coverage .
The price break isn ’ t going to be as great for MSPs as it is for their customers . You could probably go to a broker and cobble together some savings for equivalent coverage . But going down this route will definitely require additional time , energy , and effort . You ’ ll have to decide whether any savings you do obtain are offset by the increased amount of hassle and paperwork involved . You may find it ’ s simply not worth the trouble , especially since Kaseya has made the process so easy by doing most of that work for you .
Customers Still Need To Run The Numbers .
The customer is going to have to evaluate the investment required for the required Kaseya services . They ’ ll need to talk their current MSP into using those services , or to their current internal IT department about using them or adding them into the mix . Even so , the fact that lower insurance rates are directly tied to an enhanced security stack should definitely help you make the case that investing in stronger and better cybersecurity solutions is a wise decision for a number of reasons .
It is important for both MSPs and their customers to understand that neither Kaseya , nor the MSP , are brokers or insurance experts . In addition , as an MSP , you must make sure you do not give the impression you ’ re reselling the insurance . While possibly easy to conclude , it would be illegal for anyone to
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