At SeedPod Cyber, we believe in the power of collaboration to help organizations that make a difference. Recently, one of our Managed Service Provider (MSP) partners reached out to us for a policy review on behalf of their client—a non-profit Community Center dedicated to supporting low-income families.
Identifying the Risk: Coinsurance Clauses
During our review, we uncovered some concerning elements in their existing coverage. Most notably, their policy included a 20% coinsurance clause within the business interruption section. This clause meant that if a cyber event disrupted their operations, they would need to cover 20% of the costs to get back up and running—a potential financial strain that could divert critical resources away from their mission.
Coinsurance can be a double-edged sword. While it might make sense in rare cases where significant premium savings are involved, it often leads to unpredictable costs that far exceed the initial premium. For this non-profit, the $6,000 premium they were paying was alarmingly high, given their size and industry.
How SeedPod Cyber Stepped In
At SeedPod Cyber, we offer a tailored solution that directly addresses such challenges. Our proprietary cyber insurance product, available exclusively through our MSP partners, provides $1 million in coverage at a straightforward annual rate of $1,775. If the client has the necessary technology controls in place through their MSP, they qualify for our coverage—no complex clauses, no unexpected costs.
But we didn’t stop there. By eliminating the coinsurance clause, we not only saved them money on their initial premium but also significantly reduced their potential out-of-pocket expenses in the event of a claim. This means they can focus on what matters most—serving their community—without the looming threat of unforeseen financial burdens.
A Win for Non-Profits, A Win for the Community
This success story is just one example of how we’re helping non-profits protect their operations and financial stability while rewarding those who maintain strong technology controls. At SeedPod Cyber, we’re not just offering insurance; we’re providing peace of mind to those who need it most.
The post Empowering Non-Profits to Safeguard Their Mission and Finances appeared first on SeedPod Cyber.
