Blumira, Beltex, and FifthWall Solutions have partnered to offer improved cybersecurity insurance solutions for small to mid-sized businesses (SMBs) through managed services providers (MSPs). This collaboration aims to provide better coverage, lower rates, and enhanced incident response capabilities for MSPs and their SMB customers.
Enhanced Cybersecurity Insurance Solutions for MSPs and SMBs
( Credit to: Channele2e )
Blumira, Beltex, and FifthWall Solutions have partnered to offer improved cybersecurity insurance solutions for small to mid-sized businesses (SMBs) through managed services providers (MSPs). This collaboration aims to provide better coverage, lower rates, and enhanced incident response capabilities for MSPs and their SMB customers.
Over the past few years, the cybersecurity insurance landscape for MSPs has undergone significant changes. Many insurers lacked a full understanding of the managed services market and the technology and cybersecurity industry as a whole, resulting in skyrocketing insurance rates for MSPs.
Recognizing the need for change, Dustin Bolander, a longtime MSP, obtained his insurance license in 2019 and founded Beltex, an insurance company specifically catering to the needs of MSPs and their customers. Beltex introduced its MSP-centric insurance policy in 2024, addressing the pain points often faced by MSPs with traditional insurance policies.
Unlike other carriers, Beltex does not require MSPs or their customers to use enterprise software that is not commonly utilized in the MSP industry. Additionally, Beltex involves the MSP in the claims and incident response process, ensuring their active participation and reducing liability.
Benefits of Beltex's MSP-centric Cybersecurity Policy
Beltex's cybersecurity policy offers several benefits that address the pain points of MSPs:
- Clarity in application questions
- Requirement for good security practices such as 24x7 MDR/EDR
- Fast and easy online application process with instant quotes and sign-ups for $1 million coverage
- Eligibility for the MSP to be paid for their work in the claims and incident response process
By addressing these pain points, Beltex aims to provide a streamlined and MSP-centric insurance experience.
The Disconnect Between Cybersecurity Insurers and MSPs
There is often a disconnect between cybersecurity insurers and MSPs, where insurers sell policies directly to customers who may not fully understand the technical terms and requirements. This results in customers relying on their MSPs to fill out the necessary paperwork and deliver the required services, creating confusion and complications.
To address this issue, Wes Spencer founded Empath, an educational platform and marketplace for MSPs and their employees. Empath aims to bridge the gap between insurers and MSPs by providing education and resources to ensure a better understanding of cybersecurity insurance.
Blumira's Partnership with Beltex: A Game-Changer for MSPs
Blumira's partnership with Beltex is a significant development for MSPs. As a preferred vendor partner, Blumira MSP partners can offer their customers improved coverage and potentially lower cybersecurity insurance rates. Additionally, MSPs gain exclusive access to apply for the Beltex Certified Incident Response program, allowing them to participate in customers' incident response processes and potentially receive reimbursement for their contributions.
Jeremy Young, Director of Partner Strategy at Blumira, believes that the partnership with Beltex addresses a crucial need in the industry. By offering an insurance product that considers the specific security tools used by MSPs and providing higher limits at lower costs, Beltex aims to provide a more inclusive and supportive insurance experience.
Availability and Conclusion
Beltex insurance is currently available for MSP customers in the United States with annual revenues under $100 million. The policies are accessible in 48 states, with two additional states expected to be included soon.
The partnership between Blumira, Beltex, and FifthWall Solutions represents a positive step towards improving cybersecurity insurance for MSPs and their SMB customers. By aligning insurance offerings with the specific needs and challenges faced by MSPs, this collaboration aims to provide better coverage, lower rates, and a more inclusive and supportive insurance experience.
