Great American Insurance Group has released a new admitted cyber risk insurance coverage for small and medium-sized enterprises (SMEs).

Known as the Risk e-Business Cyber Loss & Liability Insurance Policy, the coverage comes with two insuring agreements and 13 exclusions.

Commenting on the launch of the new product, Great American Cyber Risk divisional senior vice president Betty Shepherd said that the new cyber insurance plan is easy for agents to explain, and easy for insureds to understand.

“Traditional cyber products can get complicated quickly,” Shepherd added. “Great American’s cyber product is designed for small and medium-sized businesses, and we’ve worked hard to keep it simple.”

The cyber liability insurance plan offers coverage of up to $5m to companies with up to $250m in annual revenue.

The insurer said that its risk e-business policy also provides incident consultation coverage round the clock, which allows the insured business to avoid and prepare for the cyber risks.

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Risk e-Business Cyber Loss & Liability Insurance Policy is underwritten by Great American Spirit Insurance Company, an authorised insurer in all 50 states along with the D.C. Great American Insurance Company.

Great American Insurance offers property and casualty insurance, specialty commercial products for businesses. The company also offers a range of traditional fixed, fixed-indexed and variable-indexed annuities.