Specialty underwriting management company Y-Risk has been approved as a Lloyd’s coverholder to provide cyber and technology E&O insurance.

Y-Risk is now offering its new Y-ProTech insurance policy which provides coverage against first and third party cyber losses and technology E&O liability exposures.

Y-ProTech is being offered to small and medium size businesses of all types, but was specially designed to be further tailored and adapted for a variety of targeted niche industries.

The first niche based offering, "Y-ProTech for Marketplaces," is the only cyber and E&O policy in the industry exclusively focused on companies in the sharing and on-demand economies, and provides comprehensive coverage and features currently unseen in the market.

Y-Risk cyber and technology division director Wendy Dowd said: "We believe traditional insurance products are not well suited for many of the companies, risks, and technologies shaping tomorrow's economy. With Y-ProTech, we can craft tailored insurance solutions for a variety of niches, like the sharing economy."

Y-Risk founder and CEO Bernie Horovitz said: "We are excited to enter our company's third year with an expanded portfolio of solutions to protect and enable innovative companies. Another great milestone in our company's growth!"