Today’s always on business operating environment exposes nearly every company, large or small to cyber risk. Cyber risk must be embraced and dealt with by all companies, and preferably sooner rather than later. One way companies have opted to deal with cyber risk is by purchasing a cyber insurance policy. For years, we have been promoting the benefits of cyber insurance and the many ways in which the coverages can help companies deal with the aftermath of a cyber attack or data breach.
While cyber insurance has been available for quite awhile, many companies still question what’s covered and not covered and are confused about how to go about purchasing a policy.
When considering the purchase of a cyber insurance policy, the first step in the process is finding an experienced cyber insurance broker to help your company gather cyber insurance quotes and help simplify what’s often deemed as a complex process.
We have created a 10-point checklist to help your company know what to look for when comparing cyber insurance quotes:
- What is the rating of the carrier? Do they have a good claims paying reputation?
- Have you reviewed the policy definitions? What type of data is the policy covering?
- Are first-party coverages included?
- Are third-party coverages included?
- What is the retention?
- What policyholder tools are included? Are you required to use the tools?
- What exclusions stand out?
- Does the policy contain sublimits?
- Have you involved all your appropriate department heads to ensure you haven’t left any relevant facts out so that your cyber insurance application represents an accurate reflection of your company’s current security controls, policies and procedures?
- Who are the participating providers on the carriers incident response team?
Indeed, there are many things to consider when exploring the purchase or renewal of a cyber insurance policy. This is why it makes good business sense to work with an experienced cyber insurance broker who has the expertise needed to help your company assess its cyber insurance options and gather the most appropriate cyber insurance quotes for your company.
Want To Know More About Cyber Insurance?
- Learn about first-party and third-party cyber insurance coverages
- Contact our Cyber Insurance Leader, Christine Marciano
- Read our Cyber Insurance blog
- Subscribe to our monthly Cyber Insurance newsletter
- Request a Cyber Insurance Quote