Could there be such a thing, as a better cyber insurance policy? Let’s for a moment think back to our childhoods, and recall a time when you found yourself in an argument when someone said to you, “mine is better than yours” and you replied, “no, mine is better!” In both instances, it was a purely argumentative moment, and nonetheless, emotional and frustrating. During that heated moment, you either walked away or you stood there and stated all of the reasons why you felt yours (i.e, your owned possession, skill, etc) was better. While cyber insurance carriers may not shouting at you that their policy is better than others, they nonetheless feel that their policy is better than others.
I’m here to tell you that the better answer can be found in the fine print of a better cyber insurance policy, offering broader coverage, and acceptable policy exclusions. Though you will need to sort through between 50-60 cyber insurance policies to ascertain what better means to your company or organization, or seek out an experienced cyber insurance broker to help simplify this process.
Today, even with the best (or better?) computer network security systems in place, companies are still exposed to financial liability “when” and “not if” a data breach happens being that security is not 100% guaranteed. Nonetheless, cyber insurance has become a popular way to help companies be better prepared for an incident.
Indeed, many companies and organizations are on the search for purchasing cyber insurance, or perhaps renewing an existing cyber insurance policy for the first time. Regardless of whether you’re a first-time cyber insurance buyer or an existing cyber insurance policyholder renewing a cyber insurance policy for the first time, the overall process is often deemed complex and can be quite overwhelming due to the various coverages that are available amongst 50-60 insurance carriers. I’ll tell you, I’m glad to be on the cyber insurance selling side as I see firsthand what companies have to go through when purchasing or renewing a cyber insurance policy. It’s not an easy process, whether a company is starting the cyber insurance exploration and purchasing process or undergoing an existing cyber insurance policy renewal process.
When it comes to today’s complex cyber/data breach insurance solutions, working with an experienced cyber insurance broker is crucial.
Cyber insurance is certainly the most complicated insurance policy that companies have ever had to deal with, and this includes insurance agents and brokers as well. This is why I chose to specialize in cyber insurance 7 years ago, as it really does require focus, experience and expertise to help first-time cyber insurance buyers and/or existing cyber insurance policyholders purchase a cyber insurance policy or renew an existing one.
Cyber insurance continues to evolve, and there are many variations of coverages available today compared to just a few years ago.
It’s important to assess your company’s risks, as this will help the company or organization better understand which cyber insurance policies may or may not be a fit. Due to the wide range of coverage offerings, and even with 50-60 different cyber insurance policies available today, there may only be several that will be the right fit for your company or organization. The most difficult task at hand today, nevertheless, is finding those policies that are the most applicable and a better fit for your company or organization.
For help with your company’s cyber insurance, please complete our cyber insurance quote request form or give us a call at 855.CUT.RISK (288-7475).