It is important to take great care when purchasing a cyber insurance policy. While cyber insurance can certainly help provide peace of mind in the event of a breach or cyber attack, “if you don’t know, what you don’t know” you may just be adding fuel to the fire when an incident happens.
The questions below should be taken into consideration before and during the cyber insurance purchase process. When you request a cyber insurance quote, you will want to make sure you receive answers to these questions shown below.
Admitted or Non-Admitted: Is your cyber insurance policy an admitted or non-admitted policy? Do you know the difference between the two policies?
AM Best Rating: Do you know the insurance carrier’s AM Best rating? Due to the systemic nature of cyber risk, all it can take is one big major cyber attack which can cause an insurance carrier a financial hardship which in turn could cause an even bigger financial hardship for your company. Be sure to check your carrier’s AM Best rating and financial stability before writing them a check.
Cyber Insurance Coverages: All cyber insurance policies are not created equal and it is highly advised that you don’t select yours based on price. Has your broker taken the time to introduce you to the cyber insurance coverages that are included in your policy?
Cyber Insurance Claims Reporting Process: Has your company been informed of the claims reporting process and who you must contact in the event of an incident and when? Do you need to use the insurance carrier’s providers or can you select your own at the time of the application?
Policyholder Benefits: Does your cyber insurance policy provide your company with any policyholder benefits? Such as free cyber security monitoring tools, risk assessments, employee awareness training programs?
Do you need help with obtaining cyber insurance quotes for your company or organization? As experienced cyber insurance brokers, we can help your company or organization obtain multiple cyber insurance policy options and help make sense of the various coverage offerings.