Cyber Insurance, still today (August 2021), is a somewhat misunderstood form of insurance coverage, and under purchased form of insurance.
In this cyber insurance buyers guide, I give entrepreneurs some of the basic information they need to make more effective decisions when it comes to Cyber Insurance. Here, we discuss the importance of working with an expert, and how to understand your needs when it comes to cyber insurance.
One of the common questions we often get is “How much Cyber Insurance do I need?”
That can be answered by estimating the cost of a breach in your organization, as well as through benchmarking, which we can help you with. When it comes to what limit of cyber insurance is appropriate I always tell clients and prospects to look at options. Many insurance brokers will quote a $1M policy limit and call it a day. I like to give people options so we will regularly quote 3 coverage levels such as $1M, $2M, and $3M. That way a client or prospect can see what the costs are at each coverage level and make a more informed decision.
In fact, we have seen in the last few proposals that going from a $1M to a $2M limit of cyber coverage only costing small business owners just a few hundred dollars more to double their coverage. Not a bad deal! But, if you were only quoted a $1M limit, you would never have known that stepping up in coverage would have cost so little.
In this guide, we also provide practical advice on building your line of defense and resiliency to prevent claims and to speed the recovery of claims if they do occur.
Cyber insurance is a critical part of your coverage program for businesses of all sizes; from large enterprise accounts to sole proprietorships, I believe that just about all businesses need cyber insurance.
Download this guide, read through it, and then let’s connect to discuss your needs and unique situations further. You can start that process by clicking the button below.
9 tips for buying cyber insurance