Solving the Awkward Discussion about Cyber Liability

Solving the Cyber Problem

By now, everyone has heard of a data breach. Network extortion is trending, and most people today are so familiar with phishing, they can recognize its unique spelling. Despite all of this, many challenges exist with convincing a commercial insured to buy the coverage, understand what their imminent risk is, or what a Cyber policy provides.

This is called the “Cyber Problem”. Solving it means understanding its existence and why.

First, it is complexity. Cyber insurance policies are very diverse and different in the coverage that they provide. The lack of uniformity in the coverage requires premium to be secondary to coverage in the buying decision. This contradicts most insurance buyer tendencies, however, can result in dire consequences if not followed.

Second, it is specificity. One of the loudest arguments made by any Insured is “I do not have….. Pick the ending to complete the sentence- …customer records. Or …credit card transactions. Or …exposure since all of my stuff is in the cloud. While all of those may be true statements, it means that other real areas of exposure that do exist are being discounted. This insured mindset underscores the importance of understanding all of the potential claims any specific insured or industry faces so that they can be married to the right coverage form.

Lastly, it is simplicity. Cyber is new, it adds to a business’ insurance costs, and it is difficult to understand and explain. Applications can be arduous and time consuming for an Insured. Simplifying the process of getting an indication encourages the discussion with an insured, but US Pro goes one step further.

We believe that empowering our customers with indications from multiple carriers offering quality coverage without the need for applications and questions forces the discussion with the customer. Armed with resourceful information on exposures the customer has and the cost to protect them against claims, the sales process will dramatically improve for you.

Best of all, we have a lot of different ways this can be done, and multiple carriers who we do this through. YOU get the freedom to pick whichever method best suits your immediate needs.

No App Quoting System
Simply enter a few pieces of information online here, and US Pro will send you back 2-4 indications from some of the broadest coverage programs for your consideration. It takes less than 2 minutes and no application is needed to get indications.

The US Pro Customers Only Exclusive
Recognizing US Pro as America’s Cyber Insurance Experts, one of the leading Cyber carriers in America has given US Pro an exclusive program available only to customers of US Pro. This new program cannot be accessed any other way except through US Pro. The standard industry-leading program has been further enhanced to include full prior acts coverage, higher Cyber Crime limits, lower limit options of 250K, and lower minimum premiums. Use the No App Quoting System today and start getting your access to these new blockbuster enhancements.

Pre Priced Application Rater Option
Another one of our leading programs has introduced an innovative way to get both an indication AND application at the same time! The rating program and coverage options have been built into the application, so as it is completed, the indication is also completed. This is an excellent way to quote many business classes on admitted paper for accounts under 100M in revenues who need limits up to 2M. Contact us today to get your access to this awesome new way of doing the Cyber sales process.

Monthly Spreadsheet Advance Quoting
Our favorite tool yet, this combines the elements of all of the above into one easy to use format developed to engage the Cyber sales process for every commercial insured you currently write while protecting your own E&O exposures.

Simply complete the name, address, description of operations, and total revenues for each commercial insured into the spreadsheet by month. Send it back to us 30 days prior to the beginning of each month, and we will send you back multiple quote options, our recommendation, and a checklist for each of the accounts on the spreadsheet.

When meeting with the Insured for the renewal of their other coverages, you will then be able to present and discuss the Cyber proposal for the Insured. If the decide to move forward, we can complete the application. If they decide not to move forward, they can sign and date the checklist we provide to you acknowledging their declination of it. For your part, you end up with more sales, a better reputation with your customers, and protection against E&O suits for failing to offer the coverage to an insured.

Experience Matters in Cyber
Unlike other wholesale brokers, we are not just making Cyber easier to market. US Pro is a featured speaker to associations and industry groups about Cyber Insurance throughout America. Our webinars and seminars are in constant demand. We spend a lot of time on the phone with you AND your insured’s, easing concerns, identifying exposures, and closing deals. Cyber is not an ISO coverage, it is not another D&O form. It is the first insurance, the most important insurance, and the insurance to be most likely used by any commercial entity. When making Cyber choices, choose experience. It matters.

 

D&O, EPLI, and E&O Experts!

We have been doing D&O deals since 1986, EPLI deals as one of the fathers of EPLI since 1989, and Professional Liability since 1992.

We started as underwriters of the products first. We evolved into MGA’s of the products we serve next. Since 2008, we have become America’s brightest and best broker of these products. We know the coverage inside out, we know how the risks are rated, and how the rates are developed. This insider knowledge of how the system works means we just get better deals done for you.

Check us out today and send in your submission for D&O, EPLI, Fiduciary, Crime, E&O or Professional Liability of any size or kind. We can help on all of them!

 

JULY 1 RUSHES!!!

We love the RUSHES and we also know that without having competitive options, your renewal is at risk if its not already with the right carrier. Let us help you test that out and send in your JULY 1 RENEWAL today and let’s see what we can find for you!

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