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US Pro Insurance Services
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Cyber Exposure and the Insurance Agency: An Omnipresent Danger

Cyber insurance is a confusing, evolving, misunderstood term that leaves insurance buyers and their agents unaware of the probable and likely exposures to loss which exist today in their very own businesses. The term Cyber conntates some kind of electronic, computer related event, but in fact, many of these losses, which occur daily against American business, are not internet related at all.

Understanding Cyber Insurance is as important as any other product you sell, but for the insurance agent, it is doubly important for its own protection from loss. Many, if not the majority, of agencies across America, both big and small, still do not purchase the coverage, either from an attitude of ignorance, dismissal, and in many cases just being impervious to the exposure itself.

The problem starts in the basic understanding of what is at risk, and as a result of that, what is really at stake. Cyber Insurance and its exposures evolve around one unique and important risk- we call it “record”. A record is a piece of information containing PCI- “personal confidential information” of a party which is in the custody of another party.

When one is in possession of this information, they become a gatekeeper, and any gatekeeper of information is at risk. Insurance agencies are gatekeepers of many different sources of information: customers, prospects, vendors, and employees. All of this information is required to be protected from compromise. Despite one’s best policies to protect this information, employee negligence continues to be the leading cause of a loss, and America’s biggest threat to Cyber losses remains its own employees.

Association Insurance Programs
For more than two decades, our people have been developing, underwriting, marketing and brokering programs specifically built for niche industry groups, or state and national associations, for Specialty Lines products. From Crime, to E&O, to D&O/EPLI, and especially Cyber products, if you have a homogenous group or association looking for a group program, let us build it for you.

We currently write several national association programs and franchise operations for Specialty Lines business, and stand ready to today to create your own unique program that will grow your business and your customer relationships simultaneously.

Email us today at ksneed@usproins.com

 

A Note from our President

Cyber Insurance has become my passion. Back in 1988-89, when I was just 23 years old and 5 years into the D&O business, I had a chance to be on a team of 3 that pioneered one of the frist ever EPLI coverage extensions, which in turn blossomed over time into Employment Practices Liability Insurance. A couple of years ago, while doing a comparison, I regonized the uniquely simple but overtly complex nature of Cyber insurance and its exposures.

Having had 20 years of experience creating policy forms and product lines for America’s major carriers, such as CNA, Crum and Forster Managers Group, and Coregis, I quickly recognized the central risks, hazards, and exposures of the Cyber world. These last 2 years I have worked tirelessly to continuously increase my knowledge of the different carrier products, the top trending exposures, and the inherent hazards which increase one’s risk to loss.

Over the last year, Ben and I have worked to create a central source of knowledge, information, downloads, and other useful resources that you, our customer, will have access to so that you will be better at what you do- properly explaining coverage. Our interest is awlays in growing you the person, which we believe will make you the firm healthy, vibrant and successful. Our new website and its two sister sites, which we have eluded to before, are in their final stages of initial development and their release is imminent. We know you will be just as excited at their launch as we have been putting it together- just for you.

2013 will be a strong year of building partnerships, growing business together, and making many new friends and meeting many new faces. I am so encouraged today that God has blessed me, and US Pro, and has empowered us to become a partner you value.