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US Pro Insurance Services
Insurance

Cyber Liability, Professional Liability, and D&O Insurances

As you now know, US Pro is one of America’s prominent broker specializing in Cyber Liability Insurance. Our daily review of Cyber threats, insurance products, and marketplace conditions keeps us one of the most informed and knowledgeable firms working with this coverage today.

Today, we look at the classes that most need Cyber coverage immediately of which we also can write the E&O and D&O for. In some of these cases, there is an advantage to writing the Cyber and E&O with the same carrier to avoid any potential gaps in coverage.

Hospitality
This broad industry class includes hotels, motels, resorts, spas, restaurants, water parks, amusement parks and country clubs within it. These are businesses which offer services and amenities as a host to its customers. They collect a lot of personal information, including credit cards, and have big exposure to either Network Security Liability or to Privacy Liability claims.

Healthcare
Another broad class, this is clinics, hospitals, nursing homes and assisted living, dentists, doctors, therapists, and anyone in the medical or allied medical fields. The problem with these risks is the severity potential of a breach due to the high number of patient records and the wide amount of information collected and stored.

Banking
Financial institutions such as banks and credit card companies have been the most proactive and the least vulnerable of all of the classes, but they stand to lose the most should a breach occur. A bigger issue facing this class is the vendor liability problems they may have, along with a rogue employee or insider negligence more likely to occur.

Real Estate
Like banking, real estate agents and brokers face the same problem with insider negligence. Unsecured, unencrypted mobile devices, including Android phones, are a big potential source of exposure for this industry class.

Insurance Agents/Brokers
Unbelievably so, most agencies do not themselves carry the very coverage that they should be selling to every customer. Especially this is true for agencies that also sell benefits policies, as they are keepers of medical info and of personal info. Vendor liability is an issue here as well.

Online Retailers
Every online retailer is at risk of a hack that could create huge amounts of dollar losses for notification costs due to a breach. In addition, public relations expenses here could be very steep.

Technology
Technology firms are continually hacked, despite being technology firms. This includes security firms. The big reason for this is insider negligence (lost laptops, phishing emails, infected web sites).

Manufacturers
Cyber extortion is the biggest exposure for these risks whose trade secrets, blueprints, diagrams, formulas, business plans, etc all are at risk. Employee privacy liability is another exposure.

Financial Services (other)
Accountants, collection agencies, credit union, mortgage brokers, premium finance companies and other financial services, like banks, are at risk of exposure to rogue employees and insider negligence exposing them to Network Security or Privacy Liability claims.

Nonprofit Associations & Fraternal Organizations
Association and groups such as the Rotary, Jaycees, Elks, and others maintain a lot of personal information on their members and volunteers at the local level as well as the national level, so they have duplicated exposure. Compounding this is that the controls at the local level are often lackluster.

The GOOD NEWS is that we can do Cyber for all of these AND the Professional Liability (or Medical Professional Liability) and the D&O/EPLI for all of these classes of business!

To send us a submission today, or to request an application, write us at ksneed@usproins.com.