Cyber Insurance is more than just an insurance policy.
It is really a complex series of coverage forming a digital fire package policy. An even more in depth look at the coverage reveals that each coverage is very specific and therefore, very different from carrier to carrier.
So you need to ask yourself the question “What’s in your Cyber coverage?” The answers may be very revealing for you. The following are just a few of many important rules of thumb to consider during the Cyber Liability purchase process:
1. Named Exclusion Policies: Be wary of carriers who spend more time defining what is covered rather than itemizing what is excluded. A named exclusion policy is always better. Under a good Cyber policy, language will be intentionally broad and loose in its nature, rather than limiting in scope by specific definition.
2. Coverage Triggers: Just what is it that triggers the coverage under the insuring agreement? There are many differences in what kinds of events cause the policy to respond, so choosing the wrong policy may leave your customer uninsured for certain types of events.
3. Insuring Agreements: Each carrier writes its own language for a Cyber Liability policy. This lack of universal approach by the market creates huge variance in the coverage. One of the biggest variances today is in the extent of the coverage provided by each insuring agreement in the policy. For example, Cyber Crime provided by many carriers offers less coverage than that provided by a leading carrier. Know the difference in these, as this really matters when a claim comes in.
US Pro is the best there is at recognizing and identifying gaps in existing coverage, as well as the correct placement of your customers into programs that will maximize their protection. Our knowledge of the coverage that leads to success for our agents is a big reason why we say the most important thing in Cyber Liability is “Be an expert, or use one.”
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