November 23, 2021
Most lines of insurance are something you should have, yet in business, some coverages are something you must have to survive. Workers' compensation, unemployment, and disability insurance are all required by law. Then there are lines that are foundational for businesses; general liability and professional liability insurances. But what about Cyber Insurance?
At first, cyber insurance was previously considered an optional investment for companies with minimal sensitive data. Today, any business that uses technology or collects data is at risk of a cyberattack, and therefore cyber insurance should not be considered optional.
10.5 Trillion. That’s the projected annual cost of cybercrime by 2025. source
As your clients focus on growing, generating revenue, and managing a remote workforce, don’t let them overlook a critical component to long-term success – a cybersecurity risk management solution complete with cyber insurance.
This rings especially true at renewal, where rates, coverages, and underwriting practices have rapidly evolved within the past 12 months and will continue to do so. The more your clients have insight and awareness--the more they take action with optimizing security controls--the more likely they will find success in placing risks as carriers shift their goalposts. We think this is so important, we’re linking to this article again for you to read next. -> Five IT Best Practices
As your cyber risk partners, we return to the market and navigate our carrier network at each renewal to ensure your clients have a competitive premium for the right coverage.
For new businesses, have a timeline planned as to when your client will apply and bind. Quotes will often expire in either 30 days or 60 days, and after the deadline, refreshed quotes may have already adjusted with new market rates.
Whether you are placing cyber insurance for the first time or a renewal for a client, help them be prepared. A team (legal, compliance, HR) will often be needed to pull the required information together.
Start collecting data and inquiring for applications 60 - 75 days before a new policy’s desired effective date or renewal’s expiry date, given that best security practices are already in place. If not, allot for more time to implement those first.
Remember, cyber coverage is not a niche. Cybercrime does not discriminate. Just as a racecar driver would not enter the next competition without life insurance, don’t let your clients operate their business without protecting against cybercriminals.
Our Dedicated Team is quoting and binding business for mid-size to larger companies every day. With broad market access and extensive product knowledge, FithWall has access to more than 25 markets and offers limits up to $25 million in coverage, allowing agents to identify the right policies today and renew quickly.
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See for yourself how our insurance solutions stack up against competitors with a free side-by-side comparison. We'll even provide a comparison against your current cyber policy.