If you’re ready to apply for cyber insurance, it helps to be as prepared as possible. Insurers want to know that you are taking proactive steps to address potential risks. And good news- you are probably are more prepared than you think. Here are a few tips to navigate the application process:
#1. Work with an expert
An insurance advisor who specializes in cyber can discuss what to expect and review your options before you even start the process, which can be technical. Working with someone who understands industry appetites, threats, and exposures can position you and your application for success.
#2. Gather information to address the following questions in detail:
- What type of data does your company handle?
- Even if you don’t store personal data like social security numbers, you may still have access to payment information, including credit card or banking data
- What policies and procedures are in place to protect that data?
- Who oversees cybersecurity at your organization?
- What platforms and technologies do you use to mitigate possible cybersecurity vulnerabilities?
- Have you ever been the target of a cyberattack? If so, what was the outcome, and what resulting steps have you taken to address future attacks?
- What regulatory agencies or organizations govern your organization? If so, do you comply with all standards and regulations?
- What type of training do you offer your employees on cybersecurity?
#3. Prepare your application
Once you’ve spoken to subject matter experts (inside and/or outside your organization) to gather all the required information for your application, carefully review the instructions and ensure your answers accurately answer what is being asked for.
If you aren’t sure or need some assistance, check in with your insurance broker on any questions – they are a valuable resource in ensuring you create a compelling application that showcases your organization’s strengths.
#4. Picking the right policy
Once submitted, let your eSpecialty experts go to work for you. For most customers, we are able to provide multiple quotes from top insurance carriers in minutes. However, in some cases, depending on how complex your cyber insurance needs are, it could take a few days to return competitive quotes.
Most important is to ensure you have the right coverage for your specific exposures. Cyber coverage can vary widely in both price and coverage limits so having expert advice from people who know is critical.
If you have questions about your cyber insurance needs or want to talk with an expert, the eSpecialty team is here to help you through the process and get you the right coverage at the best price. Get started today!