Are You Ready for Cyberinsurance?
Our managing partner, Dustin Bolander, has spent the last 5 years consulting for the cyberinsurance industry on how to better evaluate and secure companies, designing the cybersecurity control requirements for two different carriers’ policies. This experience and partnership have resulted in CGP gaining deep cyberinsurance expertise, especially around preparation for renewal/acquiring insurance and accessing the best rates and coverage. Our new insurance prep framework includes 60+ assessed technologies and processes to have in place. Learn more at www.clear-guidance.com/cyberinsuranceprep
Here are a few tips and things to look out for when it comes time for the process:
90 days before renewal do an assessment of where your security stands. Use your application/underwriting form from last year combined with an updated copy of a current application. Your agent will advise you on preferred security and controls. Clear Guidance Partners has compiled an excellent checklist as well.
Start your renewal process 60 days in advance. 90 days before renewal do an assessment of where your security stands. Use your application/underwriting form from last year combined with an updated copy of a current application. Your agent will advise you on preferred security and controls. Clear Guidance Partners has compiled an excellent checklist as well.
The cyberinsurance market is constantly changing. Make sure you gather multiple carriers‘ quotes every year. Your carrier from last year may not give you the best policy this year, and new carriers are constantly starting to offer cyber coverage. The quickest way to hurt your business is blindly renewing/signing the first quote you get.
There are three types of questions on underwriting forms. Important controls are ones that will heavily affect your coverage and pricing. Secondary controls have a lesser impact. Information controls do not impact anything and are used by the carriers to get better data. Only a few of the questions have an impact on your rate more than 1% - focus on these. The ROI does not exist for most of the application questions.
Did you know? CGP’s sister company www.BeltexIns.com has a proprietary cyber policy that rewards firms with high cybersecurity with great rates. In the event that policy is not a good fit, Beltex represents 40+ other carriers, and has a 100% placement rate for cyber insurance. Fill out this form to learn more about cyberinsurance and how it can benefit your firm: