Cyber Risk insurance is being widely discussed, but many small and medium sized businesses do not buy the coverage. Insurance Journal has an article discussing how to sell Cyber Risk Insurance (see here), and we have our own thoughts.
Cyber Risk insurance is complex – both coverage and exposures. Data can come in many forms and be stored in many electronic locations, and different types of data can have very different levels of exposure. Compounding this are wide variations in security measures used, and inconsistent coverage. Most importantly, one size does not fit all. Coverage needs for one organization can be quite different from another. Expertise in Cyber Risk is necessary to navigate all of this complexity.
But we are seeing organizations of all size buy Cyber Risk Insurance. There are steps that can enhance your ability to sell the coverage. The Insurance Journal article noted above includes suggestions, and our experience helping insurance agents sell Cyber Risk insurance to first time buyers has lead us to a few keys. Shoot us an email to get a list.
Cyber Risk Insurance is an essential coverage and is not difficult to explain to potential clients, but the details are complex. As a wholesale broker, we provide Cyber Risk Insurance to all types organizations through retail insurance agents and brokers.