When determining which policies will be best suited for your clients and their businesses, cyber insurance is often overlooked. Many agents are unsure of what cyber can do and if their clients need it. Coterie Insurance is here to help you understand what these policies cover, and reasons why your clients need it.
What is Cyber Insurance?
Cyber insurance, also known as cyber liability insurance, protects businesses against technology-related losses. These losses can result from phishing scams or stolen technology such as computers/phones/ tablets associated with your client’s business. In the event of a loss, cyber policies can protect your clients, and the crucial information collected in their business practices.
5 Reasons your clients need cyber insurance:
- Their business maintains sensitive information
If your clients collect and store sensitive information, they will benefit from cyber security. Sensitive information includes customers’ names, numbers, social security numbers, credit card, and any other personal information. Any business storing such information should look into getting covered. In the event of an attack where this sensitive information is compromised, insurance can help your clients.
- Their business has online operations
Businesses in the restaurant, retail, real estate, hair salon, consulting, contracting, accounting, and other industries with online operations should look into this insurance. If your clients are conducting any bit of business online, insurance can help cover damages and legal fees if this business is interrupted and compromised by cyber attacks
- To help their business with incidents
If an incident occurs, cyber insurance can help your clients with expenses related to privacy breaches, system compromise, extortion threats, funds transfer fraud, payment car industry, and business operations. Additionally, this insurance can provide your clients with sensitive data protection and reputation management.
- Vendor and Partner Requirements
Risk management strategies vary per business and industry. For some of your clients, their vendors and partners may require they have some cyber policies in place. Cyber-attacks can affect public perception of a business and client confidence. For this reason, certain partners may encourage cyber policies to maintain the reputation of your client’s business and keep their trust when something doesn’t go according to plan.
- Peace of mind
Finally, along with providing protection, cyber policies can also provide peace of mind. While your clients may already have some insurance, cyber insurance can protect against damages not covered in their existing policies. Knowing that they have these protections in place will allow your clients to focus on their business without worrying about potential online attacks.
With certain cyber policies, your clients may have access to additional benefits such as online business identity vault, password manager, self-security assessments, and more. Learn more about cyber insurance and the ways it can benefit your clients.
As cyber threats continue to evolve, protecting your clients’ businesses from digital risks is more important than ever. Coterie Insurance offers cyber coverage as an endorsement on BOP or GL policies. Want to learn how you can seamlessly integrate this coverage into your offerings? Contact Coterie Insurance today to explore how our cyber insurance solutions can help safeguard your clients and grow your business.
