Being a small business owner is as rewarding as it is challenging. When you're a first-time business owner, knowing what type insurance to get, people to hire and space to rent can be extremely stressful. You don't want to make any mistakes, especially financial ones.
The fear of making a financial mistake can cause a business owner to bypass much needed services that only work to strengthen the security of the company. Consider cyber insurance. You might think that cybercriminals are uninterested in breaching your SMB's network, because, in your mind's eye, nothing would be worth the effort to steal. This is wrong. 43 percent of all cyberattacks target small businesses. Small businesses are known for not having the cyber protection they need to safeguard their business interests. This is why it is fundamental to your business to have a cybersecurity insurance policy.
To make sure you partner with a cybersecurity insurance company that has your best interests at heart, CyberPolicy has created a list of three things that a cyber insurance provider should offer their clients. Keep reading!
What Type of Policy Does the Insurance Company Specialize In?
Every business has a specialty, and as a business your cyber insurance provider will too. The general coverage that cyber insurance offers includes:
If the cybersecurity provider you're looking to do business with, words the underwriting in such a way as to be able to deny you any of the above coverages, then it is not an insurer to do business with. As a cybersecurity insurance company, the provider should be able to cover you in all of the above. Research the insurer's specialization and make sure they specialize in the coverage you need, specific to your business. A mom-and-pop ice cream shop won't need the same type of coverage a content marketing firm will need.
Does the Cybersecurity Provider Offer Third-Party Coverage?
Not all cybercriminals will opt to hack your business directly, some will go through third-party vendors to gain access to your network, such was the case with corporate retail giant Target.
If your business was hacked through a third-party, will the cyber insurance agency you're about to do business with cover you? Nemertes Research writes that cyber insurance policies often contain one "First-Party" or "Third-Party" coverage types. To make sure that all of your virtual bases are covered, you will want both types of coverage. First-Party covers you, the business, and Third-Party covers your vendors, partners and even your customers!
What Is Not Covered by the Provider?
Understanding the underwriting of an insurance policy is vital to understanding just how much you're covered for. Read the policies crafted for you by different insurance agencies carefully and compare what they promise to offer. Some insurers may exclude certain benefits that have been promised to you by their competitor.
You want a cyber insurance provider that is open, communicative and has your SMB's best interest at heart. At CyberPolicy, we've partnered with insurers that do just that. Get your free quote with one of a number of great insurers today.