3 Traits of a Reputable Cyber Insurance Provider

To safeguard your company from trouble, you need protection-cyber protection. There are cyber crooks out there who do your SMB harm, and without cyber insurance, your SMB could go out of business six months after a cybersecurity assault. After all of the sacrifices you have made to start this company, are you really so willing to close up shop before making it to your one-year anniversary and beyond?

All you need to do is find the right cyber insurance provider and you'll be guaranteed a financial safety net should a hacker gain access to your network and try to milk your SMB for all its worth. Cyber insurance costs aren't all that expensive, especially when you compare cyber insurance premiums with CyberPolicy. CyberPolicy won't just hook you up with a great deal, you'll be hooked up with a reputable insurance provider to boot.

Let's get a jumpstart on finding a provider right now: Here are three traits to look for in finding a reputable cyber insurance provider. And guess what? CyberPolicy works with all of them!

Research Insurance Provider Company History
Cyber insurance covers your SMB in four areas:

  • Forensic Investigation
  • Notification Outreach
  • Loss of Business
  • Extortion and Court Fees
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When looking to sign up for a new cyber insurance policy, your prospective cyber insurance provider should be able to cover your SMB financially in the above areas. To better understand how your potential insurance company works, you will need to conduct research on the company. You will need to assess the company's finances, learn how long they have been in business and read client reviews. If a significant portion of reviews online about the company is that they deny claims and have steadily been losing clientele, stay away. You will want to form a partnership with an insurance company that has your back, not one that takes your annual premiums and offers you no support in return.

Ask Insurance Agent About Their Background
You will want the agent you work with to have experience in the area you need, in this instance, cyber. It's necessary to learn how long the agent has been in business and what their specialty is. Does the agent have a solid reputation with their clientele, or have they continually dropped the ball? How long does it take the agent to respond to client questions and concerns? Does the agent represent other companies? If so, who, and does the agent prioritize one company over the other?

You will want to work with an agent who responds to you in a timely manner and makes sure that you and your SMB are taken care of. If possible, it would better serve you as a small business owner to find someone who specializes in both cyber and SMB insurance. Fortunately, our parent company CoverHound can help you find an SMB insurance package while we're helping you find a cyber policy.

Research Insurance Product Offerings
Every SMB is different, because of this, your cyber insurance package will need to be written up to support you and your specific needs. Before signing on for a general policy, have a discussion with the insurance agent to see what types of insurance products they can offer you that will best suit the coverage of your business. If you're unsatisfied with what the company has to offer, it's time to look elsewhere.

Your SMB needs coverage; we can help. For a free quote, visit CyberPolicy.

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