Insurance coverage
Cyber insurance for the business behind your screen
Your business may depend on email, online payments and customer records even if you would never describe it as a technology company. Cyber insurance is worth reviewing alongside the systems you use and the information you hold.
Where the exposure starts
An interruption can reach well beyond the IT bill
A compromised email account or a locked computer system can interrupt ordinary work quickly. You may need help investigating what happened, restoring information and communicating with affected customers. A business that cannot access its scheduling, billing or order system also needs to understand how it would keep operating.
BIG can help you compare insurance options around those practical concerns. We will ask about the information you store, the vendors you rely on and the controls already in place, rather than treating every business as if it has the same exposure.
What to compare
Your own recovery and claims from other people
Cyber policies can include first-party coverage for certain costs your business incurs after an incident and third-party coverage for covered claims against it. Depending on the policy, areas to review include breach response, data recovery, business interruption and liability involving compromised information.
Payment fraud and social engineering deserve their own conversation. Do not assume a policy covers a fraudulent transfer simply because it is called cyber insurance. Ask about the specific coverage, sublimits, conditions and exclusions, along with the help available when an incident first occurs.
Preparing for a quote
Use accurate answers about your security practices
Have your current policy, annual revenue and a description of the sensitive information you handle ready for the review. We will also ask about backups, access controls and multifactor authentication. If an outside IT company handles these details, involve them so the application reflects what is actually in place.
A renewal is a good time to revisit those answers. New software, remote access, online sales or a change in payment procedures can make last year’s application an incomplete picture of today’s business.
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Coverage references
General information. Coverage depends on the policy, exclusions and underwriting.