Specialized Insurance Requires Specialized Experts
Do you know the top markets for a large retailer vs. a small hospital vs. a utility provider? Are you up-to-date with the cyber risks associated with BI/PD exposure affecting companies like biomedical firms that manufacture implanted devices? Do you know all of the retail risks that come when PCI compliance is absent?
Do you know how to help clients manage their cyber risk?
Cyber insurance brokers specialize in providing answers to these types of questions. Cyber experts like the team at ProWriters are constantly working to bring the right cyber policies to you and your clients that are tailored to address specific exposures. Cyber insurance is a complex and ever-changing product, and a specialist is necessary to help you navigate this space and obtain adequate coverage.
Not All Cyber Insurance Policies Are Created Equally
With rates in commercial insurance having declined year after year, retailers are under pressure to write more business—and cyber Insurance is an excellent place to start. But who exactly needs cyber insurance? In reality, most clients if not all, have cyber exposure. Even so, most of them traditionally do not buy coverage. But while most standard markets have a Cyber Policy, it’s often not current with what’s available. As a result, retail brokers can be doing themselves and their clients a disservice by placing this coverage with their standard markets.
A big part of the issue is that standard markets are slow to update their policy wordings and distribute it to the field of non-specialized underwriters. By the time they introduce a new policy, it’s already out of date with what’s available in the market. Additionally, many of the standard markets do not have specialized claims adjusters with a history of administering Cyber claims. The lack of expertise behind these policies means they often lack critical add-on services.
In short, by trying to place this type of risk directly with a standard market, retailers are often selling their client an inferior product. In addition to putting their clients at risk they’re also putting their own E&O on the line should there be a breach that’s only partially covered.
Luckily, there’s a better way—and it comes with using a specialist.
Leveraging a Cyber Specialist
Both retailers and their clients are better off when a specialist like a cyber insurance broker is involved. This can be a wholesale broker or a Managing General Agent (MGA) who has broad access to specialist cyber markets. Specialists can help sell the right policy by explaining the nuances of coverage and exposures.
From the beginning, a specialist will know the top markets to go to for a specific risk. This is especially helpful because the retailer might not have access to the right market or lack certain connections. This often means that retailers don’t know what to ask for or how to get the best deal. On the other hand, the right specialist will have relationships with a wide range of vendors in this space to help with risk management services.
Don’t shortchange yourself and your client by only approaching standard markets; use a Cyber specialist like ProWriters. When you work with us, you can expect a range of benefits, including:
- Up to 15% commission on new business
- Exceptional benchmarking services
- Unparalleled access to numerous special markets
Let us help find your clients the perfect cyber policy. Contact us today and speak with an expert from ProWriters!