What is Cyber Liability Insurance?
According to The Hartford insurance company, “[c]yber liability insurance and data breach insurance…helps cover costs like notification, identity protection solutions, public relations, legal, liability and more depending on the coverage you choose.” Should your data be exposed, lost, or corrupted, the costs associated with managing the situation are contained using the policy’s settlement funds. It also helps to offset the costs of business lost as a result of the breach.
A Tangled Insurance Web
In concept, Cyber Liability insurance is a valuable contribution to the well-being of your business. However, the application and claims process can be tricky for those not familiar with it. If the application isn’t completed properly, you may find it difficult to file a claim and receive a settlement.
When you apply for Cyber Liability insurance, the insurer requires that applicants fill out an intensive assessment questionnaire, focused on your company’s technology, as well as its processes and procedures. Providing the information requested, correctly and honestly, is crucial. “A strategic approach is necessary when completing this evaluation so that businesses can secure their settlements if the need should arise,” says EMCO Technology President + CEO Emil Pilacik, Jr. If companies don’t provide proper answers, they find they’ve been paying premiums for, essentially, no coverage. “If something within their technology strategy, processes, or procedures doesn’t fit the insurance company’s criteria, their claim is denied,” explains Emil.
Ask An Expert
Emil recommends that Cyber Liability applicants consult an expert to guide them through this assessment process. “Their expertise can provide insights and recommendations for the business, so they can make needed adjustments. It improves their chances of receiving the coverage they need.”
EMCO Technology provides C-level technology consulting and advising services to companies of all sizes. If you are considering a Cyber Liability insurance policy for your business, contact Emil Pilacik, Jr., at EMCO Technology to learn more about how EMCO can assist you during the application and/or claims process.
Reference in this blog post to any specific commercial product, process, or service, or the use of any trade, firm or corporation name is for the information and convenience of the public and does not constitute endorsement, recommendation, or favoring by EMCO Technology, Inc.