If a cyber-attack hits you, it leaves people in a miserable position. Once there is a cyber incident, all your time and energy go toward solving the issue. According to Wikipedia, the cyber-insurance market in many countries is relatively small as compared to other insurance products such as home, auto, etc. Cyber Insurance is a specialty insurance product line that protects corporate companies, small businesses, and individuals from risks introduced by information technologies. If you want to know about cyber insurance keep reading this insurance blog.
It could be a huge business opportunity for a captive insurance agent near me. It is a big opportunity for independent insurance agents who are looking into their future in cyber insurance. . Since your customers may not be as understanding, it makes sense to protect yourself by investing in cyber insurance. Own your own insurance agency and sell cyber insurance.
Quick Hacks to Sell Cyber Insurance
Review the company’s vulnerability
Conduct a risk assessment of your client’s business. Determine how and where it’s vulnerable to a cyber attack.
Many of your small business clients don’t want to compromise their data security. Therefore, it’s up to you to point out the dry cleaner. For example, that he keeps credit card data on file for his delivery customers, along with addresses and phone numbers.
Insurance agents and brokers need to think about personally identifiable information. The conversation they maintain with their clients is confidential.
Review existing policies
When you review your client’s existing insurance policies, point out any exclusions that could deny or limit coverage for cyber attacks. For example, most commercial general liability policies include an exclusion for access to or disclosure of confidential or personal information and the resulting liability.
Remember to discuss the disruption to the client’s business as well as harm to reputation. If the client already has business interruption insurance, estimate how much coverage is available. Lastly, how much would be needed for cyber insurance? Also, if you are located in North Carolina, know about Cyber Insurance North Carolina and the different coverages provided by it.