The 5 Steps to Purchase Cyber Liability Insurance

The 5 Steps to Purchase Cyber Liability Insurance

In today’s market, any savvy business owner knows – to get the best value for your money it’s essential to shop around. This concept applies to anything from selecting your vendors to your internet providers and of course insurance. When you shop around for your cyber liability insurance, you are not only looking for the lowest price. You are looking for the best coverage for your money. After all, if you select the cheapest quote that doesn’t afford you the coverage you need, what’s the use for that policy?

Cyber liability industry is notorious for complicated coverages that are not uniform across the insurance carriers. Different carriers specialize in various industries, have different levels of discounts and rates.

The general process is contacting 3-5 insurance companies, filling out their specific applications, going back and forth via email for additional information and then finally receiving quotes, comparing all coverages and terminology (that is not always standard from carrier to carrier).

If this sounds like an arduous, time-consuming task, is because it is. May we suggest a different way?

A broker who specializes in cyber liability will take most of these tasks off your hands. For example, here at CyberDot, our goal is to make the process of quoting and comparing Cyber liability insurance as easy as purchasing your coffee in Starbucks. Below are five easy, time-saving steps to purchasing your Cyber policy through CyberDot.

The 5 Steps to Purchase Cyber Liability Insurance

Step 1: Cyber insurance application.

Instead of completing three or five different applications for each carrier, complete only one short application. All we ask for is 5 minutes of your time. The application is very straightforward, asking for details about your business such as the number of employees, your industry, information about your data and security controls

Step 2: Quotes pending.

Once you submit the application to us, you can focus on running your business. At the same time, our work on your behalf begins. We take this application, extract the information a specific carrier needs and send it to them in the format they require. We also analyze the information you provided us and request quotes for optional coverage that we believe will protect you the best. CyberDot works hard to secure multiple quotes from our A rated carriers.

Of course, we’ll keep you updated on timelines, and if any additional information is needed, we’ll let you know right away.

Step 3: Proposed quotes from multiple carriers e-mailed to the applicant.

Once the carriers have all the information, they need they can turn around quote for us in a couple of days, typically 24 hours.

When we get the quotes, our primary job is to audit the quotes and make sure everything was rated correctly based on the information you provided. We also double check all the coverages and exclusions. Once this is done, we email you the proposal.

Step 4: Applicant makes carrier decision and submits first payment

It’s important to review your quotes and compare coverages carefully. The cheapest quote is rarely the best one.

We’ll help in comparing the quotes, and break down exactly what terms each carrier offers as well as any exclusions or specific wording to watch out for. We help you select the best quote and work with the carrier to issue the policy. You need to make your first payment to make this “official.”

Step 5: Applicant is now insured!

Congratulations! You are now protected against the dire financial consequences of a data breach. However, our work does not stop here. We work year-round on your behalf. We will reach out periodically to check in and make sure there are no updates that materially affect the policy and of course we are here to answer any questions or make any changes to the policy if needed.

Are you ready to get started on your cyber insurance policy? Get Started Now