Tuesday, 9 August 2016

How to Avoid Complications with Your Cyber Insurance Policy

Insurance on its own can be confusing if you don't have any background knowledge about it. Cyber insurance on the other hand is even more confusing to many, especially because it's a new type of insurance. So you would need all the help you can when dealing with it. We want to render our little help with these few tips.

Work with Your Cyber Security Team

You may be the owner of the business but if the business is not about cyber security, chances are you have no idea what this is all about. If you have a cyber-security team, they should be at the forefront in helping evaluate what you want your policy to cover. They know best and know what aspect of insurance protection your business really needs.

Have a Good Cyber Security Measure in Place

The best way to explain this will be using a more familiar insurance policy. A driver with good driver records will be more enticing to any insurance company than one without. So if you already have an excellent cyber security measure in place, your business is more appealing to cyber insurance companies. This benefits you in the sense that your premium could be reduced for this reason.

Deductibles and Exclusions

Like any other insurance policy out there, deductible is a blessing in disguise. You can lower your premium by increasing your deductible. If your business has got a good financial strength, you should consider raising your deductible. Policies always have exclusions and cyber insurance is no exception. Know all the exclusions in the policy your insurer is offering.

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