Does Your Insurance Agent Understand Technology?

It’s often a science that is not always in their wheelhouse.

Maintaining a strong relationship with a knowledgeable commercial insurance agent is crucial for protecting

your business from cyber risks. However, there are specific technology and cyber risks to your company that a

specialized risk advisor might better address, Here are some of the compelling reasons to consider

adding a specialist to your insurance team;

Deep Industry Expertise and Knowledge

• Technology Industry Specialization: Your business may operate in a niche market requiring specialized technology and cyber insurance knowledge. If your agent lacks understanding of your industry’s jargon and fundamentals, they may not spot your business’ unique risks. We are able to work with them in many cases, or work directly with you to place the appropriate coverage.

• Policy Complexity: Complex technology insurance needs, such as those of technology companies or businesses with multiple remote employees, demand a high level of expertise. If your agent struggles to manage the intricacies of your coverage, it might be beneficial to seek that specific experience.

Efficient Service and Clear Communication

• Slow or No Risk Diagnosis: An agency offering little to no real process to assess and remediate risks before taking an app can hinder your ability to manage cyber risk exposure proactively.

• Lack of Proactive Engagement: Your agent should be a partner in protecting your business. If they are not properly determining coverage or suggesting remediations, it’s time to bring in some help.

• Breach & Claims Handling Issues: A smooth claims process is essential. If your agent is unresponsive or unhelpful during a claim, it could significantly impact your business.

Increasing Costs for Inadequate Coverage

• Rising Premiums: If your insurance premiums are increasing without corresponding improvements in coverage, it may be time to explore other options.

• Coverage Gaps: Your business’ use of technology changes over time, and so do your exposures. If your current policy, limits, sub-limits and endorsements don’t adequately address these evolving risks, it’s essential to adjust for comprehensive coverage.

• Silent Cyber & Hidden Risks: Some policies dramatically limit coverage, and others have hidden language thats not always clear. Some cyber risks may not be obvious, and a thorough analysis may not take place, leaving you exposed. A through agent who clearly explains all variables is crucial in selecting options and placing coverage.

Business Opportunity

• New Clients or Partners: It has become common for new deal to carry new requirements of coverage, and getting that right quickly can impact valuations, revenues and shareholder expectations. Is your team going to be able to get it right quickly?

By carefully considering these factors, you can pair your insurance agent with TEKRiSQ, or work directly with us as a valuable asset to your business.