What Are We Doing About Cyber Liability?
By: John Strom, PIA of Wisconsin Vice President
In the past few months, I have participated in many company meetings, agent discussions and CE classes. Everywhere that insurance folk gather, I hear the question, “what are we doing about cyber liability?” Cyber liability is the elephant in the room, and we need to talk to our clients about it.
There are many options for cyber insurance, out in the market. Each agent needs to analyze all the options available to them. Many insurance companies offer cyber coverage as an endorsement to their policies at many different levels and options. There are also stand-alone cyber insurance policies with various levels of coverage.
Many agents now tell me that they will not allow a new quote or renewal to leave their offices without a cyber liability quote as an option, whether it was on the insurance company new or renewal policy or a stand-alone option. The same agents have indicated, “it’s not a matter of if a client will have a cyber claim, but when.”
PIA of Wisconsin also has two cyber options available to agents, to cover their own businesses. One is an endorsement through Utica Mutual, our flagship E&O carrier. The other is a stand-alone policy from Great American. If you want to learn more about these options, please contact Heidi Hodel-Faris (hhodel@piaw.org) at the PIA office for details.
So, evaluate your own personal and agency procedure for what is best for your situation to be sure that both you and your client are protected for any future cyber claim exposure. It’s not a question of if, but when!