Cyber Liability | A Perfect Fit? When One Size Won’t “Suit” All
Just as in haberdashery, a one-size-fits-all approach to cyber liability can be an ill-fitted mess. But with hundreds of cyber forms available in the marketplace, comparing quotes and options to help your clients choose their “perfect fit” can be an exercise in frustration: even the definitions of seemingly common terms can vary from one form to the next. To complicate matters further, important coverage enhancements such as Social Engineering, Toll Fraud, or Full Prior Acts are sometimes not shown on quotes and only offered if requested.
As much as it costs to thoroughly review and tailor a cyber policy to your clients’ exposures and budgets, the costs of failing to do so can be even higher; a denied claim that otherwise could have been covered means an unhappy client, at best—or a bad E&O claim, at worst.
Pricing is important, too, but can be all over the map. Thus the old adage “you don’t always get what you pay for” applies here: as in the case of an ill-fitted designer suit, a higher premium doesn’t guarantee better coverage. For your cyber clients, it can be very frustrating to find out that a similar policy to the one you sold was available at half the premium somewhere else.
At Donald Gaddis Company, our expert cyber team has been placing this line since its infancy, so we’ve become well versed at wading through quotes to tailor the perfect fit for your clients’ exposures and budgets. But great coverage means nothing without excellent claim service, so we only represent carriers who can provide your clients with responsive—and timely—support.
Case in point: when we received a panicked call one Saturday morning from an agent whose client had been attacked by ransomware, we were able to put the former in touch with an expert who not only picked up the phone, but also provided a viable solution within hours.
While your clients hopefully won’t find themselves in a similar predicament, a privacy breach or ransomware attack is always a time-sensitive emergency. In such an event, you’ll need an expert at your disposal who’s been there, done that, and can get back to you in a hurry. We’ve seen our share of tough claims, so we know to key in on markets with the resources to mitigate claim damages.
But of course, we also know that the challenges are there from the start; so join us, and we’ll mine through the myriad forms for you and get your clients exactly what they need. With our help, you’ll get it all—from comprehensive coverage to state-of-the-art claim handling.
Contact us for your cyber “fitting” today—we’ll find you that elusive perfect fit!