Insurance agents: find out which clients can get benefit from cyber liability insurance
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Data breaches are a common phenomenon for small businesses (especially healthcare, legal, and financial industries) because they need to handle a chunk of sensitive data every day. A professional cyber insurance agent will help the businesses to get cyber liability coverage to avoid lawsuits.
Data breaches will not be going to disappear soon as businesses rely much on data. Moreover, as technology is emerging, hence the chance of data breaches will also increase. These data breaches give immense opportunities to the insurance agents. Small businesses can’t sustain in the world without having cyber liability insurance policies. A dexterous agent can educate both the clients and agency regarding this policy.
So, it is very imperative for you to know which industries are more susceptible to data breaches. This will help you to advise accordingly to your clients. Let’s take a look at some sectors that the top hackers prefer the most.
Healthcare industries:This sector includes medical practices, clinics, hospitals, health insurance providers, and other businesses that must comply with HIPAA security standards. If there is any data breach, then the businesses need to pay HIPAA fines on top of recovery costs.
Law firms:Because of the sensitive and valuable information, law firms are a lucrative target for hackers. Law firms possess various information like investor information, financial data, trust accounts, acquisitions, business IP, and patent applications. This data can fetch a good amount in the black market if it hacked.
Financial institutions:Banks and other financial institutions possess plenty of valuable data regarding customers and accounts. Hence, these businesses are quite susceptible to data breaches.
If your client belongs from these sectors, then he/she should have cyber liability insurance to survive after a data breach.
Clients should consider cyber liability policy if they used to do the below-mentioned things.
Store all customers’ information digitally: It is the prime responsibility of a business to protect all valuable and confidential information about the customers. The more information the business has, it will become more vulnerable to a data breach.
Run an e-commerce business: E-commerce businesses have all customer payment information, names, addresses, passwords, and other important information. Hence, these businesses are the prime targets of hoaxers.
accept credit cards for payment: Credit card processors aren’t unerring. If a point-of-sale system is compromised, your client could be on the hook for credit-monitoring and notification costs.
If a data breach occurred for small business, they need to pay a humongous amount from their pocket to compensate for the loss. As a result, they may not able to survive in the market. Cyber liability coverage may protect them from the full impact of the costs.
How to sell cyber liability insurance to the clients?
A plethora of survey has claimed that 98% of small and medium-sized businesses don’t have a cyber insurance policy and 67% of businesses don’t hear about this kind of policy. It is the responsibility of an insurance agent to educate the client about this policy. If you will able to give them an insight into the picture of their loss and how to cope up with it, then they will certainly consult you after having a loss.
What are the roles of a cyber insurance agent?
· An insurance agent should be well aware of the cyber liability insurance policy.
· The person should be comfortable while talking about this policy and should be ready with all the answers.
· Talk to the clients about this policy when you are going to meet them or serving them with the existing policies.
Cyber insurance policy is only a part of a data security plan. Every business should take precautions to protect their sensitive data from breaches.
Surewise is a prodigious cyber insurance Adelaide company which is jam-packed with many professional insurance agents who offer the best cyber liability insurance policy to the clients. Apart from managing insurance claims, the company also provides expert guidance and support that a business often needs. To know more, don’t forget to visit the website of the company.
