“If you’re not talking about cyber insurance to all of your commercial customers when a loss happens, your E&O may be the only coverage that responds.”
We stole that idea from Chris Bunbury at eRMI, he was talking about environmental insurance, but it’s relevant for both classes of coverage.
Cyber risks are everywhere. Take 5 minutes to Google or Duck Duck Go the topic and you’ll find thousands of countless cyber risk articles and horror stories to supplement the articles linked on this website. Virtually every business uses the internet, has employees and a bank account and thus is at risk. Operating without robust cyber insurance or the equivalent in spare cash, is an unbelievably risky decision.
No informed business owner would fail to incorporate, consider and purchase property and liability coverages, and work to reduce business risks. However, with cyber perils many owners are still in the dark, and it’s your responsibility as an Agent to inform them. If you fail to do so, and your E&O may be the only coverage they have!
Contact ARM for more information, and encourage every Agent you know to take www.cyberinsurancetraining.com as a first step to getting up to speed with cyber insurance. It may save your Agency, or at the least an embarrassing, or deadly, E&O claim.